Stubbs Vs MBNA

[Stubbs]

Hi Everyone,

 

Having recently claimed my hard earned cash back from LloydsTSB , I decided to have a look through my old credit card statements. Needless to say, MBNA have taken £880 in the form of late payment charges and overlimit fees :o .

 

Therefore I am about to embark upon my new quest to get this refunded - wish me luck! The prelim letter will be going in the post this afternoon.

 

Can someone confirm the address to send this to? Their Chester offices or is there another address? Thanks in advance.

 

Stubbs.

[standingupformyself]

Yes Chester///

Good luck

[Stubbs]

Well, MBNA have replied before the 14 day time limit. However I was most shocked to read that they are looking into my complaint and they guarantee to answer me by the 30th May - this would be well within the final 14 days stated in the LBA.

However, I will still be sending the LBA this weekend, along with my thanks for receiving their attention and that I look forward to receiving a full refund before the end of the month! Failing that I will be filing a claim with the courts and adding the statutory 8% interest.

I would hate to begin to think that MBNA will settle up before I get that far! Claiming back from Lloyds was a bloody nightmare... but at least they paid up in the end!

 

Stubbs

[the main man]

Hi Stubbs,

 

Have you thought about adding contractual interest on to your claim, with MBNA i think it's 24.9%. If you read up on it first then you can always revise your claim

 

key arguments for and against compound contractural threads

[Stubbs]

I did consider it to start with, then when I tried to work it out I got into a bit of a mess so I decided that it was too much hard work - I'm an engineer not an accountant!

I thought I'd stand a better chance of being successful if I just stuck to the simple case, and not risk doing it wrong and screwing up my claim.

I didn't have this money to start with, so any payment is a bonus!

 

Thanks for your post though.

Stubbs

[Stubbs]

Well, good evening everyone...

MBNA have finally sent me an offer of FULL AND FINAL settlement - unfortunately it was over £400 short of the requested amount.

Therefore I shall be lodging my claim with MCOL at my earliest opportunity - before the end of this week. Seeing as though most of the deductions occurred in 2004, this adds a further £200 in the 8% interest. Personally I thought it a flippin cheek that they offered me a partial settlement seeing as though I could have added contractual interest - if I could have gotten my head around the calculations!

Anyway, stay tuned for more developments.

Stubbs:)

[wednesday1867]

Have you tried using the Vamps spreadsheet on google? Ive just done mine, really easy to use, you just change the interest rate from 8% to 12 x whatever the interest says on your statement.

 

Take a look

 

http://www.consumeractiongroup.co.uk/forum/general/6964-spreadsheet-interest.html

 

Join Google docs, free and easy and then copy the spreadsheet and away you go filling it in, youll be surprised how much more it adds to your claim.

[Stubbs]

Unfortunately I'm just about to register my claim with MCOL - does anyone know if it's too late to update my claim with contractual interest or have I missed the boat?

Cheers,

Stubbs

[wednesday1867]

Well with the banks, they say dont charge interest til the MCOL stage, so not sure if you can.

 

But you asked MBNA back for charges plus 8% interest, they didnt pay up, could say it was a goodwill gesture on your behalf trying to resolve the matter, but as they have shown no interest in settling, you feel you are well within your rights to claim the interest that they applied to you.

 

I would, cos i bet it made a big difference?

 

But not really sure :o

[Stubbs]

Hi Wednesday,

 

Contractual interest and the 8% statutory interest are two different things. You are right in saying the 8% cannot be added until the MCOL claim. However, the contractual interest can be added from the start of the claim to the bank.

My problem is that I'm now at the stage where I'm about to lodge a claim with MCOL and I think I'm too late to add the contractual interest to my claim - I think I'll have to settle with the 8%. Still... one mustn't be greedy now!

Stubbs

[Stubbs]

Well, Claim filed with MCOL on Friday last week. I'm just going to sit back and wait for the court to contact me. Hopefully MBNA won't be too far behind with a big fat cheque.

[Stubbs]

Well folks, the mighty MBNA have toppled... after registering the claim with MCOL, I received a letter from MBNA legal department last week telling me they do not accept the claim made, but in order to promote good business with a loyal customer, they are willing to refund the remaining monies owed to me...

Hurrah! Another win for Stubbs!!!

Power to the people and all that. Citizen Smith would be proud!

[ukiainib]

Well done Stubbs Congrat's