MBNA Settlement Figures Help

[arniebear]

Hi

I have today received a letter from MBNA stating that they have now calculated the refund amount and a payment will be sent in full and final settlement of my complaint

 

They state that they have reconstructed the statement balances by removing PPI and assoiciated interest. This will included interest arising because the ongoing monthly baance on your account was higher than it would be if you had made the same payments without PPI

 

If there is any statement period where, after deducting your premiums and associated interest, your balance would of gone into credit, we will add 8% simple interest to your balance for that statement period. If there is no statement period during which your balance would of gone into credit you will not recieve any 8% interest

 

Please note that the approach outlined above follows the refund guidelines set out by the FSA

 

We have calculated the refund as

 

Total amount of PPI charged £341.82

Total amount of associated interest £20.50

Applicable 8% interest £266.79

 

Total amount Payable £629.11

 

 

All I have is a list of payments made and the total PPi charged is correct but when using the FOSCIsheet v101 and putting an end date of sept 2009 as this is when it went to DCA and interest stopped I get compound Interest of £2322.99.

 

Are my figures totally wrong or is it MBNA?

 

Any help much appreciated

Ali

[ims21]

You won't be able to check it using that spreadsheet.

 

As you haven't got all of your statements you should write to MBNA and get them to send you a copy of their worksheet showing how their figure was calculated. You can then go through it and check each PPI payment and interest calculation.

[dx100uk]

three threads merged

 

please keep to one thread per reclaim.

 

dx

[cbd13]

So have MBNA caved in on the pre-ticked box online, or are the merged threads confusing things?

I have today sent my file off to FOS as nothing from MBNA.

[arniebear]

Hi this settlement part is from my MBNA claim but the other part is my husbands claim which is why I started another thread

[arniebear]

So have MBNA caved in on the pre-ticked box online, or are the merged threads confusing things?

I have today sent my file off to FOS as nothing from MBNA.

 

No sadly that has now gone off to the fos for the long wait

[007coot]

Hi this settlement part is from my MBNA claim but the other part is my husbands claim which is why I started another thread

 

Hi Arniebear, was the pre-ticked to do with Virgin CC not MBNA? I've got the same problem of being rejected by MBNA and Egg at the moment for saying I ticked the box, MBNA haven't even complied with a SAR yet but still wrote refusing my "claim" that I haven't even made grrrrr! seems they assume all SAR requests are requests for PPI refunds lol!

[arniebear]

Hi Arniebear, was the pre-ticked to do with Virgin CC not MBNA? I've got the same problem of being rejected by MBNA and Egg at the moment for saying I ticked the box, MBNA haven't even complied with a SAR yet but still wrote refusing my "claim" that I haven't even made grrrrr! seems they assume all SAR requests are requests for PPI refunds lol!

 

yes the pre ticked was virgin cc which is now part of MBNA. We finally got the agreement back with the standard rejection letter but you would need xray vision to read it as it is soooo small.. A tatic I feel Grrr. This account is my husbands

 

The other MBNA with they have agreed to is mine which started off life as an Aol card but I knew it was too good to be true when they rolled over and said yes

[dx100uk]

Hi this settlement part is from my MBNA claim but the other part is my husbands claim which is why I started another thread

 

ok i'll un-merge then

 

dx

[dx100uk]

done sri for the confusion

 

thread is here:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?363551-OH-s-MBNA-claim

 

dx

[arniebear]

Thank you

[arniebear]

A quick update came home today to find a cheque from MBNA so do I bank it or wait till they have answered my request for a breakdown?

[ims21]

If it were me I'd hang on to the cheque...it is good for six months.

 

If you bank it then it may be taken as an acceptance of their offer.

 

Await their breakdown so you can check it.

[arniebear]

Can you just clarify this so I can get it straight in my head. Is the associated interest the amount of interest I paid to them on the PPI balance @ the interest rate on my card?

[dx100uk]

yes but compounded.

 

each month THEY charged you PPI, as it is on the statement, it got charged int at THEIR RATE too.

that then rolled over to the NEXT MONTH, & got it charged on it AGAIN [that s called - compounded interest]

 

UNLESS you CLEARED the FULL outstanding balance in 'that' month

 

dx

[arniebear]

Thats what I thought and as I never cleared my balance

I'm confused as to how they could come up with a figure of just £20.50 for this when each months PPI payment was approx £20 and my card interest was about 18.9% ?

[arniebear]

Well I finally got my breakdown from MBNA with a polite

"we will not discuss this matter further".

 

I am trying to work out if their figures are correct as they have a surplus redress figure of £362.32 on this sheet

but the PPI premium is £241.82 and 8% interest is £266.79

 

it soesn't make any sense to me.

 

Can someone explain how I upload them onto here.

 

I have converted them to a pdf but not sure what to do next

[ims21]

. Can someone explain how I upload them onto here. I have converted them to a pdf but not sure what to do next

 

Hit "Go Advanced" below a message box.

 

Hit "Manage Attachments" and "Add Files".

 

Navigate to the file on your PC and upload.

 

Then you can drag the file into the file selection pane and "Insert Inline"

[arniebear]

I hope this works

[arniebear]

Ims your brilliant

[dx100uk]

to me that looks pants....

 

cant be right.

 

dx

[arniebear]

That was my thinking too but I can't work out where to start. So I can get it clear in my head before I argue with them down the phone as they have told me they will not send any further correspondence.

Can anyone give me an idea where to start

[Guest alan703]

How ds you get a breakdown like that? I repeatedly asked for one and never received one.

[arniebear]

Just wrote to them thanking for the cheque but could I have a breakdown 10 weeks later so a mad rush as always

[dx100uk]

i'll see if i camn make head nor tail of it latter.

 

dx