MBNA CC PPI Spreadsheet confused with amount HELP

[bigdave368]

Hi all

 

So got SAR back from MBNA filled in fosci spreadsheet and it came back with nearly 20k that can't be right. Card started early 1999 paid PPI from first month till 2006 there is about 80 premiums ranging from 10 to 15 pound help please.

 

Also there is loads of late fees and over limit fees on the card from same dates and the spreadsheet says 40k what am I doing wrong or is that seriously how much the compounded interest would be.

[ims21]

Ok, did you get all of the statements for the account from MBNA or only some of them?

 

Was the account closed or paid off in some fashion at any time and if so, when?

[bigdave368]

Hi ims21

Got a transaction printout with everything on and the card was closed in June 2006.

[ims21]

For the PPI you need to make sure that your FOSCI sheet "claim to" date is set to the date the account was closed.

 

The resultant figure from the sheet will be the amount of the premiums paid and the contractual interest charged as a result of them.

 

You then apply 8% simple interest to that resultant figure running from the date of closure of the account with up to now.

 

This spreadsheet will do that for you.

 

StatIntSheet v101.xls

 

When you have done that you will have the best estimate as to the amount to be claimed back.

[bigdave368]

Thanks ims21

 

So that's a bit wrong will go change that lol

What about charges is that the same.

[ims21]

Pretty much, yes

[bigdave368]

Ok thanks ims21

 

Will change them both and report back

[ims21]

[bigdave368]

Well just using guesstimates as I've left all the paperwork at work but the PPI reclaim is still over 10k

 

And charges over 20k so anywhere near those would be amazing

[bigdave368]

Hiya ims21 or anyone else.

 

Just reading the interest tutorial on consumer wiki it states on there that the compound interest should be applied from the first charge to the date of judgement or settlement.

[dx100uk]

which means the closure of the card,

 

or where the OC stopped charging you int.

 

so that's june 2006

 

take the result of that spread

put that total

in a copy of the statint sheet on the date the int stopped

then claim to today.

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

 

dxactly the same for charges

 

dx

[bigdave368]

Thank you DX

It's still a nice sum anyway if I get it that is lol

[bigdave368]

I did send the claims off though thinking they where correct whoops.

But did get a letter this morning from MBNA saying they are investigating and will have a decision within 28 days lol.

I suppose that decision will be a do one son from MBNA. Will wait and see.

[bigdave368]

Update.Recieved letter Today Rejecting Penalty Charges saying they were pretty much fair so will try sending LBA.And PPI Claim still being investigated and a response will be issued by 8th July.

[bigdave368]

Update:Recieved an offer from MBNA offering to refund £1800 pounds seems like a very low offer to me but shall wait for the letter to explain how they came to the amount offered.

[Old Cogger]

how much was your spreadsheet?

[bigdave368]

My spreadsheet using 24.9% which MBNA quoted me as being the interest rate for the life of the card was £3130 that was until the date of closing the card. So there was total Premiums of £1030 with associated interest of £2108.

[bigdave368]

So I received a cheque for £1800 from MBNA which I plan on keeping as partial payment of full settlement can anyone point me in the right direction on a letter to send to MBNA requesting the rest of the refund there offer is £2500 short of my workings out using the spreadsheets

[dx100uk]

there worth in not accepting it

 

it puts you in a weaker position

 

dx

[bigdave368]

So send it back then

[gettingsorted]

Hi

 

Have a read of this thread - you're one of many I am afraid .

http://www.consumeractiongroup.co.uk/forum/showthread.php?372400-MBNA-PPI-Award-%93Interpretative%94-Calculations

GS