Offer rcvd from Mbna but not sure if it is correct ?

[kellywilko]

Hi Bill-K and others, sorry to be a pain and post a new thread. Further to my other posts re Mbna, i rcvd a letter in the post on 30th/June as follows-

I am writing further to communication received from the Financial Ombudsman Service confirming your acceptance of our decision to uphold their payment protection insurance complaint. 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 becauser the ongoing monthly balance on your account was higher than it would have been if you had made the same payment behaviour without ppi. If there is any statement period where after reconstructing your account your balance would have gone into credit or generateded a surplus payment, we have added 8% simple interest to your redress balance.

Please note that the approach outlined above follows the refund guidelines set out by the Fos, accordingly we have calculated the refund as follows -

Total amount of ppi remiums charged since sale date - £2776.79
Total amount of associated interest - £2345.42
Applicable 8% gross interest - £3139.60
Less UK withholding tax - £-627.93 = Total -£7633.92

A cheque will be sent within the next 28 days. This amount is in full and final settlement of your complaint. As we have now complied with the offer, the complaint is now closed and settled.

I am really happy to finally have been given an offer by Mbna, but just want to make sure it is the correct amount. I know i have had trouble loading info onto the spread sheets you have kindly sent to me (due to my computer and lap top ) and wonder if you did finally recieve the information sent a couple of nights ago in my other post? I know you are prob really busy, and am really sorry to keep hounding you for your help, its just the amount offered and the figure you felt from my earlier posts are quite different and i don't want Mbna to get away with offering me an amount that is less than i am owed. The letter was dated the 25th July . If the figs are different , am i still able to go back to Mbna and Fos to query the amount and send a copy of the spread sheet? or is it to late? Thanks again in advance for all your amazing help . Kelly

[di30]

Re: Offer rcvd from Mbna but not sure if it is correct ?

Hi and well done on your success!

Okay, well firstly I am not the one for the calculation side of the ppi, just the help on the reclaiming, and sure our guys will be along at some point to look at this for you.

What I do know is, you should get back all you have paid of the PPI to settlement of the account, and the relevant interest and of course the usual 8% of what a court would award.

So basically the ppi refund amount of £2776.79 is what you paid towards the ppi, the interest is added to your ppi of what you paid on each amount each month which is attracted, and the remaining interest is what your entitled to as a court would also usually award as well.
So they must Tax the amount by "UK" LAW, this will save you doing this yourself later on and the remaining amount total of £7633.92 is yours.

Well done and I'm sure one of our guys will be along later as well to take a look! x

[kellywilko]

Re: Offer rcvd from Mbna but not sure if it is correct ?

Many thanks di30. The only reason i checked, was Bill-k mentioned on my other post that he felt figs should be around the £12,000 mark. Not to say i'm unhappy with what i've been offered, just dont want it to arrive before checking its the correct amount. I did load the spread sheet he sent to me and hopefully sent it back as an attachment on my other post re MBNA, but not 100% sure that Bill-k got it. I have kept the figs and if not will arrange to send again. Thanks again to all you guys for the amazing work you do for us all. Will send donation for your fine cause once i get monies x