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Mbna Advice

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Right, I’ve gone thru the stages with MBNA, had the half offer, refused and told them I want the full amount with contractual interest, they went away and came back and have made an offer for the full amount £1320 plus interest @ 8% and said they will not pay interest at contractual rate.


What shud I do? Take the £1684 and run or hold out and see they will give in?

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MBNA seem to be the best at paying out at the moment - in your shoes I would ring customer advocate office on 01224 672628 and speak to Paul Minney, Colin Pugh or Yvonne and tell them you are a member of CAG and have seen that everyone else has had contractual interest paid so you want it too - work out which is the higest rate you have ever had and do a new schedule of charges and work out new total and then just tell them unless they offer full settlement of that amount you will go via MCOL and pursue court settlement. they offered me 8% and as soon as I said no they recalulated at 27.9% - made a difference of over 1k in money back so well worth doing.

NatWest Bank charges

01/10/06 S.A.R - (Subject Access Request) sent

06/10/06 Statements arrived

17/10/06 Prelim letter sent claiming £929

23/10/06 Bog off letter received

25/10/06 LBA sent

01/11/06 Second bog off letter received


MBNA Credit Card

17/10/06 S.A.R - (Subject Access Request) + £10 cheque sent

26/10/06 Letter telling me they will respond by Nov 16th

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After a few calls to MBNA they came up if their final offer (or so they thought) £1986 which was meant to include contractual interest @ 19.9%. I asked them to explain how come contractual interest on £1300 @ 8% was £1690 yet I was meant to believe them when they say contractual interest @19.9% was £1986, she just kept going on about how their system worked out and that was all they would offer!

After 5 mins of me going on at her she said that they would only pay interest up to the date of my last charge (2004 when I paid off the card) pointed out I'd took advise from the CAG and this was not the case and I'd just do my MCOL and let the courts work it out.

At this point I was told that she'd transfer me to someone that knew more about contractual interest, I was transferred to some man who asked "what do I want to sort this out" I said "all I want is all the charges refunded and compound contractual interest @ 19.9% paid until the day of my claim" he said "no problem, I work that out to be £3330 I'll get the cheque sent today"




Thanks for the advice about the contractual interest, got me an extra £2000, I would advise everyone to go for it and stick to your guns as they said at every stage they would not pay it, but in the end they gave in!

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