Help Needed. MBNA redress calculations Do you have two spare stamps

[Bill-K]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Hi and welcome to you Colonel !!! Well done that man for reconstructing your account, and I hope you found the spreadsheet helpful. Do let me know if there are/were any problems/complaints/suggestions etc., as "ours is a policy of continuous improvement" - and we (Turboman and I) try and keep them updated. I believe our little campaign may have achieved something, as I believe that the FOS recently suspended the processing of all MBNA claims pending an investigation into their calculation methods. Although your own PPI was mis-sold prior to 14/01/05 (when the FSA began regulating insurance selling) - I believe that the way in which your claim is dealt with should still be covered by the current FCA rules.

However, if MBNA insist that they do not have to follow these rules when calculating PPI redress offers on PPI which was mis-sold prior to 14/01/05, then there was actually a different calculation method for the 8% simple interest at that time - and this usually resulted in a larger amount, because it was not dependent on the limiting effect of the reconstructed 'Notional Balance.'

Also - the £280.20 'associated interest' seems a bit low, as this is the portion of account interest which is attributable to the accumulating monthly total of PPI and interest. This has also been one of the 'difficulties' with MBNA's calcs.

So - my own suggestion is that you demand that MBNA send you a properly detailed spreadsheet, showing clearly how their calculations were made. I believe they have been ordered to do this by the FOS in recent months, so I hope they will not try and avoid this now. If they insist that your claim is not covered by the FCA rules, then we have yet another interesting scenario to look into. If you would like us to continue discussing this claim, then do please start a separate thread for it here - where we can focus on it more closely. Please post a link to it here in this thread if you do - or let me know you have started your own thread - and I will post a link here myself.

http://forums.all-about-debt.co.uk/f...redit-Card-PPI

Carry on, that man...!

[MattyA]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Well done and good on ya.
I found the same and argued for a while , but needed the money so settled before I received what I believed was the correct sum due.
In light of the recent reports in the press I will re open my fights with them.
Have you included your default sums and interest on these in your calculations.
You are on the right track - DONT give up.
Good luck
Matty

[colonelsensibl]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Hi a newbie here with an interesting, perhaps even outrageous, example of MBNA understating PPI recompense.

Background: I took out an MBNA credit card in Manchester Airport in August, 2000. Saleswoman completed the form (with PPI ticked) except for my signature. Circumstances in 2003 caused wife and I to seek help from CCCS and start a debt management plan. Last PPI payment my MBNA card was 11/12/2003.

Update: In April this year I complained to MBNA about PPI payments and quickly (to their credit) they came back with a letter saying that the complaint was upheld to the tune of:
£1412.63 PPI premiums, £280.20 associated interest and £136.23 applicable 8% gross interest (less £27.23 withholding tax).

I reflected on this, and thought "that £136.23 seems low". So SAR'd MBNA, and spent the last weekend reconstructing my account, and entering it into one of the Semiantics spreadsheets (V2.4, 25/10/12).

This showed that the "applicable 8% interest" totalled over £1400! So I double-checked using GCE Maths (or earlier) I=PRT; I=Interest, P=Principal, R=Rate of Interest, T=Time

From above, P(=£1412.63+£280.20)xR(=0.08)xT(=10.4575 years, from 11/12/03 to 27/5/14, date of MBNA letter), =£(1692.83x0.08x10.45), = £1416.22.

So you have found instances of 30%-50% shortfalls. I reckon this one is up there with them, at about 42% shortfall

[Bill-K]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Considering the fact that I do not have a MBNA claim, although I rote to the FOS & FCA with my templated 'mail-drop' letters "as an interested party" - I was most pleased to receive my template letter from our Vicki. This is most encouraging, I reckon - but I'll say no more than that for now, squire !!!

[Still Waving]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

yes the response we have all got sdo far it seems!

Yes - I have.

[The Tech Clerk]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Many are now receiving letters from Vicki McAusland, Lead Adjudicator FOS. The letters apologise for the length of delay in responding but also confirm that the FOS are still looking closely at the way MBNA carries out it calculations. Further, the FOS have requested from MBNA more information about its calculations and when they have the responses to ALL enquiries they will be in a position to respond further.

Thank you for your patience.

yes the response we have all got so far it seems!

[Angry Cat]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Oh yes definately!!! Mine's going off first thing in the morning, signed for!

That is interesting AC, they will all be caught out in the end x

Many are now receiving letters from Vicki McAusland, Lead Adjudicator FOS. The letters apologise for the length of delay in responding but also confirm that the FOS are still looking closely at the way MBNA carries out it calculations. Further, the FOS have requested from MBNA more information about its calculations and when they have the responses to ALL enquiries they will be in a position to respond further.

Thank you for your patience.

[Angry Cat]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Well spotted, AC. It looks like the programme is being aired on BBC Radio 4 at 8PM. tonight.

Indeed, it is!
http://www.bbc.co.uk/programmes/b03yqp8d

[Bill-K]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Well spotted, AC. It looks like the programme is being aired on BBC Radio 4 at 8PM. tonight.

[Angry Cat]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Looks like Lloyds have been doing similar...
http://www.bbc.co.uk/news/business-26715982

[oscar]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

If we are right then alot of people out there owe everyone one of you who helped their gratitude. Sadly they will never know your names or indeed thank you.

However if anyone wants my bank details to transfer money to me!

[Still Waving]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

I will please me immensely if MBNA get a sound kicking.

[ken100464]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

Yes indeed cant offer much in addition to what Bill has said. I thank you all for what you did.

If we are right then alot of people out there owe everyone one of you who helped their gratitude. Sadly they will never know your names or indeed thank you.

If we are right your pleasure will come from the knowledge you helped kick a bank up the backside. Sometimes to do the right thing is gratitude enough.

But on a personal level I thank you all and particularly Niddy. As Bill said the initial spreading of the word by this forum was not something we expected.

[Bill-K]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

We just finished our full submission tonight, as we really didn't expect the FCA to get back to us as soon as they did, and - TBH - they (happily !!!) caught us with our trousers at half-mast. I posted my thanks in LB, PCF/CF & PAG, as that is where I was the OP for the MBNA 'appeal' threads - but the OP's in AAD & CCS were Ken & AC, so I left it to them to post their own thanks. I know that both of them have had a lot to deal with today, and lately, so their thanks was on its way, but not posted last night. I know that Ken was busy with his printer until the last minute, and I also know that I personally was responsible for stressing both of them out right up until the last minute. But I perhaps had the advantage of being a bit of a night owl, so I was still up and about (as the bishop might have said to the actress) after the other guys had hit the sack, so I posted my thanks in LB etc.

Ne'ertheless, what is posted is published, and 'twas good of PB to copy my (indeed - our) thanks across to here. I am damned sure that Ken will have posted summat similar here as soon as he was able to get his mangled brain cells firing in sync again after my onslaught, but he has been pre-empted by my own - and PB's - 'open all hours' disposition !!! So - speaking as one of that team, I need (and indeed I want) to thank Niddy for his well and truly positive attitude to this little endeavour. As far as I am aware (and I stand to be corrected - as the bishop said...) Niddy is the ONLY guy who took this and ran with it fully on our behalf - and on behalf of possibly thousands of MBNA PPI claimants.

I tell ya - until sometime last year, all I had heard about Niddy was what a mean barsteward he was. I personally emailed the 'barstweward' himself eventually - out of perverse curiosity, perhaps - and yep, he was indeed as mean a BS as they said he was. And we got on just fine - because that's how we have to be if we are up against not only the banks, but other forums that are supposedly on the same side of the barricades as we are !!! Having done CAG, PCF/CF, CCS & LB, I may clearly not be very adept at picking my friends - but as a self-confessed 'forum tart,' I currently offer Niddy a somewhat gay "mmmmwah" for his brilliant efforts on behalf of our little MBNA discussion group.

LOL - now get out of that one, mate. C'est la guerre...!!!

[Never-In-Doubt]

Re: Help Needed. MBNA redress calculations Do you have two spare stamps

I've seen this post on another forum which suggests that you have now achieved your objective.

Well done you

• I am most pleased to announce that we have now received a request from the FCA's PPI Redress Team Manager for full details of our analysis.This was the eventual outcome we had hoped for from this 'mail-drop' exercise, and it is entirely the result of the efforts of those who sent letters and emails to the FCA & FOS. There is therefore no need of any further letters/emails to either the FCA or FOS - and I and the 'MBNA Calculation Group' wish to thank those here in LB who have supported us with this venture. We will report back here when we have any news or results, but we may not know the outcome until such time as the FCA or FOS publishes it.

Yea cos of course LB tweeted it and put it on their FB, Blog etc didn't they.......

Sometimes you do wonder! But excellent result nevertheless.

c'est la vie