We've received a cheque for £420.00 from MBNA. Letter refers to a PPI complaint that we made several years ago. We haven't used the credit card - in fact we closed the account - for about 4 years.
The letter says that this payment is 'in full and final settlement of your complaint'. It ends: 'Please bank the cheque immediately, doing so will not prejudice you if you still have a query about your complaint.'
Are these two statements slightly contradictory or is the letter in effect saying that it's MBNA's view that this is full and final settlement but that we can still contest. Or, by banking the cheque, are we compromising a possible complaint about the amount?
The reason I ask is that I haven't done the maths yet - mostly certainly, this was a mis-sold PPI (hence the long running complaint) but I feel that it's likely that the final amount should have been higher. There is no paperwork to accompany the letter.
We could do to bank it for financial reasons - things are very tight just now - but would this be a little foolhardy before I've trawled through the paperwork and done the maths. And would MBNA co-operate by filling in any gaps?
Why not call them and ask for a breakdown? I would caution that if you decline this offer and head for the Ombudsman there is no guarantee they will uphold your complaint and also as they are so busy it could take a further couple of years to investigate. I believe although please don't quote me you can approach the FO for up to 6 months after an offer. I would though in the first instance call them and ask for their workings.
What sort of amount to you think you are owed? If you think you are owed more than £1000 then it may be worth continuing to contest - and I wouldn't bank the cheque till you've taken professional (probably paid) advice.
If you reckon the amount owed is £600-£800 I would just bank the cheque and wash your hands of the whole sorry mess. Value your time and energy at at least £100-£150 per day. It's not worth spending the energy required to increase the offer by a modest amount.