Could it really be this easy!?

[Glenn UK]

Jb

 

You are entitled to enter a claim which is reasonable, the MBNA are being amicable because it suits them and its saving them shed loads of money.

 

It is in my opinion reasonable for you to charge them the same rate for borrowing your cash as they would have charged you. For my account it was 22.4% and compounded over the period in question.

 

I believe that many people have been settling on the basis they're getting something they're not, i.e. some compensation for having their money unlawfully removed.

 

I could be wrong but so far I haven't seen many people claiming back contractual interest, or indeed any interest, on what they have actually already paid out (i.e. charges plus interest at 16.9% or whatever rater applied to the card).

 

I think that everyone should understand what they can claim if they wish to rather than relying on the defendant to tell them.

 

If people are happy to settle for what the MBNA offer thats their affair and I'm pleased for them.

 

I suspect that many people don't realise they are in effect potentially loosing out by not working out what they want.

 

As to a court thinking you being harsh, put it this way, if you owed MBNA those charges they would add interest on top. They may at some stage decide to write some of it off. This is not an act of kindness on their part its effective business since theres a point where having some cash is better than chasing the rest ad infinitum.

 

So its your call, I you ask me the claim isn't settled until the claimant is happy or the court tells them thats it.

 

I would pursue them till you are happy and the contractual interest is part of that.

 

JMHO

 

Glenn

[cantsay]

"if people are happy to settle for what the MBNA offer thats their affair and I'm pleased for them.

 

I suspect that many people don't realise they are in effect potentially loosing out by not working out what they want."

 

I think your missing the point, I, and many other people phoned up MBNA after working out how much we were owed, plus interest at 8% which was the advised amount to go for, and MBNA, unsolicited, offered to pay contractual interest from between 19.3% in my case to as much as 25%+! So were all got more than we thought we were going to get! I for one was more than happy, especially after reading the nightmares other people were going through. Plus also even if it was slightly wrong, I am happy to pay a premium for things being handled quickly and politely. As ive said in other prints MBNA deserve some respect for they they are handling this as far as I'm concerned.

[Glenn UK]

"if people are happy to settle for what the MBNA offer thats their affair and I'm pleased for them.

 

I suspect that many people don't realise they are in effect potentially loosing out by not working out what they want."

 

I think your missing the point, I, and many other people phoned up MBNA after working out how much we were owed, plus interest at 8% which was the advised amount to go for, and MBNA, unsolicited, offered to pay contractual interest from between 19.3% in my case to as much as 25%+! Was this in addition to the charges and interest youhad actually paid? If it was then thats good, if it wasnt then you have missed the opportunity to claim the contractual rate on top. It is your right to claim interest on top of everythng you have paid out at the contractual rate. So were all got more than we thought we were going to get! I for one was more than happy, thats your choice and if your happy thats fine. especially after reading the nightmares other people were going through. Plus also even if it was slightly wrong, I am happy to pay a premium for things being handled quickly and politely If you havent claimed contractual interest on top of the charges and interest you have paid out, you may well have paid a premium. The premium for some people can be a signficnat amount of money. As ive said in other prints MBNA deserve some respect for they they are handling this as far as I'm concerned. I disagree, MBNA are a business loking after their interest nothing more, if they want respect then they should be writing to all thier customers and refunding the charges plus interest alrerady paid and contractulainterest on top. If you perceive they are beng nice then thats cool, i believe their approach is pragamatic and is primarily aimed at reducing the cost to MBNA, nothing more.

 

I dont think Im missing the point at all, my claim was for £832 worht of charges, the uinterest at the contractual rate was £313. When I added contractual interest and charges on top it came to £1750.

 

Thats the point, it doubled my claim for some people the impact will be signficantly more than doubling their claim depending on how old the charges are.

 

If you feel this is upsetting the MBNA applecart then Im sorry, but claimaints shoudl have availabel the information they need to make informed decisions.

 

I have seen many, many people being adivsed to ring up and let MBNA work out what they should get, if it works for you thats fine.

 

All I am doing is highlighting that there is another side to the coin.

 

JMHO

 

GLenn

[cantsay]

Thats fine.You are indeed right, I didnt realise, just went by what was recommended on the site, as , charges plus interest @8% and I had a figure in front of me and when they voluntarily offered to pay contractual interest I was more than happy, especially as I got £400 more than I thought I was entitled to. I realise now I could have got more, but with all the hassle I'm getting from LLoyds I was happy just to put this one to bed. Do you not agree though, that comapred to some other banks MBNA have been a pleasure to deal with?

[Glenn UK]

Thats fine.You are indeed right, I didnt realise, just went by what was recommended on the site, as , charges plus interest @8% and I had a figure in front of me and when they voluntarily offered to pay contractual interest I was more than happy, especially as I got £400 more than I thought I was entitled to. I realise now I could have got more, but with all the hassle I'm getting from LLoyds I was happy just to put this one to bed. Do you not agree though, that comapred to some other banks MBNA have been a pleasure to deal with?

 

Cantsay

 

I haven't spoken to any of the other banks so i cant compare. ROFL of course that speaks volumes and yes Gareth Tunnicliffe is a nice bloke, but I believe its part of his job resolve these matters as cost effectively as he can.

 

I'm not trying to upset people and it wasn't until i settled myself that i realised how it worked with MBNA.

 

I didn't at the start have a schedule written out. I wasn't going to agree to anything on the phone though until i was satisfied. Since i changed my claim because I had to correct some estimated charges this made me sit down and work out what I wanted to settle in detail.

 

I ended up with everything i wanted, but do acknowledge that i think i lost around £100 through an error on my part.

 

I'm not trying to cause grief just make sure people have the opportunity to get back everything their entitled to.

 

Glenn

[cantsay]

You dont need to keep re-printing what Ive said, I can see it! Well done you!

[andih341]

Hello,

 

:idea: :idea: :idea:

 

As the norm seems to be now, sure enough after sending my Data Protection letter and receiving a letter explaining full response by 15th, I have now received a letter from MBNA, blah blah valid charges, blah blah letter, but with a good will gesture of £150 which they have already credited to my account, for £328 of charges.

Now I'm not the best at confrontations/negotiations, so a little bit apprehensive on my next approach. Seems I need to call but what do I say!!!!!!!! or do i send/fax a letter?

My letter is from Stephen Bailey, is he ok???

And what do i say about the possible charge/default notice on my credit rating that is mentioned in the next letter?

[judi24]

my letter was fom stephen bailey too. but everyone was talking about this paul miney so when i phoned i asked for him. he was very pleasant and it did not feel confrontational. ganted i may not have got as much back as i could have because i wasn't clear about the inteest. i didn't and still don't understand the stuff about interest at contractual rate and contractual interest. pauil miney was very helpful but is obviously not going to hand out more than he needs to to make you happy so be clear about what you are asking for - i just asked for the interest so serves me right.

 

He asked me what i thought of thier complaints handling by phone. i said i thought it was good in that it was quick and personal unlike many other banks. MBNA are vey much going along the lines of effective customer service and damage limitation.

 

I would not hesitate in using the phone to contact them but just make sure you know what you are asking for - unlike me!!

[chelleapps]

Just to say THANKS to cantsay for posting on my thread (ben & chelle vs MBNA) we've phoned up and got a fantastic result claimed £901.50 and getting £1440.50 back within 7 days!!!!

 

Get on the phone all!!!!!

[oiler0]

hi all

i have two accounts with Lloyd's and have been chard much money over many many years and left me with big debts.to pay off

and i will try to clame some if it back

my question is for about 18 months i tryed Abbey to see if thay was any better

but no ,, the charges where more than Lloyd's so i went back to lloyds,

i had to pay abbey off with a credit card witch i did .

and the account was shut down,

can i clame back charges from abbey over four years ago when the account is now shut ?

any help would be good ?

PS/ got a letter from Lloyd's to day for £135.00 bank charges for September

not happy

oiler0

[jb79]

I recieved 3 letters from MNBA last week, first said sorry your not happy he £600 we offered is on its way, the second a cheque for £600.

 

Can you guess what the third was???

 

Well I n longer have an account with them and it seems that to raise the cheque they had to set one up (without my permission), they then paid the £150 cheque out of it and paid the money into it 2 days later.

 

Can you tell what it is yet????

 

Yep a statement for an account I did not open and a charge of £12 for exceeding my credit limit.

 

It really isn't that easy.

 

My current plan is to ignore the whole thing and wait for it to get very silly before I tell them what they have done.

 

Any better suggestions.

 

I will also be pursuing the contractural interest they didn't think they owed as the account was closed.

[chelleapps]

Hi jb79, what was the £150 cheque paid out for?

[damianmvc]

Could not get past the gatekeeper to Paul Miney, instead got Yvonne who did offer to refund all my charges in full but got aggressive when asked about the interest and told me that they would not calculate it for me, if I wanted to take it further I had to write in So off goes my prelim request.

[west]

I think they are now getting wise, I eventually had a call back from Paul Miney today, and although he was helpful he also would not calculate the interest for me and said I had to write in!!

[Glenn UK]

I think that many organisations are changing their tack, it seems to me this is probably due to the number and cost of claims.

 

I have seen changes of how information is supplied or not as well as how claims are settled or not, MBNA are only one changing, the Coop and GE money seem also to be changing their tack.

 

This may be a temporary glitch and MBNA may revert to type, but I suspect that the commercial decision to settle easily and quickly may influence that choice on the part of MBNA.

 

Maybe its my fault encouraging people to push for what they are entitled to claim rather than accepting whats being offered, although I have to say that although this site is large its the only one i frequent on this issue and id be surprised if the members of the MBNA thread had that much clout.

 

Anyway lets hope that people continue to get whats rightfully theirs and that MBNA revert to type and give in easily.

 

JMHO

 

Glenn

[redsue]

yes, us too, our friend Mr Miney was 'off' would not work out the interest and we too have to write in - no problem, just off to send our prelim letter - not a problem if they don't want to play ball - we'll get our cash in the end even if we have to see you in court....

[sirowealot]

When you phoned Mr Miney, did you have any figures worked out yourself, or did you just phone and say "I've got a claim against you... how much are you going to refund me"?

 

I've worked out all the figures except the interest on the charges (ie. the bit that Glenn UK is always going on about ) and I was going to try and get them to work that bit out for me... maybe if I hit them with 95% of what I know they owe me, they might just work the last bit out seeing as it's the most difficult bit to do.

[jb79]

The £160 was a unsolicited gesture of good will. I will prelim the original account for the interest differential and once that is settled then start on the new account. Probably start with the police as a fraud case.

[west]

I did have all the other figures, which I gave to him which he said he would pay up, but when I asked him about the interest he said he can't pay interest as I hadn't mentioned I was claiming that in my letters (which I did as the last paragraph mentions something along the lines of I will be claiming charges plus interest & court fees) When I pointed that out to him, he said he cant discuss it over the phone, so then I asked him nicely if he could work out how much it was so I could add it to my claim and again he said I have to put it in writing.

[chelleapps]

There must be a lot of people ringing and asking about interest now - we spoke to Colin Pugh who said he could calculate it (this was on Monday) but would have to get back to us on Tuesday as it took a while. He rang on Tuesday at 12.30pm to give us a figure which we agreed to. Happy to get it finished with! Maybe just too many requests are coming in and its easier to deal with them when they're in writing. I would send it off ASAP then to be first in what could be a monstrous queue!!

[damianmvc]

I had calculated the total charges but I did not need to tell them as they new instantly and said they would increase their previous offer which came back after the DPA subject release to cover all charges.

 

I then told them that was the figure I had and it was a good offer but I had calculated the interest myself and realised it added up to a substantial amount so would accept their offer as a partial payment but would require the interest to be paid back as well. I then said that an associate of mine had called mr miney and he was able to quickly provide this exact amount, which I said would be of assistance to ensure that I had calculated it correctly and we were in agreement on how much interest had been paid on these charges. But she was not entertaining it.

 

I have calculated my interest based on how many months since the date of the charge * by my current monthly interest rate then added all these together. I think this will be fairly accurate but does not account for any changes in interest rate and does not cumulate the interest charges i.e apply interest on the interest. Do you think I should just run with this or not include the amount of interest that I have calculated on my prelim and just say that I require all interest paid on the charges to be repaid and leave the ball in their court to decide how much that is??

[Glenn UK]

Damian

 

sound cool, use the value you have calculated as the interest you have paid on the charges, then add contractual interest to the lot to get your final figure.

 

HTH

 

Glenn

[Moneydownthedrain]

Hi cantsay,

Congratulations, I sent off my DPA for statements on the 28th September to a Steven Bailey and I still waiting.

Moneydownthedrain

[damianmvc]

Thanks Glenn,

 

Thats the bit I was not sure about if I still added the contractual interest to the lot. So my claim is for £810 in charges and 591 in interest on the charges which equals 1401 I then apply the cash advance figure for 1 year to this (will have to check but for now lets say thats 20%) so its 1401 * 20%= £280

Total = £1691

[Glenn UK]

Damian

 

You've almost got it, using your example its 20%/365 added daily and compounded.

 

So on day one you take the charge and interest then calculate the interest on this total, then day two you take the previous days total including the interest you added and do the whole thing again, so on day two its (Original stake + interest) plus interest.

 

You repeat this process for each charge on a daily basis until you reach the date of settlement, if you entering this as a schedule of charges then its the submission date, but the interest accrues daily.

 

The total interest will be more than the simple interest and the longer it goes on the more significant it becomes.

 

HTH

 

Glenn