you are entitled to charge them at their purchase or cash rate from the date of EACH charge to the date of you claim

use:

http://www.egalegal.com/compoundWindow.html

rests = 12

dx

Hi I have added a spreadsheet to this post which details the dates description and amount they have charged me .

advice on the interest calculation would be great

thanks

Jfk

sorry dx posted the spreadsheet without checking you had replied ! doh !

retail purchases interest rate monthly is 1.24% on the early dates and then on the ones after 2006 it states simple annual retail rates are 21.66% effective annual rates 23.9% I guess I just divide them by 12

Jfk

CHARGES.xls

otherway around

the int using that calculator should be annual so's *12 your 1.24 and use that [read the notes at the bottom in blue]

as for latter one - the ERF - use that

dont forget rests=12

dx

Cheers DX Just to clarify

dates before 2006 take the amount of £20 use interest rate 1.24 x 12 =14.88%

on the calculator enter the amount and interest rate and use rests = 12

ERF apologies but I dont understand that , do you mean effective annual rate in this case 23.90 % also using rests = 12

Thanks again Jfk

yep 14.88

and 23.9 is correct too

make a word table

or a spreadsheet and list the results inc the info from the two result boxes

dx

Cheers Dx , Ive done a spreadsheet and attached if you would like to check it out

JFK

CHARGES.xls

that looks ok

delete the rests column

put in a column that shows the total amount due column too

dx

Received letter yesterday from HFC dated 27th sept saying they are looking into my complaint ( requesting charges back ) and will respond in ten days .

Received another letter today from restons saying that hfc are looking into my complaint and that they need the income and expenditure form completing that they sent recently and sending back to them by 8th october ,it also states should a refund be applied to the account then they will update their records

Hi , I requested the charges on my credit card be refunded , As this is my money should it be recieved back in cheque form or deducted from the balance on the card ?

I recieved a letter from restons ( see my other post HFC and restons solicitors letter ) saying that a refund may be applied to the account

cheers

Jfk

Hi jfk

If there is a negative balance on the account, the practice is to refund it to the account.

I'm not sure if the OFT agreed to that at the end of the investigation, but knowing them they probably did.

Hi Rebel , I am in dispute with these guys , been through the CCA / SAR scenario , I acknowledge the debt which is around 9k , after receivng SAR info decided to claim the charges back , they are looking into it and the solicitor ( restons ) said that a refund may be applied to the account , the charges add upto around 1k ish so my question was can they knock those charges off the 9k leaving me with 8k , I believe they cannot do this as it is my money and they can only clain the arrears , would rather have the 1k in my pocket

Cheers

Jfk

I read in another thread that you can tell them how you would like the charges refunded , it is not upto them to tell you how they refund them

how can I check the oft's decision ? anyone point me in the right direction on this one ??

Hi jfk

You could give the FOS a call, see what they say. http://www.financial-ombudsman.org.uk/contact/index.html

can you please tell me what a cca is

can you please tell me what a cca is

Consumer Credit Act , normally abbreviated to CCA when requesting a copy of the credit agreement under the Consumer Credit Act 1974.

Here's a useful thread which explains various terminologies; http://www.consumeractiongroup.co.uk/forum/showthread.php?161658-A-to-Z-of-Debt-Terminology

Had a letter today off HFC offering £460 refund of charges thst have been applied in the last 6 years including an interest payment ... would appreciate if DX100 could comment on this

that fig looks within £20 of my fig for charges+int going back 6yrs

pers i'd accept it as a partial settlement and threaten to go to court over the rest

dx

dont forget that HFC are using american calculations on all loans thus adding approx 2% to your loan , i am about to challenge this as it goes against the European Directive

Directive 90/88/EEC sets out a single mathematical formula for calculating the annual percentage rate of charge throughout the Community and for determining credit cost items to be used in the calculation.

it means ten years at 10.00 per month to me so worth a fight

patrickq1

links dead

dx

Just checked with HFC and they have credited my accuont with the default charges that I reclaimed , I todl them that it was my monety and wanted it sending to me in cheque form , this was not possible said the woman because there was an outstanding balance on the card so the charges have been credited back to that card .

I said well what if the balance on the card was zero , she said then they would send a cheque out

can they do this ?

hope dx can comment on this

thanks JFK

it is typical for a charges reclaim to come off the outstanding balance of a CC

PPI is diff though

unless your bal was £0 ofcourse!

dx

Hi ,Just recieved a N1CPC from northampton bulk centre regarding a claim by restons for a credit card debt with HFC Bank .Basically I had an agreement with theM to pay an amount every month , for one reason or another I have missed the last 3 months payments hence the N1CPC

particulars are

contract dated on or around novenber 2000

sum of 10336.99 inclusive of interest to date of this summons at 19.8% from 19/2/10 to 28/6/11

02/11/10 ins rebate - 462.76

19/02/10 default balance 9035.02

23/03/11 post refrl cr - 549.92

28/06/11 interest 2314.65

total 10336.99

I am not disputing that I owe this debt but can they add interest to the balance after they agreed to freeze interest ? Obviously I know I broke the monthly payment agreement

Any assitance would be appreciated as I need to complete the form

for referenece I already have the SAR request and have also got the rebate for late charges etc etc

Thanks

Thread moved to Legal Issues.

Hopefully you should get some tailored help

Thanks Silverfox much appreciated