MBNA PPI Query

[dx100uk]

you might well have to 'guestimate' what you paid in ppi in the years prior to what statements you have/are likely to get.

 

do you have the original agreement par chance?

 

and when was YOUR last financial transaction [in/out] on the dard?

 

i would not worry too much about the DCA, there's little they can do to you & would have brought the debt for 3p/£ so's it wont be worth their while once they catch wind of the PPI reclaim.

 

pers i'd ignore them.

 

nothing to stop you sending a letter to wind them up though...

 

something along the lines of

 

you are claiming there is £XXX outstanding , currently i'm looking to reclaim £XXX PPI so the A/C is in dispute anyhow.bye bye any debt you are currently trying to fleece me for.........

 

 

dx

[dx100uk]

didn't know you'ed sent a cca...have we seen it?

 

dx

[dx100uk]

Thanks for all the info so far

 

While I'm waiting for MBNA to respond to my request for the full 14+ years of PPI I've paid I've been looking at the calcutators in the stickies on here. I can see how they work fine and the single figure I put in as a test turned a £46 PPI payment into nearly £150 over 4.5 years. I worked this out using an interest rate of 18% which was plucked out of the air to be fair. I'm just wondering how I should find out these rates as I have nothing in my SAR that mentions rates charged over the time of the card although I realise the 8% added at the end is fixed?

 

yea that going to be your difficulty is 'guestimating the int they charged you on the years you don't have statements for.

as for the 8%

i would pers refrain from adding that until/if you move to the court stage.

When I do get my figures I can see it's going to take me a month of sundays to type it all in and add it all up but I'm kind of looking forwards to it

 

you should be in for a tidy sum.

 

 

dx

[dx100uk]

either look in the MBNA forum for info of int rates for those years you need

or start a new thread there asking if people have that info.

 

dx

[dx100uk]

i'd p'haps add to or change the last line to read.

 

should there be an outstanding balance remaining.

 

that'll wind 'em up

 

dx

[dx100uk]

sold before the rectify date - thats typical for mbna.

and they've got the 14 days correct too...thats rare!

 

now, what figure is mentioned on the dn that you must pay before the 25th....

 

full bal or arrears...

 

it wont matter much to the ppi reclaim as they can only off-set arrears anyhow/eitherway

 

dx

 

oh and PS MBNA dont do termination letters

[dx100uk]

no thats ok they've just asked for arrears

 

very rare for that from MBNA

 

dx

[dx100uk]

i believe that is correct

 

there are a few MBNA threads here the same

have a read.

 

dx

[dx100uk]

you cannot have two dn's for the same 'default'

if nowt has changed since the issue of the first invalid one, they cannot issue a second.

 

there are lots of good threads on your situation, pretty typical

 

dx

[dx100uk]

if you get a letter demanding the full amount [not just arrears] then you are only liable for the arrears. [but in your case they haven't so no dice]

as for DN, again, you cannot have two for the same default, even if one is 'invalid'.

 

with the ppi issue, they have 8 weeks,

unless you know otherwise that the info exists, i doubt you'll get it as its past 6yrs?

 

dx

[dx100uk]

you are not a mecenary.

its money you have been fleeced of unlawfully.

 

now, so if you are relying on your orig SAR, then they objectively, have only 40 calendar day from the date you sent the SAR to comply to it.

did you send the failure to comply letter or just one of your own?

 

dx

[dx100uk]

cal

 

you are being too kind

 

dx

[dx100uk]

na thats not right.

 

is the £76.80 what you paid each month?

 

if it is then use this at 8%

 

http://www.egalegal.com/compoundWindow.html

 

rests = 12

 

dx

[dx100uk]

sri yes i was thinking this was another ppi claim.

 

so's its a credit card and you paid on av £75 PCM PPI dating back to 1994

and you've av the int rate too? that they charged you?

 

also didn't realise the card was £15k! that a hell of a balance for a card. esp from MBNA

 

dx

[dx100uk]

£75@17.9% on 19/11/94 till 10/11/10 =

int = £1209.22

tot = £1284.22

using this int calc...

 

http://www.egalegal.com/compoundWindow.html

 

rests = 12

 

dx

[dx100uk]

Claiming Interest

 

What interest can I claim?

If you are claiming unlawful charges from a bank, credit card company or finance company or claiming back PPI payments, you can claim back the interest they have levied on the charges you are reclaiming.

You can also claim interest specified under s69 of the County Courts Act 1984 calculated as simple interest at 8% per annum (0.022%/day) on all the charges and interest levied on those charges from the date of the charge until the date of (court) judgement or earlier settlement. You can only claim this interest when you file a claim in court.

Instead of s69 interest, some people are claiming interest in restitution for the ‘unjust enrichment’ of the bank, credit card company or finance company. The argument is that the bank has used my money to lend to other people at interest and therefore made a profit for the bank. In order to put things back as they would have been had the bank not used my money in this way (restitution), that profit ought to be taken off them. This profit is calculated as compound interest at the bank’s normal interest rate on all the charges and interest levied on those charges from the date of the charge until the date of (court) judgement or earlier settlement. Interest for restitution is supported by case law (Sempra Metals) - you can read a summary of the case in the [Times.]

What interest can I not claim?

You cannot claim overdraft interest on ‘legitimate’ overdrafts, that is, on that portion of overdrafts not made up of unlawful charges. Similarly you cannot claim back interest on purchases made with a credit card, nor the interest charged on a fixed-sum loan.

[edit]

Estimating interest charged

 

You can claim back the interest you have had levied on the charges you are reclaiming. The problem is that you can only calculate this exactly if you have access to every transaction on your account and to the software the bank use to calculate the interest. Obviously, we get all the transactions from the bank or credit card statements sent in response to a Subject Access Request. However, there is no way of obtaining exact information on how the bank calculates interest charges. Therefore, we need a method of estimating this interest.

 

PPI on loan agreements

This is actually the easiest to calculate. On a properly executed agreement you will find the following information: • PPI charges • APR Calculate the number of years since the agreement came into force. This can be years and parts of year expressed as a decimal (eg 2 years and 145 days is 2+(145/365) = 2.397 years) – call this ‘y’, say.

Interest on the PPI is then

PPI * (1 + APR)^y – PPI

(Remember to express the APR as a decimal – 26% should go in the equation as 0.26)

Current Accounts

Most banks use a complicated method of charging overdraft interest based on a daily rate applied to the daily balance with the interest charge added up and charged at the end of the month. There is no interest charge if the account is in credit or if the balance is above any agreed free overdraft limit.

The simplest way of estimating the interest on charges is to keep a running total of charges and then multiply each interest charge on the statement by the proportion of the balance attributable to charges at the interest date:

Interest on charges = Total charges to date/Account balance * interest charge.

Having done this for each interest charge on the statements, add them up to get the total interest charged on the bank charges being reclaimed. This method is the one used in the Advanced Spreadsheets in the Bank Templates Library. Remember that an overdraft balance is negative.

Credit Cards

The method used by credit card companies to add interest is very similar to the method used by banks for calculating the interest on overdrafts. The same Advanced Spreadsheet can be used as for Current Account charges. Alternatively, you can use this simpler spreadsheet. Again, remember that the credit card balance is negative.

Check

Some people are very surprised when they first calculate the interest on charges for their claim as it seems too big. This is because compound interest mounts up very quickly. As a simple ‘sanity check’ you can apply the following:

At 14% APR a debt doubles roughly every 5 years

At 19% APR a debt doubles roughly every 4 years

At 26% APR a debt doubles roughly every 3 years

At 32% APR a debt doubles roughly every 30 months

At 40% APR a debt doubles roughly every 2 years

 

See the original thread here for a tutorial on how to calclate interest using the Advanced Spreadsheets

 

*****************************

 

 

 

pers i'd claim up to today as they have gained from your loss

 

dx

[dx100uk]

put your sheet on that thread

 

dx

[dx100uk]

post 57 ?

 

dx

[dx100uk]

yep i refer to those earllier.

 

il see if i can find some time tomoorow to loook at your xls

 

dx

[dx100uk]

very busy today sorry

 

dx

[dx100uk]

pers i'd delete all about the 5th arrow point

 

forget it.

 

 

as for the spreadsheet.

 

taking the first charge of 1994 that now = £1302!

dont know how you've done that sheet

 

dx

[dx100uk]

as post 56

 

dx

[dx100uk]

cant see the logic behind that.

 

if you had a bal from month one

you must of had PPI.

 

whats their PPI calc on the t&c etc

 

dx

[dx100uk]

so typicaly what is their PPI level then?

 

dx

[dx100uk]

so you are telling me you only spent £200 in the 1st month?

 

doubt it.....

 

dx