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MBNA Credit Card PPI reclaim Success
Hi,
Just to let you know that today I have received a letter from MBNA advising that they have reconsidered my previous complaint in which was not up-held in November 2012, and after further review and their commitment to customers, they are now offering a gesture of goodwill amount of £448.97 ?
Without looking a gift horse in the mouth, can someone kindly advise if the calculations (in relation to 8% simple amount) below look correct ?
PPI premiums charged since sale date £375.85
Total amount of associated interest £ 40.98
Applicable 8% gross interest £ 40.17
Less tax £ 8.03
Total Payable £ 448.97
They mention that 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;
1) notionally reconstructed your statement balances by removing the PPI premiums and associated interest. This includes any interest arising because the balance on your account would have been higher with PPI; and
2) if there is any statement period where, after reconstructing your account, there would have been a credit balance or a surplus payment then we have also added 8% simple interest on that amount.
Does the above seem correct ?
I do not have all statements but I do have a list of PPI payment amounts from March 2003 to December 2006 totalling £375.85.
The account was transferred to MBNA from Alliance & Leicester in March 2003. As per my previous complaint, they confirmed that anything prior to that I would have to contact Alliance & Leicester / Santander in which I did and was again not up-held.
Cheers for any assistance
Just to let you know that today I have received a letter from MBNA advising that they have reconsidered my previous complaint in which was not up-held in November 2012, and after further review and their commitment to customers, they are now offering a gesture of goodwill amount of £448.97 ?
Without looking a gift horse in the mouth, can someone kindly advise if the calculations (in relation to 8% simple amount) below look correct ?
PPI premiums charged since sale date £375.85
Total amount of associated interest £ 40.98
Applicable 8% gross interest £ 40.17
Less tax £ 8.03
Total Payable £ 448.97
They mention that 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;
1) notionally reconstructed your statement balances by removing the PPI premiums and associated interest. This includes any interest arising because the balance on your account would have been higher with PPI; and
2) if there is any statement period where, after reconstructing your account, there would have been a credit balance or a surplus payment then we have also added 8% simple interest on that amount.
Does the above seem correct ?
I do not have all statements but I do have a list of PPI payment amounts from March 2003 to December 2006 totalling £375.85.
The account was transferred to MBNA from Alliance & Leicester in March 2003. As per my previous complaint, they confirmed that anything prior to that I would have to contact Alliance & Leicester / Santander in which I did and was again not up-held.
Cheers for any assistance
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