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Actually, it's not an argument, but there's been a difference of opinion in a Bank thread about how to deduct a GOGW from a claim at the N1 stage (where the claimant is just claiming SI). The issue is what order to do the calculation of charges, GOGW and SI. Is it :
A - (total charges + SI) - GOGW, or
B - (total charges - GOGW) + SI
C - something else
If the claim has actually been filed, then:
A - (total charges + SI) - GOGW,
If the GOGW is recieved before actually filing a claim, then:
As Karnevil posted
Amend the schedule to show the £1290 as a credit at the end of your schedule - ie a - figure on the date they paid it to you.The file you claim for the amounts the spreadsheet gives you - it should adjust the 8% interest accordingly too.
Since the date they refund the GOGW will be very recent the interest adjustment will be minimal.
When I had a credit I just added it as a credit at the end of my speadsheet and left the rest the same. I wrote to them asking them to clarify which charges the partial refund was related to... the bank responded saying that the GOGW did not represent any charges... so therefore I took it off the balanced owed but have not adjusted the interest.
When you submit your claim you might like to let the ocurt know the bank have sent you money as a gesture of goodwill.
It was explained to me that a GOGW is like a bottle of scotch at xmas, no more.
JMHO
GLenn
Kick the shAbbey Habit
Where were you? Next time please
Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless
Abbey 2nd claim, two Accs - claim issued 30-03-07 Barclaycard - Settled cheque received
Egg 2 accounts ID sent 29/07 Co-op Claim issued 30-03-07
GE Capital (Store Cards) ICO says theyve been naughty
MBNA - Settled in Full
GE Capital (1st National) Settled
Lombard Bank - SAR sent 16.02.07
MBNA are not your friends, they will settle but you need to make sure its on your terms -read here Glenn Vs MBNA
Glenn, yeah, that's what I thought. One of the problems with a site like this is the amount of received wisdom. This turns out to be a lesson in going back to the source because I decided actually to bother to read the County Courts Act 1984, Section 69 and guess what : I'm wrong. God, I hate it when I'm wrong. Sorry GuidoT for doubting your advice (but I won't ask if you'd read S69 !!) County Courts Act 1984 (c. 28) - Statute Law Database
Power to award interest on debts and damages.
69. — (1) Subject to [F1 rules of court], in proceedings (whenever instituted) before a county court for the recovery of a debt or damages there may be included in any sum for which judgment is given simple interest, at such rate as the court thinks fit or as may be prescribed, on all or any part of the debt or damages in respect of which judgment is given, or payment is made before judgment, for all or any part of the period between the date when the cause of action arose and—
(a)in the case of any sum paid before judgment, the date of the payment; and
(b)in the case of the sum for which judgment is given, the date of the judgment.
Advoc8, why did I say reject not partial accept ? Because if you reject then no-one can argue that you had beneficial use of the GOGW so you would still be entitled to full SI. Mind you, that was before I read S69 above which makes even rejecting a bit suspect if the Bank just leaves it in your account. You'd actually have to reject and write them a cheque back. But then they might not cash it. Ridiculous.
FInally, standing back, this issue relates to 8% on the GOGW between N1 and settlement, say 4 months : About £2.66 for every £100 of GOGW. I'm not bothering with this subject anymore !!
If the bank writes to you and says heres a refund of charges incurred on x, y and z, then you would have no choice but to amend the schedule to take these into account.
However, if they don't specify the charges at all but say its a refund you inform the court and then let them decide how it should impact on the final balance. If it doesn't get to court then of course you wait till they settle and then haggle the best you can.
However, when its a gesture of goodwill there is no obligation to amend anything.
Think of it this way, if they sent you a bunch of flowers as a GOGW how would you deal with that? LOL I mean in relation to your claim, but the point is it just happens they send you money in the hope you will go away, but a GOGW is a gift in effect.
Now in reality i am not suggesting that you would get your claim value and your GOGW on top but it does simplify the process for the claimants.
Its also a point worth bearing in mind that unless they specify why their sending you a GOGW then it may have nothing to do with the claim, it could be because they have given your crap service, or you're a very good customer
Anyway, refunds and GOGW are entirely different IMHO and deserve to be treated as such.
Glenn
Kick the shAbbey Habit
Where were you? Next time please
Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless
Abbey 2nd claim, two Accs - claim issued 30-03-07 Barclaycard - Settled cheque received
Egg 2 accounts ID sent 29/07 Co-op Claim issued 30-03-07
GE Capital (Store Cards) ICO says theyve been naughty
MBNA - Settled in Full
GE Capital (1st National) Settled
Lombard Bank - SAR sent 16.02.07
MBNA are not your friends, they will settle but you need to make sure its on your terms -read here Glenn Vs MBNA
When you submit your claim you might like to let the ocurt know the bank have sent you money as a gesture of goodwill.
It was explained to me that a GOGW is like a bottle of scotch at xmas, no more.
JMHO
GLenn
I agree totally... they can always take it off the settlement at the end. It is axactly what I have done for the claims I received a part payment for and no-one has questioned the fact that I haven't altered my claim... nor have any banks used it in their defence.
Can anyone help settle an argument
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Re: Can anyone help settle an argument
Originally Posted by Mad Nick
