Need help with FOS letter after 2nd rejection letter from MBNA

[enaid]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Many of us started with PAG before moving onto CAG...
But, agree, we should be able to assist further on here. However, it would appear that this case is quite complex and if, Bill-K has concluded same, who will help further?

Yes Bill has concluded it is a complex claim, so why must it go to PAG for what reason? are there people on PAG that know a lot more on PPI than Bill and Turbo that will be able to help?

[Bill-K]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Yes Bill has concluded it is a complex claim, so why must it go to PAG for what reason? are there people on PAG that know a lot more on PPI than Bill and Turbo that will be able to help?

I do indeed appreciate you asking this question Enaid, but I would suggest that you ask LB Team for the answer to it before posting further.

[kellywilko]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Hi all, just seen Bill-k's message and all the replies. Bill, once again thanks for advice and will contact other forum. When i rcvd the email and the spread sheets from Mbna via Fos yesterday, i had a quick look online to see if anyone else having problems with Mbna redress figures and it seems that many people are questioning the method Mbna use. Thinking that if other people are having the same problems with Mbna figs, maybe a new thread could be started with the help of you guys. They are not following the fos/fsa method of calulation and it seems from reading some other forums (not sure if i am allowed to mention name?) that people are beginning to question their methods, not only with the Fos but Mp's and even the press. As a total amateur to this is can't explain in more detail how Mbna are playing around with the figures , hence why i need the help of the wonderful people on this site. However would love everyone in the same position to get the advice that i am so kindly being given by Bill-k and others on here. I'm happy to keep everyone posted and maybe if this is the first time a spread sheet from Mbna has been seen on here, it could be used to help others in a simular situation to mine ? Once again thank you to everyone and lets not let Mbna get away with this.

[kellywilko]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Sorry message for Amethyst, thanks for your message re cashing the cheque. I was thinking the exact same thing myself. Every time i have contacted Fos for an update, they tell me not to cash, as this will then be considered acceptance of the amount offerered by Mbna as a full and final settlement. I have mentioned the six expiry on cheque and they say' not to worry as a new will be issued if not settled within the six month period'. However, after being told that it will now take between 12-18 months for the Fos to make a decision on the Mbna spread sheet, i'm thinking its best to cash as part payment and still tackle the Mbna redress figure work as a seperate issue. As really i don't trust Mbna to honour a new cheque months down the line.

[Amethyst]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

If you cover any personal details and scan the spreadsheet you can upload it on here (click Go Advanced then it's the little paperclip icon to attach documents - PDF or JPG is best) Any problems and you can email to admin@legalbeagles.info (or Bill) to be put on your thread. Bill and others will then be able to download the spreadsheets to work from if needed, and others dealing with MBNA will be able to follow and work out where any problems lie in MBNA's method of calculation.

As far as I can work out from a quick scan through you have been refunded all PPI payments made plus 8% simple interest ? If the problem with the claim is just the penalty charges and interest on those then can you not deal with that seperately.

Just as it would be killing me sitting on a cheque for £7k

[DAISYC3CJS]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Wow have just read this post and so pleased it seems to be having a happy ending, again due to the willingness of folks on this forum to assist. I have also been helped hugely by folks on here and I really can't understand anyone complaining that more complex matters be diverted to another forum. It should be remembered also that people on here give them time and advice completely free of charge, so I was very surprised to see someone complaining. Onwards and upwards I say and thanks again for all the help and advice I've been given and still getting.

[kellywilko]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Hi Amethyst, many thanks for info. I'm useless at anything to do with computers and all my children out today, so cannot ask for help. If ok i will email to the admin and hopefully Bill-k will be able to pick it up from there. Hope this is ok? not yet contacted the other forum, will do so if Bill-k still thinks i need to . When one of your spread sheets was made from Mbna supplied figures in the pass, looked like i was due back around £11,000. I then got the offer of £8000 - tax so rcvd a chq for £7633.00. I was so happy to get anything back, but if they miscalculated and underpaid by over £3000, feel its only right to fight for it. They also informed me that any penalty charges would not be refunded as part of ppi claim. From my earlier post, it really seems that Mbna are using a very strange way to calculate repayment to their advantage, and think this needs to be checked out. I will hold on contacting Fos and cashing the cheque until Bill-k has had a chance to look at Mbna spread sheet against the one done by you guys and getting some expert comments on it.

[Angry Cat]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Sorry message for Amethyst, thanks for your message re cashing the cheque. I was thinking the exact same thing myself. Every time i have contacted Fos for an update, they tell me not to cash, as this will then be considered acceptance of the amount offerered by Mbna as a full and final settlement. I have mentioned the six expiry on cheque and they say' not to worry as a new will be issued if not settled within the six month period'. However, after being told that it will now take between 12-18 months for the Fos to make a decision on the Mbna spread sheet, i'm thinking its best to cash as part payment and still tackle the Mbna redress figure work as a seperate issue. As really i don't trust Mbna to honour a new cheque months down the line.

Sorry, only just got back home...
But, a solution may be to accept the cheque in part settlement of your Claim?
And, no sane person would trust MBNA Bank Limited!!!

[Angry Cat]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

For the avoidance of any doubt, it has not gone unnoticed that the MBNA PPI calculations do not appear to be quite right...!
And often not tallying with many PPI complainants calculations?

Most Banks offering PPI redress will require the claimant to sign a settlement document prior to releasing funds but MBNA appear to use the take it or leave attitude by just sending their cheque: fait accompli
Of course, many have just accepted the cheque and that the MBNA calculation must be correct, when in many cases they are far from correct.

[Amethyst]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

Here we are -
Attached Files

• MBNA CALC.pdf (2.49 MB, 2 views)

I have removed the name/address/account number detail for you.

1st Premium Date - 15 May 1997
Last Premium Date - 16 September 2005

Just a point for reference - The accompanying letter explained the calculations thus

In order to calculate your refund we have worked out how your balance over time would have changed if you had made the same monthly payments without ppi, therefore - We have notionally reconstructed your statement balances by removing the ppi premiums and associated interest. This includes interest arising because the on going monthly balance on your account was higher than it would have been if you had made the same payment behaviour without the ppi. If there is any statement period where after reconstructing your account your balance would have gone into credit or generated a surplus payment , we have added 8% simple interest to your redress balance.

For comparison these are the links to the original spready Bill did for you.
Attached Files

• PPI+Penalties_V2.5.xls (425.0 KB, 8 views)
• PPI+Penalties_V2.5b.xls (388.5 KB, 3 views)

[Turboman]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

I'll have a look later--but my speciality is PPI from Loans-as against credit cards-but I'll have a look at it

[Angry Cat]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

I'll have a look later--but my speciality is PPI from Loans-as against credit cards-but I'll have a look at it

I personally, will be interested to learn what you make of their calculations, Turboman...!

[Turboman]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

on the case after tea AC---at first glance---its visible what they are doing at least--rather than just giving a figure with no explanation

Not been on this thread--so will play catch up first before i look at things----but as i said---i don't usually bother with credit cards much--cf PPI SP Loans which i do most of--but will give it a go

I personally, will be interested to learn what you make of their calculations, Turboman...!

[Angry Cat]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

It is not clear as to whether MBNA are taking any notice of Claimants calculations or, if they are just reconstructing the figures and using their own?

I had this in a letter from the clowns recently:

MBNA, wrote:
"The redress calculation is intended to put you in the position you would have been had you not bought the PPI, it does this by refunding your PPI premiums, historic interest where relevant and 8% interest on any periods where your account would have been in credit. In addition to this we include additional 8% compensation for any surplus payments that were made through the period of the insurance contract.

We determine these sums by applying the FOS guidance of reconstructing the account and assuming the customer made the same payments each month. To do this we identify full and minimum payments and ensure that we apply the same type of payment in the reconstruction as was applied to the account with PPI. In cases where the customer payment behaviour cannot be clearly interpreted, no reconstruction of the payment takes place. If any surplus payment is identified within the reconstruction it is remediated and an additional 8% interest simple per annum is credited along with it in line with FOS technical guidance published March 2013."

The above is definately not off topic, as the MBNA calcs did not come even near to mine; other Consumers agree on various other forums, as well as on here.

It certainly will be of benefit to learn what Bill-K & Turbo think...?
Please, bear in mind that at one point MBNA had one of the lowest minimum payment rates and one highest default interest rates...all relevant:beagle:

[Angry Cat]

Re: Need help with FOS letter after 2nd rejection letter from MBNA

on the case after tea AC---at first glance---its visible what they are doing at least--rather than just giving a figure with no explanation

Not been on this thread--so will play catch up first before i look at things----but as i said---i don't usually bother with credit cards much--cf PPI SP Loans which i do most of--but will give it a go

Brilliant, Turbs!