Jump to content


Does he have a valid claim and can I claim on his behalf??


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3410 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I'd write and thank them for their offer which you are considering. However you wish to check the figures and can they please forward their calculation sheet(s) showing the details of the individual PPI payments and the interest calculations on them.

 

These have been supplied to other members when they have asked for them.

 

In this thread the spreadsheet came up with a figure of less than £500 difference on an offer of about £64,000 (less than 1%) which is why my curiosity is aroused.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?354001-Mbna-awaiting-offer-letter-%A364-000-WIN!!&p=3874678&viewfull=1#post3874678

Edited by ims21
forgot the link !

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Link to post
Share on other sites

I've been playing around with my spreadsheet and it looks like MBNA have used around an average of 9.02% interest based on the PPi premiums paid as this calculates their interest within a few pence

 

The APR on the credit card was 15.95% from when the account was opened in 2002 until July 2004

 

17.95% from August 2004 until May 2007

 

18.95% from June 2007 until March 2009

 

9.95% from April 2009 until September 2009

 

15.95% from October 2009 to date

 

I am defintely baffled.

Edited by claireb1983
Link to post
Share on other sites

Nice little sum for your father. Well done for sticking with it.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

Cheque arrived on Friday although I also posted my letter of to them on Friday requestng their calculations so have asked my Dad not to cash it for now. He's over the moon though. Thanks again for all your help :)

Link to post
Share on other sites

So still havent received a response to my follow up letter to MBNA - checked the Royal Mail tracking site today and it doesnt confirm delivery of my letter so called MBNA to question whether they received it.

 

MBNA have said that as far as they are concerned, they send a cheque and thats their final decision on the matter. Any appeals on figures must go to the FOS?!....great !

Link to post
Share on other sites

It's not an appeal on figures...you want the data so that you can cheque the figures.

 

You need to make them aware that they are required to give you the breakdown as this is well documented by fos and that of they fail to provide you with the breakdown then you will be lodging a formal complaint with fos which will cost them a further £850.

 

If you then need to dispute the figures you will lodge a separate complaint with fos which will cost them another £850.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Link to post
Share on other sites

Thanks for that info Ims - much appreciate as I wasnt sure where I stood with this. I thought I was facing the choice of A. accept what they have offered or B. wait around a year for FOS to take a look at it.

 

I couldnt praise MBNA highly enough when they dealt with the claim so swiftly but my experience on the phone today was absolutely dreadful. I was on the phone for over an hour and passed from pillar to post. I think i will stick with writing to them.

Link to post
Share on other sites

Yes...make a pest of yourself.

 

As I said...others have received the breakdown but MBNA will need to be pressed

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Link to post
Share on other sites

  • 2 weeks later...

I have today received a standard acknowledgement letter quoting a new complaint reference number. This is so frustrating...why would they log as a new complaint when all I want is a breakdown of figures.

 

I have just sent an email to Ian Odoherty.

Link to post
Share on other sites

  • 2 weeks later...

Hi Ims, I have now received the below response from MBNA regarding the spreadsheet that I used and the calculations;

 

 

Fromthe information you have sent us, I also note your comments regarding thecalculated amount of redress provided in our previous response under referencenumber 8******. Our calculator works in accordance with FSA guidance andreconstructs the account on a month by month basis as if PPI had not beenpresent. As such, I must inform you that we are confident that the calculation,and redress provided, is correct. As requested, I have enclosed a copy of thiscalculation for you with this response.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pleasebe aware that we have fully checked our decision making process. I would liketo inform you that we have looked at your account and found evidence of PPIbeing taken out in July 2001, and have used this in our calculations. I mustinform you that the APR’s that you have quoted us are not the same as theamount that was actually charged, they reflect the annualised rate that isapplied to retail amounts borrowed when interest is charged. By way of example,if your father had used the card for cash transactions then a different ratewould have been applied to that element of the balance, or if he took advantageof the interest free retail grace days then no interest would have been chargedeven though the APR may have been 15.9%.

 

 

 

Imust also inform you that the calculator you have used does not fully capturethe FSA guidance, and as such results in a significant over-estimate of theremediation due to an incorrect application of interest to the calculation. Itassumes a single interest rate for the entire period, wrongly calculatedinterest on PPI in the month it was charged, and incorrectly decompounds theAPR for use on a monthly basis.

 

 

 

Weare obliged to remediate the interest that we have charged that is due to PPI.Within the spreadsheet you have provided, there is no account taken of theactual interest charged. Instead it assumes remediation is similar to a savingsaccount where there is a constant return on the balance owing. By way of anexample, in 2011 your fathers account was charged in total £86.75 of interestaccording to our records. The remediation spreadsheet you have provided isattempting to reclaim £623.27 for that same period. Please note that it is onlyfair and reasonable that we would not refund money we had not chargedoriginally.

 

 

 

Throughreviewing the account, for the entire period, £3,478.20 of interest was chargedon an average balance of £2,060 for a period of 132 months. This gives anannual compounded interest rate of approximately 9% which is furthercorroboration of the amounts calculated. I trust that this explanation issatisfactory regarding the PPI redress that we previously supplied.

Link to post
Share on other sites

Yes the spreadsheet we use does only account for one interest rate.

 

You now need to go through their calculations and verify that the interest they are offering agrees with their declared rates as the rate charged on the account would have probably changed over a period of time.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Link to post
Share on other sites

Thanks Ims, I have already gone through all the statements and the interests rates were as follows;

 

15.95% from when the account was opened until July 2004

 

17.95% from August 2004 until May 2007

 

18.95% from June 2007 until March 2009

 

9.95% from April 2009 until September 2009

 

15.95% from October 2009 to date

 

They mention a compounded interest rate of 9%?

Link to post
Share on other sites

From the other MBNA detailed sheets that they supply, they provide a premium by premium list together with the rate applied to that premium. check that the rates quoted on their detailed breakdown agree with the rates that you have put in post #40 taking into account the relevant rate changes and dates.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...