Thread: help with spreadsheet and contractual rate?

Hi,i am attempting to use the compound contractual interest spreadsheet on Mindzais page http://www.consumeractiongroup.co.uk....php?u=2069,it is for a business account and i will also be doing 1 for my
personal account.

Does anybody know the contractual rate for the RBS.also which sheet do i send with the first letter?is it the charges with interest at this stage?or the s69 8?

also i have listed every charge,but set the ones i see as lawful as zero amount,is this ok as long as i mention this within the letter?

Thanks Col

Similar Threads:

• What's the contractual rate for Cap One pls?
• Contractual Rate??
• Contractual Rate?
• Contractual Rate?
• contractual rate for BOS?

Sorry i should make it more clear (or try to lol) .
Which one do i send if,i want to claim charges plus interest charged with my first letter,and then later on add my 8%


Thanks
Col

Colin,

When you say interest charged, which interest do you mean? The interest that has been debited from your account? It's just that in the first post you mention contractual rates, but then suggest in your second post (I think) that you are going Charges, debited interest then 8% if it goes to court. If you are going down the route of 8%, you can't claim contractual and vice versa.

Think you need to decide what you are going for first.

As for the lawful charges bit, that is fine

The sheet you send also depends on what route you take....

Thanks T4FF,I think that my brain was tired after hours and hours of reading. I am going to push for the contractual,and for the benefit of anybody else confused,this should be done at the prelim stage (correct me if i am wrong)

Would this be fine for my prelim letter?






The Custom Relations Manager
Royal Bank of Scotland
Free post
P.O. Box 1727
Edinburgh
EH129JN




Dear Sir/Madam,

ACCOUNT NUMBER: xxxx

I now understand that the regime of fees which you have been applying to my business account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law and contrary to Statute.

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 the account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.
I calculate that you have applied £7345 in levies and further, I also claim interest at a rate of 29.8% as set out in the attached list of charges. I believe this rate to be justified under the principle of mutuality and reciprocity, and is based on your unauthorised rate that would be applied under the terms of the above mentioned account. Therefore the total amount owed as of today’s date is £14243.32


I require repayment of this money. If you do not return it to me in full within 14 days, I shall begin a claim against you for the full amount plus my costs, without further notice.





Yours faithfully,




Any input would be appreciated

Col

Prelim is fine. Couple of points then...

You need to send the statement that includes the total balance of £14243.32.

Secondly, you can't claim for the extra 8% although ensure you have the 8% spreadsheet at hand and possibly another one with the contractual rate @ that arranged borrowing rate (which I believe is around 16% but you will have to find that out). Should your claim end up in court you will have to provide the judge with a number of options and arguments for each one. Don't expect to receive 29% but if you give a couple of options, your are more likely to receive SOMETHING rather than nothing.

Be advised, do yourself a favour and do a lot of reading around CI. CI isn't something you simply choose to "go for" the path is a difficult one and if you look through the successes forums, there isn't THAT many that are coming through the other end fully successful and those that are are mods and v experienced people with the legal knowhow.

If you have any doubt about what you are doing I would advise you simply go for 8% (and by that I mean just go for charges and debited interest and add 8% if you end up in court).

If the banks offer you a full settlement (less CI) before going to court, you will be up against it filing a court claim against them for just the CI, so you should have a serious think about what you are doing prior to sending that letter.

Thank you for the advice mate,gonna read all day (again lol).

At arranged borrowing rate = £11439.42

At s69 8 = 9812.90

Almost £5k difference.Got to be worth a day or 2 research


Could a mod edit the title to Col vs RBS business account please

There is a business account thread in General set up by Photoman. Worth heading over there I think.

Originally Posted by T4FF

There is a business account thread in General set up by Photoman. Worth heading over there I think.

Excellent stuff mate

http://www.consumeractiongroup.co.uk...nt-lets-2.html
For future reference

mmm,its cards on the table time.

I was a director of a Ltd company,the other director was my brother.i left 1 and a half years ago for personal reasons,and we had just signed,on advice from the bank,to take a loan to cover a £10000 pound earlier loan and to pay off the overdraft of £8000 (which incidentally is all charges).We were also (stupidly) forced to sign a guarantee for the sum of £20000 between us.
My ex-partner has now folded the business (6 months ago).
I have recieved the statements,and the account is £1500 overdrawn.The RBoS credit management have also,in January sent a letter,asking me to honour the guarantee to the sum of £21500.I have rang them and asked for charges to be offset againt this debt and got a flat refusal,and a letter last week from a debt recovery firm,stating to make an offer immediately to the bank or they will be taking me to court.So i rang the Credit Management Team again stating that i thought the amount to be wrong,and saying that action should be suspended until i am satisfied,again this fell on deaf ears.

Also this week i received notice of liquidation of the limited company.

My concerns are that,if the money (once i win)was credited to the business account,would this be used to pay other creditors. (not a clue how the business was left) of would they offset against the debt to them (which is what i want obviously)

Also,i signed as guarantee on the £20000,and they want £21500

And they havent even tried to contact the other partner:o:o

I really could do with getting this moving sharpish,so if anybody has any advice on which route to take,it will be much appreciated

Back to my studying

Col

Col,

Afraid this is likely to go over my head any.....minute.....nope it's already has. Think you will be in good hands in the bus acc thread as I would imagine a lot are in similar positions.

Can't really help with a great deal of your questions so I guess it's a lame "good luck" from me


However, I do have some points worth noting...

Be aware that no matter how you insist the money should be paid, if the related account is still open, it WILL be paid into this account. Bear this in mind whilst planning your course of action.

If your overdraft of £8k was solely made up of charges, there is the possibility of you claiming back the interest from the loan that relates directly to the overdraft. So if you took out a £20k loan, you could theoretically claim for 2/5s (8/20) of the interest charged to the loan back. Worth looking in to and there should be plenty of information around regarding this.

HTH

Thanks again mate,it was a bit of a ramble lol

I have now posted for more advice in the business thread,but,if anybody can make any sense of my ramble,please feel free to offer advice

oops

Colin, we are running a Limited Company thread parallel to the Business claims thread you have been to. There are similarites but the Limited Company one is slightly different for all sorts of reasons...http://www.consumeractiongroup.co.uk...ny-claims.html. Good luck.

Cheers mate,very useful

http://www.consumeractiongroup.co.uk...tml#post648274

Originally Posted by humbleman

It is very important that you write and ask them to give you an itemised statement of how the £xxxxx is made up, before you acknowledge anything.

Will do over the weekend nice one

on advice from the bank,to take a loan to cover a £10000 pound earlier loan and to pay off the overdraft of £8000 (which incidentally is all charges). Do you have any correspondence from the bank that would back this up. No

We were also (stupidly) forced to sign a guarantee for the sum of £20000 between us. did you both receive seperate legal advice on this and did the bank advice you that you need this advice. No,and no,sort of pushed into it

My ex-partner has now folded the business (6 months ago).
I have recieved the statements,and the account is £1500 overdrawn.The RBoS credit management have also,in January sent a letter,asking me to honour the guarantee to the sum of £21500.If the account is £1500 O/D why are they looking for £21,500 Because we were asked to combine a £10000 loan already taken,and the overdraft (limit was 10000) of around £8500

I have rang them and asked for charges to be offset againt this debt and got a flat refusal,and a letter last week from a debt recovery firm,stating to make an offer immediately to the bank or they will be taking me to court.So i rang the Credit Management Team again stating that i thought the amount to be wrong,and saying that action should be suspended until i am satisfied,again this fell on deaf ears.

Also this week i received notice of liquidation of the limited company. Is this a members or creditors liquidation Not sure,how would i tell?Wasnt around at the end

My concerns are that,if the money (once i win)was credited to the business account,would this be used to pay other creditors. (not a clue how the business was left) of would they offset against the debt to them (which is what i want obviously) If the bank refunds you the monies they will make sure that it is offset against any amounts owed to them. I Really do hope so

Thanks mate


Col

Decided not to go contractual route ,sending prelim letters for both business ( ltd company in the process of insolvency) and personal account first thing on the morning

Wish me luck