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?
Thanks for any advice!