angry cat
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Everything posted by angry cat
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PPI Redress complainants should always make a FULL SAR; invaluable information!
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Agree, Ken! Also, IMO FOS should order MBNA to prove that you consistently only paid the minimum payments each month if, that is what MBNA are claiming! In an ideal world whatisdue, you should have made a FULL SAR to MBNA prior to reclaiming your mis-sold PPI. However, it is not too late to request that information from MBNA at a cost of £10. But perhaps, as a gesture of goodwill, MBNA will provide this information free of charge? As they appear to be so sure about their assumed calculations, they will no doubt provide the documentary evidence to you and the FOS in order to provide proof and eventual statistics for the Financial Conduct Authority (FCA) to add to their files on MBNA Limited!
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Agree, don't bother as communicating with them is pointless; Link Financial know the score...!
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Correct, GS! The original PPI insurer was London & Edinburgh (Norwich Union), the original PPI mis-sale took place under their contract. The successful claim was under the St Andrews PPI policy, therefore that should be deducted from the monies owed RE: St Andrews mis-sold PPI. And NOT from the whole amount owed; MBNA should not have/are be taking said money from the two mis-sold PPI monies owed; rolling the two into one. MBNA, must know this but they clearly are NOT following FSA/FCA PS10/12, are they? Obviously NOT!
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Typical Link Financial...! irredeemably unenforceable CCA; yet another Lemon.
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The following it the view of the FOS: "where the consumer has made a successful claim from their PPI policy Where a consumer has made a successful claim under their PPI policy, and we subsequently find that it was mis-sold to them, we will usually consider it fair and reasonable for the business to take away the value of that claim from the consumer’s compensation. That is because we would tell the business to put the consumer back in the position they would have been in if they had taken out the loan without the PPI policy – which in this case means they would not have been able to claim on the policy, and would not have received the benefit from it. Sometimes we see cases where a business has mis-sold several PPI policies to a consumer. If a consumer has made a successful claim from one of those policies that is larger than the redress for that policy, the consumer wouldn’t receive any redress for the mis-sale of that policy. However, we wouldn’t usually say it was fair for the business to deduct any residual claim from the redress for any other policy it mis-sold." ...we wouldn’t usually say it was fair for the business to deduct any residual claim from the redress for any other policy it mis-sold[Emphasis Added]
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Okay. I noted the MBNA comment within that letter: "Please note for your records that as a successful claim was made under the policy this amount has been deducted from the total amount due." Emphasis should be placed on their wording in the singular: "Policy". Because, as MBNA changed their PPI insurer form London & Edinburgh to St Andrews, there would have been two PPI "Policies", not just one! The question is: from which of the two PPI "Policies" was the successful claim payment made, London & Edinburgh or St Andrews? Thus, would the FSA/FCA PS10/12 Rules permit MBNA to deduct that payment from the entire PPI Redress Payment, bearing in mind that their calculation looks to be incorrect in any event!?
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Yes slick, of course they will try. MBNA, have got away with so much over the years...but the General Consumer is much more savvy now; thanks to Consumer Grumble Site Forums! MBNA, as well as the other Financial Institutions, are obligated to follow the Rules as laid down by the FSA/FCA; it's black & white.
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Best push them (MBNA) then!!!
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With respect, MBNA are required by the FSA/FCA rules to provide a breakdown showing exactly how they calculate the PPI Redress; MBNA are required to follow PS10/12 example 6!
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Hi gettingsorted! Just out of interest what was the date of the initial offer letter? I note that it emanated from MBNA (Europe) Bank Limited! I guess, that you know that MBNA changed their PPI insurer from London & Endinburgh to St. Andrews Insurance!?
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The plot thickens...!
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I also hope that you are feeling better GS! Looks like the FOS will be getting busier next year with their MBNA complaints...! I am still waiting for the remainder of my SAR information, before I can proceed further.
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An update: Today 21/11/13, I received an A4 envelope from MBNA Limited; sent by regular mail and NOT recorded. The information was requested under the Data Protection Act 1998; a SAR. Not a lot of documents were enclosed within the A4 envelope; which is somewhat surprising as the account goes back to 2000 And again no surprise, there was no mention of the spreadsheet that I requested or the formulas used re: my PPI Redress...! The only indication of their calculations was a mention of v2.0 Of course, I will be responding and asking for the missing documentation that I requested under my subject access request (SAR)
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It would appear that both the FSA/FCA and the FOS are not doing their jobs correctly; the ICO falls into the same boat too! One has only to look at the Coop fiasco...the FSA knew but did nothing!? The so called 'Regulators' are not regulating these firms and as ever, the firms run rings around the slow witted OFT, FCA and FOS; nothing changes then. Time to lobby our MP's and as I previously suggested make a mass complaint to the FCA
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The following, should not be overlooked! An excerpt from Wikipedia: "Controversies[edit] MBNA was alleged to be the top contributor to George W. Bush's 2000 Presidential Campaign in the documentary Maxed Out.[10][11] MBNA was one of the companies mentioned on a 2004 Frontline WGBH Boston PBS special about unfair business practices by credit card companies.[12] Some practices that Frontline claimed MBNA has engaged in included doubling or tripling of interest rates, shifting billing due dates/payment cycles monthly, and raising rates for customers whose payments were a day or two late. MBNA has been found to be one of the leading implementors of Rate-Jacking.[citation needed] For further information and links, see Credit Cards. In Ireland, MBNA was accused of calling consumers up to eight times a day who are behind in making payments, which prompted the state debt advisory service to publicly state that harassment is outlawed. Affected people were advised to complain to the relevant authorities.[13] The company in December 2009 admitted overcharging 500,000 Irish consumers up to €18 million.[14][15] In the UK, MBNA has come under fire for its interpretation of rules under which credit card providers must allocate payments to the debt with the highest interest rate first: one consumer site called MBNA's interpretation of these rules a "disingenuous money-making tactic"[16]" furthermore, ...the MBNA ingeniously designed PPI/PPC was simply a purely for profit product and have noted that the monthly benefit; 3% of the balance will not be less than £10 or more than £1,000 was created in order to keep a claimant in debt to MBNA and not for any protection.
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This is just one of my long MBNA battle threads: http://www.consumeractiongroup.co.uk/forum/showthread.php?148902-Mbna-Ppi-I-Want-My-Money-Back!(1-Viewing)-nbsp MBNA, have only just made a PPI refund payment to me which I have accepted in part payment of my claim. But I know for a fact that the amount was incorrect; the calculation was made in October 2009... I am now waiting for my FULL SAR request to be complied with by next weekend!
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Mbna Ppi - I Want My Money Back!
angry cat replied to angry cat's topic in Payment Protection Insurance (PPI)
RE: the above post; Please note, my use of the word: 'MOST' and that I have only accepted the MBNA payment that was made 4 years late, in part payment of my PPI claim [Emphasis Added] And that my PPI redress payment was not correct; I await the result of my FULL SAR, of which the 40 calender day time frame expires next Friday 22/11/13 -
With the greatest of respect to Martin Lewis, I doubt very much if he could do much more than is already being done on CAG already! In reality, it is the FCA enforcement division who should be investigating the claims being made against MBNA Limited. Unfortunately, like the OFT, the FCA do not take up complaints made by the 'General Consumer'. However, if a sufficient number of people make their complaints against MBNA Limited to the FCA, at least 20, then the FCA should look into these concerns! It is also likely that BankFodder himself and Martin Lewis may also raise the concern being posted up on their individual forums to the Financial Conduct Authority (FCA). Please note that MBNA has previously been chastised by the Regulators, both here and over the Pond...
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Yes, the link is indeed most interesting... I have just discovered that I had a PPI claim upheld in 2009 and as per the link, the PPI Redress amount was/is incorrect! Am in correspondence with MBNA currently and am awaiting the result of a FULL SAR that I have just made. I actually have all of my statements and original documents. However, I have specifically requested the formula/spreadsheet showing exactly how Gail Powell arrived at the figure re: the PPI Redress. Please note, although MBNA upheld the PPI mis-sale (long battle) payment has on just been credited to me; long story...! Further, I have a colleague who recently received Redress; that calculation was made on an reconstructed account. Again, the amount paid, is incorrect! Obviously, MBNA Limited cannot count!?
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Just came across this on the net: http://www.jmppartnership.com/page11.htm Of course, I am not interested that the above comes from a NWNF firm, just the content!
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It came to my attention some time ago that their calculations do give some cause for concern; they don't quite add up! MBNA, appear to perform a fait accompli when refunding monies owed on PPI complaints. Most firms require their complainant customers to sign a settlement form prior to being sent the monies owed Re: mis-sold PPI. But MBNA, in most cases, just send out the payment without any settlement documents being signed; take it or leave it. And if you're not happy, go to the FOS to FLA. Many have just accepted that the MBNA figures must be correct, therefore just bank the cheque without querying the amount. Good to know that not everyone is taken in and that some are now querying the MBNA calculations.
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Mbna Ppi - I Want My Money Back!
angry cat replied to angry cat's topic in Payment Protection Insurance (PPI)
Well, after approximately 4 years since sending my letters as referenced in posts #1 and #12. And after approximately 10 long years of battling with MBNA over their rubbish PPI...campaigning, also: "THE MBNA FAN CLUB". I am pleased to be able to report that, after some lengthy delay, I have been able to reclaim most of the money that was owed to me by MBNA Europe Bank Limited. Patience, is indeed a virtue! Please note, that my post is short as it would be impossible to recount the saga that I have endured. -
BCW, are notorious for chasing Lemons...
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Heads up! Looks like Link Financial Outsourcing Limited are off loading many stat. barred debts to the BCW Group (Gothia and Red Castle Recoveries are part of the same group) Link Financial Limited passed these accounts to Link Financial Outsourcing Limited who clearly could not collect on same. Thus the accounts have or, are being transferred to the Agent (BCW) who will be taking over management of these accounts. Yet another Selina Burdell strategy, no doubt... If STINK couldn't collect, how on earth will BCW be able to!?
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