MBNA charges **WON** now expe/varde issued CO but have no CCA [app form only]

[TINK660]

I've had a letter in response to my S.A.R. offering £600 as a goodwill payment against approx £1500.

 

 

I spoke to them on the phone and said that we would accept as partial settlement and could they work out the compound interest for me.

Was told to put it in writing and request compound interest calculation so adapted prelim going off today.

 

 

However I wanted to work out the compount interest my self so that I have figures in my brain.

I used Vampires No. 13 sheet (for compound interest with no balance) and thought I had figured it out ok

but (this may sound like I am really thick to someone who knows about spreadsheets)

 

 

I got down to the end of the page (line 54 I think) and had more charges to input,

but I couldnt get a sheet 2 to come up in the same formula.

 

 

Any help please would be greatly appreciated as I really would like a final figure

 

 

. Also what is contractual interest and do you add this before or after compound interest.

 

 

I'm afraid its getting me very confused!

[GiveMeMyCash]

You should be able to just keep going, there's normally several hundred lines on any spreadsheet

[TINK660]

There are only 54 lines on this particular spreadsheet

[TINK660]

After 2 goodwill payments

I telephoned MBNA when LBA had a couple of more days before proceeding to MCOL

and was refunded the rest which was the contractual interest on the charges already refunded.

 

 

However when I calculated the contractual interest I made a mistake and calculated it at 18.7%.

When I received the letter back from MBNA they included my LBA letter and a statement of contractual interest that they had calculated at 27.9%

which would have made a difference to my claim of around £900.

 

 

I had to telephone them because they had refunded £100 short of what they said

but when I raised the issue of my calculations regarding contractual interest being wrong,

I was told that it had only been 27.9% since October.

 

 

When I asked what it was previously she said it was 23.9% I think!

I have heard that people have been claiming contractual interest at the highest rate that has been charged.

 

 

She said if I wanted to query I would have to write it again.

Do I now have to go through the whole proceedure again

- I would appreciate any views on this

- should I pursue even though it was my mistake or write it off to experience and concentrate on the next claim.

 

 

Thanks

[TINK660]

they paid 18.7% which is what mistakenly asked for.

[TINK660]

When anyone received a settlement from MBNA did you receive your LBA letter to them back and a copy of their calculations of contractual interest or have they sent this to me by mistake?

[blueeyes]

I never received my LBA back from them just the remainder of what they owed me but no contractual interest. Think im going to ask for it though.

[TINK660]

UPDATE:

 

I won - settled in full - whoopee - NEXT.....

[progenic7]

well done tink...

 

im just starting with my MBNA claim and im going for contractual interest right from day one.

A little confused at the minute though at which rate to charge the interest at. 19% 23% 24% 27% everyones saying something different

 

anyway Congratualtions mate !

[TINK660]

Thanks progenic7 - it seems to be the case that first they will offer you the amount you are claiming

less the difference between the £12 that the OFT states as being more reasonable.

 

 

When you reject this they will then offer the full amount less compound contractual interest, and lastly they will pay the full amount.

All this happened for me before the end of the LBA stage so it was a doddle really.

 

 

They even sent me back a copy of their calculations of interest at a higher rate than I had asked for so I wrote asking for that as well.

And hey presto it is now all done and dusted,

 

 

so good luck but unless they change their tactics I dont think you will have much of a problem.

Probably they are the easiest ones to deal with.

I wish they were all this easy, Barclays are certainly not that easy.

[progenic7]

Thanks tink, i have made mental note to self, ha you mention barclays well im at SAR stage with too, also halifax, RBS cards, and online finance lol. more to come after those are out the way ! Im going for the higher rate of interest myself as you might of guessed.

BTW what was that rate again 27% i forget what you said ? im also struggling to find a suitable spreadsheet that does this higher rate of interest. Chorlton sent me one that covers 19.1% which was handy, but it would be even better to find onee with the higher rate.

 

Anyway well done once again and i hope all the rest are a doddle for you too.

 

Reclaim the Right !

[SL56]

Hi and well done!! Can I ask you which spreadsheet you used to calculate the charges please

 

rgds

[TINK660]

Thanks,

I went to Vampiresses chambers and used spreadsheet no. 13 I think (the one that calculates when you dont have a balance) and just changed the interest rate to suit.

Hope this helps.

(Just had another result today with Mint card - paid in full after LBA)

I havent actually had to go as far as MCOL with any of my claims yet - I think I will with Barclays though.

[TINK660]

Hi

I am having a battle with MBNA/Experto Credite regarding the copy of the CCA they have sent me.

 

What they have sent is a copy of the Application Form which was in the form of a foldable postcard type application

which you needed to moisten and stick the edges together, with the address on the other side.

 

 

However, also on the other side to MBNA's address there are the Financial and related conditions.

This does not seem to be legite to me as these would have been able to have been read by the postman or whoever else dealt with the mail.

 

 

They have also sent 4 A4 pages of Credit Card Agreement terms and conditiions which I presume are current ones

as the interest rate is a lot higher and the fees are current fees,

 

 

however it does have my name on but that really doesnt mean a thing as I believe they are quite clever with their copying techniques!

 

I have disputed what they have sent but Experto have said that MBNA have complied with their obligations

and they are now going to take it further.

Unsure what to do now,

any help please.

 

Tink

[Sidewinder]

Experto will try and threaten you with all sorts of things - just dead bat them with the fact that what they have sent is non-compliant.

 

I accused the person I spoke to (on the one occasion they did actually get to speak to me) of being 'that annoying little oriental man from their TV advert

 

[TINK660]

Thanks Sidewinder,

 

I think I will send them this letter as I think the phone calls will soon start again. Does is sound OK?

 

Dear Sir/Madam,

ACCOUNT IN DISPUTE

I refer to your letter of the 29th March 2011 regarding my request for an executable credit card agreement from MBNA.

I wish to inform you that this account is still in dispute due to the fact that

this agreement does not conform to sections 60(1) and 61(1) of the Consumer Credit Act 1974 and would therefore only be enforceable by a court under s65. However, the absence of any prescribed terms means that a court would be prevented from enforcing it under s127(3).

As you have been unable to provide me with an executable agreement now consider that the above account is closed and that you will no longer pursue the alleged debt and cease processing peraon data relating to me on this matter.

 

 

Tink

[MisterV]

Im in the exact same situation so will watch your thread with interest and help as much as poss.

[TINK660]

Received letter in reply to above stating "we note your comments and in the circumstances this leaves us with no option but to refer the mattter to our solicitors for legal action to be considered. Please be advised that such action will now be taken in the absence of any arrangements being received in the next 14 days.

 

Please be aware that should the agreement not be enforceable the debt will not be written off but will remain due and registered against you, which may prevent you from obtaining credit in future."

 

My take on this is that they know it is unenforceable and are bluffing. I particularly note the word "considered", if they were sure it was enforceable wouldnt that have read "commenced"!!

 

MrV - what have you received from them?

[MisterV]

Received letter a long time since last one asking for payment arrangments with a copy of the CCA which is basically an application form and nothing else. Not sure yet which way to jump. Maybe if I ignore it, it will go to the bottom of the pile

Im certainly not going to get worried about it, been there, done that on others and it doesn't help.

 

I agree with you and I think we're in the same boat, if they had a watertight case they wouldn't be bluffing. Case of trying to intimidate and hope you weaken.

[TINK660]

Hi,

I have received a letter on Experto Credite headed paper saying that I will be aware from previous correspondence

that my MBNA account has been assigned to Varde Investments (Ireland) Ltd.

and under the terms of this assignment Experto Credite have been appointed to recover the outstanding balance.

Attached to this is a Statutory Demand served by Varde Investments dated 3rd August, received by me on the 13th August.

 

To my knowledge I have never received this assignment.

 

The account has been in dispute because of their failure to provide an executable credit agreement,

I have only ever received a copy of an application form (one of these fold over moisten and seal ones)

which does not contain any of the prescribed conditions.

 

It states that I have to act within 18 days from the date of service to have it set aside,

there is a date of the 3/8/11 on the demand but nothing to say when it would have been deemed to have been served.

This all seems a bit odd to me.

 

Has anyone else been hit with the same thing from Experto/Varde

and how to I go about having it set aside?

 

 

Would appreciate any urgent advise.

Many thanks

[raydetinu]

well experto cannot do anything until you have received the notice of assigment.

You do need to get it set aside asap or they can apply to court to make you bankrupt etc. ( do not Ignore )

You can use any reason to get it set aside such as not valid credit agreement, no notice of assignment etc.

Bear in mind they sometimes use this as a scare tactic, and dont actually follow through to court but you cant take that chance.

have you tried negotiting a repayment plan or offer with them?

[TINK660]

Ok,

I cant find the envelope this came in but if I remember rightly, it was a handwritten envelope with no postmark,

so it could have been hand delivered and left in post box outside property.

I know I didnt receive it until 13/8/2011 so I take it that it the date I should take as date of service?

The court listed is the Royal Court of Justice in the Strand.

 

Have been doing some reading and feel that this may be something that they will not follow through

and is response to the fact that we will not take their phone calls.

 

If date of service was 13/8/2011 that means I have until tomorrow to apply for set aside, do I have to take it to the Strand?

 

I have read somewhere that Varde Investments would not be able to proceed with this

because they are in Ireland and not registered here,

is this true?

 

And if I do try to set aside would my basis be that

1. No executable agreement received.

2. No assignment was received.

4. Varde are not able to proceed because they are not registered here.

5. Can I also say that service was not carried out in an appropriate manner.

 

Please can anyone advise what I should do as I am now very confused about it all and worried.

[42man]

Please have a read of these....If it was me in your shoes then being an Irish company then they are not able to bring this action under UK law...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?120057-Cabot-Test-Case!

 

It might also be worth looking at some of the HFO threads too as I believe they had problems enforcing some debts as they were assigned to the Caymans....

[42man]

Do you know if anybody had been attempting to deliver it by hand ?

[TINK660]

Thanks 42man, I am sure no one tried to deliver it by hand as I am in the house most of the time, but cant remember whether the envelope had a post mark so it could have been delivered by hand but just put in the outside post box. I will have a read of the above thread now.