Interest Rate & Contractual Interest

[tricky0000]

I'm about to send in my prelim letter with my schedule of charges etc, but all the figures being banded about on this board has done my head in.

 

i'm claiming back for the last six years to jan 2001, and obviously MBNA didn't treat my SAR as a SAR so i've just got a list of transactions.

 

What would be a fair figure to use as the interest rate they would have charged me and what would be a fair rate to charge them as contractual interest?

[Glenn UK]

 

What would be a fair figure to use as the interest rate they would have charged me the current rate from their website and what would be a fair rate to charge them as contractual interest? i used the cash advance rate for my card as published on thier website

 

 

HTH

 

glenn

[tricky0000]

thanks for clearing that up Glenn. i presume that 'cash advance' is the same as 'cash transaction', which is what they refer to on their website?

[Glenn UK]

Dont believe they are the same, although they may be, cash advance was the rate you paid if you took money out of a hole in the wall with your credit card i bwelieve and i always thought this was higher than the purchase rate (cash tansaction?).

 

The best way to check is to go to thier site and look for the kind of card you have/had. There will be a page where they post the rates for each card type, all companies do this so that consumers can do comparisons.

 

HTH

 

glenn

[matmondez]

a tried and tested method by myself and quite a few others is to estimate intersest till mcol or n1 stage. then give them a call, they will calculate interest for you. did 4 me anyways only last wk.

 

 

matt

[jemg1077]

Do you know what it means on a credit card statement when they charge for PROMOTIONAL RETAIL INTEREST CHARGE ?Can I claim this back?

[Cornucopia]

Do you know what it means on a credit card statement when they charge for PROMOTIONAL RETAIL INTEREST CHARGE ?Can I claim this back?

 

Hi Jemg,

 

No you can't claim for this, this is what the charge you for the pleasure of having one of their cards.

[Glenn UK]

a tried and tested method by myself and quite a few others is to estimate intersest till mcol or n1 stage. then give them a call, they will calculate interest for you. did 4 me anyways only last wk.

 

 

matt

 

Did you also know that they dont always give the claimant what the claimant thinks they are getting too?

 

If you are going to rely on MBNA to work out what you are entitled to then you will be stuck with whatever they offer, even if its wrong.

 

You should do the work yourself then call them so you know what you are entitlted to.

 

JMHO

 

Glenn