Steve V MBNA **WON**

[bandonbhoy]

If you know what rate of interest you have ben charged, use that figure. If not, then toadys arte is of the orderr of 22.9%. Use spreadsheet to calculate what your charges will develop, then give them a call and spesak to either, Paul, or Colin. They are user friendly and will asssit you withthe interest repayemnt back to your self. get them to calculate how much other inteest is due back to you as a result of them taking charges which caused further interest payemnts by your self. If you have a cjhance llok at Gazz against MBNA post on this site. He is very helpful, or in one message he(?) alluded toa claim that he was a she? but dont believe that!

[slh542000]

Hi there

 

I'm way behind you all. Sent data letter asking for info on my account 7/11, but had no response yet. What stage did you recieve the 'goodwill' gesture?

 

Amanda

 

 

Usually with your SAR request Amanda. Then you add up the charges, and they come to around twice of what they're offereing!!

 

be patient, you'll see!

 

Steve.

[slh542000]

Steve,

 

Did you claim contractual interest in your first claim letter and how did you calculate it? I only claimed initially the actual amount of the charges as I understood you couldn't claim interest until you go to court action. have I got this wrong?

 

Tony

 

If you go for section 69 interest, this can only be awarded by the courts at the MCOL stage at 8%. (basically, this means the court decides they've had your cash so long, you deserve 8% interest on it, as they've had it so long).

 

However, Contractual law states (I'm quoting Bankfodder here!) that the terms are Ricipricol, so if you "borrow" money of them (which is what you are doing on a credit card) at a ficed rate of interest that they stipulate, then if they take money off you, that interest rate is also aplicable!

 

You can claim, (and you should) for contractural interest at the PRELIMINARY LETTER stage. - Worst case scenario, it goes to court (very very doubtfull) and the judge decides this might not be fully fair, and award 8% (section 69) interest instead. However, it has to go to court first.

 

And the 60 thousand dollar question is? how many claims have gone to court? (actually, it's more like a £3 Million GBP question, as they've paid more than that out of court!)

 

Answer? None.

 

Trawl through this site. I have, for weeks on end. When Bankfodder rasied the question about "Contractual Interest" everyone started claiming for it with their charges. Stick to your guns, you'll get it (or so it seems!) I've been offered full payback of charges on some accounts, but I've refused every one of them, as I want the interest to... so I guess we'll see how it goes! - But I am confidant!

 

Hope this helps!

 

Steve.

 

Does that make sense?

[HRS123]

Hi Guys

 

I had my first response to my SAR request yesterday, identical to Steve's (except sadly the amount is less). They have credited £390 to my account. However I have a balance of only around £100 and I cut up my MBNA card a year ago.

I will still send a proper prelim letter for the full amount including interest but would quite like to get the money they have already paid into my account.

Has anyone had this problem and successfully requested a refund? I don't want to jepodise my full claim so I don't want them to assume I accept the full and final settlement nonsense!

Any suggestions?

[slh542000]

4th December - Still no repsose from preliminary request for payment.

 

LBA Sent recorded.

 

tick tock!

[impact]

Good luck Steve,

 

I am just behind you. No reply to my preliminary claim letter of 13th November. It is now 5th December so I reckon they have had the 14 days and a bit mire. LBA to go today.

 

Just a point - I didn't claim contractual interest in my preliminary claim - I was following the templates and read that you shouldn't claim until court proceeding stage. Is it too late too add contractual interest in at LBA stage or will that give them an excuse to stall?

[TETSUO]

I've been lazy and not done anythign since I got my "statements" from them in mid november. They gave me 14 days to respnd to their "offer" but I haven't - oops!

 

I am not going to claim any interest yet becuase I am not sure how to calculate it going on the info that MBNA provide (i.e.- no balance etc)

 

eeerm....

[slh542000]

Good luck Steve,

 

I am just behind you. No reply to my preliminary claim letter of 13th November. It is now 5th December so I reckon they have had the 14 days and a bit mire. LBA to go today.

 

Just a point - I didn't claim contractual interest in my preliminary claim - I was following the templates and read that you shouldn't claim until court proceeding stage. Is it too late too add contractual interest in at LBA stage or will that give them an excuse to stall?

 

Hi mate

 

Hmmm... Well, I didn't origianally request Contractual interest of MBNA or Amex (the first one's I took action against), but then I read on here it's perfectly allowed, and Bankfodder recommends it, so I decided to. But, then I thought to myself, if I completely change the amount, and add interest, it's quite a big change. I decided to give them no excuse to say I haven't given them enough time, so I resent my prelims (with new amounts) and started my timeline again. - But I have seen on this forum that you don't really have to.... I just did incase it went to court, they couldn't tell the judge I was chopping and changing and looking unprofessional.

 

Anyone got the phone number of MBNA so I can call them? (be nice to get this one settled before xmas!)

[slh542000]

I've been lazy and not done anythign since I got my "statements" from them in mid november. They gave me 14 days to respnd to their "offer" but I haven't - oops!

 

I am not going to claim any interest yet becuase I am not sure how to calculate it going on the info that MBNA provide (i.e.- no balance etc)

 

eeerm....

 

Thomper, you don't need to know your balence. You're charging them interest at their contractual rate, regardless of your balence!

 

You'd be missing out if you don't mate. It makes a huge difference to the final sum, and they DO pay it!

 

I'll sent you the spreadsheet if you like. it's sooo easy to fill in and it does all the calc for you. let me know.

[impact]

Steve - would you mind sending me your interest spreadsheet too please. I have tried to use the Vampiress ones but can't open them.

 

Thanks

[gram99]

Thomper, you don't need to know your balence. You're charging them interest at their contractual rate, regardless of your balence!

 

You'd be missing out if you don't mate. It makes a huge difference to the final sum, and they DO pay it!

 

I'll sent you the spreadsheet if you like. it's sooo easy to fill in and it does all the calc for you. let me know.

 

mate can you send me that spreadsheet too? thanks

[slh542000]

can't send any spreadsheets without an email address to send them to!!

 

pm me your emails addresses, and I'll send it out asap!

 

Cheers

[slh542000]

Just had a call from a lovely lady at MBNA. She's agreed to pay back all my charges, PLUS CONTRACTUAL INTEREST @ 24.9%

 

So I guess that's it! I've won against MBNA (my first win too!)

 

Kinda feels good. (Feel a lot better when I get the cheque in my hand!)

 

Hurrah!!!!! :) :)

[impact]

Congratulations!!!!! How long has it taken from your first letter?

[slh542000]

S.A.R - (Subject Access Request) - 19th October

Prelim - 16th November

LBA - 4th December

 

THe lady even told me my interest rate was higher than I'd worked out! I was charging at 22.9%, she corrected me and said it'd 24.9%, which was an extra 300 odd quid!

 

Easy Peasy!

 

Claim: £2036

Interest: £1950.11

 

Total: £3986.11

[impact]

Wow! I am just about ready to send off my LBA with my schedule - did you manage to have a look at it? I have only charged 18.32% ( 1.5274% x 12) which was the retail rate at the time of the first charge. Is this correct way to do it?

[slh542000]

I didn't get your email mate. I'm working from home today.

 

Wanna send it to me at the addresss I've just PM'd you? I'll take a quick look now.

 

I'd up the interest to 24.9% mate. If it's too high, they'll tell you!

[TETSUO]

stupuid question... apart from phoning MBNA, how do I find out what my interest rate is? I have a Platinum CC ???

[slh542000]

well, I multiplied the interest rate on the statement by 12, but according to MBNA, that was wrong! too low!!

 

I'd phone them mate, it's the easiest way!!

[chris_d]

Hi, I need a bit advice on this.

 

I received a reply from my S.A.R - (Subject Access Request) yesterday, as per yours i didnt get the full lot but, it was enough to calculate the charges anyway.

 

After adding them up they owe me £247 in charges not including any interest. Obviously I'm at the stage of calculating the contractural interest now before submitting my prelim letter. Using the (Simple) calculation template i've changed the 8% to 24.9% (i think i did it right - formula changed from 0.00022 to 0.00068 ) and for my first charge of £25 on 15 Sep 05 it calculates the interest as £8.19 (482 days) for this particular charge.

 

Could someone please check this is correct, if so i've cracked it, otherwise what should it be and how do i work it out.

 

Also, compound interest on the full amount, how do you work this out?

 

Chris

[bandonbhoy]

use vampiress spreadsheet, from template library, then down to intresest spreadsheets, and then you probably need to register with google to get access to her spreadsheets, then when that loads up, under file at left do copy, give it your specific name relating to this calculation and this then takes a few moments, then you are free to insert names etc and amounts and this does the calculation for you. Dates are in US format, as per todays date of 10th jan is put is as 01/10/07

[chris_d]

use vampiress spreadsheet, from template library, then down to intresest spreadsheets, and then you probably need to register with google to get access to her spreadsheets, then when that loads up, under file at left do copy, give it your specific name relating to this calculation and this then takes a few moments, then you are free to insert names etc and amounts and this does the calculation for you. Dates are in US format, as per todays date of 10th jan is put is as 01/10/07

 

That's what i've done. I just want confirmation or guidance on my interest calculation (contractural at 24.9% and not statutary at 8% as per the default format)

[impact]

I sent them an LBA for two accounts and they upped the original offer - but didn't include contractual interest - so I'm going to give them one more chance before court proceedings - the letter did include a sinister message if you can't abide by your terms and conditions we will terminate your agreement - ha ha go on then as the cards don't have anything on them - I'm a 0% credit card tart!!!

Hi Redsue,

 

I am about to send LBA to MBNA both for my card and for my wife's. They have paid "goodwill" amounts equal to the amount of the charges but have ignored my claim for contractual interest which is as much again. I declined theit offers with the usual proviso that if they sent the qcheque it was accepted only as part settlement and gave them a further 14 days before LBA. Time is now up. Just wondered what response you got.

[impact]

Hi Redsue, Just wondered where you got to after your LBA. I ma about to send LBA to MBNA for my own and my wife's accounts. They offered goodwill payments up to value of the charges but ignored interest. I have declined offer with provisio that if they sent cheque, which they did, it would be accepted only as partial settlement and gave them further 14 days. Interest added as much again. 14 days is just about up with no response.

[redsue]

Hi Impact take a look

http://www.consumeractiongroup.co.uk/forum/mbna/50358-result-mbna.html#post406775

 

good luck