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now think it is time to try and help anyone else reading this.
If you have been fortunate enough to get an uphold on a MBNA credit Card I cannot advise people strongly enough to demand their calculations as to how they came to the redress that they did.
The spreadsheet they are using at the moment is called the V20C_B031.
FOS deem this to be fair and reasonable that you are given this so despite MBNA bleating continue to demand it. Not only are they supposed to give it routinely they are also supposed to explain it unless it follows the preferred method of redress as set down by FSA/FOS. The point of this post is that they arent.
Once you have this in your possesion you will find quite a number of things which do not follow the FSA/FOS recommended redress.
Sadly FOS being the ass of an organisation they are will not entertain you going straight to them as they see this as a seperate complaint to the PPI uphold. Therefore 8 weeks timespan from a new complaint or a go to FOS letter must be obtained before you can involve FOS.
So what are the things you need to look out for on this spreadsheet?
1) Check that money is not being removed from the actual account into an imaginary account. It is called surplus redress on their spreadsheet.
This imaginary account balance will slowly increase by random amounts over the course of your account balance.
It will start to attract 8% simple interest quite soon after your account starts.
However and this is the trick the money is not removed from the actual balance.
Therefore you continue to pay contractual interest on this money but they are offering you 8% simple back. Your monthly loss is the difference between the contractual interest on the surplus redress minus the 8% simple.
Over an account lifetime this will mount up. And of course will attract more contractual interest for being within the account.
2) Check your penalty fees. If your account was longstanding and the PPI element becomes substantial unless you were so way over your limit you deserve to be called a banker then the reconstructed balance which should now include the imaginary surplus redress will nearly always be below your limit. This will become more and more likely as the account gets older.
These penalties were wrong before, now they are imposed on an account that wasnt even over your limit.
Furthermore late fees towards the end of an account if the PPI redress is substantial should be claimed if the reconstructed balance moves into the black. How can you have late payments when they owe you?
3) Check your applied interest rates actually follow your actual interest rates.
4) Complain to them again but quote the FSA/FOS guidelines. Links are on this website in the PPI reclaim section.
5) This is your money you are asking to have back not something like Starbucks offering a trinket to shut you up.
FSA is totally clear on this. They should be returning us to a position as far as possible as if no PPI policy had been sold. Not returning us to a position that leaves them with some of the money they have stiffed out of us in the first place.
I hope this will help some people and point them in a direction that will surprise them.
Anyone who has any questions on this spreadsheet if they obtain one feel free to post here and I will endeavour to help.
MBNA are being disingenuous with their calculations but because many just see the wonga it doesnt cross their mind they have been stiffed yet again.
If you have been fortunate enough to get an uphold on a MBNA credit Card I cannot advise people strongly enough to demand their calculations as to how they came to the redress that they did.
The spreadsheet they are using at the moment is called the V20C_B031.
FOS deem this to be fair and reasonable that you are given this so despite MBNA bleating continue to demand it. Not only are they supposed to give it routinely they are also supposed to explain it unless it follows the preferred method of redress as set down by FSA/FOS. The point of this post is that they arent.
Once you have this in your possesion you will find quite a number of things which do not follow the FSA/FOS recommended redress.
Sadly FOS being the ass of an organisation they are will not entertain you going straight to them as they see this as a seperate complaint to the PPI uphold. Therefore 8 weeks timespan from a new complaint or a go to FOS letter must be obtained before you can involve FOS.
So what are the things you need to look out for on this spreadsheet?
1) Check that money is not being removed from the actual account into an imaginary account. It is called surplus redress on their spreadsheet.
This imaginary account balance will slowly increase by random amounts over the course of your account balance.
It will start to attract 8% simple interest quite soon after your account starts.
However and this is the trick the money is not removed from the actual balance.
Therefore you continue to pay contractual interest on this money but they are offering you 8% simple back. Your monthly loss is the difference between the contractual interest on the surplus redress minus the 8% simple.
Over an account lifetime this will mount up. And of course will attract more contractual interest for being within the account.
2) Check your penalty fees. If your account was longstanding and the PPI element becomes substantial unless you were so way over your limit you deserve to be called a banker then the reconstructed balance which should now include the imaginary surplus redress will nearly always be below your limit. This will become more and more likely as the account gets older.
These penalties were wrong before, now they are imposed on an account that wasnt even over your limit.
Furthermore late fees towards the end of an account if the PPI redress is substantial should be claimed if the reconstructed balance moves into the black. How can you have late payments when they owe you?
3) Check your applied interest rates actually follow your actual interest rates.
4) Complain to them again but quote the FSA/FOS guidelines. Links are on this website in the PPI reclaim section.
5) This is your money you are asking to have back not something like Starbucks offering a trinket to shut you up.
FSA is totally clear on this. They should be returning us to a position as far as possible as if no PPI policy had been sold. Not returning us to a position that leaves them with some of the money they have stiffed out of us in the first place.
I hope this will help some people and point them in a direction that will surprise them.
Anyone who has any questions on this spreadsheet if they obtain one feel free to post here and I will endeavour to help.
MBNA are being disingenuous with their calculations but because many just see the wonga it doesnt cross their mind they have been stiffed yet again.