MBNA Virgin Credit Card PPI (awp)

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

Congratualtions on the uphold.

Now can I ask you how did they word the letter re the compensation calculation if indeed they have mentioned anything

Is it in the format "we have calculated it in accordance with FCA/FOS rules and the compensation is as follows
Premiums xxxxx
Associated Interest xxxx
Stat Interest xxxx
Total xxxxx

Thanks

[awp79]

Re: MBNA Virgin Credit Card PPI (awp)

Thanks Ken, in a nutshell, yes! It has been sent as a full and final settlement letter.

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

You have not been sent a computer spreadsheet for how they worked it all out at all?

As in lines and lines of figures under various columns?

[oscar]

Re: MBNA Virgin Credit Card PPI (awp)

Their standard letter. It should tell you what the associated rate is they have used.

Usually, its the current rate on the card, which is usually the highest.

Never used to send the spread sheet from what I remember, but it wont be a delay tactic, its a firm offer.

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

This is the point Oscar. From last summer they have deviated badly from redress as per how the FCA/FOS have instructed. We know because we have computer prints pre and post when they changed.

They are hoping the consumer sees bundles of cash and just takes it without checking. Hence quick upholds and payouts.

If a little birdy told you that the ones in the know realise its about 50% light of what you should be getting if they followed the methods of redress that the regulator and adjudicator have on publicly viewable websites.

But the point of this is just saying oi I want my wonga back at FOS because that is where this will end up will not be enough, you have to unpick some very clever maths. Even then with FOS track record its gonna be hard to get what is rightfully your back.

[awp79]

Re: MBNA Virgin Credit Card PPI (awp)

No spreadsheets, just a very clearly constructed letter that on the face of it appears to be genuine. The figures are laid out in 5 boxes. There is however no rate mentioned other than the 8% interest

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

Right good they are following what they did with us and many others so no surprises unless they have started calculating correctly. Basically your premiums will be correct if you add them up. However your interest will be badly amiss. But you cant check that with what they have sent so far.

My advice unless anyone has any other views is to wait for and cash the cheque then write back straight away (I would get a letter together and post it the day your cheque clears) disputing the amount as full and final and ask for this spreadsheet.

The last version I have seen is V20D_B037. It maybe slightly different number as it is evolving all the time. But will be something like.

You are entitled to see how they have worked your compensation out and FOS will order them to disclose this too you if they decide to play silly buggers.

Now this is where the time thing comes in. You would think its a different complaint but MBNA will run it from the date of the letter you have just got. Therefore it if you want to proceed following where I point you, it must be with and accepted by FOS within 6 months of that letter.

So straight away you can see a couple of weeks wasted for the cheque few days for it to clear then trying to get the spreadsheet out of them. All starts to add up.

[awp79]

Re: MBNA Virgin Credit Card PPI (awp)

Thank you and appreciate the sound advice. I will keep the thread posted on developments and will prepare as far as possible for the moment the cheque (if it arrives) clears!

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

I cant promise you will get anywhere with this as our claim is in FOS and has been for 6 months. But from what I have learnt and being 6 months ahead of you hopefully can get you round some of the obvious mistakes I made while learning.

They have by messing with the interest rates shortchanged us by 50%.

We know what they are going to try and claim when FOS get onto them hence why the oi I want my extra wedge back wont work. You will have to use the regulators/adjudicators own rules to get FOS to side with us.

Once you got that then I expect the FOS will order MBNA to recalculate. Well thats the theory.

And once again well done on your win. Savour the moment enjoy the weekend and we will come back to it when you ready.

[awp79]

Re: MBNA Virgin Credit Card PPI (awp)

Quick update to advise no sign of a cheque yet. Still anxiously watching my door mat each day!

[ken100464]

Re: MBNA Virgin Credit Card PPI (awp)

Ours took the full 28 days. With hindsight it was a full month into their timebarring attempt on us.

[cymruambyth]

Re: MBNA Virgin Credit Card PPI (awp)

The full month appears to be standard practice for all banks!

[awp79]

Re: MBNA Virgin Credit Card PPI (awp)

Cheque arrived today

It's now in the bank an is estimated to clear next Friday. I will have my letter ready and waiting to send once the clearing is completed as described above!