iOiO v Lloyds TSB

[iOiO]

Hi guys

Just about to embark upon my first ever charges reclaim and I have chosen Lloyds TSB to start with.

I will endeavor to keep you all updated with my progress on this thread as things develop.

But first a question or two....

I have nearly all my statements going all the way back to 1977, is it still therefore advisable to request copies from Lloyds via the data protection act or can I rely on the original documents?

I have read that most of you have been claiming for the last six years charges, but that some people have successfully claimed more, given that I have 30+ years of statements, should I go the whole hog and go for the lot?

Also, what about allowing for inflation? Back in 1992 (for instance) the fee for an unpaid item was £4, and £7 for any unauthorised borrowing (how things as changed, as the banks have become more money grabbing!) of course the £4 and £7's they deprived me of in 1992 would buy far more than it will buy today, so if I reclaim just the £4 & £7's (many times over of course) I will be loosing out big time on the inflationary effects, so is there any way of factoring all this into my calculations?

[Goldlady]

Wow that will be some claim. I like your style. No, you do not need to do a SAR if you have all your statements. I suppose you will need to have information on the rates of inflation over the years and evaluate the charges at their current value.

 

I'm not sure how the courts would view this, although there are opinions that if you did not know the charges were unlawful the Statute of Limitations doesn't apply.

 

Interesting plan - keep us posted.

[saintly_1]

Hi and welcome

 

 

I have nearly all my statements going all the way back to 1977, is it still therefore advisable to request copies from Lloyds via the data protection act or can I rely on the original documents?

 

No need to send in a SAR if you have the originals

 

I have read that most of you have been claiming for the last six years charges, but that some people have successfully claimed more, given that I have 30+ years of statements, should I go the whole hog and go for the lot?

 

I've sat here thinking about this for a while and still in two minds part of me is saying go for it and part of me is erring on the edge of caution ...

 

 

Also, what about allowing for inflation? Back in 1992 (for instance) the fee for an unpaid item was £4, and £7 for any unauthorised borrowing (how things as changed, as the banks have become more money grabbing!) of course the £4 and £7's they deprived me of in 1992 would buy far more than it will buy today, so if I reclaim just the £4 & £7's (many times over of course) I will be loosing out big time on the inflationary effects, so is there any way of factoring all this into my calculations?

s69 interest on a £4 charge 20 years ago is just over £10

 

 

saint

[maroondevo52]

Just hope they don't pay you in Half Crowns.

 

Best wishes with your claim, it's a whopper.

 

 

Regards.

 

Scott.

 

[Goldlady]

Just hope they don't pay you in Half Crowns.

 

If they are from the right year they are probably worth a fortune to a coin collector.

 

iOiO if you can pull this one off it will make the newspapers:grin:

[Goldlady]

Wrong - decimalisation was in 1971 - I was 10 at the time - so half crowns are out of the equation.

[iOiO]

 

 

 

s69 interest on a £4 charge 20 years ago is just over £10

 

 

 

Hi saint

 

Forgive my ignorance..... what is s69 interest and how do you calculate it?

[iOiO]

iOiO if you can pull this one off it will make the newspapers:grin:

 

Actually, between 1977 and 1991 there have been very few charges, so either I have been a very good boy, or the banks weren't taking full advantage in those days!

 

Since 1992 though things have changed radically

[saintly_1]

What you need to do is go through all your statements and highlight all the charges then compile a schedule of charges using one of the spreadshees found here an example of how to fill the simple one in can be found here

s69 interest is the statutary 8% that can be claimed.

 

Have a read of the FAQ's and the Step-by-step instructions these will explain a lot of the reclaiming process

 

hope that helps

 

saint

[Goldlady]

That would have been the good old days when bank managers were human beings at the end of a phone who made sensible decisions about whether to let you go a few coppers overdrawn, as they would know your account and know that you would cover the shortfall as soon as possible.

[iOiO]

OK just preparing my Preliminary Approach for Repayment letter and I notice in the FAQ this...

 

If you obtained your statements online you will not have asked for details of manual intervention as this is in the DATA PROTECTION ACT LETTER, so it may be useful to add this paragraph to this letter.

 

This obviously applies to me as I already have the vast majority of my statements.

 

The relevant paragraphs are...

 

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my banking business with you.

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response

 

 

Can anyone suggest a suitable modification to the wording so that I can add it to my Preliminary Approach for Repayment letter (dont want to make any mistakes at this stage)? Also because I am asking for this data, will I still need to send them the £10 fee?

 

Also as mentioned in my original post, it is my intention to claim for the erosion in value of the money they have deprived me of through the years.

 

Can anyone therefore also suggest a suitably worded replacement for this text as contained in the standard Preliminary Approach for Repayment letter?

 

What I require

I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX .

I enclose a schedule of the charges which I am claiming with this letter.

 

 

[iOiO]

That would have been the good old days when bank managers were human beings at the end of a phone who made sensible decisions about whether to let you go a few coppers overdrawn, as they would know your account and know that you would cover the shortfall as soon as possible.

 

Yes you are probably right, and that approach probably cost them far more in those days and if and when they charged, they charged less!!

[Goldlady]

It might be worth sending a full SAR to them; I wonder how far back their information will go. I would imagine they will only send you six years statements but you will probably get all the extra information - I am doubtful if they will send it if you put the request in your reclaim letter.

 

What you are really doing with the ancient charges is 'index linking' them. Perhaps you could add in an extra column on your spreadsheet and for each year work out today's value of the charges. I am sure there will be websites that can calculate that value.

[iOiO]

Found an excellent compound interest spreadsheet written by Mindzai here on CAG http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html?highlight=minzias

 

Only problem is the main download link is not working? But towards the end of the thread someone has kindly left a link to their own personal copy ....it downloads but the only problem is someone has deleted some of the formulas on one page, so it doesnt work correctly

 

Good news is that I have managed to fix it, and have uploaded a fully functional version for download from here Mindzias Compound Contractual Interest Spreadsheet

 

Hope this helps

 

Many thanks to Mindzai for his original work

[maroondevo52]

Hi, iOiO.

 

 

Not sure if you've read this.............

 

http://www.consumeractiongroup.co.uk/forum/general/80486-claiming-beyond-6-yrs.html?highlight=claiming+beyond+6+years

 

Regards.

 

Scott.

 

[iOiO]

Hi, iOiO.

 

 

Not sure if you've read this.............

 

http://www.consumeractiongroup.co.uk/forum/general/80486-claiming-beyond-6-yrs.html?highlight=claiming+beyond+6+years

 

Regards.

 

Scott.

 

 

Superb!!...... Thanks Scott, great news!