Full refund of 3 years credit card interest

cloggii

EarthBoy wrote: »

I don't believe this story either. I could understand if the ombudsman had ordered MBNA to repay some of the interest if they judged that it was excessive, but certainly not all of it. Why would you be so special as to deserve not only three years interest free purchases, (which is what it amounts to) but also a good-will payment for inconvenience on top?

You dont get anything without asking.

neil9313

cloggii wrote: »

You dont get anything without asking.

What was your credit limit?

HairY

NickX wrote: »

If 34.9% is deemed excessive enough to warrant a refund of all interest payable, then the likes of Vanquis could potentially be put out of business when all their customers get refunds.

The difference is Vanquis and Capital One issue you a card, with an appalling rate like that, right from the offset.

To be honest though I find this story hard to swallow, CC companies should inform you, by post, in advance, of an increasing interest rate and surely it is then your responsibility to appeal at the time?

normanmark

Wind up merchant if you ask me, a variable credit agreement means exactly that. MBNA wouldn't simply just refund interest on the back of one complaint, unless they applied interest by mistake. It seems this isn't the case, which makes this story something for Jackanory rather than Watchdog.

As said already if the Ombudsman declared 34% as excessive then Vanquis would have been told to stop trading a long time ago.

normanmark

HairY wrote: »

The difference is Vanquis and Capital One issue you are card with an appalling rate like that right from the offset.

To be honest though I find this story hard to swallow, CC company should inform, you by post, in advance, of an increasing interest rate and surely it is your responsibility to appeal then?

Appeal for what? When you sign up for a credit card, the interest is stated as a variable credit agreement. If the interest varies, then what grounds would there be for an appeal?

ExNicotineQueen

How much of the £3000 was interest refunded and how much was goodwill payment?

Did it take you 3 years to repay your original balance?

How long did this whole process take (from writing to MBNA to the Ombudsman getting MBNA to refund you)?

dfh

cloggii wrote: »

Every single penny of interest was refunded - I posted my experience to help other people in the same position as I was. I did'nt do it to waste their time -this is 100% true and I have the money in my bank account to prove it !. Maybe MBNA have been doing something untoward, the ombudsman seemed to think so in my case.

Well done !!!!!!

cloggii

I received £150 goodwill payment and £2894 interest refund.

I opened my card in 2005 and had repaid the balance in full in 2008.

The whole process took from September 2008 to June 2009 to be resolved. I wrote to the ombudsman in January 2009, they settled my complaint at the end of June. It was well worth the wait !.

kittiej

Did they say what the rate would be after the initial %? I don't blame you for taking it further if they kept altering the interest rate