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mackerel vs barclaycard! ***WON***

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Finally got the balls to do it!

 

Sent off the SAR with a cheque for £10 on March 29th. Got the statements today.

 

 

In the letter they said that they normally do not go back past march 2004 because it's on microfiche, but as a goodwill gesture and because the information comissioner does not consider it a relevant filing system they provided statements going back 6 years.

 

:)

 

Now i'm about to get the spreadsheet up and calculate how much they owe me!

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Hi Mackerel,

 

When preparing the SOC spreadsheet, have a look at claiming Contractual Interest as BC are now more likely to pay this in addition to the chgs.

 

You need to claim CI from the outset, ie include it in your Prelim claim letter and LBA


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Thanks for the tip. :)

 

I was reading on other posts that you need to use a slightly different spreadsheet for credit card claims than bank ones - does the cc spreadsheet include this contractual interest charge? Also can i claim contractual interest as well as the 8% (when it goes to court)?

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Now seems to be a good time to get after Barclaycard! I have just had all my charges returned, plus a little extra, after only 7 days of sending Preliminary letter!!

 

Good luck with your claim!

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Hi Mack,

 

CI will bump up your claim, particularly if you're reclaiming older chgs.

 

Check out the advanced CC spready here - if that's too much, there are alternatives - http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html


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Just read your post mr2phil - well done! By the way, did you use the simple or advanced spreadsheet - to get the interest on the charges?

 

I've filled out the simple spreadsheet today, and discovered they owe me (!!!!) just over £1100 :o:o:confused::mad::mad::eek: - and if it goes to court with the 8%, it will come in at around £1400!

 

But that was using the simple spreadsheet, which i don't think includes the interest on penalty charges. The complex spreadsheet seems to provide it (thanks slick) but i don't really understand what i'm supposed to put in column I. I've read the notes, and i think i need to enter into that column when i've made a payment for the previous month - where it says on my statement in the same box as where the charges appear an entry says "payment made, thank you" - i enter that value in column I: can someone confirm that for me? What if i haven't made any payments for several months? It will be interesting to see how much that affects the overall amount of what they owe.

 

That just reminded me of something that might affect this claim i'm making. A couple of years ago, i attempted to get this account under control and entered a payment agreement with barclaycard, paying £20 a month. About 8 months passed, and (because i stick my head in the sand :() i opened a statement and even though i'd been paying regularly, my account was now more overdue than it was at the start of the repayment plan 8 months prior! It turns out that my first payment was 2 days late, so they cancelled the repayment plan and just continued whacking on the charges. Despite phoning them during that time, none of the staff had mentioned that the repayment plan had been cancelled, so i wrote a letter to barclaycard complaining and they refunded me £200 in charges. When i was going through my statements today i found this, as two refunds of £100 each; one called "exceeded limit refund", the other called "over credit limit refund". I assume that i need to deduct this from the total sum that they owe me?

 

Thanks

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Hi Mack,

 

I'll see if there's a simpler CI spready I can link you to.

 

Yes, if they've refunded some charges, you should reduce your claim to reflect this, perhaps by a final adjustment on your SoC's.


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Have a look at Steven's Interest Tutorial here - http://www.shweb.pwp.blueyonder.co.uk/interest%20tutorial.doc

 

Check out the spreadsheet in the Credit Card section.


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Thanks for the replies slick, but i've been cracking on with the advanced spreadsheet - i'm gonna try and get as much back as they've took from me!

 

The only thing i don't understand now is the 'Interest Charged' column - in fact i just made a post on the advanced spreadsheet sticky:

http://www.consumeractiongroup.co.uk/forum/show-post/post-1483269.html

I'll have a read of the interest tutorial, thanks :)

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I was just hoping someone could confirm something for me; can i claim for contractual interest on the bank charges as well as the 8% if it goes to court?

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Hi Mackerel,

 

You start by asking BC for a refund of chgs + int't to be repaid at the contractual rate.

 

If they don't repay in response to your Prelim claim ltr, or your LBA, you file your claim at court. At that stage, you also add 8% Statutory s.69 int't to the chgs and CI you are claiming.

 

Chgs + CI first, then 8% is added when you file form N1 at court.


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Hello All

 

I am attempting to calculate my charges with contractual interest, but am having a bit of difficulty on the subject, and my posts to the advanced spreadsheet topic are going unanswered - not hard to understand why, it's over 80 pages long!

 

Here are my questions; i hope someone who has used the advanced spreadsheet successfully can help me out ;)

 

1). Column G - Interest Charged - what is the value for this? My current statements show two levels of interest: "interest on your standard balance" @ 1.385% and "interest on your cash balance" @ 1.461%. Both increase during the 6 year claim period. What one of these do i use?

 

2). Column I - Amount Paid - if i have made more than one payment, do i put the sum of all payments in this cell? Or do i list each payment, as the payment date is usually different from the statement date?

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steven4064 has written a tutorial that might help you. Click on the blue text in the link below, it might help you with your queries. :)

 

 

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial


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Hmmm. I would be tempted to use the most recent interest rate for question 1 - and I guess whether you use the cash or standard amount would depend on what the bulk of your transactions were. Or you could use an average of the two? I have not used any of the template spreadsheets but that seems to be the sensible solution. Question 2 - I would add the payments made in each month together and if the spreadsheet is set up so that the payment was made at the statement date then so be it.

 

You are going to be within a few quid on both issues really. And they will need some super brain to question it.

 

Hope that helps. ;)


BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

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FirstPlus - missold PPI of £20K for friends - WON

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Hi Mack,

 

Please stick to one thread for your claim - it keeps it easier to follow. I've asked for the threads to be merged for you.

 

My response to your 2 queries:-

 

1) Use the lower of the 2 rates unless the higher one applies to the whole balance.

 

2) As Goldlady says, use the most practical method to make the spready entries. If BC want to negotiate, let them do so.

 

Did you consider using the spready I linked in post #8 on your first thread.


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Two threads merged.


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thanks for the link citizen b, but slick already gave that to me. I read a few pages of it then it started making swoosh sounds as it flew over me. Might need a couple more coffees before reading it again :)

 

Goldlady - thanks for the reply. Using the average of the two interest rates for the duration of the 6 years is a very very good idea. It's hard to use one type of interest over the other as the account has been pretty dormant - the only activity it reallly had was charges being added to it! My thoughts on using the interest rate was that it might not make sense to multiply one of the rates by 12 (for each month) as that interest rate might not be applied to the account for a 12 month duration. Using an average of the two rates, applied to the whole 6 year period not only solves this problem quite economically but also shows a "reasonable" side to my argument (that i'm sure i'll have with barclaycard!).

 

Sorry for making another post slick- i was hoping a generic post on the advanced spreadsheet might get some more interest (no pun intended) in the problems i was having - otherwise only people who had read this thread would know the issues i was having. I have already used and calculated my accounts using the simple credit card spreadsheet that you pointed out, but i am interested in getting the contractual interest back too; well, assuming it is a significant amount that will make it worth the extra hassle anyway, i'd like to figure out how much more i'd be owed. :)

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Hi Mack,

 

The spready I suggested is a CI calculating one.

 

From post #8, open the Interest Tutorial, go to the Credit Card heading and you'll find :-

Alternatively, you can use this simpler spreadsheet.

 

Note it says simpler, and not simple. Take a look at it and see if it may work any better for you.

 

Being seen to be reasonable, when you estimate the int't rate figs, is the best way round the problem of what figs to use.


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Ok, i've completed the advanced spreadsheet, but i'd like someone to have a look at it because there's a few things i'm unsure about and i want my figures to be spot on.

 

First of all, the contractual interest is calculated at around £900!!!!! is that right???

 

Also i'd like to be sure about the interest. I am charged the following rate s of interest on my account (i'm using the lower of the two interests shown on my statements - the purchase interest).

  • March 2002 to September 2004: 1.385%
  • October 2004 to October 2005: 1.456%
  • November 2005 to now: 1.527%

This translates as:

  • 31 months @ 1.385%
  • 12 months @ 1.456%
  • 29 months @ 1.527%

So for my charges between March 2002 and September 2004, my (APR) interest rate is 1.385 x 12 = 16.62. Between October 2004 and October 2005 my APR is 1.456 x 12 = 17.47. Finally from November 2005 to now, my interest is 1.527 x 12 = 18.324.

 

Are those calculations correct? Specifically, should i be multiplying the interest by 12 (months, for APR) or by the duration that the interest is applied to the account - in other words, should it be 1.385 x 31 (months), 1.456 x 12 and 1.527 x 29?

 

Also i've attached a pic of the spreadsheet that i completed. There are a couple of things i'd like to point out.

 

bankcharges_bc_advss1.jpg

 

When i add two charges from the same month, it creates two rows. This means (i think) that penalty interest is added twice, which may not be accurate.

Likewise i've entered rows where no charges are applied, just to update the account balance. Again, i think the presence of this row may be adding interest to the overall calculation, and i'm not sure if that it is correct.

 

For instance, on the picture there are two entries on 24/03/2004 (the first two rows). This is because i received two charges on the same month. So despite the statement balance being same, i think it adds £7.86 of interest twice; one for each row. Should that be happening?

 

Likewise, on the 26/07/2004, i recieve no charges, yet make an entry in the spreadsheet to show that i pay £100 off the balance. Again, this creates a value on the interest on penalties column; is that right - should the interest on penalties column be increased in this situation - just a normal entry with no penatly charge applied that month?

 

Basically, i don't want to be adding to the interest on penalties column unfairly. I want my figures to be as accurate as possible so that barclaycard have little to argue against my claim, and figures are probably my weakest point which is why i'm spending the most time on them getting them as accurate as possible.

 

I really appreciate any help with this. I'm itching to send this off to barclaycard but want to be confident in my figures first.

 

:)

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Hi Mack,

 

The spready I suggested is a CI calculating one.

 

From post #8, open the Interest Tutorial, go to the Credit Card heading and you'll find :-

 

 

Note it says simpler, and not simple. Take a look at it and see if it may work any better for you.

 

Being seen to be reasonable, when you estimate the int't rate figs, is the best way round the problem of what figs to use.

 

That spreadsheet looks so much easier. Removes all the problems about interests and payments etc.

 

I'm going to use that one from now on. Thanks for pointing that out slick. :cool:

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Hi Mackerel,

 

Out of interest, how do the figures compare.

 

Whats the total charges and whats the CI using:-

 

1) The Advanced spreadsheet as shown above.

 

2) Steven spready from his tutorial.


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Hi Mackerel,

 

Out of interest, how do the figures compare.

 

Whats the total charges and whats the CI using:-

 

1) The Advanced spreadsheet as shown above.

 

2) Steven spready from his tutorial.

 

Well the amount due in charges is £1130. Using the advanced spreadsheet from this site, it's giving me an interest on penalties of £1250, whereas the simpler steven spreadsheet (or whatever it's called!) is giving me an interest on penalties of £874; both calculated at 16.60%.

 

That difference, i'm sure, is due to me filling in the advanced spreadsheet from here incorrectly; all those double entries i was referring to in my previous post.

 

Now i can send off my request for repayment!

 

Thanks for the help getting me this far :):);)

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No! the templates are being redrafted!

 

Any idea when they'll be back online?

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They'll be back as soon as the necessary amendments have been made.

 

Shouldn't be too long we hope.


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ok, the new templates are online :) I can send off my preliminary approach for repayment now!

 

But what does this section in red mean? I know not to include it if it doesn't apply to me:

 

Further complaints about breaches of the Banking Code and misuse of personal data

I am also putting you on notice that I intend to complain or to take appropriate action about your breaches of the Banking Code and also about the holding and/or unlawful processing by you my personal data.

Is this something to make the banks quivver? Or is it something i need to follow up on if i leave it in the letter?

 

Also, do i include in this letter the deduction of the previously refunded charge? So the sum i am requesting is minus the already refunded charge? I added this:

What I require

I calculate that you have taken £1130 plus a further £875.74 which you have charged me in overdraft interest for the sum which you have taken. £200 Has already been refunded on 24th June 2005, so I am deducting this from the total sum to be refunded. Total: £1800.74.

 

But that just made me think: should i be deducting £200 of penalty charge interest too? How would i do that? Or should i leave it?

ps. not meaning to be pedantic, but there's a spelling mistake on line 31: obligtions should be obligations.

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