morgan stanley or barclaycard ***DELIGHTED**

[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.

[brindles]

ok i can see a possible mistake i have made.

 

The in S.A.R i sent to barclays i have quoted my old account number and not the new account number supplied by barclays.

 

opps!

 

This then is maybe a claim against goldfish given the account number i quoted.

Or should i just now make a S.A.R barclays quoting my new account number and start again.

 

ok. the spread sheet. i can enter my details of charges and add the interest quoted by the calculator in your link. (one at a time) wich is compound interest.

 

If i make a claim against a bank will they recognise compound interest as a normal addition.

 

Is compound interest the % figure i see on my statement.

 

Do most people bother to claim interest

 

should i bother.

 

Thanks noomill

[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.

[brindles]

hi,

ok im sure this is where i was at before i got lost. i understand my charges, i also understand to calculate the interest on each indivdual charge by the days past since the charge was applied.

 

this interest is called compound interest. ok.

 

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

 

thanks noomill

[steven4064]

Simple and compound interest are explained in the interest turorial - see my signature for link. Coimpound interest is more than just a different rate.

[brindles]

hi,

I have again looked at the interest quide and i can see the sums for compound interest and i understand the calculations using the simple fiqures in the quide.

 

compound interest is calculated by applying the period rate to the outstanding ballance.

 

Please forgive me as i do not understand what is meant by period rate.

 

Is it the 2% you used in the example as this comes to 26.82% and mine is 26.90%

 

thanks

[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.

 

[brindles]

so if i understand

 

a 20 late fee in 2002 and a claim date of 2008 with interest @ 26.90% for 6 years = interest of 62.84 = total claim 82.84.

 

this cant be right. if it is im rich lol.

 

thanks again noomill

[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?

[brindles]

hi noomill

 

ok understood, I didnt realise about the 360 day year.

 

so i list all the seperate charges, date, name of the fee/charge, interest amount and the totals.

 

i did fill out a spreadsheet already so i have an idea of what the finished item should look like.

 

I find it almost imposible to believe how it all mounts up.

 

can i really be legaly entitled to claim all the interest.

 

Do the banks have to pay the interest on a claim if i have asked for it.

 

If they dont or wont pay the interest, have the courts been backing the claimants.(lets forget about any court cases in jan 09 for a mo).

 

if you let me know im on the correct path I will do my list and let you have a quick look before i send it off.

 

thanks very much noomill.

[angel_1]

hey guys,

 

i for one am still on the Floor!!!!! off my chair and nearly knocked myself out.....lol

 

 

i knew i had to do some researching on that compound interest, nowwwwwwww i def will

 

gosh thanks to all ive learnt something fab today

 

ciao for now MAZ

 

by the way have subsribed to this thread good luck to all

[brindles]

i still am amased, but noomill has not given me the ok, so im still unsure if all is fine making a claim for the interest of that amount.

 

hope so though. lol.

 

thanks.

[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.

[brindles]

hi all,

thanks noomill, i will work it all out(try) and let you know before i send it.

 

I think the penny has dropped. lol

 

thanks noomoll.

[angel_1]

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.

 

 

hiya back to have another look.

 

so in effect if the compound contractual rate is of course higher than the 8% county court interest, best to go for that, so i see how you got such a higher figure

 

again many thanks for the info ciao for now MAZ:-)

 

but as Arnie used to say,,, "i'll be back......-

[Josie8]

You are only reclaiming with contractual interest what they have charged you - makes you think doesn't it!

[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.

[brindles]

hi again,

I have entered my charges and used NOOMILLs link to calculate the interest.

 

This is what I have come up with.

 

Could you let me know if this is ok as a S.O.C please anyone.

 

TOTAL AMOUNTS

640.00

 

 

1,525.45

 

 

 

 

 

Charge Reason

Charge Amount

Charge Date

Days

Interest

late fee

20.00

11-Nov-2002

2190

80.97

late fee

20.00

12-Dec-2002

2158

78.68

late fee

20.00

11-Jan-2003

2124

76.52

late fee

20.00

11-Feb-2003

2094

74.33

late fee

20.00

15-Mar-2003

2060

72.13

late fee

20.00

10-Jun-2003

1975

66.39

late fee

20.00

11-Jul-2003

1944

64.50

over limit fee

20.00

15-Jul-2003

1940

64.19

late fee

20.00

9-Aug-2003

1916

62.55

over limit fee

20.00

15-Aug-2003

1910

62.28

late fee

20.00

12-Dec-2003

1793

55.35

late fee

20.00

10-Feb-2004

1730

52.08

late fee

20.00

12-Mar-2004

1698

50.45

late fee

20.00

10-Apr-2004

1670

48.96

late fee

20.00

10-Aug-2004

1550

43.02

late fee

20.00

10-Aug-2004

1550

43.02

over limit fee

20.00

14-Aug-2004

1546

42.83

late fee

20.00

10-Sep-2004

1520

41.59

over limit fee

20.00

15-Sep-2004

1515

41.36

late fee

20.00

11-Oct-2004

1489

40.19

late fee

20.00

10-Nov-2004

1460

38.87

over limit fee

20.00

15-Nov-2004

1455

38.66

late fee

20.00

10-Jan-2005

1395

36.28

late fee

20.00

11-Feb-2005

1364

34.96

late fee

20.00

12-Mar-2005

1333

33.80

late fee

20.00

9-Apr-2005

1306

32.70

late fee

20.00

10-Jun-2005

1245

30.54

late fee

20.00

11-Jul-2005

1214

29.20

late fee

20.00

10-Dec-2005

1065

23.97

over limit fee

20.00

15-Dec-2005

1060

23.81

late fee

20.00

10-Feb-2006

1000

22.00

late fee

20.00

12-May-2006

908

19.27

 

Thats it? hope i have got it correct.

 

getting back to the question, Who should I claim against. Some say Barclay, some say both.

 

Would Barclay t/a goldfish cover it?

 

Thanks.

[brindles]

Sorry not pasted to well. Hope it makes sence

 

Thanks again, The interest in err interesting.

[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

[slick132]

After a recent BC case where they had a judgement Set Aside for incorrect service of the claim, please use the Churchill Place addy and name them, as Noomill says, Barclays Bank PLC t/a Barclaycard.