Scrumpy v Abbey

[Scrumpy83]

Hi all,
I started my claiming process with MSE so forgive me for not using the templates guided here. hopefully you can still help or guide me the next stages.

Made my request for statements, cashed my 10 quid cheque. (*!#*!##S)
Received 14/16 months worth.
got the rest Microfische printed.
Will ammend with figures when im at home. (Working now)
lets say its around £1800 with STAT. interest.

Sent a letter requesting my money to branch, got fobbed off with a standard "complaints" letter from head office. I seem to have read this as being standard practice by abbey but mentions that they will review within 40 days... that wasnt the timescale I GAVE THEM! so im going to go to my next step. But in true rip off tv fashion... you decide!!!

Shall I Send 3. Letter before action - Consumer version - asking for it back(
or Shall I proceed with moneyclaim online.

text your answer a or b followed by your name to 82.... just kidding

Also is it too late to include compound interest? do i detail that in my court claim?

all help and advice would be appreciated greatly.

Many thanks,

Scrumpy

---------------------------
Sig coming soon....

My Claim in Progress against Capital One

[Lula]

Hi Scrumpy you don't add any interest compound or s69 until you file at court, in the interests of fairness when their 14 days are up after the first letter, you then send the LBA

[Scrumpy83]

yeah CAG say dont include charges but MSE did so my original letters did state the stat. rate of interest. I like the sound of these CAG letters now though. But one thing i need clearing, you (CAG) refer to overdraft interest in the total figure. Makes sense but how do you calculate that, quite simply is it on the spreadsheets available here? I will download all the spreadsheets when i get home tonight and re calculate it all and try working out compund for the later stage..

Many Thanks,

[charleyfarley]

Hi Scrumpy,

Overdraft Interest is the excess interest you have been charged by being more overdrawn because of the charges than if you hadn't been charged. Speaking from a personal standpoint it doesn't apply to me because the actual interest for my o/d that I was charged was minimal (it was just the charges that were astronomical!).

You will need to strip out the difference between the Interest you were actually charged and the Interest you should have been charged, and that's what you claim back.

[Scrumpy83]

yeah i dont know an easy way to work that out and yeah like you say. minimal difference. I think on my 900 quid overdraft i got like £5 interest for the month. charges totalling £100 is not going to be responsible for more than 50p of it so not bothered on that, and as i live out my overdraft, Im thinking more hassle than its worth to work out just that of charges responsible. wouldnt you say?

[charleyfarley]

In a word..............yes.

But that's not true for everyone so it was worth considering.

[Scrumpy83]

ok thanks,
trying to get the correct rate though for compound from abbey website.

Authorised overdraft typical rate
16.9% EAR
Unauthorised overdraft typical rate
28.7% EAR

(EAR stands for Equivalent Annual Rate and represents the annual cost of an overdraft, which takes into account how often interest is charged to the account and does not include any other fees or charges)


Which is the correct figure I need/should use?

I see 16.9% is mentioned by at least one other person after going throughh the claims.
I filled in the compound calculator.
My interest rate days are the same as when money is taken in my account. and as i live out of my overdraft usually, not all of the interest charged is applicable to me, that and the interest charge relates to the previous month? can someone clarify what interest amounts I should be declaring on the spreadsheet calculator please?

many thanks in advance,

[Scrumpy83]

My original letter to branch was returned with a letter from head office saying sorry theres a complaint and will get back to me within 4 weeks. Wasnt happy with this so prepared my LBA and have since received a letter saying due to backlog they will be an extra 4 weeks to respond to my complaint.

Ok I sent my LBA letter on 11th April. Today I received an offer for £590. My claim is for approx £1900 + interest. I will be sending a letter of rejection today and continue my court action process yes or give them longer to settle with the rejection letter?

Thanks,

[charleyfarley]

Rejection letter, and then keep to your own timescales. They are just trying to delay you in the hope you'll go away.

[Scrumpy83]

sounds good to me, Ill send the rejection. The LBA letter i sent on the 11th gave them 14 days so on the 25th of April I shall file my claim unless they respond positively to my rejection letter within that period. (yeah fat chance)

Thanks,