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Everything posted by Stornoway

  1. So Ladybird if they are in breach / default of the act how does that benefit the account holder ?
  2. Ys, point 2 from Westy gives me a lot of comfort, thanks guys.
  3. Thanks for this but i'm talking about contractual interest - i.e. my claim was for; 1. the charges 2. a refund of the interest paid on the charges 3. contractual interest - i.e. I'm charging them interest for using my money. my point is that regarding 3 above as its interest received you should probably be reporting this in your tax return as interest received ? Cheers
  4. We are all second guessing the judge here which is obviously not ideal. Frommy limited knowledge the contractual is being claimed under the concept of reciprocity so perhaps it comes down to the claimant in this case understanding the law surrounding reciprocity and more importantly having outlined this concept in the court docs ?
  5. No worries, just realised my int rate was also a fair bit lower at 22% so your calc looks even more realistic !
  6. I've recently claimed successfully for simple contractual interest from date of claim (i.e. not compounded), my charges were £1600 whilst basic and contractual interest together were about £1800 so your numbers sound about right. I went for simple rather than compound calculation as i wanted to keep the claim straightforward in case of the very unlikely event that i get interrogated in court !
  7. Yes was successful for both types of interest and found process straight forward (phoned them after Prelim to negotiate and they agreed to pay what I asked). I claimed contractual at the rate I was paying on my account - some are asking for the unauthorised rate for contractual but under concept of reciprocity I think its an easier argument to claim from them what they are charging you.
  8. I recently claimed successfully for a refund of charges against MBNA together with a refund of interest paid on the charges together with contractual interest at 22.9% (over £800). In theory should we be paying tax on the contractual interest element as this is effectively interest received (i.e. we should be reporting this to the tax man). I have a few claims on the go so the sums involved could be large and I wouldnt put it past the banks to report the claims to the inland revenue !
  9. Hi, something's been lost in translation here ... on my spreadsheet you type in the annual rate i.e. 22.9% and it works out the daily rate then applies this to each charge levied. It also gives you the ability to have 2 different interest rates for the standard and contractual interest in your claim. Hope this clarifies but PM me if you want a copy or want to discuss. Cheers.
  10. On the CCJ point, theoretically if it did go to court and you lost then I understand that you have the option to pay the amount back in full within 30 days via the court and if you do so you won't get a CCJ on your credit file.
  11. Louise, I have 2 young kids and realise time is precious but this is not hard. I've just claimed back over £5k from MBNA on 2 credit cards and all it took was 2 letters and a phone call. You need to do some reading up but go through the FAQ first and then GO FOR IT. In my MBNA claim the charges were less than half the claim amount - the rest was interest. You could be owed a lot more than you think !
  12. what an arrogant tos*er - there was a day when a bank manager was a respected member of the community but nowadays they are merely glorified salespeople. Enjoy your victory when it comes.
  13. Hi, if you PM me with your email address, I'll send a spreadsheet I used to successfully claim against MBNA. This calculates simple daily interest on the charges at a rate of your choice (i.e. to claim back the interest I have paid on the charges applied - I used 22.9% which was the standard rate on my account) plus simple daily contractual interest at a rate of your choice (i.e. they have had the use of my cash so i'm charging them for this also at 22.9%).
  14. Hi, just wanted to subscribe to this v.interesting thread and say good luck.
  15. I'm thinking of claiming against employer too and whilst I am sure that legally they cant sack for me this, what we do have is an "Integrity Policy" which states amongst various other things that we have to advise the bank of any financial problems immediately. In my case I had over-committed myself, got into a mess and am now sorting it (should be debt free in 6 months due a large part to bank charge reclaims). So if I do claim, I fear that I could be opening a whole can of worms......
  16. Sounds ominous, if no one out there can help then it may be worth sending a PM to one of the mods.
  17. Hi It is 40 days from SAR and 14 days between Prelim and LBA letters (I'm sure Superowls mistakenly thought you had sent Prelim rather than SAR). Just sit tight and follow the process. Best of luck.
  18. George Thanks for the reply. That is exactly what has happened but in my LBA I want to quote the specific legislation which states that you can only have 1 default per account - do you know what this legislation is ? Thanks again.
  19. Good luck with it Jimbob. Would be great if you could keep us posted.
  20. Hi, I would ignore it and stick to the timetable. Once they go past the 40 day deadline you should send them a letter advising them they are in default of the Data Protection Act (there are threads you can find on this). Good luck.
  21. Hi, my debt was sold by MBNA to Global Arrow and I still successfully claimed a refund from MBNA (albeit the refund is being credit to my account with Global Arrow). Just follow the standard procedures and send everything to MBNA. Good luck.
  22. Hi, just completed my first claim against MBNA which was very painless; - 17th Dec sent S.A.R - 17th Jan recd details of charges with offer of £800 refd to a/c - 20th Jan sent prelim for £4000 (£1700 charges +1150 interest +1150 contractual interest). Letter included my acceptance of £800 as partial payment only. - 31st Jan called customer advocates offices to "see if we can reach an amicable agreement without going to court" - 1st February advocates office called back and offered revised figure slightly short of what I want (a few hundred) which I've accepted in principle. However....there are two problems with the offer; 1. the account is with a DCA (debt has been sold) so MBNA are refusing to issue a cheque and will instead reduce the balance outstanding 2. I have two defaults issued on this account (one from MBNA and one from the DCA). The default is the biggest issue for me - any ideas on how I can get it removed ? I've read threads saying that you can only have 1 default on one account but I need to establish which regualtions govern this ?
  23. i'd say its reasonable to give them time to react. Try and open a dialogue with them, get a name of someone in the correct dept and phone them daily / hourly / minutely (!) for updates.
  24. Sorry Dave but you have twisted my words - I never once even came close to implying that the advice you have been given is unprofessional - note that my comment about the CCJ came after BF and Bookworm had posted (I have the greatest respect for these individuals), i.e. my point was a new one not something contradicting what was said previously. At this point I think we should go our separate ways as I need a cold beer. I therefore solemnly swear never to reply to one of your posts again.
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