Landy_alert v MBNA PPI **WON**

[landy_alert]

Hi everyone:)

 

Just updating this thread -

 

Mr Landy back from his hols and acceptance form faxed to FOS. The FOS telephoned him and confirmed it will now be settled asap - 6 weeks being the time previously mentioned by them.

 

Just wondering though, if the refund is paid straight into the account, what about the £100 compensation - does Mr Landy get that back in the form of a cheque, do you think, or will that also go into the account? If so that seems a little unfair:(

 

Any opinions would be appreciated as always - thanks guys!

 

Regards,

 

Landy x

[landy_alert]

Hi everyone:)

 

Just another update -

 

Mr L has received his PPI refund in the form of a cheque from MBNA, but the amount is far lower than I had calculated - they have refunded the PPI premiums plus around only £30 in interest (as well as the £100 compensation as per the FOS's instructions).

 

As I understand it, the FOS recommend that the account is to be put back into the position it would have been if the PPI had never been applied, which in this case means there should be interest added at the contractual rate of nearly 25%. This would give a figure for the interest of approx £650 not the £30 they have paid:eek:

 

Furthermore the FOS says there should be 8% stat interest on top.

 

When we previously asked the FOS to confirm the amount Mr L would be getting from MBNA before he signed the acceptance form, they told us that signing the form only signified that he was happy with the manner in which MBNA proped to settle the dispute. They said if he received the refund and was not satisfied that it was correct, he should contact MBNA and ask them to explain their calculations. If, having done that, they do not satisfy our concerns we should write again to the FOS.

 

What I need to know is whether we accept the cheque as partial settlement only, telling MBNA this and asking for the remainder, and if in the meantime we should bank the cheque or not?

 

In their letter, MBNA say that Mr L has accepted this offer by signing the acceptance form. They also say that as they have complied with the offer, the complaint is now closed and settled - yet the FOS led us to believe we could still query it once received:eek:

 

Any advice would be most helpful, thank you!

 

Regards,

 

Landy x

[landy_alert]

Hi everyone:)

 

Apologies for bumping this again so quickly, but I really need some advice as to whether we should go ahead and bank this cheque whilst writing to MBNA telling them we accept it as partial settlement only..........or keep hold of it until we receive a reply?

 

Mr L wants to bank it asap to pay some bills etc, but as it's half what we should have received I don't want to jeopardise receiving the remainder:confused:

 

Many thanks,

 

Landy x

[pompeyfaith]

i got the bump ouch !!! i will reply to this one after dinner ok PF

[landy_alert]

i got the bump ouch !!! i will reply to this one after dinner ok PF

 

 

Thank you Sir! You watch out now;)

[pompeyfaith]

Right firstly I can appreciate you wanting to bank it to pay bills.

 

But knowing how MBNA works if you do that is considered by them as final.

 

How long ago did you send them the letter ?

 

PF

[landy_alert]

Hi PF:)

 

Thank you for taking a look for me.

 

This one has been with the FOS. We first approached MBNA in March 2009. They denied the mis-selling and after receiving their final response we passed it to the FOS in April.

 

The FOS ruled in our favour in June and sent us their acceptance form. They said MBNA hadn't stipulated how much we would get, but the FOS way is premiums plus interest charged plus 8% - I took this to mean contractual (24.84% in this case) plus 8%. We would also get £100 compensation.

 

We tried to get the FOS to tie MBNA down to a figure, but they said as long as we agreed in principle, to sign the acceptance form and we could always query the amount later.

 

Now MBNA have sent a cheque for the actual premiums paid (£600+) plus £30 odd pounds interest and £100 compensation.

 

Their accompanying letter states -

 

'I have arranged a refund of the PPI premiums charged to your credit card account in accordance with the refund guidelines set out by the FOS. You have accepted this offer by signing the acceptance form........as we have now complied with the offer, the complaint is now closed and settled.'

 

As there is still a balance owed on the card (account now owned by a DCA) they say we are still responsible for repaying this - obviously.

 

Mr L wants to bank the cheque as we could do with the money, but I'm wary like yourself:eek:

 

What do you suggest please?

 

Many thanks,

 

Landy x

Edited August 26, 2009 by landy_alert
Typos!!!

[pompeyfaith]

Right ill go to the FOS page that stipulates how redress should be paid. ill post the link here.

 

Then send that it MBNA along with a covering letter stating that as you can see from the FOS print outs this is how redress should be paid and what you are offering does not return me to the position i should be in.

 

Ill be back with the link in a while

 

PF

[pompeyfaith]

Right here is one for a credit card it clearly states any interest and or charges should be returned.

 

To that end, I require the firm to:

(A) reconstruct Mr D’s credit card 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, to credit interest on that balance for that period at 8% simple per year; and

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

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/omb-decision-D.pdf

[pompeyfaith]

Here is another:

 

(A) reconstruct Mr E’s credit card account by removing any premiums in relation to the PPI, and any interest or charges in relation to 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 Mr E a statement showing the resulting balance on the account (with details of how it was calculated).

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/omb-decision-E.pdf

 

Have a read though those two and send a copy of one to MBNA

 

PF

[landy_alert]

Thank you PF - you're a star as always:D

 

What about the cheque itself though - are you still of the opinion that we shouldn't bank it?

 

Poor Mr L has been working all month with no income as he gave up his internet business to take this job. He gets paid on friday but most of that will be swallowed up in bills we haven't been able to pay all this month - he desperately wants to get this cheque in the bank and I need to come up with some really good reasons why we shouldn't pay it in:eek:

 

Like you I don't trust MBNA as far as I can throw them, but it seems to Mr L that although I'm finally seeing some successes from my endeavours, we're not actually getting the benefit of the money.

 

Will await your advice, oh wise one!

 

Regards,

 

Landy x

[pompeyfaith]

So you send a letter to MBNA stating that what you have offered does not return you to the position you should be in due to the contractual interest you have charged me and the FOS PRINTOUTS clearly shows what is a fair redress

 

simple

 

PF

[pompeyfaith]

Well you could bank it and return the acceptance form back to MBNA clearly stating this is accepted as part payment for the following reasons then enclose with that the covering letter and FOS PRINTOUTS.

 

PF

[pompeyfaith]

Also include in the covering letter the amount that is still outstanding in bold lettering.

 

Spell it out for them

 

PF

[pompeyfaith]

Does that all make sense Landy ?

 

By sending the print outs i gave you you are proving that they are wrong.

 

PF

[landy_alert]

Hi PF:)

 

Thank you for finding those examples for me and for setting out what I should do - I will do as you suggest as it makes perfect sense.

 

If Mr L is still adamant that he wants to bank the cheque I will make sure we follow your advice to the letter.

 

Will keep you updated of course - thank you for taking up so much of your time with my issues over the last couple of days - I just hope you get your big payout very soon as you thoroughly deserve it!

 

Regards,

 

Landy x

[pompeyfaith]

Thank You Landy I must admit i could really do with that chq now.

 

I did phone the FOS again but got put threw to someone who was not dealing with my case and again all they said was it is being dealt with and you should here soon.

 

I did say that I do not understand why it has already taken a year because surely they have already admitted they where wrong by making a half baked offer so this case is only to establish the correct redress.

 

Anyway do not worry i will keep at them so long as i get the money in time for xmas i will be happy.

 

You take care

 

Regards

 

PF

[landy_alert]

And everyone here will be very happy for you too PF - you're certainly the PPI forum hero:D

[pompeyfaith]

Landy I am merely carrying out Alanalana and Maroondevo52 instuctions and covering the PPI forum while Alanalana is away on holiday but i will still of course be here when he returns this week as its Alanalana that calls for my help with interest calculations lol;)

 

PF

[landy_alert]

Hi everyone:)

 

I have another question if you don't mind - it's not totally PPI related but concerns the repayment of the balance due on this account.

 

All the while the dispute over the mis-sold PPI has been going on, the DCA who now owns this account has been chasing Mr L for the outstanding balance. We have repeatedly informed them that the account is in dispute.

 

Their latest letter finally agrees that the account is on hold until they have referred back to MBNA regarding the PPI issue.

 

As the PPI has now been (partially) refunded I am worried that the DCA will start chasing again for the outstanding balance, particularly as MBNA are of the opinion that they have fulfilled their obligations and the matter is now concluded.

 

I have two queries -

 

1) Should we contact the DCA and say that the matter has still not been resolved to our satisfaction (re: MBNA only paying a fraction of the PPI and interest back) and that until we have received the full refund we still consider the account to be in dispute?

 

2) This account was the subject of a dodgy default notice - only 13 days were allowed for service - although unfortunately we don't have the envelope:eek: - and I believe charges were included in the arrears figure quoted. Should we be looking at trying to get a reduced settlement figure - disputing the balance due?

 

Apologies that these questions are not totally PPI related - I will try raising the same points on my old MBNA thread in the relevant forum as well.

 

Any advice would be gratefully received, thank you!

 

Regards,

 

Landy x

[citizenB]

Hi everyone:)

 

I have another question if you don't mind - it's not totally PPI related but concerns the repayment of the balance due on this account.

 

All the while the dispute over the mis-sold PPI has been going on, the DCA who now owns this account has been chasing Mr L for the outstanding balance. We have repeatedly informed them that the account is in dispute.

 

Their latest letter finally agrees that the account is on hold until they have referred back to MBNA regarding the PPI issue.

 

As the PPI has now been (partially) refunded I am worried that the DCA will start chasing again for the outstanding balance, particularly as MBNA are of the opinion that they have fulfilled their obligations and the matter is now concluded.

 

I have two queries -

 

1) Should we contact the DCA and say that the matter has still not been resolved to our satisfaction (re: MBNA only paying a fraction of the PPI and interest back) and that until we have received the full refund we still consider the account to be in dispute?

 

2) This account was the subject of a dodgy default notice - only 13 days were allowed for service - although unfortunately we don't have the envelope:eek: - and I believe charges were included in the arrears figure quoted. Should we be looking at trying to get a reduced settlement figure - disputing the balance due?

 

Apologies that these questions are not totally PPI related - I will try raising the same points on my old MBNA thread in the relevant forum as well.

 

Any advice would be gratefully received, thank you!

 

Regards,

 

Landy x

 

Go for option 1: at the present. If the problem you had has still not been satisfactorily resolved then it is still in dispute.

 

Have you obtained a Subject Access Request ?. This might throw some light on the Default Notice, I think if you scout round the MBNA forums you will see that they routinely send their DNs out using UK Mail service which even if they use the "1st class" option, still takes 3 days to deliver (according to UK Mail's own website) so therefore can be considered a 2nd class mailing.

[landy_alert]

Hi citB:)

 

Thanks for your advice - it's most appreciated!

 

We did send off for a SAR many months ago but when they asked for passport/driving licence as proof of ID we never followed it up - now we know all about how to sign without letting them lift your sig we should really give it another go - in fact will get onto that this week!

 

Regards,

 

Landy x

[pompeyfaith]

if they send mail to your address that should be prove enough if it is not id be asking the question why they they are sending your mail there

[landy_alert]

if they send mail to your address that should be prove enough if it is not id be asking the question why they they are sending your mail there

 

Hi PF:)

 

Hope you're having a good bank holiday!

 

That's true - not only that but they're also quite happy to be sending out a cheque for hundreds of pounds to this address in the way of the PPI refund.

 

I'll definitely redo the SAR this week and see what excuses they come up with this time!

 

By the way, forgot to add - we've sent a letter accepting the refund in part settlement only, enclosing the FOS printout and copies of the letters sent from FOS explaining how redress is calculated and should be repaid.

 

Regards,

 

Landy x

Edited August 31, 2009 by landy_alert
Added something!

[pompeyfaith]

By the way, forgot to add - we've sent a letter accepting the refund in part settlement only, enclosing the FOS printout and copies of the letters sent from FOS explaining how redress is calculated and should be repaid.

 

Did you send this to bank or FOS if it was the bank i would also copy it to the FOS with a covering letter.

 

PF