Hi Sonja, I'm obviously a few weeks behind you, but thought I'd "tag" onto yours to prepare myself for my future developments...good luck with the claim

that's great, cheers

I was a bit worried as I haven't used the card in so long that it might cause problems. I've got a letter they sent me in January (I haven't had a statement or used the card in years) tellng me that they've cut my limit from £6,000 to £250.

I'll post the SAR off to there.

Thanks for your help

they became Monument a few years ago when Barclays took them over.

Was it easy for you to get your statements back Innocent?

I've not used my card in nearly 3 years and have no statements at all.

Cheers

excellent...just about to start with monument.

Just a point Coll, be careful if you insert rows in the spreadsheet to accommodate the additional dates. Sometimes it throws the formulas out, it took me a little while to realise this, but you may have to copy and paste the formula from the cells above in order to get it correct.

Hope this makes sense.....

telephone number is 0845 076 0606

I've got a letter at home from them, I paid it off about 3 years ago, but never actually closed it.

I'll fish it out later and add it on here if that helps

Cheers

Brad

thanks again sonja....it'll be there or thereabouts

he says confidently

Houston...we have a problem!!!!

I thought I had all my statements, but it seems that I'm actually missing 2 or 3. I can work out from what's been paid / charged in the subsequent months that I've not been charged, but obviously won't be able to put an exact interest amount in. The interest is only ever £2-£3, so do you think I'd be ok to put £2 in for the one's I'm missing?

Thanks

congratulations Karen

yeah suppose so...always look on the bright side eh?

quite looking forward to taking them on....Barclaycard are the real ones I want though grrrrrrrrrr

Gonna send my SAR off to them soon

I did mine the opposite to you, bank first then the credit cards. Mainly because the bank one was the biggest

d'oh!!!! saying that's becoming a habit as well...that'll teach me to be smug

Cheers Sonja...looks like i'll be back on the PC when I get home

thanks again Sonja...becoming a habit me saying this isn't it?

Yeah, was definitely £18...the slippery *@@****!!!!!

One more thing, I need to amend the spreadsheet to allow for all months, even those that never had charges in order that the interest is worked out correctly? I'm sorry for asking the obvious, and I really thought I'd worked it out...that'll teach me

Thanks again

brilliant thanks sonja & doo.

I used the spreadsheet 16, seems to have worked it out ok....I hope

A big bulk of my charges are from 2001, I've quickly listed how it's calculated below (obviously works across the page not down, but being a complete novice at the kind of thing wasn't sure how to tabulate (interest @ 21.99%)

10/04/01

Late Payment = £18

Cumulative Pen = £18

Compound Int on Pen = £47.20

Interest Charged = £2.95

Statement Balance = £169.82

Amount paid next month = £20

Remaining Balance = £149.82

Penalties Incurring Int = £18

Bank Int on Pen = £0.35

Int on Bank Int on Pen = £0.93

10/05/01

Late Payment & overlimit = £36

Cumulative Pen = £54

Compound Int on Pen = £92.06

Interest Charged = £3.41

Statement Balance = £230.74

Amount paid next month = £60

Remaining Balance = £170.74

Penalties Incurring Int = £54

Bank Int on Pen = £1.08

Int on Bank Int on Pen = £2.76

Those are the first two lines....

Cheers

cheers for your help guys...think I've finally got there! Hopefully!

I've adapted the letter slightly, does this look ok????

Thanks in advance

My request

I am writing to ask you to refund to me the charges which you have levied from my account over the last six years.

I now understand that the regime of fees which you have been applying to my account in relation to late payments, exceeding credit limits and so forth are unlawful at Common Law, Statute and recent consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

Your responsibilities

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 consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.

Your concealment of the true nature of your charges has prevented me from asserting my right until now.

What I require

I calculate that you have taken £378 in charges and a further £570.27 in compounded and contractual interest, I enclose a schedule of the charges which I am claiming with this letter.

My targets to resolve this matter

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

If you do not respond, or you do not respond positively within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

Yours faithfully,

Bradley Smith

Once again, thanks Sonja...your help has been invaluable could you post a link to mindzai's spreadsheet if you get a chance please?

I hate not being able to understand things...I've finally grasped how the CCI is calculated, so I'm getting there (very) slowly, but surely.

Cheers

d'oh...again

d'oh

Hi guys

 

The APR has nothing to do with the Interest rate, the APR is the Annual percentage Rate and is there just to reflect the true cost of borrowing. The APR is shown on credit agreements (fixed sum or running account) on fixed sum the APR is calculated using the Interest charges and any other charges and is a known comodoty. On running account the APR is an assumed calculation. Credit card agreements and overdrafts are running account agreements, Loans HP, Conditional sale are fixed sum agreements.

 

Do not let the APR confuse you, you will find it difficult to work out the amount of interest using the APR because you may not know what charges have been factored into the calculation.

 

You need the rate of interest to work out the amount of interest. If the rate of interest is not shown on your agreement then the agreement is unenforcable.

Ahh right...thanks Robert, that makes more sense. So basically, I ignore the APR and just calculate the interest from the monthly interest rate on the statement.

Cheers

buggar...just eaten my banana

wonder if he'll let me owe him..i'm good for it...kinda

Cheers Tanz, will Bill mind me pm'ing him out of the blue?

Hi Sonja, think I've finally got it...I'm using spreadsheet 16 (throughout claim with compounded interest). It's a bit funny, on the leaflet they sent me with my new card it said the interest they were charging is 34.9% (gulp!!!) and on their website it said the same, but on the statements it says the monthly interest is 1.67%, which obviously equates to 20%.

I've changed the interest rate at the top from 8% to 20%. Is that correct?

By jove I think I've cracked it....maybe

Thanks again for your help

Hi Brad,

I had the same problem and finally got an answer. You have to add in all the monthly interest that you are charged on separate lines.

You just type in the date and then fill in the interest charged bit. Make sure all your charges and interest are in date order.

Hope that helps

Hi Sonja thanks, think i got it (like British Rail aint i?), so i add up purchase interest, payment protection interest, cash advance interest (if any) and put that into the interest column. Do I then subtract that amount from the outstanding balance? Also, is it correct to change the interest to 20%?

Promise I'll leave you alone after this

Cheers

Brad

Hi guys, sorry to revive an old thread, but i'm a little unsure of something and could do with some advice if that's ok;

I've got all my statements for Capital One, so I'm trying to use spreadsheet 16. I've put in the details that I think are correct, changed the interest at the top to 20% (which seems to be what they charge), input all the charges, amount outstanding and balance paid the following month, but I'm a little bit unsure about the interest charged. Do I just put the entire amount they charged me that month for purchase interest, or just calculate what the interest on the charges are at the monthly rate?

Thanks

Brad

Hi Template, if you don't mind me asking...how did you calculate the contractual interest? I've been racking my brain for days on this now (which is fairly painful). Did you calculate the number of days since the offence and up the interest rate from 8% to 19.25? I've tried that and it doesn't seem to work.

Cheers