Jump to content


Question about ppi and interest rates


Please note that this topic has not had any new posts for the last 2151 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

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

Link to post
Share on other sites

Would that have to do with cash withdrawals, perhaps ?

 

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

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

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

Link to post
Share on other sites
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>

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Link to post
Share on other sites

no you cannot reclaim those

 

but anything PPI/insurance listed

 

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

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites
  • 5 months later...

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

Link to post
Share on other sites

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

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

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!

Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...