Question about ppi and interest rates

[cuzznx]

Hi Everyone,

 

I haven't been on the site recently but i have a question in relation to MBNA and reclaiming, etc

 

I sent MBNA a SAR request, which arrived last week,

but looking at the statements, there are a number of charges and interest payments that i don't understand,

 

i hope somebody will tell me what these are and what exactly i can claim back.

 

The payments that are taken are

Special Cash Interest

Posted Cash Advance Interest

Posted Retail Interest

These payments were taken every month and each month totalled around £60

 

There was one other payment that also got taken each month,

 

Posted Credit Insurance fee, that appeared on the statements for about three months and then disappeared.

 

Can i claim all these payments back or is it just the ppi fees and the other excessive fees associated.

 

Cheers

cuzznx

[citizenB]

Would that have to do with cash withdrawals, perhaps ?

 

I would say that the "posted credit insurance fee" would defintely be reclaimable.

[cuzznx]

Hi citizenB,

I am not sure because the charges were taken every month regardless of making a cash withdrawal and even so a cash advance fee was taken anyway.

The amount of the fees each month far outweigh any money i withdrew anyway.

cuzznx

[BRIGADIER2JCS]

Hi Everyone,

I haven't been on the site recently but i have a question in relation to MBNA and reclaiming, etc

I sent MBNA a SAR request, which arrived last week, but looking at the statements, there are a number of charges and interest payments that i don't understand, i hope somebody will tell me what these are and what exactly i can claim back.

The payments that are taken are

Special Cash Interest

Posted Cash Advance Interest

Posted Retail Interest

These payments were taken every month and each month totalled around £60

There was one other payment that also got taken each month,

Posted Credit Insurance fee, that appeared on the statements for about three months and then disappeared.

Can i claim all these payments back or is it just the ppi fees and the other excessive fees associated.

 

Cheers

cuzznx

 

 

The data supplied with a SAR should be easily understandable and a "key" to "phrases and terms used supplied.

 

 

Request/Require MBNA to explain the items you are not sure of>

[dx100uk]

no you cannot reclaim those

 

but anything PPI/insurance listed

 

you might find it useful to read the 'interpretive calculations' thread here

 

dx

[Wulfen40]

Hello all,

 

 

Out of interest dx100uk, you say you cannot reclaim these cash advance/ cash interest fees nor the retail interest fees. As I have the same on my MBNA credit card, but every month I was being charged both a cash advance/ cash interest fee AS well as a retail interest fee on the same day for each and every month. Even after I stopped using the card to purchase items, I was still being charged for both types of interest, once a month for the next 4 years?

 

 

Surely this is not right? I have gone through both my terms and conditions and CCA (That I finally got from MBNA) and there is only mention of retail interest and the cash advance interest/ cheque handling charges etc, which I only used for a couple of months in the first year with my account with MBNA.

 

 

I understand I would be paying interest? But surely not two types?

 

 

I feel that I have been overcharged on interest with my MBNA credit card

 

 

I can put my transaction lists, with CCA and T&C's up here to show you. But I do have my own thread (which admittedly I have not yet updated!) As I was waiting for said return of SAR (Reclaiming Charges with MBNA Credit Card - Wulfen40)

 

 

Thank you

 

 

W40

 

 

How could I be charged twice

[dx100uk]

you certainly can't do it within the spirit of a ppi reclaim or a penalty charges reclaim.

 

 

if under its own reclaim, don't think anyone has ever tried

 

 

I seem to remember something here on it but not mbna.

 

 

its the way they take the interests out in a certain order from your monthly repayments I think

[Wulfen40]

Thanks dx,

 

 

Ive just had it explained to me by the mrs who not long walked in, apparently I did take a cash withdrawal from my credit card and that would explain I was paying cash interest for the term of the loan. Stupid me!

 

 

Interestingly, I was not informed that MBNA had hiked my interest rate from 10.9% to 19.9% on my last year I was paying this debt off.

 

 

Can I reclaim this back? I had not received any notification that there was a interest hike at any time, not until I saw it in my documentation that I received back from MBNA

 

 

Cheers!