likeakipper vs mbna

[likeakipper]

Have received summary of penalty charges from Mbna and it makes pretty grim reading.

 

I have calculated the interest charged on the bases of 8 % simple,and at contractual and the difference is staggering.

 

Obviously i would like a repayment based on what those lovely people have actually charged me (if possible) and would appreciate any help/pointers from any body who has been successful against mbna taking the contractual interest route.

 

likeakipper

[maroondevo52]

Hi, Likeakipper.

 

This thread might help you.

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/81528-contractural-interest-has-anyone.html

 

Regards.

 

Scott.

[likeakipper]

Thanks for the reply,sorry about the delay.

Have now received a reply from mbna to my lba stating "we are currently investigating your complaint and will provide a full response by 28aug"

 

2 things

1 my lba was not a complaint but a request for a refund of unlawful charges and interest.

 

2 .27 aug is outside the time frame detailed in the lba.

 

When adding interest at the rate they are currently charging me the total claim came to app £6k which i beleive takes it above the small claims threshold,can i subseqently reduce my claim to bring back below £5k?

 

Any advice would be greatly appreciated as i am starting to feel out of my depth.

[steven4064]

I have calculated the interest charged on the bases of 8 % simple,and at contractual and the difference is staggering.

 

Obviously i would like a repayment based on what those lovely people have actually charged me (if possible) and would appreciate any help/pointers from any body who has been successful against mbna taking the contractual interest route.

Hi likeakipper

 

Have you read my interest tutorial? So seem to have the interest thing a bit mixed up:

 

You can certainly claim the interest they levied on the charges (although it can be a bit tricky to calculate).

 

Then, when you file the calim in court (and only then) you can add 8% simple interest on top of both under s69 of the County Court Act 1984

 

OR, if you understand what you are doing, you can add compound interest at their contractual rate on top of both by virtue of the House of Lords ruling in the Sempra case.

[likeakipper]

Thanks Steve for your reply.I have read and followed your interest tutorial and claimed contractual interest on top of the charges levied.

I have received an interesting reply from Rachel Claridge which appears to be a standard letter saying they don't accept the OFT position on charges(Unbelieveable!)but as a "gesture of goodwill" they have refunded my account with the difference between £12 and the actual charges up to june 86 but post june 86 they are not budging ,as and i quote "our fees are fair.legal and transparent and are consistent with the OFT guidelines."(not the way i read the oft statement)

 

No mention of interest at all!

 

Before i reply accepting the refund as part settlement only,iwould appreciate any ideas on suggested wordings.

Once again many thanks.