Mbna visa card redress offer help plse

[Baz1994]

Just sent SAR off for some missing statements but I do have about 90% of them from 1998 to 2005 when the account was settled and closed.

 

I cannot find anything on my agreement details with my signature agreeing to PPI as it was automatically added when I took out the card.

 

My questions are, will I be able to reclaim from 1998 and what are the correct redress spreadsheets that I should be looking at in the meantime ?

 

Is there one for all of statements and one for some missing statements ?

 

Thanks for any assistance.

[rebel11]

Hi Baz1994

 

There isn't anything to say you can't claim from 1998, As you have some of the statements, you need to make reasonable estimates to fill in the gaps.

 

Have you checked in the library?

[Baz1994]

Hi Baz1994

 

There isn't anything to say you can't claim from 1998, As you have some of the statements, you need to make reasonable estimates to fill in the gaps.

 

Have you checked in the library?

 

Cheers rebel and will go for it from 1998.

 

I did but a little confused as to what is the correct spreadsheet to use. Do I use the compound interest one or the FOS Running spreadsheet ?

[rebel11]

I would use the Compound Interest calculator.

 

Cheers rebel and will go for it from 1998.

 

I did but a little confused as to what is the correct spreadsheet to use. Do I use the compound interest one or the FOS Running spreadsheet ?

[Baz1994]

I would use the Compound Interest calculator.

 

OK cheers and will I include charges and if so do I just add to PPI Amount for relevant month ?

 

Thanks again.

[Baz1994]

OK cheers and will I include charges and if so do I just add to PPI Amount for relevant month ?

 

Thanks again.

 

Sorry can someone kindly advise ?

[rebel11]

Hi Baz1994

 

There should be instructions with the calculator on it's usage.

 

Sorry can someone kindly advise ?

[Baz1994]

Hi Baz1994

 

There should be instructions with the calculator on it's usage.

 

Thanks again rebel and I will have a look.

[Baz1994]

Just another question, can someone clarify if a Credit Card was paid up and closed in 2005 that PPI mis-selling can still be reclaimed now ?

 

I am a little concerned as I have also recently located a couple of old Natwest C/Cards and agreements where PPI was automatically added. Some go back to 1991 in which were paid-up and closed in 1998. I do still have most of statements.

 

Any comments would be appreciated thanks

[maroondevo52]

Hi Baz,

 

I'm doing the same thing at the moment digging out all my old credit card statements, loans ect.

You can claim back the PPI on everyone that had it added I would think.

 

If it's credit card charges you mention like late payment fees ect, don't include them with the PPI keep the claims seperate.

[Baz1994]

Hi Baz,

 

I'm doing the same thing at the moment digging out all my old credit card statements, loans ect.

You can claim back the PPI on everyone that had it added I would think.

 

If it's credit charges you mention like late payment fees ect, don't include them with the PPI keep the claims seperate.

 

OK cheers for your reply.

 

Funny enough that was going to be my next question re unfair charges etc. Would they not form part of the redress if successful ?

 

Also regarding the appropriate spreadsheet, will the end date be today or when the account was closed and paid ?

[maroondevo52]

Baz,

 

I've 'borrowed' this from site team member ims21, he's a lot more clued up on this than I am.............................................

 

 

You don't necessarily have to put in a separate claim. If you can establish which penalty charges were triggered by the mis-sold PPI then they should come back you as well (together with appropriate interest) as part of the PPI redress.

 

Any charges that were not triggered by the PPI would be the subject of a separate claim.

 

Rarely do people go for a PPI reclaim in court since the onus of proof of mis-sellingicon is on the claimant and it can be tricky.

 

The regulatory award of premiums/charges plus contractual interest plus 8% where applicable is actually not a bad deal.

 

For a credit card claim you should ideally be using the fosrunning spreadsheet and start from the date from which your statements start and force the figures in the balance column to be correct at the time you start. You would then need to take an estimate of what may have happened prior to the date for which you have statements.

 

If you are going to claim interest at a higher rate than was charged on the account then you are into the area of "restitution" which the regulatory route won't give you and if that is what you wish to claim then court will be the only way to get that.

 

 

 

 

I've also moved this thread to the PPI Forum, if you have a read of some of the threads here you'll have a better idea of what the score is.

[Baz1994]

Baz,

 

I've 'borrowed' this from site team member ims21, he's a lot more clued up on this than I am.............................................

 

 

You don't necessarily have to put in a separate claim. If you can establish which penalty charges were triggered by the mis-sold PPI then they should come back you as well (together with appropriate interest) as part of the PPI redress.

 

Any charges that were not triggered by the PPI would be the subject of a separate claim.

 

Rarely do people go for a PPI reclaim in court since the onus of proof of mis-sellingicon is on the claimant and it can be tricky.

 

The regulatory award of premiums/charges plus contractual interest plus 8% where applicable is actually not a bad deal.

 

For a credit card claim you should ideally be using the fosrunning spreadsheet and start from the date from which your statements start and force the figures in the balance column to be correct at the time you start. You would then need to take an estimate of what may have happened prior to the date for which you have statements.

 

If you are going to claim interest at a higher rate than was charged on the account then you are into the area of "restitution" which the regulatory route won't give you and if that is what you wish to claim then court will be the only way to get that.

 

 

 

 

I've also moved this thread to the PPI Forum, if you have a read of some of the threads here you'll have a better idea of what the score is.

 

Thanks again and much appreciated and will keep forum posted on progression.

[ken100464]

Baz.

 

Yes you can claim all the way back but you have to think before you start about why you are claiming. Just because you had PPI does not mean it was missold.

 

So as others have said its best to read up on reasons why people get upholds and make your initial contact with the bank as strong as you can. Once you get the uphold hopefully then its well worth looking on the big interpretive calculations thread in the MBNA section to see what awaits you.

 

With charges you need to look at did the PPI trigger them. MBNA have publicly stated that they add PPI last to the account each month so it cant be the PPI that caused the charge. However FOS seemed to contradict that statement straight away.

 

They have nicely sidestepped the fact that they are supposed to reconstruct the account without the PPI in it and then deduct ANY charges that become due because the reconstruction means they cannot of happened. Thats in the FCA rulebook, the FOS online guidance and to most people would seem fair.

 

You will find if you reconstruct your balance via an online calculator that overlimits should become suspect very quickly ie your reconstructed balance falls below your limit and therefore should be paid back. (In MBNA world they like to work in a single month and not think that they should be accruing the damage they did to people over time.)

 

Late payments and unpaid direct debits and the like you should treat a bit differently. If your reconstructed balance is still in debit when you incurred a late then you would have still probably incurred it. But if your account goes into credit then you cant have had a late fee for when they owed you.

 

Good luck

[Baz1994]

Baz.

 

Yes you can claim all the way back but you have to think before you start about why you are claiming. Just because you had PPI does not mean it was missold.

 

So as others have said its best to read up on reasons why people get upholds and make your initial contact with the bank as strong as you can. Once you get the uphold hopefully then its well worth looking on the big interpretive calculations thread in the MBNA section to see what awaits you.

 

With charges you need to look at did the PPI trigger them. MBNA have publicly stated that they add PPI last to the account each month so it cant be the PPI that caused the charge. However FOS seemed to contradict that statement straight away.

 

They have nicely sidestepped the fact that they are supposed to reconstruct the account without the PPI in it and then deduct ANY charges that become due because the reconstruction means they cannot of happened. Thats in the FCA rulebook, the FOS online guidance and to most people would seem fair.

 

You will find if you reconstruct your balance via an online calculator that overlimits should become suspect very quickly ie your reconstructed balance falls below your limit and therefore should be paid back. (In MBNA world they like to work in a single month and not think that they should be accruing the damage they did to people over time.)

 

Late payments and unpaid direct debits and the like you should treat a bit differently. If your reconstructed balance is still in debit when you incurred a late then you would have still probably incurred it. But if your account goes into credit then you cant have had a late fee for when they owed you.

 

Good luck

 

Thanks ken100464 for your helpful response.

 

Yes I have thought about my reasoning for mis-selling and on locating the old original agreements, it transpires that the insurance was automatically added without my consent. There were no ticked boxes or any mention of PPI until they started to appear on later statements ?

 

I have read up on previous MBNA posts regarding repayment of unfair fees and charges and I will take into account your comments. I basically wanted to get some sort of figure in my head if they ever become successful.

 

I am awaiting various SAR replies in respect of a few missing statements that I don't have and this may cause a problem when trying to complete the relevant spreadsheet calculator, if not located.

 

Will keep forum posted on progression.

 

Cheers

[Baz1994]

I today received a redress offer from MBNA but wondered if someone could kindly have a look at figures attached as I seem to differ with what they are offering.

 

I have read other posts regards to their calculations but just wanted some clarity before responding.

 

The account defaulted in August 2002 due to financial difficulties and was passed to a in-house debt company until the final amount of £5,198.80 was paid and account closed in September 2005.

 

Also they have ignored any charges considering other banks have included them on my latest bank successes plus interest.

 

Thank-you for looking.

 

 

 

 

 

 

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[dx100uk]

go post on the interpretive calculations thread

in the MBNA forum

[Baz1994]

go post on the interpretive calculations thread

in the MBNA forum

 

Thanks dx I have just been flicking through the quite long thread.

 

Should I still request a more detailed breakdown from MBNA ?

[dx100uk]

see what the guys say.

 

 

dx

[Baz1994]

Cheers dx

 

I will have a look but what I have read so far it seems MBNA are a law unto themselves..................and as for FOS / FCA

[Baz1994]

Sent DCA letter under section 77

 

Could not provide copy of agreement within 12 days (over 2 months now still no details)

 

Stopped making payments.

 

Receiving letters once a week now asking me to contact them to discuss payment arrears.

 

Checked Credit Files and DCA has registered last two payments as default. Is this correct ?

 

Do I need to respond with another letter ?

[dx100uk]

Yes but I assume the oc defaulted you a long time ago

So as long as the recorded oc default date is not changed

It can't harm your file anymore

 

Dx

[Baz1994]

Yes but I assume the oc defaulted you a long time ago

So as long as the recorded oc default date is not changed

It can't harm your file anymore

 

Dx

 

Thanks dx

 

so just ignore letters ?

 

Where can I find the default date ? Checked Experian but only states DCA and effective date of card ?

[dx100uk]

there should be a defaulted date in the summary of the debt

[Baz1994]

there should be a defaulted date in the summary of the debt

 

Thanks again dx but no default date at all with Experian ??

 

I will check another Credit report.

 

Another thing, the DCA failed to supply agreement but cashed my £1 fee and deducted it from my balance outstanding !