IVAN THE TERRIBLE v MBNA

[anney63]

Hi

Have sent SAR to MBNA received a response with list of dates and charges and my £10 Cheque back. I defaulted on my account but came to an agreement to pay a monthly payment by direct debit if they would suspend interest. Sent SAR form withh Proof of Identity. I have done a spread sheet in anticipation of Claim from their list but as interest stopped in May of 05 is that the day I use in spreadsheet? Can I claim Compound Interest or is that already calculated in the simple C/Card s/sheet

Thanks in anticipation

[anney63]

Can anyone advise please

[livelylad]

Hi

Have sent S.A.R - (Subject Access Request) to MBNA received a response with list of dates and charges and my £10 Cheque back. I defaulted on my account but came to an agreement to pay a monthly payment by direct debit if they would suspend interest. Sent SAR form withh Proof of Identity. I have done a spread sheet in anticipation of Claim from their list but as interest stopped in May of 05 is that the day I use in spreadsheet? Can I claim Compound Interest or is that already calculated in the simple C/Card s/sheet

Thanks in anticipation

 

Hi, are you charging the courts 8%? if so it continues to the date of settlement.It does not matter that you were not paying interest your are charging them for having your money.

 

If you want to claim contractual interest it is in the Library. this is more complicated however more people are going down this route.

[anney63]

Thanks haven't got to courts yet just used the simple spreadsheet recommended by Vampiress. Maybe I'm confused I thought 8% is added at the N1 stage So which spreadsheet should be used at prelim stage?? Maybe I haven't got myself clued up enough Glad of your help. Will carry on reading no harm done.

[COOPMAN]

Just your total charges + your overdraft interest on your charges. Should be used at prelim stage.

[Glenn UK]

The primary advantage of contractual interest apart from what it does to the value of your claim is that you add it to your claim before it gets to court and therefore goes on prelim and lba letters.

 

If you want to go this route make sure you claim for your charges, interest you paid on those charges plus contractual interest (i used the cash advance rate 22.4% on my account) on both the costs you have paid.

 

If you ring MBNA they wont automatically give you everything you're entitled to.

 

have a read of the thread i have linked to in my signature if you want a bit more of an explanation.

 

HTH

 

Glenn

[anney63]

Thanks Glenn will do when info arrives

[anney63]

Just got a bit more info I would like clarified. I paid insurance for unemployment etc to cover payments but as i was self employed have been advised that i wouldn't be covered anyway . Can anyone advise ???

[kokomar]

You need to read the terms and conditions, I got this https://wwwa.applyonlinenow.com/uk/Jan05PPC_mcds/mbna-soc-PPC_01_05.htm by googling mbna credit card.

 

Koko

[Glenn UK]

Just got a bit more info I would like clarified. I paid insurance for unemployment etc to cover payments but as i was self employed have been advised that i wouldn't be covered anyway . Can anyone advise ???

 

i would think you would need to know who the insurance was sold and what info you were given, trouble is unless you have hard evidence it might be difficult to claim i have a similar problem with Egg, although in my case the ppi was included in the loan and i am certain i was not given the option to reject the ppi.

 

i think that is was therefore mis-sold but its not the first thing on my list to resolve.

 

HTH

 

Glenn

[anney63]

Thanks Glenn had a quick look don't think it is relevant anyway thanks again for your response

[anney63]

Hi All

 

Forgot to say when I received original list of charges plus £10 cheque back they said will credit my account with £670. which they have done. Real quick response still will wait until get statements see if it matches ther list. If it does fine will go for balance. Belive it all to be a total of £1647 Seems a littel bit back to front but at least moving in the right direction.

 

[anney63]

Hi Again

Got statements today all ties up with list of charges they sent. Went through checking and low and behold although they had put a stop on the card 9th May 2005. They had added Interest of £98.00 and after not charging Card insurance from May until December decided to start taking it again. So although they had agreed to suspend interest and agreed a payment of £55 per month they were taking £39 or so every month for insurance on a card which was not being used. Would you believe the Card number was different as the card that I had had expired. So they have issued a new card which I know nothing about and is definately not in my possession and have been taking card insurance monthly. So on top of charges I have insurance premiums + an interest added totalling £410. Will be on the phone first thing tomorrow. How can they stop taking this and then suddenly start taking it again when I am trying to clear the debt at an agreed rate. No wonder the debt didn't seem to be going down. Good job I have dates and times of calls and agreements made and letters confirming. :x

[bandonbhoy]

I received my statements toady and discover they have taken 780 in charges and 387 in credit insurance fees. Given that i have ben retired for five years and two before i took on board the card, i personally doubt whter i took the insurance. i dont have a copy of same that they refer to. working out contarctural rate of interest at 22.9( which is waht they charge me) my interest claim is 470 on to the original 780. They offered me 400 toaday as goodwill gesture.

 

I have worked out the interest in the same way for thier ibnsurance [problem]( and it only operates when you are in debt to them) and the insuarnce charges ai am going to claimis 387 plus its interest component of 222.

 

So total claim in two stages will be 1850 against current card value of 2000

[anney63]

Good for you. I think that in my case (Or My Sons as it is his card ) I'm just doing this to help him out they have made a big mistake. They stopped taking the insurance for arouns 6 months then started again. So presume will be a bit easier we will have to wait and see.

[anney63]

Hi All

Sent Prelim on 27/10 for the differnece between 670 GOGW and the £1647 =£977.41 Also faxed letter to different department re insurance premiums.

Will let you know what happens next

[bandonbhoy]

Printed out the OFT report on Payment Protection Insurance OFT869, published in October2006. It is interesting reading and highlights the same free for all practices that the banks had applied to their fee chargeing regime. However this type of mis selling recoups larger profit margins for the banks. reading the report there are a number of pertinent points made(amongst many others)

“…there is a lack of upfront information on PPI i.e. before the consumer has signed up for the credit”

sect 1.4 page 2 line 14;

“ There are indications that consumers are receiving poor value from their PPI”

sect 1.4 page 3 line 8

“….eligibility requirements for PPI are that customer must be living and working in the UK, be aged at least 18 and under 65 years, and must be actively employed for at least 16 hours per weekand have been so for a specified period of time”

sect 3.4 page 14 line 8

“ the purpose of credit card PPI is to cover a percentage of the insured outstanding balance should he or she be unable to work through accident, sickness or unemployment”

sect 3.29 page 21 line13

“ the OFT, however, under the CCA, licenses those who involved in the sale of the credit which the PPI is sold to protect”

“Licenses are only issued and retained if the OFT is satisfied that the applicant is a ‘fit person’ to hold one….pressure selling of PPI, pursuing debts and adding charges when waiting for insurance payments may amount to conduct inconsistent with fitness”

sect 4.2 and 4.3 page 23 line21

 

 

 

 

[anney63]

Hi

Thanks interesting reading see how they respond and take it from there

 

[bandonbhoy]

Had conversations with Colin Pugh at MBNA both yesterday and today. Last week I had collated all charges and interest at 22.9%. Every bit as helpful as previous MBNA staff working in this section. He worked out the additional interest that was due to me as a result of interest penalties caused by the individual charges. Seeking approval and will confirm in writing.

I had asked for £780 in fees and £387 in interest. He worked out £823 in fees and £431 in interest.

I thanked him for his assistance and wished every other organisation was like this. Obviously at this tiem when people are using this site and winningback their money and getting positive response from the press, it would be a wise oragnisation to address this issue positively so that in the fall out from the settlements, some organisations may be looked on more kindly.

 

When I get the money the deposit will be in the post.

 

Thanks to moderators who have given great advice to everyone, and from reading these posts, one becomes happy that they are doing the right thing.

[davidhannam]

ive had such bad experience with mbna....ive made 3 sar's ...including filling out their form, with id and £10 payment.....had three lists of charges...all completely different!!!... and still no copy statments, only these 3 different lists of charges, with almost £400 difference between them...cant wait to finally get copy statments to see how much i have really been charged!!!

 

http://www.consumeractiongroup.co.uk/forum/mbna/33299-me-abbey-mbna-credit.html