MBNA Reclaim After Partial Settlement

Fortuna1

Hi All, I wondered if anyone could help me with this query.

After being on a repayment plan with MBNA after hitting some financial difficulties in 2008, I managed to offer them a partal settlement to clear the account at the beginning of June this year. They accepted this offer and the account is now closed. They also sent me a letter confirming this stating 'no further action will be taken to recover the remaining balance'.

I also started a PPI reclaim at the same time as the PPI was definately mis-sold for a number of reasons.

If MBNA actually find in my favour and decide the PPI was mis-sold, will they be able to take the refund against this partial settlement or will I actually (although I dn't want to be too optomistic!!!) get the money myself?

Has anyone else been in this boat?

DrSqueeze

A lot depends on how the offer was made, and the small print. Have a careful read through any documents you have about the settlement.

They could argue that since they've agreed to write off a debt you owe to them, they should also be able to write off a debt they owe to you (assuming it's for the same amount or less).

However, I know of people who've received refunds from banks even after having debts written off under an IVA.

Fortuna1

Just an update on this last post, MBNA have upheld the complaint and are sending me a cheque within the next 28 days. Fortunately, when they accepted my partial payment, they meant it!

PPI premiums - £3080.63
Associated Interest - £1990.90
8% interest - £47.82 (I'm amazed they gave me this as I always had a big balance on the card)

Total - £5119.35

Thanks for the great advice on this site, I wouldn't have done it wothout you all!

:j:money::j

di3004

Fortuna1 wrote: »

Just an update on this last post, MBNA have upheld the complaint and are sending me a cheque within the next 28 days. Fortunately, when they accepted my partial payment, they meant it!

PPI premiums - £3080.63
Associated Interest - £1990.90
8% interest - £47.82 (I'm amazed they gave me this as I always had a big balance on the card)

Total - £5119.35

Thanks for the great advice on this site, I wouldn't have done it wothout you all!

:j:money::j

Brilliant work, well done!:T & Congratulations!:beer:

DrSqueeze

Fortuna1 wrote: »

Just an update on this last post, MBNA have upheld the complaint and are sending me a cheque within the next 28 days. Fortunately, when they accepted my partial payment, they meant it!

Fantastic news, well done! :beer: