Thread: me v helifax*won*

HI been lurking round this sit for a while now and have just recieved 6 years worth of statements of the helifax, and at first look they've took around £3500in penalties of which £390 were in just 1 month:o ( no wonder i've had to remortgage twice) so it's time to start my own thread now that it's got interesting. i'm confident that i know what i'm doing( after all the lurking i've been doing) but I do have 1 question: Does anyone out there know the rate of interest the helifax charge on an authorised overdraft? because this is the interest rate i'm going to put on the prelim letter( sorry if anyone thinks i'm being greedy but i've lost so much including my business and 99% of my probs stem from these and other bank/CCs/and other companys penalty charges,and yes i'm gunning for the others as well but doing it in order so as not to confuse myself) I'm half tempted to go for the unauthorised borrowing rate that they charge but a bit unsure that i want to take that sort of risk( my boyfriends trying to get me to go for it because thats what he's going to do, but he's going for a MUCH MUCH smaller amount) anyway back to the point of this post, i really want to get the ball rolling on this so if anyone knows what the rate is i'd be VERY GREATFUL

thanks Carrie

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Hi Carrie,
Sorry to hear about your business.
Working out the interest charged when you have been in overdraft is going to be quite tricky to work out but I think Vampiress has a thread with a spreadsheet in it which helps to do this.

http://www.consumeractiongroup.co.uk...-interest.html

Maybe you have already spotted this. Sorry I don't know what the rate is for the Halifax. But if you read through all the posts on that vampiress thread I think there are some discussions on how people have worked it all out. Hope this helps

Libertie

thanx libertie i'll have a look now

sorry for asking again but i want to get prelim of on monday,does anyone know what the interest rate is for overdrafts

thanx

it'a ok i've found it, it's18.9% E A R whatever that means? anyone know if this makes any difference, i think it doesn't but not sure

HELP my heads in bits, i'm trying to work out the iterest on the charges they;ve took but want to work it out at 3 different rates(8%,overdraft rate 16.9%, and unauthorised borrowing rate 29.8%) I've tried to change the interest at the top but it doesn't make any difference. so I thought i'd work out the 8% easy enough, then times the interest by 1.09% to get the 16.9% rate, now i'm pretty certain that theres something wrong with this but don;t know what? any thoughts

I know i've posted this elsewhere but i really need help quickly:grin:

UPDATE

well I've had a busy day trying to get this sorted out, thanx everyone for all your help(mainly vamp ) I'm going for the contractual rate of interest thats at 29.8% (on the Halifax website) heres the formula i used: the amount of the charge times by0.298 divide by 365, times by the amount of days since the charge(i used the online interest calc to work the amount of days out,very handy ) heres the link http://www.consumeractiongroup.co.uk/chargeinterest.php
I'm taking my prelim letter into bank tomorrow which should be INTERESTING (excuse the pun) and i will keep you informed as there doesn't seem to be many people trying to claim the contractual interest:idea: don't know why, they would/have charged YOU this rate so right back atcha .I will however be putting on my claim form for the court 3 different rates(29.8%, 16.9% and the 8% s69) and leave it to the judges discretion, so nothing to lose in my opinion
anouther link that you sould look at is Why is no one claiming the contractual rate of interest???

right thats it for now will update when something happens

Me again, this is the lettr i'm going to take to the Halifax tomorrow, would someone who knows what their doing have a look and tell me if it's OK please especially the bit in the *** ***


My request
I am writing to ask you to refund to me the charges which you have levied from my account over the last 5 years.
I now understand that the regime of fees which you have been applying to my account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full Breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.
Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

Your responsibilities
I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.
I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.
Your concealment of the true nature of your charges has prevented me from asserting my right until now.

What I require

***I calculate that you have taken £3,516.00 plus £2,337.77 which I have calculated is the interest at your rate( 29.8%) for unauthorised borrowing for the sum which you have taken from me. Total £5848.77 . ***
I enclose a schedule of the charges which I am claiming with this letter

My targets to resolve this matter
I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline
should i put something along the lines of "there is an implied term in the bank contract based on the principle of "mutuality" or "reciprocity"


cheers all thoughts welcome

I want to get the ball rolling today, so any help would be gratefully received

anyone?

help please

Sorry if this sounds dumb but to work out your daily interest do you take the amount owed then divide by 365?

IE:1000/365=2.73?
thanx

Forget my last post i've desided not to go for the rate of 29.8% (boyfreinds going to but his claim will be MUCH smaller) i'm going for the 16.9% to keep my claim below £5000,so i'll not be going for the daily interest until it gets to the court claim if i can then go over the £5000 limit without it changing tracks?


Ive just checked tha helifax site to check the rates again and either I've made a mistake or they've put their rates up by 2% because it now says 18.9%, I sure I read it right the other day

The court definitely exclude the standard 8% interest from the £5000 threshold, but I suspect (i.e. I'm not entirely sure) they would include the 16.9% rate you're claiming - I'm no expert, but I think that's right

no vamp thats fine i've just printed it all of and will take it in this afternoon( sould be fun lol) thanx for all your help and i will keep everyone updated

Hi all
Well I've changed my mind(again) and decided to go for the 29.8% as the court fees will take me over the £5000 threshold of the small claims track( not to bothered really) and i also want to be able to claim the daily interest as well as it works out at £2.87 a day.

Just in case anyone thinks i'm being greedy i'll admit that in a way i am, but with reason: i recently had to close my previously successful business thanx mostly to this and 2 other banks( RBS and Natwest which are also on my hit list ) and i'm just about hanging on to my house, and when i think of how many times i've been in to ask for help ( mostly in tears) and all they can do for me is add more charges, i get so angry now i know that they've deceived me into thinking their charge were lawful! thankfully i'm back in control of my finances (only because i've closed my shop) but now have huge debts' so it's time for ME to take THEM for every last penny i can get (and some revenge:o ) I'm just after make a fresh start without the debts and get it right this time IE: without taking the BANKERS advice which got me in trouble this time!
Don't think i'm telling you this for sympathy because i've got to accept some blame for my previous mistakes, i don't want people to think i'm a greedy or nasty person normally but in this instance i'm making an exception

anyway thanks for listening to me rant and i'll keep you updated ( and no doubt as a lot of Qs) as and when things happen

ps prelim took in yesterday 26/07/06