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


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Just to say, I'm with ladybird. New here, completely confused and now just asking plainly for my charges and fees back. Forget interest. Can't spell it. Can't calculate it.

Sorry, sad case. But good for you guys, if you can take them for every penny!

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Just to say, I'm with ladybird. New here, completely confused and now just asking plainly for my charges and fees back. Forget interest. Can't spell it. Can't calculate it.

Sorry, sad case. But good for you guys, if you can take them for every penny!

I agree that you are doing the right thing. The fight is for the return of unlawful charges. Stick to what you are comfortable with.

Good luck.:)

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Is there a spreadsheet that just has a contractual interest calulator on it? I have seen the complicated ones where you enter in the charges and interest but is there on that just has charges then you put in the amount of contractual interest and it does the rest?

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Is there a spreadsheet that just has a contractual interest calulator on it? I have seen the complicated ones where you enter in the charges and interest but is there on that just has charges then you put in the amount of contractual interest and it does the rest?

The idea of a spreadsheet is that it works out the interest for you. If you enter in the charges and then work out the interest separately and enter it in, you are defeating the object of the spready. There's nothing else left for it to do. A bit like buying a car, but pushing it everywhere because you can't drive !!

A spreadsheet is a program - not a large sheet of paper. It only becomes that when you finish it and print it.

People go for either rate. I always suggest unauthorised, as they will probably haggle with you, anyway - and it won't be upwards !!

 

I hope these links might be useful ro you:-

 

 

Beginners' Steps:-

EDIT: I regret this has been withdrawn due to lack of CAG support

 

http://www.consumeractiongroup.co.uk/forum/post-475208.html

Trouble finding stuff? Michael Browne's A-Z Guide:-

 

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html#post436526

 

Spready guide:

http://www.consumeractiongroup.co.uk/forum/post-50088.html

 

Just an announcement from Batty Bill here. Vampiress has announced that her Google Chambers will be closed for a while, as they are undergoing a "Re-Vamp"

Mindzai's spreadsheet will not be affected by this, and should still be available.

 

For those needing compound interest spreadies, this is available for download, along with Excel versions of Vamp's Recommended #5 and #16 spreadies here:

EDIT: I regret this has been withdrawn due to lack of CAG support.

http://www.cagmembers.go2.to/

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Also are people using the authorised or unauthorised overdraught interest rate as the contractual interest?

 

 

different people different choices some are using the authourised rate and others like myself are using the unauthorised rate it has to be your choice as you will be the one who has to argue the validity of why you are entitled to it

MY CASE

 

Newbody Vs Abbey

 

NB: Please read the FAQs & step-by-step instructions thoroughly & completely before commencing any action

 

the following is a link to a web archive of abbey websites over the time click on month under year to access Abbey's site for that time period to get what the terms and conditions were for when you opened your account Internet Archive Wayback Machine hope it helps or here for where i have started to pull them out to http://www.consumeractiongroup.co.uk/forum/abbey-bank/91707-archives-abbeys-web-pages.html

 

Advice & opinions given by me are my views or how i would respond, and are not endorsed by the Consumer Action Group & are offered informally, without prejudice & without liability. Your decisions & actions are your own - if in any doubt, seek the opinion of a qualified professional

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I think there are good reasons NOT to claim the contractual rate of interest when pursuing the banks.

 

1. It's confusing - there are no straight forward stickies explaining how to do it.

 

2. Very often it's only for a small amount and not worth the trouble.

 

3. It's easy to make a mistake as there are varying rates of interest each year and your whole claim proceeding smoothly hinges on you claiming what the bank calculates is correct as well. If you claim too much (which is easy to do as contractual rate thingy is not quite as straight forward) the bank will defend the claim based on the amount of the claim rather than pay out.

 

My advice to anybody would be:

 

1. Prelim Letter - claim the bank charges only

2. Once claim is filed at MCOL - claim the 8% on top.

 

If you want your claim to be dealt with the minimum hassle why haggle over the contractual rate when your miscalculations could hold up the claim.

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Is there a spreadsheet that just has a contractual interest calulator on it? I have seen the complicated ones where you enter in the charges and interest but is there on that just has charges then you put in the amount of contractual interest and it does the rest?

Use #5 or #16, and ignore the bank interest columns if you wish.

Bill, where are mindzai's spreadsheets now? i used it before but it's not at bottom of her posts anymore

From Mindzai's post:-

 

version v1.9 of the spreadsheet.

 

Changes include:

 

  • Removed the monthly interest tab as it is redundant
  • Fixed a bug where certain sort codes could be interpreted as dates
  • Re-wrote certain formulas in order to provide compatibility with OpenOffice Calc

Ive tested this with Excel 97, 2000, 2003 and 2007 and OpenOffice Calc 2.1.

 

For anyone who is unsure, OpenOffice is an office suite that is essentially a set of clones of the MS Office applications such as Word, Escel, Access etc. The best part about it is, it is 100% free. Just download and install. This means you no longer need Excel to use this spreadsheet.

lol thanks for the insite into how a spreadsheet works Bill, what I mean is is there a spreadsheet that calculates compound contractual interest only?

Use #5 or #16, and ignore the bank interest columns if you wish.

Great are Vamps down at the moment?

'Fraid so - sorry.

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3. It's easy to make a mistake as there are varying rates of interest each year.

You only use one rate of interest to claim contractual - the current rate. No wonder you have found it difficult. I agree, though, if you can't spare the time or effort to read up on it, then don't bother. But it can make a very big difference to the size of your claim, if it's claimed properly.

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i have vampairesses spreadsheet no 2 if you require it pm me and i'll email it over for you but it is in excel format

MY CASE

 

Newbody Vs Abbey

 

NB: Please read the FAQs & step-by-step instructions thoroughly & completely before commencing any action

 

the following is a link to a web archive of abbey websites over the time click on month under year to access Abbey's site for that time period to get what the terms and conditions were for when you opened your account Internet Archive Wayback Machine hope it helps or here for where i have started to pull them out to http://www.consumeractiongroup.co.uk/forum/abbey-bank/91707-archives-abbeys-web-pages.html

 

Advice & opinions given by me are my views or how i would respond, and are not endorsed by the Consumer Action Group & are offered informally, without prejudice & without liability. Your decisions & actions are your own - if in any doubt, seek the opinion of a qualified professional

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Hi folks,

Just a quick question.

Im sending my LBA for Halifax credit card today and have done the spreadsheet (correctly now with all interest entries...public thanks to bill...here, have a crate of bananas for your well deserved efforts :D !)

Im claiming at 17.95% but I want to put in my letter that it will attract daily rate of CCI until sorted. How do I work out the daily rate and amount it will be purrrlllllleeeeease?

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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Cheers Bill.

They should help keep you regular at least! lol

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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one more question....sorry...

 

Can we put in our letters that we are aware of other people who have had their charges refunded in full along with CCI?

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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one more question....sorry...

 

Can we put in our letters that we are aware of other people who have had their charges refunded in full along with CCI?

I don't see any reason why not, but I'm not so sure if it should go in your POC unless you can back it up with plenty of evidence.

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Nah I wont put it in my POC but thought if I put it in the LBA they might be more inclined to know I will DEFINITELY file a court case and give me my request instead of facing more charges....there again Gorillas might fly! :D

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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I've put in mine that 'the Defendant has failed to defend similar claims, choosing to settle before trial date'. This is upon the suggested template from bong that is being produced as we speak. I've copied my POC to use tomorrow into my thread. Have a look and tell me what you think!

 

http://www.consumeractiongroup.co.uk/forum/capital-one/52797-rougesept-capital-one.html

 

Rouge

CAPITAL ONE

14th Dec - SAR

13th Jan - Prelim

27th Jan - LBA

27th Jan - 12% settlement offer (refused)

8th Feb - N1 claim issued

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Hi everyone,

 

We had all three of our claims settled in full yesterday (hearing was shceduled for today) - including contractual (compounded) interest at Lloyds' unauthorised borrowing rate of 29.85%. :D This is possibly the first occasion on the forum that Lloyds have had a contractual interest claim to pay. If you are interested in reading up on what happened then this post here will be a relevant palce to start as it was when I discovered I had some money credited to my account - without any prior communication from them. :rolleyes:

 

Lucid :)

Mindzai & Lucid vs Lloyds TSB

*Won unconditionally with contractual interest (29.85% compounded)

Lucid's Account - £749.62 * Joint Account - £2019.64 * Mindzai's Account - £595.65

*All settled in full - 6/2/07

*Hearings - 7/2/07

*Prelims sent - 9/8/06

_______

GOT A COURT DATE? A guide to the later stages

 

[sIGPIC][/sIGPIC]

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