London Scottish

[wildrob]

Hi All.
i have just had this letter back from london scottish.
i ask for 1168 pounds refund because london scottish charged me 1168 for early repayment. i have sent 2 letters to them had this is there reply.

further to your recent correspondence to this office, we can confrim that the redemption of your account has been investigated, and we find that no rebate of redempiton monies is due, and the figure quoted is correct.

we note from the content and format of your letter that you refer to the unlawful under common law, and statute and consumer regulations, that you may be referencing a recent oft investigation into credit cards and bank charges, the oft investigation did not make refence to early repayment charges or rebates associated with loans.

so i have now sent them a 3rd letter, quoting 2 paragraphs from the oft about early repayment, and charges.

does any one have any ideas what else i can do.
london scottish have 14 days then i will take them to court,

bye rob

	Bank Charges You should have started your claim for your bank charges by now. Don't wait. You should send your bank a Subject Acess Request asking for all personal data they hold on you - not just statements. You should calculate all of your bank charges and related interest as far back as 1995. You should send your bank a demand for a refund giving them 7 days. You should commence your legal action adding 8% statutory interest. If you wait for the outcome of the test case, you may not be able to claim like this. you may not be able to claim interest. You may only be offered the difference between the charge and the OFT "fair charge". The repayment scheme will try to limit you to refinds from 2001 only. A repayment scheme will not deal with any bank charges related defaults on the credit register whereas in a court action you can ask for these to be removed and to be compensated for the damage caused to you and your family by them. You should also write to the bank and to the CRA and put all charges related credit entries in disupte and warn them that you will want them removed from the Register when the test case is over. Warn them also that you are likely to be seeking compensation for these wrongful data entries. Full and final settlement Have you previously accepted a partial repayment of your bank charges in full settlement? You will still be able to claim the rest of your money back after the Test case is decided. Get all your information back to 1995 and put in your claim now.

[ukaviator]

Hi ROB

In Common Law you can only recover liquidated losses stemming from a breach of contract - that is, money which it has actually cost you to end the contract early. They have charged you that amount as a redemption penalty. Their actual losses are probably zero.

If they say that they are liquidated losses, then ask them to please demonstrate this by letting you have a full breakdown of the costs which have been applied as a result of you paying off your mortgage with them early, in order to reassure you that your penalties really do reflect your costs. Hope this helps

Uk..

[wildrob]

Hi
Just a couple of things.
i sent another letter on the 15th nov and have not heard from them yet!
is there a link on here which will help you fill out a small claims form in the right manner.
i have sent 3 letters to london scottish asking for the early repayment charge to be refunded (116
there is also a redemption fee of 78 pounds
total amount 1246 pounds plus 8% interest from 13/04/05
HOW do i work out the interest.i think its about (1433)
many thanks
rob

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[wildrob]

i sent a letter on the 15th giving LS two weeks, i have still no heard anything from them, not happy about that, letter sent by recorded delivery.
so i am going to send them one final letter. asking for the 1168 pounds.
and give them 7 days before i take them to court.

[Jacqueline07]

Best of Luck Rob - I've received payment from LS in early October but I think I caught them off-guard. There is one other than I know about and they have now defended the claim so you probably will have to go all the way with these. My thread (Jacqueline07 v London Scottish) is in "Other Institutions".

Stick to your guns though - you'll get there.

Jackie

[wildrob]

hi jackie,
thanks for your message, and well done on getting your money back.
i have just sent my final letter. addressed to someone in london scottish.(not sure about putting the name on here)
saying that i am shocked and unhappy at not ans my last letter, and you have 7 days to deal with my request before i go to court.
i am looking forward to going to court, because they did not ans my letter, that is rude and wind's? me up. lol

cheers rob

[wildrob]

i got a letter from london scottish dated the 10 jan, saying the following.

1st there would like to apologise for the delay and not ans my letter dated 15th nov.
ls said that when redeeming my account early i was not in breach of the contract terms.
and it goes on to say the following.
the formula used to calculate the redemption figure on your accont is know as the rule of 78. it works back to the date the redemption was requested from the contractual end date of an agreement to reach the final settlement figure.
there have sent me a copy of how rule 78 is calulated,copy of the terms and conditions of my account and the following.
in the veiw of the above, i am unable to consider refunding any charge, and whilst i understand that this may not be the ans you were looking for, i trust i have explained our postion to you accordingly.

we note that you have stated that if you do not receive a positive response you will issue legal proceedings. we confrim that any claim you issue will be defended and we will seek to recovery from you any costs incurred by us in defending the action. and this is there final respone.

what a load of bs,
i am on a low income how did i take them to court on the cheap.
and what do people think about this.

cheers rob

[Bigmac versus]

Small claims, you may be entitled to benefit from free costs of bringing this action.

[zootscoot]

Was the loan under 25K?

[wildrob]

hi zoot.
i loan i took out was for 18k, on 30/09/04. i paid it off on 13/4/05
cheers rob

[zootscoot]

Unfortunately Rob this means it is governed by the Consumer Credit Act 1974 which allows them to charge a redemption fee in accordance with rule 78. The courts can not intervene.

[wildrob]

thanks zoot for your advice. cheers