Landy_alert v MBNA PPI **WON**

[landy_alert]

Hi Everyone,

 

I recently sent off for two MBNA (credit card) CCAs on behalf of OH.

 

We had no reply to 1st one - we have since discovered this has been sold on to Equidebt (nice of them to let him know!) who have written to OH saying they will slash his debt by 50% payable in 4 instalments.

 

We have an idea that they don't have his agreement for this one, so we are doing nothing at the moment.

 

The 2nd CCA did turn up, but having studied all the info on CAG we believe it may be unenforceable. Today we've heard that this one has been sold to Apex, who are asking for repayment in full (£6000+).

 

Now, both these cards had PPI which I believe was mis-sold -

the 2nd one in particular - as there is no box to accept or decline PPI on the CCA and OH has no recollection of being asked/told about it.

 

I have a few questions which require answering before I proceed -

 

1) Is it worth approaching MBNA regarding the 2nd card for mis-selling of PPI?

 

2) Or would it be Apex we write to?

 

3) How do we do this when we feel the CCA is unenforceable?

 

4) What about the other card - is it best to let sleeping dogs lie?

 

5) How do we work out the interest OH paid on the PPI - there doesn't appear to be a spreadsheet anywhere for this? (I have looked long and hard, believe me!)

 

Thanks for reading this rather long post and thanks in advance for any advice you can give!

 

Regards,

 

Landy x

[landy_alert]

Just bumping for some advice please!!!

 

Have worked out interest on PPI now, btw.

 

Thank you,

 

Landy x

[yourbank]

Hi Everyone,

 

I recently sent off for two MBNA (credit card) CCAs on behalf of OH.

 

We had no reply to 1st one - we have since discovered this has been sold on to Equidebt (nice of them to let him know!) who have written to OH saying they will slash his debt by 50% payable in 4 instalments.

 

We have an idea that they don't have his agreement for this one, so we are doing nothing at the moment.

 

The 2nd CCA did turn up, but having studied all the info on CAG we believe it may be unenforceable. Today we've heard that this one has been sold to Apex, who are asking for repayment in full (£6000+).

 

Now, both these cards had PPI which I believe was mis-sold -

the 2nd one in particular - as there is no box to accept or decline PPI on the CCA and OH has no recollection of being asked/told about it.

 

I have a few questions which require answering before I proceed -

 

1) Is it worth approaching MBNA regarding the 2nd card for mis-selling of PPI?

Misselling of PPI is the Original creditor

2) Or would it be Apex we write to?

See above

3) How do we do this when we feel the CCA is unenforceable?

Sorry I don't know the answer to this one

4) What about the other card - is it best to let sleeping dogs lie?

That question is up to you but if the PPI is missold, then its missold.

5) How do we work out the interest OH paid on the PPI - there doesn't appear to be a spreadsheet anywhere for this? (I have looked long and hard, believe me!)

I think there is a spreedsheet at the top of this forum

Thanks for reading this rather long post and thanks in advance for any advice you can give!

 

Regards,

 

Landy x

My knowledge is pretty limited on PPI but I will try and see if I can answer one or two points. Alanalana, pompeyfaith and hellsonfury are more knowledgeable than me on this one.

[Livis]

Hi Landy,

I too have been mis -sold PPI from MBNA.

Well in actual fact that added it on without my consent.

I'm in the process of working out how much they actually owe me.

I'm going to try and claim for the contractual interest too, are you doing this ?

Livis xx

[landy_alert]

Hi Livis and yourbank,

 

Thank you for your support/help!

 

Livis,

I think I'm at the same stage as you regarding this - in fact I have used the advice you were given for working out the compound interest on the PPI!!! Now, like you though, I'm not sure if I've worked it out correctly!

 

I'm actually doing this for my husband - he has 2 mbna cards, one of which we have received the CCA but it has no box at all for PPI, yet he has been charged it since 2005!

 

What I'm also unsure about is whether to claim back the PPI (and charges!) first as there is still a large balance £6000+ on the card and they will obviously just suggest reducing the balance by the amount owed back in PPI and charges plus interest.

 

Now, if the CCA is unenforceable (I'm still really not sure if it is or not!) will it do us any good to have the balance reduced like this? I can't imagine they would agree to give the money back as a cheque etc.

 

I think I've read so much here on the forum that I've confused myself even further!

 

Anyway, maybe we can be of some use to each other, being in similar positions, hopefully?

 

Regards,

 

Landy x

[Livis]

Hello Landy,

 

It does look like we are both at the same stage with MBNA.

Mine is for a CC debt of about £8000, due to ill health i had to reduce my payments back in 2007 and paid what i could through the CCCS.

The account was passed to Equidebt back then and is still with them now.

 

However owing so much and thinking it's going to take forever to pay it off is pretty depressing, then i stumbled across this site.

 

Now i feel empowered that i can actually do something and take control of the situation.

 

I've put together my letter and have completed a spreadsheet showing a schedule of charges that i intend to claim back.

 

I want to claim the compound interest too seeing as i didnt ask for PPI, i think i am more than entitled to:evil:

 

I just want to be certain i know what i'm talking about before i send my letters off though.

There's so much information on this site, i always feel like i never know enough.

 

Hopefully we can be of help to each other throughout our journey with mbna.

 

livis xx

[landy_alert]

Hi Livis!

 

I know what you mean about feeling empowered and in control of the situation at last - although today I'm not so sure.

 

We sent a SAR to Sainsburys bank last week for a loan and credit card that OH had, both of which we paid off in full (or so we thought!) in 2007.

 

Yesterday we got our letter and postal order back with a note saying we had addressed the postal order incorrectly (it was blank) and that we needed to put the name and account number of the recipient on it.

 

They seem to think OH still owes them about £9 and that this is payment - despite our SAR letter and a note on the bottom saying the postal order is for the SAR only!!!

 

Now today Lloyds TSB have responded to our SAR request with a list of transactions only, even though we specifically asked for EVERYTHING they have on us!

 

What with this and all the MBNA aggro I'm now wondering if I've opened a huge can of worms and am starting to wish I hadn't.

 

Anyway, enough of the doom and gloom!

 

Have you got any further with sending your MBNA PPI letter?

 

Have you come to the conclusion that the whole compound interest thing is correct?

 

Did you make your own spreadsheet in the end? I know you were asking Gyzmo and MrShed about the one they were using as I asked them also, but haven't heard back since their initial response.

 

My problem is I keep getting all these different types of interest confused - compound and contractual particularly!!!

 

Keep me posted as I am going to be writing a similar letter to MBNA very soon.

 

Regards,

 

Landy x

[Livis]

Hi Landy,

 

Hope you've had a good day.

 

It sounds like Sainsburys bank are a right nightmare to deal with.

 

I always make my postal orders payable to the company that i am sending them to, the lady at the post office said this would be the best thing to do. So far they've all been accepted ok!

 

I know what you mean about SAR's not being dealt with properly.

I have had a couple like this too. I would suggest you send them a snotty letter back telling them in no uncertain terms what you require them to send, and if they don't comply you will take matters further.

 

That's what i've done with egg and oh's hsbc

 

As for friends at MBNA (lol) i've finished my letter to reclaim the PPI and other charges and am going to send it recorded delivery tomorrow with my schedule of charges.

 

With regards to the compound interest thing, i've decided that i am going to claim for compound contractual interest.

After reading the Interest tutorial i'm sure i'm well within my rights to do this.

 

I just used the compound interest calculator for each charge, wrote down all the charges and then entered the info into a spreadsheet and totalled it up.

 

I was going to use one of the advanced spreadsheets that are on here, but i don't have all the required information needed to complete them, like monthly balance etc. MBNA only sent me screen prints not copy statements.

 

With the compound/contractual thing i've taking it to meaning compound is the amount thats added up over the length of time the charge has been in place for. and contractual is the current typical apr.

 

I now that sounds confusing as i don't know how to word it properly, hopefully someone will correct me if i'm wrong.

 

But for my letter purposes i just write, "i'm claiming compound contractual interest of ---blah blah blah -----

 

Speak soon

Livis xx:)

[landy_alert]

Hi Livis,

 

Yes, my day has improved slightly as it's gone along thanks!

 

Hope you've had a good one too!

 

I have decided to report Sainsbury's to the Information Commissioner (as suggested by Cerberusalert on my other thread) for non-compliance. I'll also be re-sending the SAR complete with snotty letter.

 

I'll definitely take your advice re the postal orders in future - I hadn't thought of doing that.

 

I'm about to send off yet another SAR to Swift Advances who we used to have a 2nd mortgage with. As we had PPI (about £5500 plus interest) and quite a few unlawful charges I'm going to try to go for them next - apparently they have been paying out for PPI so maybe we'll get lucky!

 

Thanks for the help with the MBNA stuff! I'll put some spreadsheets together and transfer the figures I worked out with that online calculator onto them - like you we only have lists of charges not actual statements.

 

I think you must be right about the contractual/compound interest thingy - I too have been re-reading the interest tutorial and it sort of makes sense now. However, to be on the safe side our 19 year old son is coming home for the weekend from uni on Friday, so I think I'll pick his brains on the subject!

 

Anyway, I'm feeling a bit more positive now - possibly 'cos I've had a glass of wine...........

 

Bye for now,

 

Landy x

[landy_alert]

Update - have today sent mis-sold PPI letter to MBNA for one of OH's cards.

[JD2002]

Hi, how do i start a new thread?

[landy_alert]

Today OH received a letter from MBNA regarding the mis-selling of PPI letter we sent. They say they are investigating his complaint and will respond in full by 14th April.................we'll see!

 

Still have to consider whether to send one for his other account yet - I suppose we should:D

[Livis]

Hi Landy, i got the same letter from mbna last week.

Let's see what their investigations come up with eh

[landy_alert]

Hi Livis,

 

Yep it will be interesting - but I don't hold out much hope of a positive response:(

As to his other account I'm not sure whether it's a good idea to contact them re the PPI and charges etc when currently all has gone very quiet from the DCA who on the last count was chasing MBNA for a copy of his CCA.

Therefore I'm disinclined to remind them of OH's existance just in case it brings on a surge of enthusiasm in the hunt for the agreement and starts it all off again. At the moment we have a letter from that particular DCA admitting the account is on hold till the CCA is located...........

 

Let me know if you hear anything more!

 

Regards,

 

Landy x

[lee32uk]

Hi Landy

I am in a similar position to you, but with Royal Bank of Scotland.

 

I have a large amount outstanding on the card (approx £4000) and i am at present in dispute with them regarding a questionable CCA they sent me.I stopped paying my credit card back in jan2009.They wont be getting another penny until they prove they have an enforceable agreement.

 

On a positive note i decided to try and claim back my PPI charges for the card which i have had since 2003.I wrote to RBS way back in December 2007 asking for the money back.They said no way which is what i kind of expected.I then wrote again asking for there final responce, and received the same answer.

The next step for me was to contact the Financial Ombudsman with my complaint.You need to have the banks final responce or the wont investigate for you.

 

I received a letter today from the FOS telling me that RBS were willing to offer me a settlement on a goodwill basis

As you can see its not a quick process (especially if they refuse to refund you) going through the FOS but definately worth it.

I now just need to clarify a few things before i accept the offer.

 

My next target is HSBC

 

Good luck with your claim and dont let the buggers win

 

My thread is here if you want to read it:

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/191480-rbs-ppi-settlement-offer.html

 

 

regards

Lee

[landy_alert]

Hi Lee,

 

Thank you for the encouragement - it's good to hear the FOS does eventually get the banks to cough up:D

 

As you've said it isn't a quick process though so I suppose we will have to be patient - our 8 weeks for MBNA to make a decision are not up till the middle of May, although as previously posted their letter states that they will come back to OH by 14th April. I have my doubts both as to whether they will respond by this date and whether their response will be in OH's favour, so then it will be our turn to try our hand with the FOS.

 

Anyway, I have read your thread and as others (much more experienced than myself no doubt!) have suggested you obviously need to get a figure from FOS/RBS before you accept or decline their offer. I'm sure if you persist you will be able to get the full amount you're entitled to though:D

 

Good luck with it!

 

Regards,

 

Landy x

[landy_alert]

Just an update on this - OH has received a final response from MBNA regarding the PPI on one of his cards in which they state that they believe it was not mis-sold, so it's off to the FOS next............

[landy_alert]

OH has called the FOS re: MBNA refusing his request for refund of mis-sold PPI. He has been given a case number and a claim form etc will be in the post. From the response he got on the phone I think complaints about MBNA are pretty common at the moment:D

[alanalana]

OH has called the FOS re: MBNA refusing his request for refund of mis-sold PPI. He has been given a case number and a claim form etc will be in the post. From the response he got on the phone I think complaints about MBNA are pretty common at the moment:grin:

 

You betcha and it is not just mbna it's the whole banking industry.

[landy_alert]

Hi everyone:)

 

Just updating this thread -

 

OH has received a letter from the FOS stating that MBNA, whilst maintaining their view that the PPI wasn't mis-sold, have agreed to settle our complaint on a goodwill basis. They have enclosed an explanation of how the settlement is worked out and for accounts which are still operating (such as OH's) it states the following -

 

'Where the account is still open but the PPI has been cancelled

 

The financial business should:

 

(A) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;

(B) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and

© send the customer a statement showing the resulting balance on the account (with details of how it was calculated).'

 

They go on to state that MBNA have in addition offered £100 compensation for any distress and inconvenience it may have caused.

 

There is an acceptance form which has to be returned by 6th July.

 

The ombudsman states that the settlement has been calculated by taking into account the type of PPI policy and the balance on which the PPI premium was calculated on a monthly basis.

 

So as has happened with other Caggers' PPI claims I have read about, they are not telling us how much OH is to get refunded - in fact it reads to me as though it will defintely just be applied to the current balance, which is what I was expecting. There is no contractual interest and I'm afraid I don't really understand the bit about the 8% interest:confused:

 

Still it has been resolved very quickly, considering we only contacted the ombudsman in April!

 

If anyone has any advice they can offer as to whether this all seems ok, that would be brilliant, thank you!

 

Regards,

 

Landy x

[alanalana]

Hi everyone:-)

 

Just updating this thread -

 

OH has received a letter from the FOS stating that MBNA, whilst maintaining their view that the PPI wasn't mis-sold, have agreed to settle our complaint on a goodwill basis. They have enclosed an explanation of how the settlement is worked out and for accounts which are still operating (such as OH's) it states the following -

 

'Where the account is still open but the PPI has been cancelled

 

The financial business should:

 

(A) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;

(B) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and

© send the customer a statement showing the resulting balance on the account (with details of how it was calculated).'

 

They go on to state that MBNA have in addition offered £100 compensation for any distress and inconvenience it may have caused.

 

There is an acceptance form which has to be returned by 6th July.

 

The ombudsman states that the settlement has been calculated by taking into account the type of PPI policy and the balance on which the PPI premium was calculated on a monthly basis.

 

So as has happened with other Caggers' PPI claims I have read about, they are not telling us how much OH is to get refunded - in fact it reads to me as though it will defintely just be applied to the current balance, which is what I was expecting. There is no contractual interest and I'm afraid I don't really understand the bit about the 8% interest:?

 

Still it has been resolved very quickly, considering we only contacted the ombudsman in April!

 

If anyone has any advice they can offer as to whether this all seems ok, that would be brilliant, thank you!

 

Regards,

 

Landy x

 

You have options here you can refuse the offer of goodwill and the complaint will progress to the Ombudsman for further consideration.

Result of this not known:?

 

You can accept make sure the PPI is cancelled reduce the payments by the PPI and interest per month.

 

You should get back any interest applied to any PPI payments and 8% statutory simple interest.

 

When you receive all of the paperwork promised under © above you can then check out the paperwork and if you think they have short changed you it gives you the opportunity to submit another complaint to the FOS costing MBNA another £500.

 

I had similar but only on one case did the FOS reveal the figure offered.

With the comment that is the figure they would have come up with. I turned down a goodwill gesture from the bank of £2.6k went to the FOS and got a revised goodwill gesture of £3.8k..

 

It has to be your call now, but nothing to stop you making one last call to the FOS.

 

aa

[landy_alert]

 

You should get back any interest applied to any PPI payments and 8% statutory simple interest.

It has to be your call now, but nothing to stop you making one last call to the FOS.

 

aa

 

Hi aa:)

 

What I don't get is that I thought from other threads I've read about PPI refunds, that you should get back the interest applied to the PPI and this would be at the contractual rate they charged you, but in the FOS letter it only mentions the 8% statutory interest.

 

Maybe I'll get OH to call the FOS - it is his account after all, and I've done all the hard work so far:D

 

Thanks again for your advice!

 

Regards,

 

Landy x

[landy_alert]

Hi everyone:)

 

Just updating this thread -

 

Mr Landy responded to the FOS (well I did on his behalf;)) saying that he wanted to know how much MBNA were offering before he signed the acceptance form. First the FOS lost his letter (sent rec. del. of course) - they admitted it had been received but that it was lost internally. He emailed them a further copy after speaking to them on the phone.

 

Two weeks on he has received a letter from the FOS stating that he needs to return the acceptance form anyway and can always dispute the amount later if he is not happy with it. It's just a shame they didn't say this before because now two weeks have been wasted:eek:

 

Unfortunately Mr Landy is currently away on a cruise with his Father and I can't forge his sig so this will have to be dealt with on his return next week - more delays arghhhhhhhhhhhh!

 

Regards,

 

Landy x

[alanalana]

Unfortunately Mr Landy is currently away on a cruise with his Father and I can't forge his sig so this will have to be dealt with on his return next week - more delays arghhhhhhhhhhhh!

 

[landy_alert]

Hi everyone:)

 

A couple of hours after my last post I got a call from the FOS stating that depending which DCA Mr Landy's account is with, because he has defaulted, the DCA may insist the PPI refund is paid into the account to reduce the balance. To be honest as much as the money would be useful, if they do insist on this at least it will mean he has less to repay. I told the FOS that we understood and would accept this if need be.

 

The DCA in question has been getting rather bolshy with demands for repayment and threats of legal action (all worthless I'm sure, but nonetheless a bit worrying as we own our house outright and I don't want any risk of a charging order), despite us sending them account in dispute/formal complaint letters.

 

What we could really do with is a nice fat PPI cheque from LTSB for our closed accounts which we could then use to make a F&F to MBNA - wishful thinking eh:rolleyes:

 

Regards,

 

Landy x