Rob14973 V Mbna **WON**

[rob14973]

HI

 

Just sent A SAR to Mbna so waiting for the response. I will keep u posted.

 

Rob

[welly]

Hi rob

 

Can you start a thread in the MBNA forum and use this for updates and questions as this is the welcome forum and for first post.

 

Good luck with the SAR and let us know how you get on

[rob14973]

HI

 

It wont let me post a new thread in the Mbna forum could you move this post if possible cheers

 

Rob

[rob14973]

Hi

 

Quick update

 

Response from Mbna this morning saying my complaint is been looked into and should recieve a full response by November the 1st.

 

Thnks Rob

[rob14973]

Hi

 

Received last six years statements this morning plus a letter offering me £500 as a goodwill payment and a final settlement of the complaint.

 

Ok im going to do my prelim letter now accepting the payment as a partial payment only.

 

Can someone tell me what the compund rate of interest would be so i can send this on top of my charges.

 

Thanks

Rob

[breadline]

HI Rob

I have requested a Thread move and advised of your problem.

Hopefully you will be in MBNA soon.

 

Good luck and Welcome aboard.

 

BL:)

[rob14973]

hI

 

Sorry for sounding thick but i have been offered a partial payment by mbna. I am now going to send a prelim request for my charges and contractual interest and also compound interest.

 

Questions

 

Will the contractual interest on my card be 16.9%. If not how do i find this out.(i have a list of charges for six years but only statements for last two years)

 

Once i know the contractual rate do i just add the percent onto the total charges?

 

When i working out the percentage for my compound interest do i multiply my monthly cash rate of 1,7366 by 12 = 20.8%

 

If this is correct

[Glenn UK]

HI

 

Sorry for sounding thick but i have been offered a partial payment by MBNA. I am now going to send a prelim request for my charges and contractual interest and also compound interest.

 

Questions

 

Will the contractual interest on my card be 16.9%. If not how do i find this out.(i have a list of charges for six years but only statements for last two years) Go to MBNA website and look for the kind of card you have. There is a facility to look at the rates for each account, so you can compare them.

You will probably find the normal rate is 16.9% or thereabouts.

 

Once i know the contractual rate do i just add the percent onto the total charges?

 

No, see comments below.

 

When i working out the percentage for my compound interest do i multiply my monthly cash rate of 1,7366 by 12 = 20.8%

 

No, see comments below.

 

If this is correct

 

When you know the charges then you need to work out the interest you paid on each charge from the date they imposed it until now.

 

This is pretty difficult to work out, although i believe if you have the time then the spreadsheets provided by Vampiress specifically for CC will estimate this for you.

 

Alternatively to can apply the using compound interest using one of the spreadsheets provided by MINDZAI or VAMPIRESs ()both can be found via links in the providers signature).

 

Once you have these two values this essentially tells you what you have paid out as a result of charges (the interest part is approximated and will probably underestimate it) you can then calculate the interest you want to charge them.

 

i based my calculations for interest to charge MBNA on their cash advance rate as being the most logical when compared with their unlawful removal of money from my account.

 

With respect to compounding interest you take the initial amount or stake and calculate interest on it which gives you a new stake.

 

In the next period you take the new stake and calculate the interest on it again to give a third stake, and so on.

 

The frequency you apply the interest varies but I understand is typically daily.

 

The spreadsheets provided for this propose work it all out for you and give the daily interest rate.

 

HTH

 

Glenn

[rob14973]

Cheers glen

 

On vampiress spreadsheet it says not for credit cards?

 

Rob

[rob14973]

Hi

 

Im just filling mainzai speadsheet do i add the retail and cash advance interest together?

 

Rob

[Glenn UK]

Cheers glen

 

On vampiress spreadsheet it says not for credit cards?

 

Rob

 

I know, iv asked her about that and I am awaiting a repsonse.

 

I used MINDZAIS spreadsheet which says something similar.

 

HTH

 

Glenn

[rob14973]

HI

 

Glen do i add both cash intrest and retail intrest together for interest charged?

 

Rob

[Glenn UK]

Rob

 

I doubt you shold add the cash advance interest since you are trying to claim back the interest you paid on the charges which would probably be invcluded in the retail rates as they dont charge a higher rate for that imposed on charges.

 

The cash advance interest is that paid when you took moeny out in cash and so is a seperate item.

 

vampiress is looking at this issue so perhaps it might be owrthwhile holding off for a bit until she comments or MINDZAI comes back to us.

 

HTH

 

Glenn

[rob14973]

Hi

 

Well i have used mainzai spreadsheet to calculate the monthly interest on my charges and its double the claim does this sound right?.

 

I phones up Mbna to find out what my APR was on my card 24.9% so used this for the spreadsheet.

 

Also is this ok for my calculations paragraph in my prelim? Or do i have to explain where the intrest came from like add compounded into wording.

 

I calculate between dates and dates you have taken xxxx plus xxxx which I have charged you in interest for the sum which u have taken. Total xxxxx

[rob14973]

bump

[rob14973]

bump again

[rob14973]

Anyone?

[Glenn UK]

Rob

 

If you look in my thread for Glenn vs Abbey i think i have posted pretty much everything i have sent to them.

 

I cant remember the wording but you will probably find something useful there.

 

I don't think you need to explain it beyond saying you are applying the contractual rate.

 

HTH

 

Glenn

[rob14973]

Quick update

 

Mbna have responded to my prelim letter by sending me out all 6 years worth of statements again (think they have lost the plot) I phoned them up today and they have apologised for the mistake and would be sending me a second settlement figure in the next few days.

 

Rob

[rob14973]

Ok as promised by mbna have made a second offer, another £400 on top of the first offer of £410 which has been accepted as partial payment.

 

After reading some of the posts on mnba threads this is quite unusual as they normally settle at this stage. So i gave them a phone call this morning to be told they have made a mistake and should have settled rather than send me a second offer.

 

I have been told to send out my lba so i can claim for the rest plus contractual interest at the highest rate of the card.(which i included in the prelim stage anyway).

 

Should i be claiming for anything else before i send of my lba? Im sure i have missed some more interest on top this mmmm

 

Rob

[rob14973]

bump

[Bunnykins321]

Hi Rob

 

Have read your thread with interest as we are at the exact same stage. Have sent out LBA letters and just received letter from Rachel Claridge making us a further offer but not the full amount or any interest. Just wondering what you are going to do next becase we are in the same position - any ideas.

 

Bunnykins321

[rob14973]

Well im sending my Lba on Monday claiming back the remaining charges still owed and the contractual interest on the whole amount.

 

Rob

[rob14973]

Hi

 

Quick update MBNA has settled in full this morning!