OFT v Banks - Round One to OFT

[saintly_1]

Originally Posted by vinegarvera

I have an overdraft made up of charges. The interest seems to have shot up a lot lately.
Does this mean the interest we are claiming should go up from 8 percent also??

The 8% interest can only be claimed once it reaches the court stage and is a set %. The only interest amount that can possibly be altered is the CI interest



Well thats my understanding (but this area is not one of my strong points )

[car2403]

Originally Posted by saintly_1

The 8% interest can only be claimed once it reaches the court stage and is a set %. The only interest amount that can possibly be altered is the CI interest



Well thats my understanding (but this area is not one of my strong points )

There is authority for reclaiming the contractual interest applied to the account, though. I haven't tried it myself, but I've seen threads where it is being reclaimed.

Statutory interest is a given once the claim issued and reclaiming contractual interest seems to depend on the circumstances and the opinion of the Judge.

[MilkTrayMan]

Originally Posted by car2403

There is authority for reclaiming the contractual interest applied to the account, though. I haven't tried it myself, but I've seen threads where it is being reclaimed.

Statutory interest is a given once the claim issued and reclaiming contractual interest seems to depend on the circumstances and the opinion of the Judge.

Awww Bless...A 1yr old NEWBIE...

Sempra Metals v IRC July 2007 - Compound interest on restitutionary claims


...

[MilkTrayMan]

Perhaps further thought to the following Thread MAY once again be topical + appropriate car2403??
can we have a new section in the forum for links to claims with contractual interest

...Methinks even the most apathetic NEWBIE Claimant is recognising the extra profits that the Banks are raking in when they are doing the basic maths between what they are STILL being Charged + what they would be expected to be able to Reclaim with s69 8%p.a. Simple Interest.

Perhaps a MORE concerted push for Daily Compounded Contractual Interest would also make the Banks squirm just a little??...


...

[kennythecelt]

What credit crunch? City bankers receive £13 bn bonuses this year. Guardian 26/05/08

What credit crunch? City bankers receive £13bn bonuses this year | Business | The Guardian

"City workers have been awarded £13.2bn in bonuses so far this year,"

"There can no longer be any doubt that the multimillionaire elite who run the City and the financial sector are out of control and divorced from economic realities."

Greed
business as usual
snouts in the trough
money for old rope
I'm all right Jack!

[car2403]

Originally Posted by MilkTrayMan

Awww Bless...A 1yr old NEWBIE...

Sempra Metals v IRC July 2007 - Compound interest on restitutionary claims

...

Thanks for that, MTM - I couldn't find it when I looked.

Originally Posted by MilkTrayMan

Perhaps further thought to the following Thread MAY once again be topical + appropriate car2403??
can we have a new section in the forum for links to claims with contractual interest

...Methinks even the most apathetic NEWBIE Claimant is recognising the extra profits that the Banks are raking in when they are doing the basic maths between what they are STILL being Charged + what they would be expected to be able to Reclaim with s69 8%p.a. Simple Interest.

Perhaps a MORE concerted push for Daily Compounded Contractual Interest would also make the Banks squirm just a little??...


...

Couldn't agree more.

But, then, as I'm neither apathetic nor a newbie claimant, I don't benefit from having the link.

Lets start a compound interest fire under this lot then!

[citizenB]

Originally Posted by kennythecelt

What credit crunch? City bankers receive £13 bn bonuses this year. Guardian 26/05/08

What credit crunch? City bankers receive £13bn bonuses this year | Business | The Guardian

"City workers have been awarded £13.2bn in bonuses so far this year,"

"There can no longer be any doubt that the multimillionaire elite who run the City and the financial sector are out of control and divorced from economic realities."

Greed
business as usual
snouts in the trough
money for old rope
I'm all right Jack!

So that's why they needed to borrow money from the tax payer !!

[JOSH_IOU]

pmsl if they are out of touch How the hell can they make 13bn a year?

Sounds to me they are willing to do alot more to secure a profit than many people I have seen on this site and others.

Making Profit means you have to take control of your sittuation which i what CAG is about.

To make money to be wealthy you must have money its the sad fact of life. I doubt this will ever change.


The only bank I no of that has borrowed money from the tax payers is Northern Rock. They had a poor business plan even I seen flaws when I was working for them. The line manager and department head even adminted it off the record ofcourse sadly.

The credit crunch dose not seem to be affecting banks but it is there.It affects small business and the pricing in the housing market.

It also affects individuals of society that are most in need of help.

We need to start helping them help themselves again because this test case is not going to go away any time soon.

It is time for CAG to wake up to this fact and start another collection of court cases on alterative legislation.

[JonCris]

NR the only one to have public money?? Sorry mate where you bin the banks have been given 50 billion & rising of our money with virtually no strings attached not even a demand that they don't penalise consumers for THEIR mistakes which of course they are

[JOSH_IOU]

I said to my knowledge.

If there has been other banks givin tax payers money then there must be a bigger problem than they are letting on.

[JonCris]

Which is why I asked you where you have been It was reported all over the media for days

'Banks to be given 50 Billion'
'Banks get 50 billion' & so forth

[citizenB]

Originally Posted by JOSH_IOU

The only bank I no of that has borrowed money from the tax payers is Northern Rock. They had a poor business plan even I seen flaws when I was working for them. The line manager and department head even adminted it off the record ofcourse sadly.

Check this one out.. 21st April, £50billion made available by the treasury for UK banks.


BBC NEWS | Business | Darling backs £50bn bank bailout

[JOSH_IOU]

I try not to belive evrything I read in the media. Infact I havent picked a paper up this year. Dont intend to either.

Wonder how much there putting asside for me No need to use a paper for that.

[JOSH_IOU]

Guess its time to revail I am a member of the NUJ