morgan stanley or barclaycard ***DELIGHTED**

[noomill060]

Sorry to gate crash-

 

Something of interest to ex-Morgan Stanley credit card customers-

 

I CCA'd Barclaycard with regard to a MS credit card a/c- all they came up with was an old copy of *Barclaycard* T&Cs.

 

*ie: Not a copy of my MS application form or T&Cs.*

 

Just a thought- draw you own conclusions. ;-)

 

 

I use this to work out contractual compound interest. Its very good.

 

Compound interest calculator

[noomill060]

They may pay you, but they may credit your account instead.

[noomill060]

Goldfish / Morgan Stanley credit cards are no more, its been completely gobbled up by bCard as of 23 September. When did you send the SAR? If t'was pre-23 September that would explain why it appeared to come from Goldfish.

[noomill060]

Hi brindles- the interest rate will be on your statements. I'm using 20.9%

[noomill060]

Make your claim against Barclays Bank PLC.

 

"Goldfish" is merely a trading name.

[noomill060]

Im just going by the notifications Ive received from Barclays.

 

My Morgan Stanley credit card is now a Barclaycard Cashback and the statements say Barclaycard. Cant even use the Goldfish online thing.

[noomill060]

1) Morgan Stanley Dean Witter (big American investment bank) started a credit card business in the UK in 1999 in their own name.

 

2) MSDW sold this credit card business to Goldfish 2007. Goldfish were allowed to keep the MS branding on the cards and statements but MS no longer involved.

 

3) Goldfish credit card business (inc MS) sold to Barclays in April 2008. Deal finalised 23 September 2008 and all MS cards became non functional after this date. As you know these were replaced by a new priduct invented especially by Barclaycard,

 

Because MS cards always had a cashback facility ( 1% of your spendings was returned to you) and normal Barclaycards dont, the card that Barclaycard replaced MS cards with, is a "Barclaycard Cashback"

 

Who do we claim against?

 

 

Put it this way- just out of devilment, curiosity and in the spirit of adventure, in September I sent Barclaycard a s.78 CCA request for a copy of the agreement, using my nice shiney new Barclaycard Cashback account number.

 

This week I recieved a copy of Barclaycard's terms. All I know is that yhey are pre-2001-as they make no mention of overlimit/late penalty charges.

 

I repeat- I made a statutory request for a true copy of the original executed credit agreement for the Morgan Stanley Dean Witter card that I applied for back in 1999.

 

In response, I got a copy of BARCLAYCARD'S terms, possibly from 1999, this was sent from Northampton, apparently. (not enforceable as supplying terns in response to a CCA request is a breach of the Act, quite apart from the fact fact that I applied for a MSDW card in 1999, not a Barclaycard!!)

 

I sent the request to Barclay's Bank PLC, Legal and Compliance department at the posh headquarters in Canary Wharf.

 

They knew my current credit limit and account balance.

 

This leads me to believe that if I wish to sue someone over this account, that someone is Barclay's Bank PLC.

Edited November 16, 2008 by noomill060

[noomill060]

I use this clever little compound interest calculator when making claims-

 

Compound interest calculator

[noomill060]

I also think this needs to be sorted.

 

The first time i was in court, about a year ago, a gut was in claiming back charges on a Monument card. He had claimed against Monument.

 

The Judge informed him that as far as she was aware, Monument was simply a trading name of Barclays Bank PLC, so she could not give judgement unless he went away and changed the name of the defendant on his claim form.

 

She adjourned the case to allow him time to do so, though.

 

I believe "Goldfish" is similarly simply now a trading name of Barclay's, the same as Barclaycard itself.

[noomill060]

Hi, I dont think the mix up with account numbers will matter. Dont bother SARing them again.

 

I dont use the spreadsheet, I use Compound interest calculator and work out the interest on each charge individually. It makes you realise exactly how much they have scammed out of you!

 

The bank charges you compound, so they will of course recognise it and more importantly, so will the court.

 

When you know the compoind interest for each charge, add all the interest figures up and add them to the total of the charges.

 

This will be the amount they have scammed out of you and the amount to claim back.

 

The charges are unlawful, so therefore any interest added to these charges is also unlawful.

[noomill060]

"Is compound interest the one quoted on my statement, in my case 23.90%"

 

If that is what it says, then yes, that is what they are charging you on your charges and that is what you want back.

 

[noomill060]

I go check, hang on.

 

eerrrrrrrrrr- what date in 2002?

 

**has a quick look at Compound interest calculator **

 

Assuming it was on 17 November 2002, I make it £104.04

 

Calculated by compounding monthly, with a 360 day year, as per the way banks do it.

Edited November 17, 2008 by noomill060

[noomill060]

You still there, brindle, or have you fallen off your perch in shock?

[noomill060]

Yes

 

Its a credit card claim, so isnt affected in any way by the current account BANK charges test case.

[noomill060]

If they don settle and you start a small claim, you can also claim County Court interest @ 8% or the compund contractual rate ON TOP.

 

My intial claim against morgan stanley was for the return of £595 of charges. I went to court and got default judgement.

 

In the end they were ordered to pay me approx £2000.

[noomill060]

Yes, all you are doing is asking tro be reimbursed wht you have already paid them as a resuly of their deceit.

 

Incidently, I claimed CC interest on top of it all, at the contractual rate, not at 8%.

 

The law actually states, that CC interest can be awarded at 8% simple, OR AT THE RATE SPECIFIED IN THE CONTRACT.

 

I claim contractual rate and was awarded not far off £700 -

 

ON TOP of the £595 charges and £700 interest on those charges.

[noomill060]

Yes, that looks about right.

 

I would be claiming against Barclays Bank PLC t/a Barclaycard.

 

Goldfish no longer has any identity, as it merged with Barclays and the credit card business was absorbed into Barclaycard.

 

If you dont accept that, do some googling and find a Goldfish website- any link you click on brings you to Barclaycard's.

 

Whatever, if Barclays want to argue, threy will have to meet you in Court, and they really dont want to do that.

 

Now send a nice Letter Before Action template and tell them you want all your money back (charges + interest) within 14 days.

[noomill060]

Send it to your local Barclay's branch or

 

Barclays Bank PLC

1 Churchhill Place

London

E14 5HP

[noomill060]

If they dont pay up right away (which they wont), you're going to be even richer, because if you have to issue a claim (which you will), you can claim an addition % under the County Courts Act 1984.

 

See post 66

[noomill060]

Yes they can reduce your credit limit.

 

Does the £505 include contactual interest?

 

I thought not.

 

They WILL credit your account with this, just as they did with mine @26.8% compound, but will have issue a small claim, at which point you can also ask the Court for judicial interest - at the same rate as the account - 26.8% compound.

 

LBA them now. Need help with wording this- just ask.

[noomill060]

Hi Brindles,

 

I'll do a LBA for you and you can take a look before sending it so you understand what you are doing.

 

In the meantime, have a read of my thread.

 

http://www.consumeractiongroup.co.uk/forum/dca-legal-successes/168312-morgan-stanley-cca-received.html

[noomill060]

Hi, does it say "Priority Application"?

[noomill060]

More important, is your name, date of birth and signature on it?

 

All other ccas for M/S accounts so far have had some one elses details!

[noomill060]

Your Address

 

 

 

Barclays Bank t/a Barclaycard

1 Churchill Place

London

E14 5HP

 

XDateX

 

Letter Before Action

 

Sir/ Madam

 

ACCOUNT NUMBER: xxxxxxxxxxxxxxxxxx

 

 

I am writing to ask you to refund to me the charges which you have debited from my account.

 

I now understand that the regime of fees which you have been applying to my account in relation to late payments and exceeding credit limits and so forth are unlawful at Common Law and contrary to consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your charges really do reflect your costs.

 

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

 

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise.

 

 

　

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.

 

Your concealment of the true nature of your charges has prevented me from asserting my right until now.

 

 

 

I calculate that you have unlawfully taken £xxx plus £xxxx.xx which you have charged me in interest for the sum which you have taken. Total £xxxx.

 

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

 

Additionally you have entered a default notice against my credit record. This default occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.

In addition to the sum mentioned above, I require that you remove the default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.

 

 

Yours blah.

[noomill060]

I presume you have mastered the

 

Compound interest calculator

 

 

Say you intend to send the above letter on Thursday.

 

You should now work out the total (charges + interest) up to 12 February 2009 and put that that figure in the LBA.