V's MBNA, Abbey Credit Card

[ehstevie]

Hi, I've received my statements after my SAR on 11/11/06. With my statements was a covering letter from Abbey Credit Card stating that they value my business (although account closed 2004, paid in full) and attached a cheque for £380 as a goodwill gesture ''on the basis that this is in full and final settlement of your complaint''. My charges total £930, so I have written back twice since, rejecting their offer, stating that I will only accept the cheque as partial payment, and on the basis that I will pursue the remainder via court, although there has not been any response to my letters. I still haven't cashed the cheque, but I could do with the cash. I am due to issue my MCOL against MBNA Monday 11 December 06.

Can I cash this and still issue MCOL for remainder?

Thanks

[ehstevie]

bump, help please.

[ehstevie]

Anyone??

[rob14973]

Hi

 

Yes cash the cheque. Stevie before you start you mcol have u added contractual interest? If not this may be worth doing as this will probably double your claim as the APR will be around 24.9%.

 

Rob

[ehstevie]

Thanks rob14973

 

I will be submitting MCOL on 21/12/06.

 

My claim will be £930 Plus £302.39 interest (plus courts costs), this was calculated at 8% from when the charges were levied. Then I'm claiming Judicial Interest at 8% until settlement/Judgement.

 

Are you saying I can claim 24.9% from the date the charges were levied to the account until date of service, then 8% judicial interest thereon in?

 

thanks

[rob14973]

Hi Stevie

 

If you claim contractual interest. you cannot claim the 8% at the mcol stage.

 

The best way to work out the contractual interest daily at 24.9% APR is to use a spreadsheet from vampiress chambers(search vampiress) using the spreadsheet and the highest rate paid(Ring custome service to find out) on your card will probably double your claim.

 

Good example is myself claimed for £900 and with contractual interest at 24.9 highest rate. my final claim £2300

 

If you decide to go down this route you will have to re start your claim.

 

rob

[ehstevie]

Thanks Rob, just to clarify, I haven't started my MCOL as yet, will be doing so on the 21/12/06 though.

I still don’t really understand the contractual interest, I know where the 24.9% comes from, but between what stages can I claim this?

From date when charges were levied to service date? Then 8% from service date to settlement?

Your help much appreciated in the matter.

thanks Rob.

[rob14973]

Hi

 

You can claim contractual interest right from the start of your claim. The s.69 8% interest can only be claimed when submitting a court claim. But you cannot claim both.

 

you claim the interest on charges from the the day they were levied. As i posted earlier if u use one of vampiress spreadsheets from her chambers it will work the 24.9% at a dialy rate for u.

[ehstevie]

OK, lol, just to clarify. My understanding is this:

 

My claim is for £930, interest to this date is approx £931, calculated at 24.9% APR (I have the spreedsheet). Total claim £1,861.

 

Now, when I submit MCOL, I claim for total amount of £1,861 + s69 judicial interest @ 8% on £1,861 from date of service to date of settlement.

 

Hope I have it right, please correct me if not.

[rob14973]

Hi

 

Lol almost , you cannot claim contractual and the s69 interest at mcol its one or the other.

 

Rob

[ehstevie]

How do I find out what the contractual interest rate is/was? Also, what is contracual Interest?

[iwannabedebtfree]

the contractual rate of interest will be on your statements, but i think you are better off going at 24.9 % unless your statements give a better figure. i worked out contractual at 27.9% purely because one month the interest level was at over 30%. The bottom of your statements should be where MBNA disclose their interest rates.

[iwannabedebtfree]

ps. your spreadsheet worked out the contractual interest for you, contractual interest is the interest rate in which you are contracted to under your T&Cs with MBNA eg 16.9 percent variable (ie. they whack it up for cash advances )

[ehstevie]

OK, lol. getting there.

 

Not sure how i word my POC for interest at 24.9%. I have looked at the templates but they refer to the judicial rate of 8%. Can someone who has claimed contractual interest rate via MCOL please post the POC used.

 

Many thanks