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Mums MBNA Loan Upheld

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Discovering an MBNA award is lower than you might expect... is unfortunately not something new to many people, they (MBNA) use their own particular method of calculating redress, and depending on how your mum operated the account this can have an effect that you will certainly notice.



Without seeing anything else, the letter shows too much (bear with me here) of one type of interest in relation to the values of the premiums (that being the applicable 8% gross component). This is typical of someone who may have sometimes paid minimum or full payments quite often, as opposed to something in-between all the time. So - congratulations and very well done indeed on your success - but you may wish to have a peek around some of the other active MBNA threads if you have some spare time. Let me know if you want specifics - but again well done.

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They said they didnt have the 1st questionnaire I sent so I resent it on 12 December 2013 and got a letter on Saturday to say they were investigating and the upheld letter arrived on Wednesday so yes pretty quickMy mum doesnt pay tax can she claim the tax they took back?

Im learning more every day :)

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Your mum will need form R40 (downloadable from hmrc) - type "r40 form" into a search engine. For most people you have to fill in remarkably few of the boxes. You will then need to suss her local tax office to send it to - finding this out is a job in itself!



[ As mentioned earlier a few of us are unhappy with MBNA's method of calculating redress which often calculates things somewhat a bit differently from other places do...but up to you if you want to pursue that or not. If interested in perhaps trying to get a little more for your mum of what is her own money (much much later probably, and with very likely appealing to FOS for it) then first ask MBNA for a calculation copy - you generally need to ask for this with MBNA. The calculation sheet (a VC20_ sheet in MBNA parlance) will probably make little sense initially if you try to follow it in any detail, and will vary from your own CAG spread-sheet reckonings in its method. Post it up as an attachment once received with all personal info blanked out - if, that is, you wanted anyone familiar with that to have a scan. Have a look at the "interpretative" thread in the MBNA section if you wanted any detail on that - although that would take some time to read through it all! Skip to post #269 for a summary.]

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