MBNA PPI Query

[ims21]

Hi

 

 

Yes your spreadies are here in the thread.

 

 

The FSA/fos redress on credit cards is to order the reconstruction of the account as though PPI had not been applied. They will award the refund of all premiums plus any interest charged on those premiums. In addition, where the removal of the ppi causes the account to go into credit, 8% simple interest is awarded on that credit balance.

 

 

FSA/fos based awards are consequently a lot less than could be awarded by a court.

 

 

You can still use estimated figures for missing months.

 

 

If you want to have a go to see if the offer you got was anywhere near a fos based award you can use the attached spreadsheet...just follow the notes/instructions in the sheet.

 

 

HTH

 

 

ims

 

 

FosRunningPPI v101.xls

[Smoothound]

I've just had a quick look at that sheet but it appears it needs far more info than I actually have here

[ims21]

Ok

 

You could fill it in with the information you do hold and then average the result out for the period you don't have. Just to see if there it comes up with anything close to the offer they made.

 

ims

[Smoothound]

I thought as I have very limited info mainly consisting of ppi amounts and little else the sheet would not work properly? I assumed it needed all the other amounts as well!

[ims21]

Hi

 

Sorry...I had assumed you had some statements from which you pulled the PPI payments for your original workings.

 

From the statements you would need the date, the total spend in the month, the amount paid in the month and the ppi premium but if you haven't got statements, that sheet is a bit of a non starter.

 

ims

[Smoothound]

Thanks ims21.

 

I've spoken to the FOS again today and explained to someone that they already have all the info included with the form I filled. I also pointed out that the form stated that this was not an initial claim but an escalation through them. He has assured me they will be asking MBNA for a full breakdown of the money contained within the cheque I received and that until we see that we can't do a lot. just hope it doesn't take too long as this has dragged on for years now

[ims21]

Hi

 

Yep...tedious is not the word [sigh]

 

Keep the old chin up though

 

ims

[Smoothound]

Right, spoke to the FOS again today regarding the breakdown of the payment. MBNA sent them a spreadsheet last week with all the figures and calculations but they didn't bother to notify me about it or pass it on to an adjudicator so another week has gone by

 

The figure they have used for all the PPI payments only goes back to 1999 and is about £250 more than my known figures taken from the info obtained from my SAR documents which only go back to Jan 2006. The card started in Oct 1994 so they are ignoring about 5 years worth of payments and also trying to say that between 1999 and 2006 I only had less than £300 of PPI premiums applied to the card!! Some one is really trying to take the proverbial out of me unless I am missing something obvious

 

It will now be put before an adjudicator but will take even more time obviously

 

I have a court case looming linked to the card because this dispute has dragged on and on and on

[Smoothound]

Received the MBNA calculation spreadsheet today from the FOS and I'm attaching it along with my version and hope someone would have a look at them and see what they think. I know the FOS MBNA work out the interest differently so the figures will vary but I feel something is not right at all There are huge gaps in the figures, 2 areas of around 5 or so years where no PPI was applied!! I have no statements for this card, only what was supplied in my SAR which goes back to 1/06. I find it hard to believe that I cleared this card on a monthly basis for 2 lots of around 4 or 5 years!!!

 

Please have a look and comment please!

 

Appears the uploader doesn't like .ods files I'll try to convert it

PPIFinal.xls

MBNA Figures.xls

[candyapple1]

So are MNBA saying that from Oct 2001 to Feb 2006 you either did not use the card at all, or that whatever you put on it, you cleared it befor payment due date every month?????? That would be some canny shopper who did that!!!!! So what are the FOS saying about the fact that they do not have premiums for the life of the card? Have they made any comment on the calculations? Did they just send those columns, they didn't give you the total reconstruction calcs?

[Smoothound]

So are MNBA saying that from Oct 2001 to Feb 2006 you either did not use the card at all, or that whatever you put on it, you cleared it befor payment due date every month?????? This appears to be what is inferred but I'm sure it is wrong for sure! That would be some canny shopper who did that!!!!! Yep! Certainly not me for sure!! So what are the FOS saying about the fact that they do not have premiums for the life of the card? Nothing yet! Well it appears so unless they are saying there was just no premiums applied in all those months which altogether add up to knocking on 2/3rds the life of the card!!! Have they made any comment on the calculations? Did they just send those columns, they didn't give you the total reconstruction calcs? What you see is all I was sent by the FOS apart from a couple of personal details

 

I'm a bit surprised the FOS accepted the sheet like that unless they have sent me just a summary sheet and they actually have more?

[candyapple1]

I am far from expert, I defer tp ims and the like, however are they not required to show you all the calcs like we get when we reconstruct the account using the running spreadsheet???

[Smoothound]

I thought so but it appears not so far! I'll see what the FOS say once they actually find time to look at it

 

Hopefully some others will comment here in the meantime...

[ims21]

Hi

 

Looking at the spreadsheets I can't see any formulae in the one you prepared....how did you do it?

 

The MBNA one is based on the regulatory method of redress which is the one used as a standard on all credit card claims.

 

ims

[Smoothound]

I didn't think there were any formulae in either to be honest!

 

Mine is just a listing of my calculations from earlier in this thread where people were advising to use an online calculator of the PPI amount plus compound interest, legal eagle rings a bell. This has gone on so long the calcs are all done via the FOS way now I know. Mine contains no stat interest. My main issue is not so much the workings but the lack of figures for many months really. This is why my sheet uses an average figure for all dates Pre 06 because MBNA supplied none at all!!

[ims21]

Hi

 

Yes using an avergae is fine, especially where you wish to justify the claim in court.

 

So your PPI claim is with fos.....did I not spot that the ppi is part of a court thing you have going on somewhere?

 

ims

[Smoothound]

I placed it with rhe FOS because MBNA paid out the anount above but ignored my letters for a breakdown.

 

Yes hopefully! Although the debt is now technically not theirs. The account is still in dispute and as far as I'm concerned MBNA still owe me money!

Edited January 25, 2012 by Smoothound

[ims21]

Oh ok I see now.

 

ims

[Smoothound]

Do the actual figures they have provided look OK?

 

Having done my calcs the way I did these new figures are totally different. I realise they have provided no workings so that probably makes it nigh on impossible to have an idea at all?

 

I'm still certain they have purposely not supplied or "lost" some figures because I really don't believe or remember having huge amounts of time paying off in full or not using the card at all!!!

[ims21]

Hi

 

The way to check it is to go here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

There is a spreadsheet there called fosRunningPPI.xls which you can use to check a fos based award. Instructions are contained within the sheet

 

ims

[Smoothound]

Hi

 

The way to check it is to go here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

There is a spreadsheet there called fosRunningPPI.xls which you can use to check a fos based award. Instructions are contained within the sheet

 

ims

 

Hi ims21,

 

I think we've touched on this before and the spreadsheet requires far more info than I have actually got or been given to calculate properly. I'll have another look later though thanks

[ims21]

Hi

 

Oh right...so many threads in my head I forget sometimes without reading the whole thing again

 

Checking is, of course, reliant on having base information and to get that information dpends on how hard someone wants to push. Also, what it comes down to at the end of the day is what is the claimant happy with and are they prepared to go further by suing rather than accept a fos decision.

 

ims

[Smoothound]

Hi

 

Oh right...so many threads in my head I forget sometimes without reading the whole thing again

 

Checking is, of course, reliant on having base information and to get that information dpends on how hard someone wants to push. Also, what it comes down to at the end of the day is what is the claimant happy with and are they prepared to go further by suing rather than accept a fos decision.

 

ims

 

With the other side of this case that you have seen I may have to go that way if the FOS do nothing further as MBNA still owing me is a big part of my case

[Smoothound]

Can anyone explain how MBNA get the following figures i've just pulled from my MBNA supplied spread sheet?

 

Date PPI Interest Stat Interest

 

Nov-06 £108.76 £17.11 £0.00

Dec-06 £108.76 £17.81 £0.00

Jan-07 £108.76 £23.59 £0.00

Feb-07 £119.43 £21.33 £0.00

Mar-07 £119.43 £26.54 £0.00

Apr-07 £119.43 £26.45 £0.00

May-07 £119.43 £28.72 £0.00

Jun-07 £0.00 £184.88 £13.83

Jul-07 £0.00 £2.57 £15.08

 

I have no idea how they calculated it but the figures above just don't seem to tie up? the PPI amount was steady each month and the ordinary interest kept going up slowly but the Stat Interest stayed at zero? Then in June 07 I must have cleared the card? and all of a sudden the Interest increased by 6 times roughly and suddenly some Stat Interest is applied! Am I missing something in the way it is all worked out or are these figures as weird as they seem? :|

[ims21]

Hi

 

They would have worked the figures on a regulatory based system where by you get back the PPI premium and the interest at contractual rate attributable to those charges. In addition you would get 8% interest on any period where the removal of the PPI from the account results in a credit balance and you get 8% simple interest on that credit balance.

 

Here's a spreadsheet you can use to calculate a regulatory based award on a credit card

 

FosRunningPPI v101.xls

 

If you are going for interest in restitution then that is a straight compound interest calculation

 

ims