Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Hello, I sent a Prelim Letter without compunded interest but have now decided to send an LBA including Compounded. What do you think of the below template I have constructed with the use of other peoples posts ?
Obviously not received a reply from Lloyds TSB yet but expect to get their standard 'we will investigate in 4 weeks blah blah .....'
I am very disappointed that you have failed to respond to my letter of the 18th January 2007.
In the time that has elapsed, I have reconsidered my position in relation to the extent of my claim for unlawful charges, and I would ask you to note that I am adjusting my claim to include compound interest at Lloyds TSB Bank Plc’s standard overdraft rate of 29.8% EAR. I am applying this rate of interest to the monies that Lloyds TSB Bank Plc has unlawfully deducted from my account over the years, on the principles of implied mutuality and reciprocity, and unjust enrichment.
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.
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 calculate that, as at today’s date, you have taken a total of £xxx-xxx in charges plus £xxx-xxx which you have charged me in overdraft interest for the sum which you have taken – a total of £xxx-xxx. In addition, I also claim Contractual Interest (compounded) under the principle of mutuality and reciprocity in our contract. As Lloyds TSB has taken unlawful charges from my account, this constitutes unauthorised borrowing – thus, the rate of Contractual Interest used is the bank’s unauthorised borrowing rate. The standard rate of unauthorised borrowing set by Lloyds TSB is 29.8% (see Lloyds TSB: Current Accounts - Rates & charges), therefore this rate is added to the above amounts and the breakdown is shown on the enclosed schedule. I calculate the Contractual Interest element (to 2nd January 2007) at £XXX-XXX. I am enclosing a revised copy of the schedule of the charges which I am claiming.
Additionally if you have entered a default notice against my credit record, this default occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.
In addition to full payment of the sum mentioned above I require that you remove any default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.
I require repayment in full of this money and removal of the default notice. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest plus a claim under ss.7 and 13 of the Data Protection Act 1998 plus my costs and without further notice.
Yours faithfully,
[name]
What do people think ? Worth going for with this new letter ?
LBA including Compounded Interest
rate of 29.8% EAR. I am applying this rate of interest to the monies that Lloyds TSB Bank Plc has unlawfully deducted from my account over the years, on the principles of implied mutuality and reciprocity, and unjust enrichment
Reply With Quote