PPI claim with MBNA

gman41

Hi,
I have recently placed a few claims with a few banks, so made 1 with mbna for a credit card I had back in 2001, I always had a balance on it,
but when I made a claim for the PPI, mbna wrote me a letter saying I would receive a cheque in the post within 28 days? (I did not accept any other they made)

2 days later a cheque arrive for the sum of £305 which included £0.19p of interest (yeah I laughed too)

Then the bank told me not to contact them ever again regarding this matter.

I do belive the PPI claim should be around the £4000 mark, is this just a 'go away' payment???

If I cash the cheque can I still forward it the the FOS???


Thanks


G.

misschicken

I was in a similar position and was advised by the FOS not to cash the cheque as it could be deemed as acceptance of the refund as a full and final settlement.

Contact MBNA and speak to the PPI department and say you need to see a statement showing how they've calculated your refund. Don't take no for an answer, they gave me the runaround for ages. In the end they actually emailed mine to me while I was on the phone to them - and it was completely accurate and worked out exactly the same as the FOS would have done - it was just short of a couple of months interest by that point because they'd dragged their heels sending me the cheque, which they then added on to bring it up to date.

Don't know how you did your calculations but if you always had an outstanding balance on the card you wouldn't get 8% statutory interest, in case you've included that in your figures - there are some really over-zealous spreadsheet calculators on some of these forums! The FOS website has details about how it should be worked out.

They may also not have all your records going that far back so may just be refunding you the figures that they have. There's no rule about how many years they have to go back with regards to the refund but they don't have to keep you records for more than six.

gman41

Thanks for the reply!