MBNA can I go for PPI

[ladyh0]

Hi all Just back on here after a number of years when I got very helpful advice.

 

Short story is that

 

 

back in 2006 I had lots of debt (but great credit) until personal circumstances meant that it all went sooo wrong.

I had loan and 2 credit cards with TSB

(i have started posting threads for these in that forum)

but I also had an MBNA card taken out in or around 2001/2

 

I now, after all this time and reading / researching want to see if there is anything I can do to claim back (some) of the charges,

PPI etc that I paid a fortune for and at the time just accepted as normal.

 

For my MBNA I am concentrating on the PPI for now (baby steps) although there are a huge amount of late payment fees also.

 

I have been brave enough to go into loft and get out all the paperwork I initially asked for

(oh yes thanks to this site in 2006/7 I made the SAR and CCA applications)

 

 

In April 2007 my MBNA account was defaulted by Arrow Global for the sum of 4,955.20.

 

My SAR was complied with and I have statements dating from 2002 to date.

 

 

Account was sold in 2007 but my CCA request was never complied with

and the account (after default was registered on 13/04/07) was passed to Marlin.

 

 

After a few letters stating that they would try and obtain credit agreement from Arrow I never heard anything until

 

 

about 8 months ago when I was bombarded with letters and phone calls (all ignored).

These stopped about 5/6 months ago and nothing again.

 

I have full breakdown of PPI or "payment break" as they called it.

 

I am a novice and wonder if anyone can point me in the right direction as to what (if anything) I can/should do.

 

Thank you

[dx100uk]

hi welcome back

 

 

have a read of my links below

 

 

you might find it also useful to read the thread

'interpretive calculations'

in this MBNA forum too

a long! read

but will give you everything you need to get yourself sorted.

 

 

dx

[ladyh0]

Hi all. Now I have started rolling on my Lloyds PPI claims I am now ready to start on my MBNA claim.

 

As I have stated above I have my statements from MBNA following a SAR I sent them back in 2007. My account was sold to Arrow Global in March 2007 and I have a copy of the notice of assignment and their default notice dated 13th April 2007.

 

I repeatedly requested a copy of my credit agreement both from MBNA and Arrow but have never received it. I am a complete novice at this and pretty useless with accounts/calculations etc and would be most grateful if anyone with more expertise could answer the following for me:-

 

1. I want to try and work out the figures but have no idea what spread sheet to use or what figures I should input. As I have said I do not have the original agreement so have no idea what my annual interest rate was although the statements show monthly interest at 1.666%

 

2. I think that I read somewhere that as this debt was sold off MBNA have no right to keep any money to offset the outstanding balance. Is this correct ?

 

3. I think I also read that even if Arrow asked for payment they could only request the arrears. My default notice shows arrears of 753.02.

 

4. This account is obviously SB and the default has fallen off my credit file but could Arrow still come back for the balance and/or could MBNA buy back the account and retain any redress due to me against the account?

 

Hey guys thanks for the help you have given on my other threads and I would appreciate any advice you could give:wave:

[ladyh0]

Hi everyone:wave:

 

 

just wondering if anyone could help out as i am a bit confused.

 

 

Just tackling my MBNA have got the statements and the default notice from back in 2007

 

 

however I have noticed that the default notice and all the DCA letters show a different account number to the statements I have.

 

 

I remember an original card was taken out with Monument with a payment break plan included

 

 

I think I have read somewhere that they were bought out by MBNA.

 

 

I am just confused as to who I should claim against so any advice or information would be appreciated.

 

 

Thanx

[BRIGADIER2JCS]

Hi everyone:wave: just wondering if anyone could help out as i am a bit confused. Just tackling my MBNA have got the statements and the default notice from back in 2007 however I have noticed that the default notice and all the DCA letters show a different account number to the statements I have. I remember an original card was taken out with Monument with a payment break plan included but I think I have read somewhere that they were bought out by MBNA. I am just confused as to who I should claim against so any advice or information would be appreciated. Thanx

 

 

I believe that the account numbers were change when MBNA acquired the Monument brand.

 

 

Have you sent a SAR to MBNA?

[ims21]

Hi all. Now I have started rolling on my Lloyds PPI claims I am now ready to start on my MBNA claim.

 

As I have stated above I have my statements from MBNA following a SAR I sent them back in 2007. My account was sold to Arrow Global in March 2007 and I have a copy of the notice of assignment and their default notice dated 13th April 2007.

 

I repeatedly requested a copy of my credit agreement both from MBNA and Arrow but have never received it. I am a complete novice at this and pretty useless with accounts/calculations etc and would be most grateful if anyone with more expertise could answer the following for me:-

 

1. I want to try and work out the figures but have no idea what spread sheet to use or what figures I should input. As I have said I do not have the original agreement so have no idea what my annual interest rate was although the statements show monthly interest at 1.666%

 

2. I think that I read somewhere that as this debt was sold off MBNA have no right to keep any money to offset the outstanding balance. Is this correct ?

 

3. I think I also read that even if Arrow asked for payment they could only request the arrears. My default notice shows arrears of 753.02.

 

4. This account is obviously SB and the default has fallen off my credit file but could Arrow still come back for the balance and/or could MBNA buy back the account and retain any redress due to me against the account?

 

Hey guys thanks for the help you have given on my other threads and I would appreciate any advice you could give:wave:

 

Hi

 

Did you read the links that dx pointed you to?

 

The spreadsheet you will need is the FOSRunningSheet from here

 

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

 

Follow the instructions in the "Notes" tab.

 

Your claim for PPI will be to MBNA. Go the fos website, download a copy of their consumer questionnaire, complete it and send it off to MBNA together with a coipy of your spreadsheet if you wish.

 

MBNA will have 8 weeks from receipt to investigate your claim and give you a final decision. If that decision is not favourable then you can escalate it to fos. You can also escalate to fos if you don't get a response within the 8 week deadline.

 

If the account has been sold then there is no right of set off and any refund should come to you.

 

It has been known that lenders do buy back accounts in order to set off but I have not yet seem MBNA do this.

[ladyh0]

I believe that the account numbers were change when MBNA acquired the Monument brand.

 

Thanks for that. I thought that is prob what happened.

 

 

Have you sent a SAR to MBNA?

 

I had all the usual rubbish with them back in early 2007.

 

 

I did a SAR then and they did send me statements but no CCA.

 

 

when the account was sold to Arrow in March 2007 and defaulted in April 2007

 

 

I wrote to Arrow to tell them that MBNA had failed to supply CCA

 

 

I heard nothing until January 2008 when

 

 

Marlin wrote to me to say that they had requested a copy of the CCA from Arrow but it had not been received.

 

 

I did not respond to this letter and this default has come off my credit file.

 

 

I am just in the process of completing the questionnaire to send off.

 

 

Thanx

[BRIGADIER2JCS]

I had all the usual rubbish with them back in early 2007. I did a SAR then and they did send me statements but no CCA. when the account was sold to Arrow in March 2007 and defaulted in April 2007 I wrote to Arrow to tell them that MBNA had failed to supply CCA I heard nothing until January 2008 when Marlin wrote to me to say that they had requested a copy of the CCA from Arrow but it had not been received. I did not respond to this letter and this default has come off my credit file. I am just in the process of completing the questionnaire to send off. Thanx

 

 

There never has been an obligation to supply a CCA with a SAR, nor is there now. CCA 1974 sect 77/78/79 provide for this.

 

 

If no CCA has been produced then the debt is unenforceable via the courts.

 

 

Once off your CRA files it can never come back.

So they can do no more than huff n puff

[ladyh0]

Thanks for that information. I have had a look at the spreadsheet but the statements I received from MBNA dont show things like credit balances etc they are just a breakdown of date,amount of interest charged, payment break charge and credits received.

 

Its good to hear MBNA have not YET (hopefully) started buying back accounts but as I understand even if they do I am still entitled to the interest which is something. Thanks again because if it wasnt for this site and reading other peoples experiences I dont think I would have bothered but now (when I receive the cheque) I an a good few thousand quid better off just on one claim with Lloyds

[ims21]

Thanks for that information. I have had a look at the spreadsheet but the statements I received from MBNA dont show things like credit balances etc they are just a breakdown of date,amount of interest charged, payment break charge and credits received.

 

Its good to hear MBNA have not YET (hopefully) started buying back accounts but as I understand even if they do I am still entitled to the interest which is something. Thanks again because if it wasnt for this site and reading other peoples experiences I dont think I would have bothered but now (when I receive the cheque) I an a good few thousand quid better off just on one claim with Lloyds

 

So it is not copy statements they have provided...Just a transaction history perhaps?

 

If you have a few actual statements it is possible to reconstruct statements from a transaction history based on the billing cycle and the order of the entries. The interest charges and the PPI would (99% of the time) be the last entries on a statement.

[ims21]

Just re-read your post.

 

You don't need to know credit balances.....where did you get that from?

 

All you need are the total paid out each month, the total paid against the account each month and the PPI premium charged in a month.

[ladyh0]

Just re-read your post.

 

You don't need to know credit balances.....where did you get that from?

 

All you need are the total paid out each month, the total paid against the account each month and the PPI premium charged in a month.

 

It was the layout of the statements that got me confused but I realised when I started putting the dates and payments in etc that the rest is auto filled in

 

I realised when I checked through my statements how much I had been getting charged not only in PPI but late and over limit charges. In the last 8/10 months or so I was charged 24/25 ppi, 24 late payment fee and 12 over limit fee!!!!

 

I have sent off my claim so watch this space.

[ladyh0]

Had the standard letter of acknowledgment from MBNA. They say update within 28 days and resolution within 8 weeks. Fingers x on this one

[ladyh0]

Well I have this morning received a letter from MBNA stating that they apologise for the delay but their investigations are taking longer than expected and they will come back to me by December 17th !!. Guess it is taking them a bit longer to conjure up way to try and reject my claim or rip me off.

[ladyh0]

ooohhh still waiting. Hope sneaky MBNA are not trying to buy back my account which they sold to Arrow Global back in 2007 !!! naughty naughty.

[ladyh0]

Well today I have had a decision from MBNA and they have upheld my complaint although the amount awarded was quite a bit less than expected but maybe my calculations were out as although I did attempt the spread sheets I really dont have a clue about figures etc.

 

I have read around the site and in particular how MBNA try to do us over on their calculations. I did SAR them back in 2006 and also made a request for my agreement. I was sent a transactiion breakdown which showed all the payment break payments together with the 24.00 late payment fees but they never sent me a copy of my CCA surprise surprise. When I had a go at the spreadsheet (the compound interest one) I also included the late fees so that is why my figures come out higher than theirs. On now going through the statements again in a simplistic way the PB charges come to around 580.00 and MBNA have sent me the following breakdown

 

Total amount of PPI premiums charged 620.98

Total amount of associated interest 133.74

8% gross interest 37.13

less tax 7.43

Total amount payable to you 784.42

 

as I have said I have no idea if this is correct and I wonder if anyone has any comments/thoughts on this.

 

Many thanks to you all

[ims21]

Much depends on the behaviour of the account.

 

You should use the fosrunning spreadsheet for running credit accounts....it will give a closer approximation of what is due. That sheet doesn't however, take into account the penalty charges which should be analysed as a separate exercise.

 

Firstly, use the spreadsheet to reconstruct the account. You can then use that as a basis for looking to see whether any of the charges were as a direct result of the mis-sold PPI. If they were then the lender is required to refund those together with associated interest and 8% where applicable.

 

Remember, as far as the PPI goes you should get the following back...

 

1 -> Premiums charged to the account

 

2 -> Associated interest charged as a result of the PPI

 

3 -> The account should be reconstructed with the above removed. If the reconstructed account shows that the account would have been in credit for any month then 8% simple is awarded on that credit balance for that month.

 

4 -> Any charges applied to the account which were triggered purely as a result of the PPI should be refunded together with associated interest and 8% simple as above.

[Miaspa 2010]

Well today I have had a decision from MBNA and they have upheld my complaint although the amount awarded was quite a bit less than expected but maybe my calculations were out as although I did attempt the spread sheets I really dont have a clue about figures etc.

 

I have read around the site and in particular how MBNA try to do us over on their calculations. I did SAR them back in 2006 and also made a request for my agreement. I was sent a transactiion breakdown which showed all the payment break payments together with the 24.00 late payment fees but they never sent me a copy of my CCA surprise surprise. When I had a go at the spreadsheet (the compound interest one) I also included the late fees so that is why my figures come out higher than theirs. On now going through the statements again in a simplistic way the PB charges come to around 580.00 and MBNA have sent me the following breakdown

 

Total amount of PPI premiums charged 620.98

Total amount of associated interest 133.74

8% gross interest 37.13

less tax 7.43

Total amount payable to you 784.42

 

as I have said I have no idea if this is correct and I wonder if anyone has any comments/thoughts on this.

 

Many thanks to you all

 

Reading through your thread the PPI stopped in 2008?

 

I would expect the 8% to a lot higher just 620.98 PPI from 2008 should have 8% simple of nearer £300.

 

If you are unsure ask for a detailed break down as pretty sure MBNA are up to their usual tricks.

 

Depends if you can wait for the refund as will take ages to sort through FOS.

[ladyh0]

my thoughts were that the interest part looked on the low side.

 

 

Thanks ims21 I will have a dabble at the spread sheet you have suggested using just the ppi charges and come back with what I have.

 

 

Thanks for input guys

[ladyh0]

just got round to trying the fos running spreadsheet as suggested by ims21 but fell at first hurdle. I have no idea what the interest rate was, the transaction sheet I have gives an interest rate of 1.666% per month and although I have had a read round forum I cant figure out how to work out the rate and feel really stupid because it is probable so easy

[dx100uk]

http://www.stoozing.com/calculator/apr-rate-converter.php

[ladyh0]

I have also just noticed that I dont think the transaction statements that I have are complete. They start at 13/07/2002 and show a payment being made of 30.00 which I assume was the minimum payment I had to make so there must have been transactions for the month or months before

[ladyh0]

Many thanx dx

[ladyh0]

After all this time got call out of blue today to say my ppi claim has been reviewd and I am to receive a further payment and should receive chq a d breakdown within 28 days. Exciting surprise

[maroondevo52]

I am to receive a further payment and should receive chq a d breakdown within 28 days. Exciting surprise

 

Good stuff, lets hope it's a good amount.

 

Let us know when you get it