MBNA Platinum Card - Interest Rates to 1994! Any help gratefully received!

[nortie]

Hello all,

 

Would anyone know if anywhere I could find the likely interest rates charged by MBNA from 1994 onwards?

 

I need to calculate compound interest for a mis-sold PPI claim but don't have statements to refer to.

 

Wouldn't this be a great resource.

 

Hope someone can help.

 

Many thanks in advance.

 

Best wishes,

 

Neil

[Smoothound]

This would help me as well as I will be in the same boat as soon as MBNA get their finger out and supply me with the rest of the info I require

[Ricardino]

I can give you mid 1998 which was 17.9% APR

[nortie]

Thank you Ricardino - very helpful!

 

Does anyone have any others?

 

Huge appreciation,

 

Neil

[Smoothound]

Assuming no one knows the charges do we just go for a low average per annum and see what happens?

[nortie]

I suppose so; surely a lot more that the statutory 8% mentioned elsewhere though?

[Smoothound]

I thought you did the standard rate per year and added the 8% on after you'd done that?

[Smoothound]

As it appears no one has the rates for the various years requested by the OP how does one go about claiming back PPI and the interest without getting involved in a major tennis match? Is there a guide figure that we can use? The 8% figure is added on if it should go to court I thought so would 15% be a sensible starting point or what do others suggest or have done?

[nortie]

Hi Smoothound

 

I have been sent T&Cs for the account by MBNA (actually not the original ones, but the current ones... naughty) however, it states the standard interest rate as 18.9%, so that's what I'm using.

 

Barclaycard interest rates for this period are substantially higher:

(found on the net)

 

Date Set Barclaycard Classic Visa APR

1 Dec 2001 17.9 with rates from 11.9

1 Aug 2001 18.9

1 Sep 2000 19.4

1 May 1999 19.9

1 Mar 1999 20.9

1 Jan 1999 21.4

1 Jul 1997 22.9

1 Apr 1996 22.3

1 Jan 1996 22.6

1 Mar 1995 22.9

1 Dec 1993 21.9

1 Jan 1993 22.9

1 Nov 1992 24.9

1 Oct 1992 28.5

1 Sep 1992 27.8

1 Jun 1992 28.5

1 May 1992 24.6

1 Oct 1990 24.6

1 Jun 1990 24.6

1 May 1990 29.8

1 Jun 1989 26.8

[Ricardino]

Hi Smoothound,

 

I think you're assesment (IMHO) is partially irrelevant.

I'm embroiled in a litigation with MBNA at present and they are stating that the interest is a much smaller figure than the APR on the credit. If they cannot provide you with the original terms and conditions (which they should under the Carey 2009 ruling) then I'd claim the 17.9% figure as of 1998 and let them prove otherwise. It may also be in your interest to work out the compound interest on the charge (see Sempra Metals 2006 ruling) as this will amount to a more realistic amount of interest on the money they charged you. Did the PPI get added without your consent?

 

Ric

[Smoothound]

Hi Smoothound,

 

I think you're assesment (IMHO) is partially irrelevant.

I'm embroiled in a litigation with MBNA at present and they are stating that the interest is a much smaller figure than the APR on the credit. If they cannot provide you with the original terms and conditions (which they should under the Carey 2009 ruling) then I'd claim the 17.9% figure as of 1998 and let them prove otherwise. It may also be in your interest to work out the compound interest on the charge (see Sempra Metals 2006 ruling) as this will amount to a more realistic amount of interest on the money they charged you. Did the PPI get added without your consent?

 

Ric

 

Funnily enough, I've just started doing a spreadsheet and decided to use the figure that they have provided on my supposed CCA which happens to be 17.9% Currently I've averaged the PPI payments that they have actually given me and applied this amount to all the previous amounts that I don't have so at least I have a starting point

[Ricardino]

Hi Smoothound, would you happen to have a copy of the CCA that you can post up to view (less personal details of course)?

Is it a one page agreement or does it merely refer to the terms and conditions which are provided when you sign it?

Thanx

Ric

[Smoothound]

It's already up in a different thread, Here!