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Stornoway

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  1. Thanks guys, their calculation of purchase interest is miles lower than mine and they claim that they dont know what contractual interest actually is so I've written a letter clarifying what I'm asking for and seeking to negotiate a little bit more out of them - would be interested in your views (ps: i've changed the amounts a bit to make it less identifiable to cap one); Thank you for your letter of 9th May regarding the above claim. The basis of my claim is detailed clearly and concisely in my Particulars of Claim lodged previously with xxxxxx Court. The two types of interest in my claim comprise; - Purchase Interest of £xxxxxx. This is the interest you have charged me on the fees since they were applied to my account. I have calculated the interest on a compound basis at the rate charged to me of 16.7%. - Contractual Interest of £xxxxxx. As you have taken the unlawful charges plus purchase interest from my account, I have been unable to use the relevant funds to repay borrowing elsewhere. I therefore strongly believe that I am entitled to claim Contractual Interest under the legal concept of Reciprocity. For my claim I have calculated the Contractual Interest on the same basis as my purchase interest claim. Your offer to settle at £1900 is not a “full refund” as stated in your letter. However, to avoid wasting further court time I can confirm that I would be prepared to settle the claim on the following basis; - £1,000.00 charges - £ 800.00 purchase interest (increase reflects time elapsed since submission of claim) - £ 300.00 statutory 8% court interest - £ 100.00 court fees - £2,200.00 TOTAL I assume that you have paid xxxxxx to fully repay my cap one account as stated in your letter. To settle the claim I therefore require you to send me a cheque for £300 within the next 14 days. I look forward to hearing from you in early course. Yours faithfully,
  2. You'll need to quote your claim number so that the court can tie the spreadsheet to the claim so a covering letter would make sense. The Allocation Questionaire is easy to complete and is used by the court to decide which type of hearing is required. It will only come when and if the bank has filed a defence though and you have 14 days to complete it and return it so hopefully by then you'll have some cash available to pay it. I'm claiming just under £3k from citi and the AQ cost £100 - I dont know if the fee changes depending on the amount of the claim.
  3. I also have a court case ongoing with Citi and they have submitted a defence but it doesnt mention any of the above information. You mentioned them submitting "another defence" - is this their second defence ? The £12.88 figure is meaningless without all the supporting calculations - for all we know they could be allocating a portion of things like marketing costs to indirect costs split on the basis of the number of people working in the default department. Also IT development costs - they could be introducing a major new IT system and allocating all the costs in one year instead of spreading over the life of the new system - we simply dont know. We need help from a moderator urgently on this but some issues to consider are 1. the Yorkshire Bank whistleblower (why are their costs so much lower) 2. one of the TV programs asked three industry experts to come up with a true default cost figure which they reckoned was a few pounds 3. point 12 in their defence re the £12 cost allowed by OFT is a bit misleading - read the OFT report by my understanding is that this is the figure above which they will take action. 4. point 4 in their defence - they dont mention that Amex charge £8 (are there other low ones ?) Cheers
  4. I dont have a huge aount of experience but is it worth asking HM Inland Revenue to accept installments rather than a lump sum ? They will charge interest but this might actually be at a cheaper rate than you would pay a lender.
  5. Yes the £12 was recommended by the OFT but you should still be claiming ALL the charges on the basis that even the £12 exceeds the actual cost. Good luck.
  6. No, if they borrowed £5k then they would have to pay 905.61 x 5 = 4528.05. This represents the original amount borrowed plus interest charged over the period less repayments made over the period plus one months interest as a penalty.
  7. MBNA were soooo easy. Citi are tough and rude. I found egg very easy which surprised me as people have in the past found them very difficult. Worthwhile thread
  8. I tried to insert a spreadsheet to prove the figures in my post above but it hasnt worked very well. PM your email address and i'll email it to you. If I were you I'd ask for written confirmation from the lender that the position I have outlined above is correct but I'm sure it is. Cheers
  9. I suspect you are mis-reading the terms of the contract. The figures quoted will be the total amount you have to pay to redeem the loan - i.e. if you repay the loan half way through then you pay 727.32 to pay off every 1000 originally borrowed and nothing else. The 727.32 will include the 1 month penalty interest. The 727.32 reflects the fact that in these type of arrangements you are paying off only small amounts of capital in the early years and hence most of the repayments at the start of the agreement are going towards paying interest. I reckon your relations must be paying an interest rate of about 18% (that's a flat rate - APR rate would be higher). 18.37% 1 £1,000.00 £15.31 -£18.26 £997.05 2 £997.05 £15.26 -£18.26 £994.05 3 £994.05 £15.22 -£18.26 £991.01 4 £991.01 £15.17 -£18.26 £987.92 5 £987.92 £15.12 -£18.26 £984.78 6 £984.78 £15.08 -£18.26 £981.60 7 £981.60 £15.03 -£18.26 £978.36 8 £978.36 £14.98 -£18.26 £975.08 9 £975.08 £14.93 -£18.26 £971.75 10 £971.75 £14.88 -£18.26 £968.36 11 £968.36 £14.82 -£18.26 £964.93 12 £964.93 £14.77 -£18.26 £961.44 13 £961.44 £14.72 -£18.26 £957.90 14 £957.90 £14.66 -£18.26 £954.30 15 £954.30 £14.61 -£18.26 £950.65 16 £950.65 £14.55 -£18.26 £946.94 17 £946.94 £14.50 -£18.26 £943.18 18 £943.18 £14.44 -£18.26 £939.36 19 £939.36 £14.38 -£18.26 £935.48 20 £935.48 £14.32 -£18.26 £931.54 21 £931.54 £14.26 -£18.26 £927.54 22 £927.54 £14.20 -£18.26 £923.48 23 £923.48 £14.14 -£18.26 £919.36 24 £919.36 £14.07 -£18.26 £915.17 25 £915.17 £14.01 -£18.26 £910.92 26 £910.92 £13.94 -£18.26 £906.60 27 £906.60 £13.88 -£18.26 £902.22 28 £902.22 £13.81 -£18.26 £897.77 29 £897.77 £13.74 -£18.26 £893.26 30 £893.26 £13.67 -£18.26 £888.67 31 £888.67 £13.60 -£18.26 £884.02 32 £884.02 £13.53 -£18.26 £879.29 33 £879.29 £13.46 -£18.26 £874.49 34 £874.49 £13.39 -£18.26 £869.62 35 £869.62 £13.31 -£18.26 £864.67 36 £864.67 £13.24 -£18.26 £859.64 37 £859.64 £13.16 -£18.26 £854.54 38 £854.54 £13.08 -£18.26 £849.37 39 £849.37 £13.00 -£18.26 £844.11 40 £844.11 £12.92 -£18.26 £838.77 41 £838.77 £12.84 -£18.26 £833.35 42 £833.35 £12.76 -£18.26 £827.85 43 £827.85 £12.67 -£18.26 £822.26 44 £822.26 £12.59 -£18.26 £816.59 45 £816.59 £12.50 -£18.26 £810.83 46 £810.83 £12.41 -£18.26 £804.98 47 £804.98 £12.32 -£18.26 £799.04 48 £799.04 £12.23 -£18.26 £793.02 49 £793.02 £12.14 -£18.26 £786.90 50 £786.90 £12.05 -£18.26 £780.68 51 £780.68 £11.95 -£18.26 £774.37 52 £774.37 £11.85 -£18.26 £767.97 53 £767.97 £11.76 -£18.26 £761.46 54 £761.46 £11.66 -£18.26 £754.86 55 £754.86 £11.56 -£18.26 £748.16 56 £748.16 £11.45 -£18.26 £741.35 57 £741.35 £11.35 -£18.26 £734.44 58 £734.44 £11.24 -£18.26 £727.42 59 £727.42 £11.14 -£18.26 £720.30 60 £720.30 £11.03 -£18.26 £713.06 61 £713.06 £10.92 -£18.26 £705.72 62 £705.72 £10.80 -£18.26 £698.26 63 £698.26 £10.69 -£18.26 £690.69 64 £690.69 £10.57 -£18.26 £683.00 65 £683.00 £10.46 -£18.26 £675.20 66 £675.20 £10.34 -£18.26 £667.28 67 £667.28 £10.21 -£18.26 £659.23 68 £659.23 £10.09 -£18.26 £651.06 69 £651.06 £9.97 -£18.26 £642.77 70 £642.77 £9.84 -£18.26 £634.35 71 £634.35 £9.71 -£18.26 £625.80 72 £625.80 £9.58 -£18.26 £617.12 73 £617.12 £9.45 -£18.26 £608.31 74 £608.31 £9.31 -£18.26 £599.36 75 £599.36 £9.18 -£18.26 £590.27 76 £590.27 £9.04 -£18.26 £581.05 77 £581.05 £8.89 -£18.26 £571.69 78 £571.69 £8.75 -£18.26 £562.18 79 £562.18 £8.61 -£18.26 £552.52 80 £552.52 £8.46 -£18.26 £542.72 81 £542.72 £8.31 -£18.26 £532.77 82 £532.77 £8.16 -£18.26 £522.67 83 £522.67 £8.00 -£18.26 £512.41 84 £512.41 £7.84 -£18.26 £501.99 85 £501.99 £7.68 -£18.26 £491.42 86 £491.42 £7.52 -£18.26 £480.68 87 £480.68 £7.36 -£18.26 £469.78 88 £469.78 £7.19 -£18.26 £458.71 89 £458.71 £7.02 -£18.26 £447.47 90 £447.47 £6.85 -£18.26 £436.06 91 £436.06 £6.68 -£18.26 £424.48 92 £424.48 £6.50 -£18.26 £412.71 93 £412.71 £6.32 -£18.26 £400.77 94 £400.77 £6.14 -£18.26 £388.65 95 £388.65 £5.95 -£18.26 £376.34 96 £376.34 £5.76 -£18.26 £363.84 97 £363.84 £5.57 -£18.26 £351.15 98 £351.15 £5.38 -£18.26 £338.26 99 £338.26 £5.18 -£18.26 £325.18 100 £325.18 £4.98 -£18.26 £311.90 101 £311.90 £4.77 -£18.26 £298.41 102 £298.41 £4.57 -£18.26 £284.72 103 £284.72 £4.36 -£18.26 £270.82 104 £270.82 £4.15 -£18.26 £256.71 105 £256.71 £3.93 -£18.26 £242.38 106 £242.38 £3.71 -£18.26 £227.83 107 £227.83 £3.49 -£18.26 £213.05 108 £213.05 £3.26 -£18.26 £198.05 109 £198.05 £3.03 -£18.26 £182.83 110 £182.83 £2.80 -£18.26 £167.37 111 £167.37 £2.56 -£18.26 £151.67 112 £151.67 £2.32 -£18.26 £135.73 113 £135.73 £2.08 -£18.26 £119.55 114 £119.55 £1.83 -£18.26 £103.12 115 £103.12 £1.58 -£18.26 £86.44 116 £86.44 £1.32 -£18.26 £69.50 117 £69.50 £1.06 -£18.26 £52.30 118 £52.30 £0.80 -£18.26 £34.84 119 £34.84 £0.53 -£18.26 £17.12 120 £17.12 £0.26 -£18.26 -£0.88
  10. i'm about to settle a claim with cap one where i had to file at court but they settled quickly without filing a defence - can i still claim wasted costs ?
  11. if the full balance on the account was less than the amount of the penalty charges then it is common practice for the creditor to remove the default - how much was your charges claim ?
  12. Story so far; SAR 19/1 Prelim 3/3 LBA 17/3 Court Claim started 10/4 My claim is for 2705.16 (being 1020 charges + 782.58 purchase int + 782.58 contractual int). They have today offered to settle for 1922.58 (charges + reduced purch int + 8% stat int + an extra 50 odd quid) saying that my int calc is too high (they say 424.72) and they dont recognise contractual claims. They also offer to remove my default and say they have repais my card in full with the refund. I'm very tempted to accept - does anyone have any views ? Also can I claim wasted costs order given that they settled early in the process ? Cheers
  13. Same happened to me, i'm claiming through court now for charges + purchase interest + contractual int + default removal. They have a week left to lodge defence.
  14. Even Worse Is That The Halifax Have Changed Their Policy In The Interim Period (wef 2nd May) And Are Now Being Much More Obstructive !!!!!
  15. I work for a different bank from you and whilst there is not a clause in the contract we do all have to complete a quarterly "integrity" sign off which covers things like what to do with gifts / hospitality received from customers but also has a specific section where we have to agree to tell our line manager if we are having financial difficulties.
  16. You need to establish how frequently interest is applied and then you have your answer. With some mortgages interest is applied annually so the compounding effect would be annual. Most current accounts and credit cards are monthly interest applications so the compounding effect is also monthly.
  17. They have to work out what interest is due at the end of each day because the balance changes every day, however the compounding effect only happens when the interest is actually charged to the account, which is normally monthly - i.e. the following month the balance will be higher after interest has been applied and you will be charged interest on that higher balance.
  18. My POC seeks charges + purchase int + contractual at the same rate as the purchase int. However it also states that if contractual cant / wont be granted by the court then i'll have 8% stat in the alternative. If they offer me charges + purch int + 8% stat then i'd take it.
  19. I have started a claim on this basis too - PM your email address and I'll send you a copy of my POC.
  20. I completely agree, its gtting really difficult to find information and / or answers to topics because of the amount of information on the site. It would be really helpful to have some form of index / sticky for a lot of the CCA topics.
  21. The problem nowadays is that the person at the counter accepting the cheque is too busy trying to sell you insurance etc to notice whether the cheque is technically correct. In my day we were taught as part of our bank exams that a post dated cheque was illegal. Unfortunately, I cant remember on what technicality it was deemed illegal but that is definitely what we were told! Today, the banks only check the cheques coming off their customers accounts if they are above a certain number (which is well into the thousands). Lower value cheques are assumed to be technically correct and properly signed.
  22. You need to do your own research but that comment from BOS doesnt reflect my understanding. Do a google search on Wilson v Secretary of State for Trade (Wilson & Ors v. Secretary of State for Trade and Industry [2003] UKHL 40 (10 July 2003)) and Dimond V Lovell (House of Lords - Dimond (Original Appellant and Cross-Respondent) v. Lovell (Original Respondent and Cross-Appellant)). In the Wilson Case the following quote was from one of the judges Quote: Lord Justice Sedley – "the moral for a pawnbroker such as Mr Howard is that if he wants the rewards of his trade he must operate strictly by the book, and that the failure to do so may be not merely to unravel agreements, but to reverse the indebtedness that they have purportedly caused." I would do your research on these two cases so that you understand what it is all about then revert to BOS to say that the absence of a credit agreement makes a debt completely unenforceable as per the above two cases (quote the cases). Ask them to confirm that they will discharge the debt otherwise you will make a formal complaint to the OFT and Trading Standards for harrassment. Let us know how you get on !! (I have three credit cards without agreements and I am in a similar position).
  23. I think we all need to lighten up a bit - DCA employee or not, Ramses post was v. funny.
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