Why is no one claiming the contractual rate of interest???

[Mindzai]

Would somebody please be so kind as to check my post here and advise me on the wording needed when filling out the N1 form with regards to claiming contractual interest?

[lyndseyfletcher]

I'm unable to open the spreadsheets supplied by Vampiress. Am using excel on windows 2000 prof, and am in England. If any one has a copy please can you send it over?

[Mindzai]

which version of Excel are you using? If you don't know you can find out by opening Excel and going to Help > About Microsoft Excel. It's written at the top of the box that appears

[too strong]

I am not only claiming contractual interest but I am now also compounding it as well, just like the banks do.

 

Is anyone else here doing the same?

[lyndseyfletcher]

Mindzai, thaks for getting back to me, i am using Excel 2002. Any further help will be much appreciated.

[martynh99]

Seems the links on this posting http://www.consumeractiongroup.co.uk/forum/general/6964-spreadsheet-interest.html#post49061 aren't working.

 

This link however does work http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-interest-calculation-spreadsheets.html#post750

 

Not sure what the differences (if any) are.

[Mindzai]

Mindzai, thaks for getting back to me, i am using Excel 2002. Any further help will be much appreciated.

 

OK well ive tested the sheet with 2002 and it works, so there must be some other problem. Can you tell me what exactly happens when you try to open it?

 

in the meantime if you are in a rush you could download openoffice (free and good ) from openoffice.org and use that until we can fix the problem.

[BaldyBaldwin]

will be doing my spreadsheet for court claim against sh**tybank this weekend, just one last question when i calculate the compound interest, do i work it out from the date the charge was applied up to the present date i.e 1/09/2006 or only up to the date the account was cleared. all advice ,as usual, gratfully recieved.

[Mindzai]

you work it out up to the dat the claim is settled, ot today if it is ongoing. Be aware that the spreadsheet already does this for you though, though the method it uses may underestimate the amount somewhat.

[BaldyBaldwin]

i am useing the online calculator, and it has added another 1,200 to my original claim, i will do the spread sheet sunday night, ready for the court on monday.

i have been going though the account, it took 7,888 to clear a debt of 4,422. i dont think i will ever have another c/c because i never want to be associated with these tossers again.

[tim2718281]

Good point, the argument of reciprocity can only be strengthened if they have already applied this rate. They'd have a hard time arguing it was unfair or unreasonable.

 

I can just see the headlines: "xxx Bank claims in court its own interest rates are unfair or unreasonable".

 

Tim

[sinon]

Last Friday I took my completed N1 form claiming the unauthorised borrowing rate and charges from TSB.

 

I used a template letter requesting "interest at 29.8% or at the rate the court deems just". This I thought was covering me in case the higher amount was rejected.

 

The clerk explained that I could not put an exact value on my claim because I was entering two requests ( 29.8% or 8%), therefore the claim had to be submitted as "amount unspecified".

 

The potential problem this raises is that if the bank do not reply in time, I cannot be awarded an amount by default, it would still have to go before a judge to be decided.

 

Also, can I claim the same rate on my credit card as my personal account?

It doesn't appear to be an option because I am still in my credit limit .

 

Regards, Simon.

[Glenn UK]

SImon

 

The rate you claim has nothing to do with what you are paying.

 

Its what you are charging them for borrowing your money in the same way they charge you for borrowing theirs.

 

The rate should be based on the max your contract allows. For a cc if they dont have an over limit rate the next comparable rate for them borrowing your cash with be the cash withdrawel rate.

 

HTH

 

Glenn

[Mindzai]

Last Friday I took my completed N1 form claiming the unauthorised borrowing rate and charges from TSB.

 

I used a template letter requesting "interest at 29.8% or at the rate the court deems just". This I thought was covering me in case the higher amount was rejected.

 

The clerk explained that I could not put an exact value on my claim because I was entering two requests ( 29.8% or 8%), therefore the claim had to be submitted as "amount unspecified".

 

The potential problem this raises is that if the bank do not reply in time, I cannot be awarded an amount by default, it would still have to go before a judge to be decided.

 

Also, can I claim the same rate on my credit card as my personal account?

It doesn't appear to be an option because I am still in my credit limit .

 

Regards, Simon.

 

Hmm that's an interesting point, I wonder what the legal people make of this? Any comments/suggestions?

[JonCris]

Put your claim in for the higher rate only then unless the bank challenge your claim (which will be a 1st) thats what you should be awarded by default

 

No need, or reason, give the court a choice cos to make such a decision would require a hearing

[BaldyBaldwin]

am about to file a claim against citicards, any ideas about the wording regards the contracual interest on the N1 form??

any help much appreciated

[bram stoker]

New Google spreadsheets in the library folks, and more to follow. Plenty of spreadsheet fun to be had.

 

Vamp. x

[Glenn UK]

Jon

 

thats an interesting point, i have a claim which is in the fast track region in terms of value if i put two interest rates and dont have to put a final value that would allow me to keep it in fast trak.

 

However, if i show contractual interest only and put a final value then it puts it in multi track.

 

Are there likely to be any problems if i put 'amount to be decided' with the two rates, right now i dont see anything but it may be me being dense.

 

As far as having a hearing or not, im not sure this is really a problem, as far as i can make out the banks have been asking for stays where default judgements have been entered anyway or at least the abbey have and thats who im suing.

 

Doing it without specifying a final value would proably serve me well unless there are any other reasons why not, it would allow me to put a single claim in rather than two large claims the second of which the bank may well challenge if they can.

 

Glenn

 

Glenn

[TheSaint7]

Hi,

 

Can the contractual rate be put on claims of over 6 years. I Have some charges going back to 1995, using the exel spreadsheet it comes out at almost £9000??

 

How many people are doing this.

[Mindzai]

personally - and this is just my own opinion not based on any experience - I'd do some serious research before attempting a claim that a) goes back more than 6 year, b) includes contractual interest and c) is over £5000.

 

The result the spreadsheet has given you is correct, but whether you can (and should) attempt to claim that is not something I'd like to try to answer!

[Glenn UK]

I can see no logical reason why the use of contracutal interest should be limited claims witin the 6 year period.

 

I can see no logical reason why the 6 year period cannot be challenged, probably with a high chance of success, and

 

finally, i can see no reason why it should be restricted to claims under 5K.

 

Having said all of that, what we all need to realise is that much of what is being, or has been done, is being done by consumers and is being settled before getting to court. So in a sense its all guess work based on a limited amount of experience compared with other parts of contract law.

 

When you add all the ingredients together, charges older than 6 years, more than 5K and contractual interest it wouldnt be surprising if it did end up in court.

 

Finally I have this morning submitted my claim with charges older than 6 years, a claim signficantly in excess of 6K (primarily interest) and claiming the contractual rate of interest.

 

Its up to you to do the reading and make yourself familiar with the legal arguments for and against each element before deciding what to do.

 

I would suggest unless you can afford a solicitor and barrister, that you dont whatever you do exceed a claim value including the interest claimed at anything over 15k.

 

That would be multi track and everything is at stake should you loose, yes I do mean everything you own.

 

JMHO

 

Glenn

[martynh99]

Ok, I put a claim in for £550 & interest of £201.91 using THEIR rates of interest and HFC have made an offer of the full £751.91

http://www.consumeractiongroup.co.uk/forum/hsbc-fd-hfc-successes/22820-me-hfc.html

[bram stoker]

Ok, I put a claim in for £550 & interest of £201.91 using THEIR rates of interest and HFC have made an offer of the full £751.91

http://www.consumeractiongroup.co.uk/forum/hsbc-fd-hfc-successes/22820-me-hfc.html

Excellent, congratulations.

 

Did you compound the interest?

[JonCris]

Ok, I put a claim in for £550 & interest of £201.91 using THEIR rates of interest and HFC have made an offer of the full £751.91

http://www.consumeractiongroup.co.uk/forum/hsbc-fd-hfc-successes/22820-me-hfc.html

 

Great!

 

Did you compound the interest?

[martynh99]

Not sure about compound, here is the spreadsheet I sent them,

 

Basically just took each charge, and worked out the number of days from when it was taken to current date. Where there was an interest rate change, I created a new column to reflect this.