Reclaiming Charges with MBNA Credit Card

[Wulfen40]

Hello All,

 

 

I sent in a SAR to MBNA recently, in relation to a credit card and yesterday I received 6 pages detailing charges that I paid on my credit card from 2002 to 2006.

 

 

When replying back to MBNA to reclaim these charges, do I complete the "compound interest calculator" at 8%, listing all the charges that I paid in that time period?

 

 

Are there any other calculators I should use?

 

 

Is the compound interest rate always at 8% or at the rate I was initially charged by MBNA (which is not mentioned on my sheets I was sent)

 

 

Advice would be appreciated

 

 

Many thanks

 

 

Wulfen40

[dx100uk]

as they are outside of 6yrs

without issuing court papers I don't think you'll get anywhere

 

not seen any MBNA success of recent.

[Wulfen40]

Hi dx,

 

 

So I am pretty much going to take this straight to court then? If so, what calculators should I use? Just the compound interest calculator? Calculate it at 8% ?

 

 

Cheers

[dx100uk]

Barclays have been known to settle several times at 24.9%

 

 

you'll need the CIsheet

 

it might pay you to read something like the interpretive calculations thread in this mbna forum.

 

though that's PPI, I think its mentioned.

 

dx

[dx100uk]

and

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?354380-MBNA-Charges-refused&p=4584652#post4584652

[Wulfen40]

Thanks again dx, I will have a good read of that thread! Cheers buddy!

 

 

W

[Wulfen40]

Dx,

 

 

Been reading that thread and if I did the calculation at 24.9% using the CISheet, then my £2,094.02 in charges will amount to £30,370.95... is that right? That's a lot of money!!!

[dx100uk]

you must enter each charge on the date it was levied.

 

each one on a new row

 

dx

[Wulfen40]

Roger that, thanks

 

 

W

[Wulfen40]

Dx,

 

 

Im not sure I am using the right sheet, I am using the compound interest calculator sheet, is that the right one? Could you be so kind to post a link to it please! Just so I can make sure.

 

 

Also, I think with my SAR to MBNA, I only received a six page list of transactions. Reading other threads on this matter, a lot of people have been mentioning PPI, yet there is nothing listed on my transactions list. There is also no list of what I paid for using this card either, it seems to me, that MBNA have not sent me my full data of all transactions, statements etc.

 

 

Do I get back at them and chase them up on this? If I am going to have to do this, is it worth finding out from them at what rate of interest that I paid for each charge? As mentioned earlier, I have no indication as to what interest rate I was paying. Looking at my sheets and the transactions, a lot of charges varied from £30 then later shot up to nearly £70 each month !

 

 

Thank you for your help dx

 

 

W

[dx100uk]

p'haps not worth it

 

go read that thread I posted in post 5

theres an update today

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

[Wulfen40]

Thanks dx,

 

yes I just read that last post of up2's,

 

such a crying shame,

 

although in my case I do not have an outstanding balance.

 

Simply put, I got the credit card,

then got into financial difficulties due to lack of work after leaving the military.

 

I struggled to pay back what I owed,

but with MBNA and many others, they just slapped massive charges on me

and put me into deeper debt.

 

In the end, it was the help of my brother in law who got a combined loan on my behalf with his bank,

and the money was used to pay all off, including MBNA.

 

So, what do I do next?

 

Take this matter straight to court,

 

or see if they will pay me my money back, plus 8% compound interest?

 

Ive completed the CISheet v101.xls, of course I have not inputted the interest rate, as I don't know what I was charged at..

. your experience and knowledge would be greatly appreciated dx!

 

Again,

 

many thanks

 

 

W

[dx100uk]

I would pm up2 get him to comment

 

far more experienced than me.

 

though 8% is not correct use theirs!

[Wulfen40]

Thanks dx, I will pm up2 to get his views, thanks mate

 

 

W

[up2meears]

Hi Wulfen,

 

I will try to help as much as I can, but as we're not yet sure if there is any PPI, then I don't really know what argument to use for them being unlawful (even though we all know they are), as I relied on them being wrongly applied due to the PPI and could use s.32 of the Limitation Act because they were applied by mistake. (and as I said on my thread, I think the Judge was in agreement that they were applied by mistake).

 

Although you should follow the motions and send the letters requesting a refund, MBNA have no soul and will not see reason as some of the other banks do. You will have to sue, and they will use the LA in their flimsy defence.

 

As mentioned in my pm the first thing to do is wait until the 40 days allowed for them to respond to your SAR is up. If you receive nothing further then send them a (partial) failed SAR letter which you can find in the CAG library.

 

What have you actually received from them so far?

Use a rate of at least 20% when calculating interest. (It was 18.9% in 2000)

 

My account was opened in 2000, and I received the following from them, so do not them fob you off by saying that what they sent is all they have because they are lowlife liars and will break any guideline or regulation they want to avoid having to do the right thing - (sorry for the rant, but wounds still fresh)

 

1) Online application - This would show if you had PPI

2) Signature form

3) T&C for the card - although they kept sending wrong years until about 2 weeks ago!!!

4) Comms log, - although they only log stuff beneficial to them (This is known for certain as they logged certain letters sent to me but not the ones which breached the rules)

5) Transaction history - This listed every transaction from the start of the account, including transactions, charges, interest, payments and PPI

6) Some correspondence

 

Try and find out for sure what date you sent your SAR and as soon as the forty (calender) days are up, send the failed letter(make sure it's sent recorded or at the very least proof of postage) and if you get no extra info after a further 7 days make a complaint to the ICO and FCA.

 

I may be being a bit cynical, but I don't trust MBNA one little bit, and I think they tell people they don't have info because it doesn't benefit MBNA, but a lot of people have received info from day dot on accounts older than yours, and if you were in the military, and paying for PPI then straight away that's a mis-sale and potential loss for them! They told me there was certain info they didn't have and then hey presto! up it pops when they need it.....

 

Let us know how it goes

 

Up2

[Wulfen40]

Hello Up2

 

 

Thank you for getting back to me. I agree, until I know if I paid PPI we wont know what to use. But I will go through with what you said about the partial failed SAR (It was sent 29th June and the 40 days are up on the 8th August which is next Friday) So come then, I will send in that failed SAR letter and see what they say. If they have not complied then I will take it to the ICO and FCA.

 

 

I have only received the transaction list. I have yet to receive my T&C's, My application (cant remember if it was online or by letter), Comms Log, Signature form or any correspondence at all.

 

 

I will look at using the interest rate of 20% for now. If I do get informed by them what rate I was paying, then of course I will apply that.

 

 

I totally agree with you on the trusting MBNA, of course they are going to do their damnest not to cough up (a lot) but then, I am a tenacious kind of guy and I will get back what is rightfully owed to me. Even if it means going to court.

When I got this card, I already been out of the military by two years. But I can tell you now, at no point did they mention PPI to me and nor did I ever agree to having it. If I find out that I have been paying for it, then there will be hell to pay!

 

 

Thank you for your help, I will keep you posted on what I am doing and what I have done. Hopefully by Friday next week, I will put on here that I sent off the failed SAR letter by recorded delivery (been doing that with all my post Up2! Lol!) I like to keep a record of everything!

 

 

Cheers

 

 

Wulfen

[up2meears]

Does the transaction list cover the dates from the start of the card until you paid it off? Or is it just partial?

[Wulfen40]

Yes Up2 it does actually, from the start to when I paid them off.

 

 

The kind of charges they were making pay for, were the ones listed below...

 

 

Promotional Cash Interest Charged

Cheque Handling Fee

Card Protect

Cash Withdrawal Fee

Overlimit Fee

Promotional Retail Interest Charged

Late Charges

Cash Interest Charged

Retail Interest Charged

Posted Cash Advance Interest

Posted Retail Interest

 

 

What is unusual is the naming of the Cash Interest and Retail Interest, as their wording kept changing, then going back to how it was initially. Plus also the amounts I was charged varied quite a bit, after I paid off nearly half the card I was being charged more!! I do not know why!

 

 

Thanks Up2

 

 

Wulfen

[Wulfen40]

Partial Failed SAR has been sent today,

in it I told them that they had 7 days to send me the rest of my paperwork that I should have got with my transaction list,

which included my original credit agreement, t&c's which I would have got at the time.

Copies of my statements, any evidence of notes of any contact made between the company and myself,

plus they haven't provided any evidence of any manual intervention made by the company,

or shown me the rate or rates of interest that I was paying during the term of my credit agreement.

 

I also received a further letter from MBNA stating that I did not pay any PPI,

it was a very short and brief letter and it was signed "MBNA LTD" in italics with MBNA LTD underneath.

Which I thought was a bit brief.

 

Don't they have humans who we deal with who sign the letters they write, in their names??!

How bizarre. Not exactly believing them either. Very impersonal!

[Wulfen40]

Well it has been 4 weeks plus since I sent the partial failed SAR to MBNA, what do I do now? start court action for failing to adhere to my SAR?

 

 

W40