Very good friend -v- MBNA

[Shelley181146]

I have been asked to help a very good friend reclaim PPI and unfair charges on their MBNA account.

The account is tidy.

My friend is self employed and is financially secure and has been all their life.

 

However, like the rest of us, they were wrapped up in the selling of PPI (in case) things happened, and with recent media information on the subject has now realised that there would be very little chance of a claim actually having to be made, making their contributions worthless and unnecessary.

 

I have entered their premiums into the spreadsheet along with the rate of interest charged shown on their statements. The premiums total less than £5K but when adding interest in restitution exceeds the small claims limit. I have read ims interest tutorial and if I understand it correctly, if court action is required, this would still meet the limits of the small claims procedure.

 

I would appreciate clarification of this point please in order to understand the court fees applicable.

 

Shelley

[ims21]

HI Shelley

 

You might find that a claim on excess of £5 k is still allocated to the SCT.

 

Having said that I would think about whether court is the correct route to take because the onus of proof of mis-selling PPI will be on the claimant and it can be a difficult one.

 

The charges one is of course going to be very similar to your own Barclaycard case.

 

When you say it is over £5k, is that the total combined value of both the PPI claim and the charges claim? If so, I'd split them into two claims and see what effect that has on the numbers

 

ims

[Shelley181146]

Good evening ims,

Thank you for dropping in.

The court route is only a back up plan because this account was opened in 1997(ish) and I am not sure how to approach this claim for mis-selling. Would organisations have done a 'means test' on applications back then or is that a more recent thing?

The £5K limit would be exceeded in we included the interest in restitution (without the unfair charges). They don't amount to much and I don't think they are that bothered about getting those back. It's more about the PPI because of their circumstances.

Don't want to share too much about their circumstances in case MBNA are watching. The claim would stick out a mile.

 

Shelley

[ims21]

I'd think that going back that far there was very little done in the way of suitability/needs checking.

 

If it were me I'd out in a standard claim using a fos questionnaire and appropriate spreadsheet.

 

Are all of the statement available? If so you can use this spreadsheet to reconstruct the account without the ppi

 

FosRunningPPI v101.xls

 

If you haven't got the statements but have a transaction history without opening and closing monthly balances then you can use this one

 

FosCISheet v101.xls

 

Completed fos questionnaire (available from the fos website) and spreadsheet goes to the lender together with a brief covering letter requiring refund.

 

They will have 8 weeks to investigate and give a final decision before the complaint can be passed to fos

 

ims

[Shelley181146]

Oh that's brilliant ims, thank you.

 

I've got almost every statement, with only perhaps the odd 1/2 missing and that maybe because there would have been a nil balance, because when the transaction history arrived there was no transaction for the date(s) where there are missing statements, if that makes sense?

 

WOW! I'm seriously thinking about taking up a new career, lol.

 

Huge thanks and appreciation ims. Glad I read your signature. Extremely useful information.

 

Hugs coming your way.

Regards

Shelley

[Shelley181146]

Just spotted a problem with my calculations attempt.

 

Both the statements and the transactional history only go back so far, not to the beginning of the account opening. Will the FOS x/s not work correctly?

[ims21]

I'd use the fos CI Sheet

 

ims

[Shelley181146]

I'd use the fos CI Sheet

 

ims

 

I was obviously having a blond moment sorry!

 

Will get more recent statements from friend and then will be in position to fill in the blanks on the standard letter and see what response they get.

 

I can't help but notice you expect to have to trot off to FOS, lol.

 

Thank you ims.

By the way, having more fun with BC for non compliance

[Shelley181146]

I am looking for Caggers opinions please.

This account was taken out in 1997 and we have statements/account information going back to mid 2002. Having entered the PPI figures into the CI spreadsheet the total premiums paid amount to: £3,700 plus Compound interest of £5,300 so naturally this puts the claim over the £5K threshold.

 

What would FOS be inclined to do with this value of claim?

Would FOS calculate average for missing statements between 1997-2002? or would those years be lost?

What's the position with a court claim if they were to go the court route because of the amount involved? Would it be accepted in small claims?

 

Appreciate you help

Shelley

[Shelley181146]

Does small claims have to be less than £5K to be allowed?

 

Has anyone been in this position?

 

Would appreciate your opinion please

[Shelley181146]

I am looking for Caggers opinions please.

This account was taken out in 1997 and we have statements/account information going back to mid 2002. Having entered the PPI figures into the CI spreadsheet the total premiums paid amount to: £3,700 plus Compound interest of £5,300 so naturally this puts the claim over the £5K threshold.

 

What would FOS be inclined to do with this value of claim?

Would FOS calculate average for missing statements between 1997-2002? or would those years be lost?

What's the position with a court claim if they were to go the court route because of the amount involved? Would it be accepted in small claims?

 

Appreciate you help

Shelley

 

 

Could one of the Site Team take a look at this please> Would really appreciate your wisdom on this.

Appreciate any constructive feedback.

Shelley

[AndyOrch]

Hi Shelley apologies only just got to your PM.

 

Are you ok with this, I see ims21 is on board now.

 

Regards

 

Andy

[Shelley181146]

Hi Andy,

 

I really appreciate you dropping in, thought you may have been boged down with more pressing things.

 

No, due to the amount involved, not sure how the courts would process a claim valued outside of the £5K limit?

 

Would appreciate your opinion on the legal aspect please.

 

Congrats on your 'site team' appointment.

Cheers

Shelley

[AndyOrch]

How much over are you Shelley? if the claim is straight forward and uncomplicated then it would still be tracked to SCT.

The limits are under review as we speak and I understand the threshold will be uplifted shortly to 15K

 

Many thanks for the congrats (cant you see me blushing)

 

Regards

 

Andy

[Shelley181146]

How much over are you Shelley? if the claim is straight forward and uncomplicated then it would still be tracked to SCT.

The limits are under review as we speak and I understand the threshold will be uplifted shortly to 15K

 

Many thanks for the congrats (cant you see me blushing)

 

Regards

 

Andy

 

This was my question in post #9

"This account was taken out in 1997 and we have statements/account information going back to mid 2002. Having entered the PPI figures into the CI spreadsheet the total premiums paid amount to: £3,700 plus Compound interest of £5,300 so naturally this puts the claim over the £5K threshold.

 

What would fos be inclined to do with this value of claim?

Would FOS calculate average for missing statements between 1997-2002? or would those years be lost?

What's the position with a court claim if they were to go the court route because of the amount involved? Would it be accepted in small claims?"

 

Cheers,

Shelley

[AndyOrch]

I would tend to lose the missing years and work from the information to hand. So a figure of 9K can still be tracked at SCT if as said its straight forward and not complicated.

Why your tendency to avoid FT?

 

Regards

 

Andy

[Shelley181146]

Not sure what's happened here. I replied to this yesterday via my phone

Anyway, I am treading carefully around FT because I haven't any experience with it. I am researching all options so that my friend can make an informed decision, without me getting egg on my face!

 

It's much easier when it's your own claim but when it's for somebody else it is a different matter.

The research I do on any claim is knowledge for mine anyway so I gain in the process.

 

Huge thanks for your input Andy.

Regards

Shelley

[Shelley181146]

I'd think that going back that far there was very little done in the way of suitability/needs checking.

 

If it were me I'd out in a standard claim using a fos questionnaire and appropriate spreadsheet.

 

Are all of the statement available? If so you can use this spreadsheet to reconstruct the account without the ppi

 

[ATTACH]34976[/ATTACH]

 

 

 

If you haven't got the statements but have a transaction history without opening and closing monthly balances then you can use this one

 

[ATTACH]34977[/ATTACH]

 

Completed fos questionnaire (available from the fos website) and spreadsheet goes to the lender together with a brief covering letter requiring refund.

 

They will have 8 weeks to investigate and give a final decision before the complaint can be passed to fos

 

ims

 

Hi ims21,

 

I appreciate it has been some time since you posted on this thread - long story

Would it be possible to do a 50/50 split on this and claim by providing some info on FosRunning PPI spreadsheet and the rest on the other style of spreadsheet?

We have chased MBNA again with a second SAR and they have provided some information which they originally said didn't exist - nothing surprising there. However, they still haven't gone back to when the account was opened.

Would really appreciate your guidance on how to proceed with this please.

 

Shelley

[ims21]

Hi Shelley...refresh my memory on this one if you can....are you still planning on the court route for this?

[Shelley181146]

Hi Shelley...refresh my memory on this one if you can....are you still planning on the court route for this?

 

Prefer not to if we can get decent response from them.

Self employed from start of account, hopefully straightforward

[ims21]

Ok what I would do is use the fosRunning sheet for the whole thing.

 

As you have missing information for the early years you need to take an estimate of what happened in the missing period (or what is reasonable).

 

At the start of the account there would have been a nil balance and at the starting point for which you do have information there will be a balance of £x.

 

The best you can do really is to work backwards gradually reducing that balance down to zero aat the date the account was taken out. You can then work out an estimate of the PPI that would have been charged on that estimated balance.

 

Sadly there is no way to be accurate with this in the absence of data but it will end up with something you can put to the lender.

[Shelley181146]

Thanks for your prompt reply.

I will have a look and see what that will give me.

I presume at the rate he wss charged 21.9% or should we go wth something else?

Cheers

[Shelley181146]

There has been some delay on this matter but now in a position to proceed.

 

What we're looking at doing is to present this to MBNA with the better figure from either spreadsheet (FOS Running or FOS CISheet) but whilst going through the figures I am not sure where to put credits to the account which have been refunded to the account from a retailer? Any idea's please as to which column I should include these?

 

Columns E/G/H/I/J/K are not calculating - it's just showing #REF! might this be because I have missing information?

Edited November 5, 2013 by Shelley181146
Further info

[ims21]

Hi Shelley

 

I take it you mean the fos running sheet? If you post yours up I'll let you know where the error is.

 

Credits to the account can be adjusted on the monthly spend figure so for example if you spent £200 in the month and there was a credit for £50 then you can adjust the monthly spend to read £150.

[Shelley181146]

Hi Shelley

 

I take it you mean the fos running sheet? If you post yours up I'll let you know where the error is.

 

Credits to the account can be adjusted on the monthly spend figure so for example if you spent £200 in the month and there was a credit for £50 then you can adjust the monthly spend to read £150.

 

Hello ims21,

It's been awhile since I have been able to deal with this matter but having re-visited it, I can see where my error was being made.

 

Just to give you a quick recap on events, the account was opened by post back in late 1990's but SAR information only received since 2000 so we're approx 3 years missing info. I have tried completing both sorts of spreadsheets (Interest x/s & FOS CISheet) but will I be able to get an accurate calculation without the missing information? If I use the FOS CISheet and enter the information in reverese date order will that be better or no difference?

 

Am I correct in thinking I need to start a new spreadsheet each time the credit card balance is paid off in full each month? What happens if my friend has paid more than the balance required which has put the account in credit? Bazaar idea I know, but their partner likes to round figures up and if balance payable was £85.67 they would pay £100 for example. How would this scenario impact on the calculations I m trying to achieve?

 

Apologies for all the questions but I have lost my thought process and need to get back in the saddle, lol.

 

Hope I haven't confused you?

 

Cheers

Shelley