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The 8% interest can only be claimed once it reaches the court stage and is a set %. The only interest amount that can possibly be altered is the CI interest

 

 

 

Well thats my understanding (but this area is not one of my strong points )

 

There is authority for reclaiming the contractual interest applied to the account, though. I haven't tried it myself, but I've seen threads where it is being reclaimed.

 

Statutory interest is a given once the claim issued and reclaiming contractual interest seems to depend on the circumstances and the opinion of the Judge.


Always happy to help where I can!

:lol:

Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?

It was Winston Churchill who said; "Democracy is the worst way to run a country except for all the others"

 

Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.

 

 

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There is authority for reclaiming the contractual interest applied to the account, though. I haven't tried it myself, but I've seen threads where it is being reclaimed.

 

Statutory interest is a given once the claim issued and reclaiming contractual interest seems to depend on the circumstances and the opinion of the Judge.

Awww Bless...A 1yr old NEWBIE...:p

http://www.consumeractiongroup.co.uk/forum/cases-library/106112-sempra-metals-irc-july.html

 

 

...:)


The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Perhaps further thought to the following Thread MAY once again be topical + appropriate car2403??

can we have a new section in the forum for links to claims with contractual interest

 

...Methinks even the most apathetic NEWBIE Claimant is recognising the extra profits that the Banks are raking in when they are doing the basic maths between what they are STILL being Charged + what they would be expected to be able to Reclaim with s69 8%p.a. Simple Interest.

 

Perhaps a MORE concerted push for Daily Compounded Contractual Interest would also make the Banks squirm just a little??...;)

 

 

...:)


The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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What credit crunch? City bankers receive £13 bn bonuses this year. Guardian 26/05/08

 

What credit crunch? City bankers receive £13bn bonuses this year | Business | The Guardian

 

"City workers have been awarded £13.2bn in bonuses so far this year,"

 

"There can no longer be any doubt that the multimillionaire elite who run the City and the financial sector are out of control and divorced from economic realities."

 

Greed

business as usual

snouts in the trough

money for old rope

I'm all right Jack!

 

 

:evil:


Any advice given by me is based solely on my experience in claiming, my experience in CAG or my opinion. I have no legal background. I want to encourage others to reclaim what is theirs.

 

Got a DCA breaking OFT guidance. Complain to the OFT about the DCA. Help put an end to these practices-

 

http://www.consumeractiongroup.co.uk/forum/letter-templates/155095-complain-oft-about-unfair.html#post1652270

 

Register with CAG today, its free, its a great community:

http://www.consumeractiongroup.co.uk/forum/register.php

 

kennythecelt@consumeractiongroup.co.uk.

 

 

 

Thankyou Kennythecelt:)

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Thanks for that, MTM - I couldn't find it when I looked.

 

Perhaps further thought to the following Thread MAY once again be topical + appropriate car2403??

can we have a new section in the forum for links to claims with contractual interest

 

...Methinks even the most apathetic NEWBIE Claimant is recognising the extra profits that the Banks are raking in when they are doing the basic maths between what they are STILL being Charged + what they would be expected to be able to Reclaim with s69 8%p.a. Simple Interest.

 

Perhaps a MORE concerted push for Daily Compounded Contractual Interest would also make the Banks squirm just a little??...;)

 

 

...:)

 

Couldn't agree more.

 

But, then, as I'm neither apathetic nor a newbie claimant, I don't benefit from having the link. ;)

 

Lets start a compound interest fire under this lot then! :p


Always happy to help where I can!

:lol:

Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?

It was Winston Churchill who said; "Democracy is the worst way to run a country except for all the others"

 

Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.

 

 

USEFUL LINKS; New User Guide to CAG | Can't find what you're looking for? | Intro to Consumer Credit Litigation | Is My Agreement Enforceable | Default (Surleybonds) Template Letter | Defaults - background, removal methods, challenges and taking a claim to Court | Digital Signature Guide | Overdrafts and the CCA

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What credit crunch? City bankers receive £13 bn bonuses this year. Guardian 26/05/08

 

What credit crunch? City bankers receive £13bn bonuses this year | Business | The Guardian

 

"City workers have been awarded £13.2bn in bonuses so far this year,"

 

"There can no longer be any doubt that the multimillionaire elite who run the City and the financial sector are out of control and divorced from economic realities."

 

Greed

business as usual

snouts in the trough

money for old rope

I'm all right Jack!

 

 

:evil:

 

 

So that's why they needed to borrow money from the tax payer !! :evil:


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2: Does your Bank play fair - You can force your Bank to play Fair with you

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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pmsl if they are out of touch How the hell can they make 13bn a year?

 

Sounds to me they are willing to do alot more to secure a profit than many people I have seen on this site and others.

 

Making Profit means you have to take control of your sittuation which i what CAG is about.

 

To make money to be wealthy you must have money its the sad fact of life. I doubt this will ever change.

 

 

The only bank I no of that has borrowed money from the tax payers is Northern Rock. They had a poor business plan even I seen flaws when I was working for them. The line manager and department head even adminted it off the record ofcourse sadly.

 

The credit crunch dose not seem to be affecting banks but it is there.It affects small business and the pricing in the housing market.

 

It also affects individuals of society that are most in need of help.

 

We need to start helping them help themselves again because this test case is not going to go away any time soon.

 

It is time for CAG to wake up to this fact and start another collection of court cases on alterative legislation.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

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NR the only one to have public money?? Sorry mate where you bin the banks have been given 50 billion:eek: & rising of our money with virtually no strings attached not even a demand that they don't penalise consumers for THEIR mistakes which of course they are

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I said to my knowledge.

 

If there has been other banks givin tax payers money then there must be a bigger problem than they are letting on.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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Which is why I asked you where you have been It was reported all over the media for days

 

'Banks to be given 50 Billion'

'Banks get 50 billion' & so forth

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The only bank I no of that has borrowed money from the tax payers is Northern Rock. They had a poor business plan even I seen flaws when I was working for them. The line manager and department head even adminted it off the record ofcourse sadly.

 

 

Check this one out.. 21st April, £50billion made available by the treasury for UK banks.

 

 

BBC NEWS | Business | Darling backs £50bn bank bailout


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I try not to belive evrything I read in the media. Infact I havent picked a paper up this year. Dont intend to either.

 

Wonder how much there putting asside for me No need to use a paper for that.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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Guess its time to revail I am a member of the NUJ


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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I try not to belive evrything I read in the media. Infact I havent picked a paper up this year. Dont intend to either.

 

Wonder how much there putting asside for me No need to use a paper for that.

 

I think this was reported from parliament. x


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Dont belive evrything I here from parliment either lol.

 

There point of view changes more times than the media.

 

If there is a story somewhere someone is going to write about it weather or not it is true then its a different matter.

 

I wonder how much is really given to banks.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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In the papers today the Unions want to know if the £50billion loan from the Bank of England has been used to pay these obscene city Bankers bonuses


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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;)Did they mention if they liked beef or chicken for there dinner lol.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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In the papers today the Unions want to know if the £50billion loan from the Bank of England has been used to pay these obscene city Bankers bonuses

 

Can you tell us which papers, and/or if there is a link online.


---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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The 8% interest can only be claimed once it reaches the court stage and is a set %. The only interest amount that can possibly be altered is the CI interest

 

 

 

Well thats my understanding (but this area is not one of my strong points )

 

If you make a claim, you should always request this interest. Give the banks an ultimatum that unless they pay it, the matter WILL end up in Court, and the longer they delay, the more you will be entitled to.

 

Anybody got a link to the interest calculator?

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Heres a very useful link and tutorial created by Steven4064.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/145027-interest-tutorial.html

  • Haha 1

---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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Heres a very useful link and tutorial created by Steven4064.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/145027-interest-tutorial.html

 

 

 

 

 

I no I did not ask for that but Cheers for that PM any ways I wonder how long it took him to make sense of that lol

 

Might try with a few beers tonight.


"The only thing that interferes with my learning is my education." Albert Einstein

 

"No-one can make you feel inferior without your consent" - E. Roosevelt

 

 

Don't lie, thieve, cheat or steal. The Government do not like the competition.

 

 

All advice is offered without prejudice.

We are being sued for Libel. Please help us by donating

 

Please support the pettition to remove Gordon Brown as he was not elected primeinister. He was elected Party Leader something completely different.

 

http://petitions.pm.gov.uk/gordan-brown/

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Imagine what the City reaction will be when they realise that all charges made (what they have called profits) need repaying and will be subject to compounded interest at a rate higher than the banks were borrowing?

 

Excellent post PM, and hats off again to Steven - look forward to our next pint!!

 

The more the banks delay the inevitable, the higher the cost. Claim your interest!!! Get all claims into Court and start the clock!!!

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Imagine what the City reaction will be when they realise that all charges made (what they have called profits) need repaying (...)
But will they?

 

I have been thinking about this, and it is actually what someone said (more than once) on this thread which got me musing. That person said something on the lines of "you have been asking for this court case..." and came across as if all this stuff going on was somehow our fault. I am not quite quite sure who "you" is supposed to be; the consumers? CAG? Who knows? Regardless, I started thinking back on the last couple of years, and I thought: Hang on, WE didn't ask for this.

 

First, we were taking the banks to court and they folded. Boy, how they folded. In their millions, as it turned out.

 

Then the judicial system got tired of getting clogged up and some judges started pushing cases on to Mercantile court in the hope of creating a precedent. Faced with that challenge, we got ready to make sure that the arguments would be heard with our side of the story told as it should be, warts and all, challenging the banks to show that they were not making obscene amounts of profits out of their customers' offences and to stand by their oft-repeated mantras that the charges were a fair reflection of their real costs.

 

The banks kept on folding rather than taking the chance that a judge would see what was glaringly obvious to all. But they couldn't keep on doing that for ever, the judicial system was becoming more and more aware of their delaying tactics, their systematic abuse of the system to try and browbeat the customer in submission, and sooner or later, their guard would slip and a case would get through in Mercantile, and a precedent would be set, and there was a very strong chance they would not be getting their own way.

 

So they approached the OFT, that organisation which is supposed to be looking after the consumer's interests, and they set out to have a test case that would be based on what they wanted discussed, on what issues they were prepared to reveal, and with many issues thrashed out discreetly and/or conceded before anything ended up in court, so the judge would be given a fairly limited number of issues on which to decide, and as a result, what could have been a complete debacle for the banks ends up a fairly civilised affair, where, on the face of appearances, the customer is going to get a shafting of epic magnitude.

 

So I do wonder what lies in wait now. The mood of cautious optimism and faith in the British justice system which I kept going over nearly a year is gone and I worry that the cynics who predicted a washout were maybe more sensible after all. Even the apparent "victory" of the OFT in the 1st stage now takes a different meaning knowing it is going to be appealed whilst the toothless tiger allows the penalties decision by the judge to go unchallenged, and presumably will also not say a bloody word when the judge conveniently finds the historic terms also not to be penalties.

 

It does make me wonder what trap has been cleverly hidden in the current case and decision to subtly lead the Appeals court to reverse the decision that the UTCCR do apply, thereby leading to a complete defeat for the consumer and for the banks to have us under their thumb forever more, and by god, when that happens, we will get punished for our insolence to have dared challenge our masters. :( :( :(

  • Haha 1

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Individual court cases were never really satisfactory. Many people were turning up in court on the basis it was all easy, and the banks were ready to capitulate... and where the banks didn't (occasionally through accident) the claimants did not always win - in fact, because of complaincancy the consumer sometimes lost.

 

As for the decision as to whether to appeal the penalty charge argument, it is quite possible to take it out of the OFT's hands. If you don't agree with it, include it in your reasons for your case, and appeal to the high court. You will lose, but this will give you an appeal to the appeal courts and ultimatly, the house of lords.

 

But... i actually believe that for the current contracts, the judgement of the judge is actually likely to be correct. i think that any judgement other than that the historic terms included clauses that late payment was not a breach of contract would have a devistating effect on the banks, since it would invalidate huge numbers of county court judgements in my opinion.

Edited by tomterm8

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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