Want a laugh?

[phatram]

We started paying charges back in 1985 when we went into business.
We cant get the info off the Co-Op so using what we have already claimed back at their unauthorised rate of interest, 29%,thought we would do a spreadsheet out of interest.
The amount it says we are owed is.......
£3,913634.43.
Will of course let you know what they say when they get back to us!!!

[pt2537]

hmmmmmmm should be interesting what they have to say when you ask for that back

[PKea]

Am I reading that right
just under £4 million

Drinks are on you, if you get that one back

[phatram]

£1667 @ 29% compound contractual interest from march 1985 = over £900000 !
They've paid us at that rate for the last 6 years so why should it change?

[PKea]

Cool

I'd go for it mate.

If you have already sucessfully claimed at 29% there should be no reason why this should be different unless they are going to prove.

I would think that they would defend this one. This could be THE case we are all waiting to happen

Paul

[jaxads]

Will watch with interest --- good luck

[phatram]

Any advice from mods please?

[alanfromderby]

How did you calculate that you paid £1667 in 1985?

[phatram]

Divided charges etc from last 6 years to give us an estimate.
Going to do it properly when got time as we were only messing about with figures.
I think when done properly it will be around the £500-£1000 mark.The idea would be to make them prove what the correct figure is.
Figure I get is £601, now for a spreddie !

[phatram]

Oct 2000 to Nov 2006 charges etc, £3910.50.divided by 6.5=£601.
Done a spreddie @ 29% cci which gives £9015.00 charges and £1,047,553.39 interest.

[alanfromderby]

Okay, I would see several problems here.

Firstly, the level of charges has increased well above the rate of inflation over the period in question. It is likely that in the early years you were only charged £3 or £4, maybe even less.

Secondly, as the Claimant, you will be expected to provide proof of each charge levied. No Judge would be prepared to accept an argument that put the onus on the Defendant to prove that they had NOT levied a charge.

The bank has no legal obligation to keep transactional information as far back as you are claiming. Whilst there is some debate that the Inland Revenue and Banking Regulations MIGHT suggest that records be kept for 12 years, clearly the data Protection Act only provides for 6 years.

Without proof that the bank are withholding older records, your case would fail.

I would also suggest that using the unauthorised interest rate would not be accepted - some judges are even reluctant to allow ordinary contractual interest.

Finally, and most important of all, a claim of this amount will be allocated to multi-track. This means that you are liable to face the full legal costs of the Defendant, if you fail to prove your case. It is likely that those costs could be as much as £10,000.

Even if the value is reduced, and it goes into Fast Track, a Judge is still likely to award costs if he was to feel that the case was never likely to succeed.

Having said all of that, I would expect a claim based on the calculation process you have suggested to be responded to by an application for a strike out - and I would expect that strike out to be successful.

Whatever decision you come to over this claim, I would advise that you obtain proper legal advise, otherwise this "laugh" could turn into a very sick joke indeed.

[phatram]

Thanks Alan.

[groovycaz]

Hi am I correct in my calculations, The Co-Op charged me in 1996 34.49% interest for going overdrawn and i have charges of around £2000 dating back to that time (i have all my statements) 2.50% per month. At the compounded contractual interest rate dating back to 1996 would the figure be around £27k. I think I may have made a mistake on my schedule of charges, at 8% its around the 4k mark. Ive checked it a couple of times and it still shows the same figures, I cant believe it could add up to that much... any advice would be most helpful GC

[alanfromderby]

Originally Posted by groovycaz

... any advice would be most helpful GC

...and may well be forthcoming on your own thread.