Are my calculations correct? MBNA CC PPI Claim FOSCISHEET - help

[scaz40]

This forum has been amazingly useful to me in my claim for PPI mis-selling vs MBNA. To cut a long story short; I attempted to claim mis-sold ppi directly with MBNA who rejected the case. I then approached the FOS who (some 12 months later) have upheld my complaint and have informed me that MBNA will be making an offer of compensation.

 

In order to calculate what I may be offered I have used the FosCISheet v101.xls. My concern is that this spreadsheet has calculated a SUBSTANTIAL amount of compound interest based on 2.5292% per month 30.39% APR. The credit card dates back to 1995 and I have (foolishly) always had an outstanding balance. The compound interest calculation is well into six figures! Can this be correct?

 

Help and advice most welcome.

 

Paul

[dx100uk]

I would suggest you have something wrong.

 

might be an idea to goto the interpretive calcs thread on the MBNA forum

 

and ask them to pop in to your thread

 

you could also post up [attach via the bottom right go advanced button, then manage attachments]

 

your spreadsheet , HOWEVER remove you name & account number from the spread 1st

 

dx

[dx100uk]

ah just seen the sheet title

 

you should be using the running sheet.

 

pop and read that thread

 

dx

[ims21]

This is the spreadsheet you should be using

 

FosRunningPPI v102.xls

 

You will only be able to complete it of you have all of the statements.

 

The CISheet won't give you the correct figures.

[scaz40]

Cool thank you. Unfortunately I don't have all of my statements dating back to 1995 I only have the information from the SAR.

[ims21]

Cool thank you. Unfortunately I don't have all of my statements dating back to 1995 I only have the information from the SAR.

 

Sadly you won't be able to get an accurate estimate of the interest due back to you.

 

If and when any offer is made you will need to get MBNA to forward a detailed worksheet to you in order that you can check their figures.

 

As you have probably seen, MBNA do not appear to be calculating redress correctly so you may well be in for a long haul on this.

[scaz40]

Thanks ims21. I am about a third of the way through the MBNA redress thread! I will be interested to see what offer I am made based on nearly £12,000 PPI payments since 1995.

 

Will continue to read the MBNA thread.

 

Thank you for your help.

[BRITTAN]

Sorry scaz40, they don't pay compound interest, only associated interest + 8%

 

 

Tony B

[jackreacher]

Can you ask for it if you take it through the courts?

 

Good Luck , I have an MBNA CC charges battle about to start

[BRITTAN]

Only restitution. On that amount you will need legal advice. good luck on finding a solicitor who will take it on as they have ties to the banks, as I have found,

 

My claim has been going on three years now and I am no closer to finalising as the bank still don't know how to do the calc's, so I am told by the FOS, despite having all of the statements from 98.

[jackreacher]

What agreement is yours?? I have a April 98 MBNA mastercard gold same as Harrison v link

[scaz40]

My account was a standard Visa card but then split part of the credit limit to a Platinum card.

[jackreacher]

Hey scaz40,

How did they do that? the reason I ask is it looks like something similar is on my Main Comms log but I could not work it out. It refers to loans at some points.

feel free to PM me.

 

Jack

[jackreacher]

looks like these are getting harder. I would not attempt it but it is in my counterclaim