Link Claim Forms -MBNA debts

[Prudence]

Thank you Andy. I sent it all off but did not enclose the N9b form! Can I fax that to them on Monday? In my envelope I put the AQ, an EX160 form and evidence, a copy of the PPI schedule (together with fax report as proof that I tried to fax it to them but was bouncing back for some reason). Hope I can get the N9b to them on Monday as that's the deadline!

[AndyOrch]

Yes Pru make sure you attach a cover letter and clearly state the claim number.

[Prudence]

Yes Pru make sure you attach a cover letter and clearly state the claim number.

 

Many thanks... you are a star.

Pru

[Prudence]

Hi Andy, spoke to Northampton and as they already have my Defence and Counterclaim submitted online, it's OK just to pop the actual N9B form in the post. Just checked online and AQ etc all received. Now to wait for the next stage. Is there anything I need to do in the meantime?

[AndyOrch]

Just follow procedure and let the Court Direct.Use this period though to research your Counter Claim and understandings as to the basis of your claim.

[Prudence]

Thanks Andy and I certainly will. Reading as much as I can. Have learned so much already. This site is wonderful and you & the other guys here are angels (or knights in shining armour - take your pick!) Pru

[AndyOrch]

[Prudence]

Andy, just had a thought, the amount of counterclaim is about £700 less than the amount claimed (without calculating the 8% on the top). Is my claim for balance of PPI settlement or is there that and some other element that can be quoted as to the make up of the claim? Sorry if I'm rambling.

[AndyOrch]

Hi Pru

 

If you have used the right to offset your CC, then you are left with a balance of £700 to defend/admit unless you can argue that their figure is not a true reflection of your indebtedness to the claim.

 

Regards

 

Andy

[AndyOrch]

Hi Pru responding to your PM

 

Nothing to worry about it is normal for them to request yes to settlement as per the overriding objectives CPR PT1.Obviously they have had the schedule because they then refer to it further in their AQ.However for the benefit of doubt check with them and email if necessary. There will be a balance as we have already discussed which in the event of the claim proceeding would be placed in SCT.Hardly worth it for the remaining balance should your CC be successful.

 

I do envisage a possible Tomlin Order on the horizon:wink:

 

 

Regards

 

Andy

[Prudence]

Thanks Andy as ever. Will do. And looking up Tomlin now.... every day and in every way I'm learning more and more on CAG!!! (that's a little mantra!)

[AndyOrch]

Nice Mantra

[Prudence]

Hi, I have an email address for Link below:

 

[email protected]

 

but just wondering if anyone can confirm this is correct?

 

Many thanks

Pru

[asm76]

It's the one given on their Contact Us page on their website. So I can't see why it would be incorrect.

[Prudence]

Yes you are right asm76. Just wanted to make doubly sure. Pru

[Prudence]

By the way ANdy, I hae not received a response to my 31.14. Do I need to do anything about that? In their attachments to the AQ/response to Defence/Counterclaim Defence I received today, there was no DN or full statement showing full breakdown of the amount. There was only a statement of the account from when they took over; a letter (which by the way is not on headed paper and has their name & address actually typed at the top) allegedly from them to me 'introducing' themselves and demanding payment and thirdly a copy of the application form.

[AndyOrch]

Hi Prudence

 

You did re request all documentation within your draft directions within the AQ didn't you?

[Prudence]

Oh yes Andy.....sorry.....

I will go through their documents with a fine tooth comb and no doubt come back here for your invaluable help if you don't mind. Thanks again, Pru

[AndyOrch]

No problem Prudence.

 

Regards

 

Andy

[Prudence]

Hi Andy

Rcvd letter from Slink - re my PPI claim schedule - they say inappropriate to calculate interest on the rate of APR (as is merely a comparative rate and not actual rate of interest charged under contract). They say also the schedule contains no details of how calculations arrived at.

 

They go on to say they are unable to ascertain how i have calculated sums of interest anywhere near that arrived at and they require strict proof at trial both in terms of quantum and the basis of my calculations if counterclaim to proceed.

They look forward to receipt of qualification of the calclations should this proceed to trial.

 

Among my initial thoughts is... and they could not justify a penny of the sum demanded by them of me when they send me the SAR data!!! They could not tell me how the sum was calculated, only that it had been assigned by mbna to them.

As always your advice would be much appreciated.

[citizenB]

Prudence, which spreadsheet did you use for your calculations and did you use the information from your statements ?

 

I have attached the current updated spreadsheet the use of which would be agreed by the Financial Ombudsman.

 

I have also attached something you can use to work out the interest rate you need to include.

 

I will send out an SOS to someone who will be able to advise what you need to say to the claimant in respect of how the calculations are arrived at.

 

FosRunningPPI v102.xls

 

MonthlyToAPR.xls

[AndyOrch]

Wait for the cavalry Prudence lets see what ims21 makes of their comments.

 

Regards

 

Andy

[ims21]

Hi

 

Responding to CB's SOS.

 

If you used the spreadsheet called "CISheetV101", this is a pure compound interest calculator which compounds the interest to the principal amount daily and works out the resultant interest due on an amount between the date a charge was incurred and the "claim to" date.

 

For reference, the formula for compound interest is

 

x * (1+DailyRate) ^ y - x

 

Where x is the principal amount (the charge) and y is the number of days elapsed between the charge date and the "claim to" date.

 

In answer to the question that they want to see how the interest is calculated you can provide a copy of the Excel spreadsheet without any data entered into it as this will show the formulae used in the relevant cells.

 

As mentioned in earlier posts, the rate to use is at least the rate they were charging you. You can go for a higher rate of interest in restitution and there are documented successes on CAG for this. The principle is that the business earned at least their rate on the charges they applied to the account but would also have made profit on that money. If the charges themselves are unlawful then so is the interest they charged you and so is the profit they earned from them. The principle of restitution is that to put things back where they would have been then the business should e relieved of those unlawful profits as well. This is the basis of the Sempra Metals case law.

 

No.4 in my signature has further information on the principles of restitution.

 

In summary you now have the formula to explain how your figures are arrived at and the justification for them.

 

With PPI claims through fos, they do not recognise the principle of full restitution whereas the courts do (as is evidenced by Sempra).

 

As far as the 6 year time barring goes, Andyorch can advise on the legal side of this but S32(1)© Limitations Act 1980 (payments made under a mistake) has been used successfully and case law is Kleinwort Benson -v- Lincoln City Council.

 

ims

[AndyOrch]

Many thanks ims21 for clarifying the calcs.

 

Prudence, you ok with the above?

 

Regards

 

Andy

[Prudence]

Oh thanks so much guys. I have only just got in and will have a look through all of this in detail . Many many thanks again, Pru