MBNA uphold complaint but amount way short of the mark

[clayts]

I've had a letter this morning confirming MBNA have upheld my PPI complaint, but their calculations seem a bit skew-wiff.

 

They have calculated an amount in the region of £3300, but the amounts are all wrong.

 

The total amount of premiums they state is about £100 short, and the interest is way out in comparison to the figures calculated using the bezzycap1 spreadsheet,

about £5000 out (this is a very old PPI claim going back to 1999).

 

Interestingly they have added 8% interest on some part of it.

 

They have offered me the amount in full and final settlement, but clearly I don't agree with their calculations.

 

Is it worth me asking them to justify their calculations, and send copies of the spreadsheets I have used.

 

Or should I refuse their offer and just head straight to FOS ?

 

Whilst £3K is not be sniffed at, I think they're way short

[BankFodder]

I think that you should ask for clarification. It is always gathering as much information as possible before you make any moves.

 

Ask them to justify first of all. If they refuse - then that itself is unfair and ill add weight to your complaint.

If their justification is not correct then send them your info and ask them to address your calculations.

Then if they don't agree - make your complaint.

[dx100uk]

that spreadsheet is a wee bit old now.

 

you should use these....

 

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

 

dx

[clayts]

Aha, using FoS running v101 spreadsheet I get near enough the same as them.

 

Darn it, if only the other spreadsheet I had used had been accurate - got my hopes up there !

 

Oh well, at the end of the day £3.3K is still a result, and they are sending me a cheque (rather than offsetting against a debt they sold)

Edited June 2, 2012 by clayts

[clayts]

Mind you, it doesn't explain how part of their award includes £1.1K at 8% unless they took into account the account charges they refunded to me in 2006. I suppose that's possible.

[dx100uk]

is the CC closed or still running??

 

dx

[suvin50]

I had an offer (not really an offer as they sent a cheque) of £7.7k for mis-sold PPI going back to 1996. I sent a SOC where calculations came to £40k. I have got a solicitor working on this and I am prepared to take them to court if necessary.

[clayts]

The account defaulted and was terminated (allegedly - I never got a default or termination notice) in August 2005 and was re-assigned to Wescot. They tried to pursue me for the debt through County Court, failed to comply with the Court's direction and the claim was struck out. They have since confirmed the case has been closed and they will not be pursuing me for it again.

 

So would I not have a claim for interest from August 2005 to the present day, because the offer only includes interest up to August 2005 ?

[clayts]

Anyone ?

[dx100uk]

The account defaulted and was terminated (allegedly - I never got a default or termination notice) in August 2005 and was re-assigned to Wescot. They tried to pursue me for the debt through County Court, failed to comply with the Court's direction and the claim was struck out. They have since confirmed the case has been closed and they will not be pursuing me for it again.

 

So would I not have a claim for interest from August 2005 to the present day, because the offer only includes interest up to August 2005 ?

 

don't understand you?

 

is that card still open or the account closed/terminated

and what date?

 

dx

[clayts]

The account was sold by MBNA to Wescot in August 2005. It is unclear whether MBNA terminated the account at that time, but I assume so as I have had no statements since that time.

[dx100uk]

then from your spreadsheet

take the refund figure

and put it in the statint sheet

using the sold date as its date

 

that will give the 8%

 

dx

[clayts]

So I can't claim for any interest from the date they sold it then (August 2005 to date) ?

 

I suppose it makes sense, but I feel a little bit deflated about that....

[dx100uk]

where did anone say that?

 

take the figure from the spreadsheet you have

put that in the statint sheet

and use the date they closed the account as the charge date.

 

dx

[clayts]

I've added the final figure of PPI plus compound interest which I make 3063.35 to the statint spreadsheet and the date of the last statement 8 Aug 05 which adds a further 1680.12 at 8%

 

However, I thought the 8% would only be added if I took the matter to Court or if the balance went into credit (which it never did) ?

 

My figures from using the FOS running spreadsheet (using the last statement date of 8 Aug 05) were :

 

Total cost of PPI = 1681.44

Compound interest = 1381.91

Stat interest = NIL

TOTAL = 3063.35

 

However, MBNA have come up with completely different figures

 

Total cost of PPI = 1568.40

Compound interest = 610.05

Statutory interest = 1176.12

TOTAL = 3354.57

 

I don't know for the life of me where they've got that statutory interest figure from.

 

I may re-do my calculations and take off the charges they reimbursed me in 2006 - I suppose that may make a difference, but it would never have been enough to go into a credit balance as far as I can see.

 

But my point remains - if I'm following the FOS guidelines, then would I even have a claim for the statutory interest ? I thought this only came into play if I went to Court ?

 

Help !

[clayts]

because the account is CLOSED.

 

you can ony reclaim CI up until account closure date

[as they stopped charging it then!]

 

but you can claim 8% stat int from the closure date

till the date your claim is settled.

 

so that's why you use the statint sheet

AS WELL with the figure from the CI sheet!

 

dx

 

Ah right, okay - so I need to write back to them with my figures then, you think ?

[clayts]

So for me it looks as if their compound and PPI figures are wrong, and their SI is too high. They're about £1,400 out.

[dx100uk]

Ah right, okay - so I need to write back to them with my figures then, you think ?

 

if that applies to you yes.

 

dx

[clayts]

Just seeking a point of clarification.

 

I was charged two separate APRs - from 29Nov99 to 7Jul03 it was 15.9%

From 8Jul03 to 31Aug05 (termination date) it was 22.95%

 

Should I do two separate FOSrunning spreadsheets, one for each period, carrying forward the totals from the first spreadsheet (29Nov99-7Jul03) to the start of the second spreadsheet ?

[dx100uk]

no use 22.95%

 

let them argue it if they spot it!!

 

 

dx

[clayts]

Woah, that's interesting - that's pretty much near enough what they came up with

 

Using 22.95% in the FoSrunning sheet = 3368.61 (PPI 1681.44 Compound interest 1687.17

Their offer = 3354.57 (PPI 1568.40 Compound interest 610.05 SI at 8% 1176.12)

 

So really my query is how they've come up with 8% SI when my account never went into credit as clearly I'd need to declare this to the taxman, when I would argue SI shouldn't even be part of the offer.

[dx100uk]

pers i wouldn't argue!

 

its rare for mbna to get anything right!

 

or even cough! at all! sometimes

 

dx

[clayts]

Yes, I'm definitely sticking with it to be fair.

[clayts]

Good job too as the cheque arrived today

 

Very impressive turnaround time - 6 weeks. Well done MBNA