MBNA offer - Help please

[yelah4u]

I have had my complaint upheld by MBNA. Their offer is as follows:

Total charge of PPI premiums charged since the sale date £1785.70

Total amount of associated interest £117.50

Applicable interest at 8% £1641.07.

Total £3543.97

 

They say that this is their final response and that a cheque will be sent within 28 days of the date of the letter.

 

My question is that shouldn't they also pay interest that was charged on the PPI premiums at the rate that was charged by them ie at a monthly interest rate of 1.8735% ?

 

And if so how do I work it out?

 

Any help would be appreciated.

[dx100uk]

yes.

 

This third spreadsheet is a calculator that will work out a fos based PPI award on a Revolving Credit Account such as a credit card. It will also work out the additional 8% interest awarded where the account moves into credit as a result of the removal of the PPI from the account. Be aware that you will need ALL of the account statements for this spreadsheet to give the correct result.

 

FosRunningPPI v102.xls

 

 

dx

[yelah4u]

Thanks dx.

 

This brings me to query 2. I have SAR'd MBNA who have provided statements from March 2006 only.

 

None of the statements show PPI being charged, so I have no idea what the dates were.

 

I can only assume that it was prior to '06.

 

I have no recollection of agreeing to PPI or cancelling it, so I have no idea when it was added and stopped.

 

I was pretty near the credit limit of £15,000 a lot of the time too (account balance is now clear)

so I'm thinking that there were not that many payments of the PPI that I made, but that they would have been quite large amounts.

 

From the lack of information that I have should I just wait for the cheque to arrive and then write to MBNA saying that I'll accept it

without prejudice and then ask them to re calculate their offer and send me another cheque for the difference?

[dx100uk]

sale date has nowt to do with 'when' they should start their figures from.

 

i think you need to question them on 'how' and 'why'

 

they are limiting ths from sale date and not from birth of card date.

 

dx