Youngeman vs MBNA

[glav]

Hi Youngeman

 

I used Vamp's spreadsheet "Throughout claim with compound contractual interest", and used the interest rate that was showing on hubby's statements, it worked out at 24.95%. Claim date is today - the day you complete your spreadsheet. I listed each charge and date individually, the spreadsheet will then calculate the interest on each charge. If you have any probs just shout, or if you want to pm me your e-mail address I will send you a copy of hubby's spreadsheet. Hope this helps.

 

glav:)

[glav]

Youngeman

 

I have e-mailed you. Any probs let me know cos I'm not very good at attaching documents

 

glav:)

[TOT]

RE Interest rate

 

on my statements it says 1.38 per month.

 

is this 16.56 per annum?

 

or have I done it wrong

 

 

thanks

[Youngeman]

Hey TOT

 

From what i can gather we should be using the interest rate on the statemetns and multiplying by 12 to get teh APR

 

Mine is showing as 1.8053% so multiplied by 12 this gives me 21.66% APR

 

Unless anyone else has any ideas?:-|

[glav]

Hi folks

 

If you go to the spreadsheet (even though it is for bank charges and not credit cards) in the link below, there is a calculator for working out APR, you just enter your monthly rate and it will calculate annual rate for you.

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

 

Hope this helps

 

glav:)

[Youngeman]

Hey guys

I’ve been away fro a while but am now well an truly on MBNA's tail. I've calculated my charges but I could do with a little help.

I have been reading threads which seem o be indicating that going for Contractual interest isn't a good idea, is this true for credit cards or are we just talking about the bank charges? I am really confused now. I was really up for letting MBNA have it but don't want to submit anything if it's going to be thrown back at me!

If we are still all going from contractual interest on the credit cards then has anybody got a decent wording or can point me in the direction of a wording to let them know that this is what I am doing please

Cheers guys, I couldn’t do it without you!

[wednesday1867]

Something along the lines of

 

I have calculated that you have levied £XXXX in unlawful fees, i will also require a full refund of all interest applied to the charges, which at a rate of XX% equates to £XXXXX giving a total refund of £XXXX

 

Probably could come up or find something better, or just do your own from this

 

Its basically the pre lim template with an extra line for contractual interest.

[Youngeman]

Cheers fella

 

Thanks for that

 

just out of interest what d'ya think my chances are with the CCI claim? and which if Vampiresses Spreadsheets would you use?

 

thanks again

[wednesday1867]

Ive only claimed contractual, ive never compounded it.

 

Cant really comment on ya chance cos i only know what ive picked up from reading threads, regarding my MBNA, they settled in full before they had chance to read my pre lim, had trouble getting hold of proper transactions, when they turned up it contained the offer of full refund

 

I used Vamps sheet number 12

[pennypenny]

Hi Youngeman, I went for contractual interest at 24.9% and used Vampiress' spreadsheet number 12. It nearly doubled my claim so I was happy with that. Got all my charges plus contractual interest back last week just before submitting my court claim.

Good luck with your claim:)

Penny:)

[Youngeman]

thanks for the info Wednesday much appreciated!

 

pennypenny

 

Thats great news well done;)

 

So you are telling me that you have recently been in correspondence with MBNA and claimed back contractual interest (not compounded contractual interest) at the full 24.9%?

 

If so this is great news. I was worried that they may not be paying out contractual at the mo and I might only get Statutory 8%!

 

Have you got any tips for me to get this claim thought with contractual interest ie did you contact them by phone or email them at all or if your can recommend anyone at MBNA who has a brain and can settle my claim without any fuss please

 

Cheers

[pennypenny]

Definately go for contractual, I've read a few threads where they are paying out at the moment. I waited till about a week after I sent my LBA and then gave them a call on 01244 672628, thats the Customer Advocate Office, I was already on my second offer by then and a couple of days later I received another offer but was still about £450 short so I sent another rejection letter then waited a few days and called them again and they said I would hear from them with another offer. I was over due for MCOL by then but hung on a bit longer and they finally offered the full amount:lol:

Penny.

[Youngeman]

Hey penny thanks for the reply

 

It's good news that they are paying out before MCOL stage so I will defo give it a go with contractual (of some sort!)

 

just to clarify did you use contractual (vampiress's sheet 12) or COMPOUNDED contractual interest (vampiress's sheet 13) when you claimed. I need to make sure that I get this bit right as I don't really want to be going to MCOL stage if possible!

 

thanks again for the advice

[pennypenny]

I used Vampiress' spreadsheet number 12 for contractual interest, I tried using number 13 but found it slightly confusing (doesn't take much) and was quite happy with the amount I got cos it has cleared my card and I also got a cheque for the rest. Go for it, they will pay up in the end:-)

[Youngeman]

Hi Guys

Just thought I would give you a quick update on where I’m at with my claim.

Well, finally got off the Prelim using vamps spreadie and went for compounded contractual interest.

Got the standard reply and GOGW last night about 18 days after letter despite giving them 14 days to respond.

Anyway, GOGW is pitiful in comparison to claim and doesn’t even come close to the actual charges total so am going to write to them with the acceptance on partial payment basis.

Just one question. When (and if) I receive the GOGW cheque can I cash it a go for the rest or do I need to keep hold of it until the claim has been fully settled?

Don't want to screw up the claim by banking the cheque and then not being able to go for the rest.

Thanks for all your help

I'll be in touch

Cheers

[standingupformyself]

I think that if you send your rejection letter to them, stating that you only accept the said amount as part payment and it is your full intention to persue MBNA for the rest of the claim, then if they choose to send you the cheque you have stated clearly everything you should have done

 

I had an account with MBNA and their first payment of goodwill arrived in my account, I wrote to them rejecting it, then saying they could remove it with my permission, but if they chose to leave it there it would be part payment only...... it stayed there, so did their second goodwill payment....

 

I personally cannot see a problem with cashing this cheque on those terms

[Youngeman]

Hi Guys

Just wondered if you had some advice on what my next step should be.

I have received a letter with GOGW which is unacceptable so I am proposing to issue a Rejection letter only accepting the payment as a part payment of my full claim.

The cheque hasn't arrived yet but I have been told that it will be with me in the next 10 days.

However, the rejection letter refers to giving a further 7 days to respond to the part payment of the GOGW but then advises to continue as planned with the next step.

The offer has come AFTER the 14 days I stipulated on my Preliminary letter for repayment so the date for the LBA has already passed.

Do I

Go straight in with the LBA an incorporate the rejection letter into it keeping the Cheque?

Issue rejection letter for 7 day response (which I know I am not going to get from MBNA as they have already told me they are working to 28 days for each response) return the cheque if not response and then issue the separate LBA?

Or

Issue rejection letter, await NO response, return cheque, issues LBA for 14 days then file for MCOL?

I am a bit confused at the mo but don’t want to have to waste any more time on this as the rejection letter will only be dealt with in a 28 day cycle and I don’t want to have to wait this long before issuing the LBA only to have to wait another 28 days for a response.

All advice welcome

[empowered]

Hi Guys

 

Just wondered if you had some advice on what my next step should be.

 

I have received a letter with GOGW which is unacceptable so I am proposing to issue a Rejection letter only accepting the payment as a part payment of my full claim.

 

The cheque hasn't arrived yet but I have been told that it will be with me in the next 10 days.

 

However, the rejection letter refers to giving a further 7 days to respond to the part payment of the GOGW but then advises to continue as planned with the next step.

 

The offer has come AFTER the 14 days I stipulated on my Preliminary letter for repayment so the date for the LBA has already passed.

 

Do I

 

Go straight in with the LBA an incorporate the rejection letter into it keeping the Cheque?

Issue rejection letter for 7 day response (which I know I am not going to get from MBNA as they have already told me they are working to 28 days for each response) return the cheque if not response and then issue the separate LBA?

Or

Issue rejection letter, await NO response, return cheque, issues LBA for 14 days then file for MCOL?

 

I am a bit confused at the mo but don’t want to have to waste any more time on this as the rejection letter will only be dealt with in a 28 day cycle and I don’t want to have to wait this long before issuing the LBA only to have to wait another 28 days for a response.

 

All advice welcome

 

Hi there - I had an offer of a good will amount before I sent in my LBA, which I accepted as part settlement but at the same time as rejecting it as a full and final offer, I also incorporated the LBA letter text - hope this helps!

[Youngeman]

yeah cheers empowered

 

Did you cash the cheque though? or was it paid into your account?

 

Thats what I really want to know so that I don't predudice the rest of my claim if I do cash it before they have had a chance to respond to my letter.

 

Could you give me a copy of your letter for reference?

 

Cheers

 

Cheers

[Youngeman]

Hi guys Advice please if you don't mind

 

I did cash my first GWG no problems. I have now received another letter with a further GWG which will total the charges requested.

 

however, i still want to go for the CCI. What d'ya reckon. if I accept this further GWG and cash the cheque (if and when it arrives!) will I still be able to go for the interest? if I have accepted the charges can I still legally claim back the CCI on these? or does acceptance of the charges prejudice my claim?

 

Am I just being greedy? Should I stick with the charges and call it a day?

The CCI would help me out a lot and I could really do with it. On the other hand the forthcoming cheque also needs to be cashed asap so i can't hold onto this until the CCI has been coughed up?

 

What do i do?

 

Thanks in advance:)