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roydosan

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Everything posted by roydosan

  1. But I don't see how that can be - I have had a fine of £20 imposed in October 99! Almost two years before they say they started them!
  2. I have produced a spreadsheet in Excel that works out compound interest on fines but it does require a fair bit of data to work properly.
  3. You must be kidding! Over a couple of years the interest will increase greatly. Remember that you will be paying compound interest on the fees and that can greatly increase the final sum. That's money you've paid the banks because of thoe fees. Don't let them get away with it!
  4. Ok now I've sent off the Data Protection Act Special Access Request and had copies of statements after May 2004 with the usual reply about the microfiche. But there was something about the letter which caught my eye. I quote: "Please note that Barclaycard only introduced charges for exceeding the credit limit and late payment in mid-2001." Now I have most of my statements from before 2004 (only missing about 12 or so) and there have been fines imposed well before that date - so I don't see how this statement can be true. Anyone else found this to be the case?
  5. I made mine payable to Barclaycard - do NOT make it payable to Barclays Bank. They are run as two separate companies.
  6. I'm sorry to say it but I think Barclaycard might be right about the microfiche argument: Data processing for risk review was fair, says High Court | OUT-LAW.COM See Section 18.06 here: data protection I hope someone can prove me wrong
  7. This is nonsense - microfiche is a relevant filing system. See the articles here http://www.ico.gov.uk/eventual.aspx?pg=SR&cID=5152 and quote it to them. As far as I can see it a microfiche record of statements should fit the definition for a relevant filing system. The only way it wouldn't was if the statements were mixed up or each statement was divided and stored in different places. I don't see how that can be the case if they can locate them quickly enough for a £3 fee.
  8. Don't give them more time - they're probably just stalling you!
  9. Try and get the CAB to negotiate on your behalf. Do not go to a financial company that offers to help restructure your debts on your behalf - the CAB does all that for free. IMHO I would wait till the repayment plan is agreed before commencing action.
  10. Just had my acknowledgment of DPA SAR letter although they also keep on referring to me making a complaint and that they will answer me by the 1st August. I think they may be jumping the gun here as I haven't actually made a complaint. Yet.
  11. In response to Vampiress' comments if the total for fines & compounded interest exceeds the balance then you can only claim as much interest as is charged in each month where that is the case. If the balance is higher then calculate as I explained above.
  12. Sorry forgot to say - it worked it out for credit cards so the interest was the same for fees and normal purchases. Just be careful that the interest rate is correct for each month and calculate accordingly.
  13. I forgot to mention - when you have paid several fines you need to add up the total fines and total compounded interest and then multiply this by the monthly interest rate. The cumulative compounded interest will add up to quite a lot!
  14. The interest calculation is quite easy to do but it can be quite lengthy if you are going back six years. The way I did it (and I am not a mathematician) was to look at the interest rate on each statement I had and then multiply the late fee or whatever by that. e.g £25 at 1.42% (monthly figure) = 25 x 1.0142 = 25.355 and so the interest is 36p (rounded up) for that month. Now here is where it gets complicated but still not especially difficult. The next month you will pay interest on the fine and interest on the interest on the fine. Put simply that would look like 25.355 x 1.0142 = 25.715041 giving a total of 72p of compounded interest for the two months. But remember that each month calculated must take the total figure of fines and compounded interest multiplied by the monthly interest rate (Which does vary so check you have the correct one - it should be printed on each statement). This can be shown in the equation (a+b) x c where a = the fines, b = the interest charged and c = the monthly interest rate - this should be shown as 1.0 and then the figure so 1.42% increase is shown as 1.0142 and that is the figure you use to multiply by. If you're unlucky enough to be paying monthly interest in double figures then it would be shown as 1. and then the figure - e.g. 17% per month would be 1.17. Do not confuse the yearly figure they quote with this calculation - that will give a false figure - only use the monthly figure printed on the statement. Over a long period this can greatly increase the size of the fines - I found that with compounded interest a fine of £20 had increased to £40 over the space of two years and there were still four years of calculations to go! It can take a bit of time to work out the figures as you have to do it for each month but it's surely worth it. I found on one account for the previous six years the compounded interest actually worked out to be more than the total fines.
  15. Sorry I forgot to include this: After seven years of compounded interest the cost of the fines has risen from £18 to about £67 at a rate of 18% p.a.
  16. I've looked at it and I can see that the six year rule is open to interpretation but what I'm confused about is the interest. I paid the fees in 1999 and since then have been paying interest on them (I've never managed to clear the balance). Now assuming, for the sake of argument, that the six year rule is correct could I claim for the interest paid on those fees for the past six years?
  17. Is it possible to claim for charges that go back beyond six years? If not can I claim for the interest that has accrued in the time since they were charged?
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