Starting My Claim

In debted · 4th December 2006, 14:56

Hi All,
I'm new to the site (last night) and have so far downloaded and marked up all of my bank statements for the last 2+ years.
I'm getting ready to send my letter this evening.
Does anyone have any comments before I do ?
Thanks,
In debted...

I have now read up on what I need to do - Can anyone confirm the following:

Stage 1 - Open http://www.consumeractiongroup.co.uk...-approach.html

Stage 2 - Fill out the letter, inserting my personal details and Insert the amount plus the Interest amount and then total it.
Stage 3 - Send the letter

Question: Am I missing something it seems so simple... HELP

MilkTrayMan · 5th December 2006, 19:11

Hello "In debted",

Can only advise U to read, re-read and then read again lots and lots and lots of others threads (...not only Nationwide's!).

There are many issues for U to consider:

Compound Contractual Interest at unauthorised vs authorised rate.
Simple Contractual Interest at unauthorised vs authorised rate.
Interest on Interest Charged.
S69 Interest @ 8%.
No Interest at all (...although they will have charged U!)
Claims for more than 6yrs.
Spliting your claim for Multi-Applications (...especially if in Scotland!)
to bring U within the scope of the Small Claims threshold.
Getting statements from more than 3yrs ago...etc etc

For each potential claimant there will be a different senario.

I, myself, am looking for confirmation for which is the best address to send my own S.A.R. to, as lots of others have sent theirs to different ones.

Best of luck!

In debted · 5th December 2006, 21:50

Hi MTM,
Thanks for taking the time to write back. I'm with Nationwide and have gone through on line statements dating back to September 2004.
I found a total of £1173.50 plus interest of £337.49 giving a total of £1510.99.
I sent my letter recorded delivery to Nationwide House, Pipers way, Swindon SN38 1NW.
Just counting down the 14 days.
I'm currently sitting with a £3000 overdraft so depending on how they respond I will either go back for a further (6 years) or settle for the claimed amount.
Good luck with your claim.
All the best
Mike...

MilkTrayMan · 5th December 2006, 22:29

Hi ID,

Only my opinion mind...But in your case I think that I would send off a S.A.R. for ALL your previous years charge details. Then once got, add to your current charges and using either one of Vampiress's or Mindzai's Spreadsheets, work out Daily Compounded Contractual Interest to get back what is rightly yours...your prerogative of course!

In debted · 6th December 2006, 10:40

Hi MTM,
I will look into it, I'm just checking the Royal mail web site for a signature...
All the best...

MilkTrayMan · 6th December 2006, 17:19

Hi ID,

U wouldn't like to vote in my other thread would U???

I am looking to get a Standard Deviation of 95%...lol

kc_31 · 6th December 2006, 19:30

Hi ID, you haven't included the 8% interest in your prelim letter have you? Also, if you finish this claim I'm fairly sure you can start another claim for the rest of your backdated statements though would probably be best to just do one claim. Just my opinion.

In debted · 7th December 2006, 00:05

Hi KC31,
I had included all interest.
But I'm considering going back 56 years...
Thanks...

In debted · 7th December 2006, 00:06

I mean't 6 years... lol

MilkTrayMan · 7th December 2006, 00:23

...and interest on the interest that was charged cos of the charges
(or if still in the black at the time...U suffered loss of interest to be gained)
If U are confident with your sums go for it!...it is yours after all

kc_31 · 7th December 2006, 21:43

Are you talking about the 8% interest as on the spreadsheets, or interest charges on the account?

MilkTrayMan · 8th December 2006, 00:52

Hi Kirsty,

Just spent an hour typing with one finger something really long in reply to your last post to clarify...was timed out on here...and the whole thing got deleted when I logged back in!!!...

To sumarise...U can either charge your own interest rate % or wait until U file your Court Claim and claim S69 Statutory Interest @ 8%...BUT NOT BOTH!...is my understanding of things.

kc_31 · 8th December 2006, 20:07

I see, so how do you work out your own interest rate?

MilkTrayMan · 9th December 2006, 12:39

Hi Kirsty,

READ READ and Re-READ other more capable people's threads...lol

The gist of what interest that U would charge the Bank would be the same % rate that the Bank would charge U if U had borrowed its money without its permission...i.e. @ the Banks Unauthorised O/D % Rate.
(Contract Law says that a contract has to be fair and equal to both parties...I'm lead to believe)

MilkTrayMan · 9th December 2006, 13:08

...which in Nationwide's case was 24.9% the last time I looked on its website!

As U can see...It's alot more than the S69 Statutory Rate of 8%
So for someone claiming significant charges from a few years back it can make a HUGE difference!!!

I think that quite a few people have had successful claim payouts already by using Daily Compounded Contractual Interest % Rate.

The S69 Statutory Interest Rate of 8% is what the Court would apply to a winning claim if asked to do so by the Claimant.

But as the Banks are rarely, if at all, contesting claims, it does no harm to claim the former rate, with the later as in the alternative for the court to consider if the Bank actually contested the use of Daily Compounded Contractual Interest.

The Court will ONLY give the Claimant what he/she claims for, if it is put down on the forms for the Court to consider!!!

kc_31 · 10th December 2006, 11:24

So how do you find out what a banks rate is? I have a claim against HSBC and would LOVE to claim extra interest!

kc_31 · 10th December 2006, 11:24

Sorry In debted we seem to have taken over your thread!

MilkTrayMan · 10th December 2006, 12:30

"WE"...???

U started it!...

A Bank's Unauthorised O/D Interest % Rate should be found on its own website amongst its charges page.

In debted · 21st December 2006, 11:19

Hi Guys,

Thanks for taking over my thread... lol

Today I received a letter from the nationwide which reads:

Thank you for contacting us on 05 December 20{about charges incurred on your flex account.

We appreciate the time you've taken to get in touch with us about this issue, and are grateful for the opportunity to explain the rationale behind our charging policy. We are aware there has been a lot of speculation about fees and charges in the media and that the Office of Fair Trading has issued a directive regarding credit cards.

As you know if we allow items to be paid and it means you exceed your agreed overdraft Or we have to return an item unpaid on your account then we will make a charge in accordance with the terms and conditions. Details Of our tariffs are contained within out `FlexAccount Interest Rates and Charges' leaflet, freely available in branches and provided when opening an account and agreed to by yourself when you sign in acceptance of these terms when signing the application forms.

Nationwide believes it is open and transparent about charges and members are pre-notified prior to charges being debited via their monthly- statements. If, at any time, we make changes to the tariff, account holders are always informed. We hope that you will feel that you can abide by the terms and conditions of the account but if you cannot, then regrettably it may be appropriate. for you to consider alternative banking arrangements.

I hope. that this has helped to clarify our position and you will appreciate why I am unable to refund any charges on your account. If you have any further queries don't hesitate to call me. My contact number is 01793 712603

I must make you aware The Nationwide Group uses the Financial Services Authority rules when dealing with customers' concerns. I've enclosed a leaflet that explains our Internal Complaints Procedure should you not be happy with my reply.

Yours sincerely

Richard Huntley

Customer Service Manager Member Account Servicing

What do I do if I'm still unhappy?

The Nationwide Group uses the Financial Services Authority rules when dealing with customers' concerns. Under their guidelines, you inay consider the following course of action if you're not satisfied with my response.

1. Our Member Service Department can review your concerns. I will be glad to refer it for you. If you decide to go ahead with this option, please contact me.

?. If you are still not satisfied, you may then approach the Financial Ombudsman Service for an impartial, independent assessment of the situation.

if vou don't come back to us within the next. aG days, I will close our file.

Its my guess that they are not going to play ball, what should I do now?

Any (sound, lol) advice appreciated.

Thanks,

In debted

kc_31 · 21st December 2006, 12:06

That's a standard letter. Just continue with the next letter once the 14 days have passed.

CAG Products - We think that these will help you to make your claim or Reclaim your Right These sales also help us to keep helping YOU and ensure this site will remain free to use!

Small Claims Kit--	Small Claims Court Guide New Edition	Consumer Action Group envelope labels	Last Will & Testament Kit	Fight a Motoring Ticket

Alternatively you could purchase a CAG email address here, or maybe you'd prefer our address labels here
UPDATE: Consumer Forums ConsumerWiki is now LIVE - click here: ConsumerWiki