Jump to content


  • Tweets

  • Posts

    • sorry she is a private individual, the cars are parking on her land. she can clamp the cars. only firms were outlawed from doing it bazza. thats what the victims of people dumping cars on their drives near airports did and they didn't not get prosecuted.    
    • The DVLA keeps two records of you. One as a driver and one for your car. If they differ you might find out in around a month when they will send you a reminder as well as to your other half for their car. If you receive nothing then you can be fairly sure that you were tailgating though wouldn't explain why they didn't pick up your car on one of drive past their cameras. However even if you do get a PCN later then your situation will not change. The current PCN does not comply with the Protection of Freedoms Act 2012 Schedule 4 which is the main law that covers private parking. It doesn't comply for two reasons. 1. Section 9 [2][a] states  (2)The notice must— (a)specify the vehicle, the relevant land on which it was parked and the period of parking to which the notice relates; The PCN states 47 minutes which are the arrival and departure times not the time you were actually parked. if you subtract the time you took to drive from the entrance. look for a parking place  park in it perhaps having to manoeuvre a couple of times to fit within the lines and unload the children reloading the children getting seat belts on  driving to the exit stopping for cars pedestrians on the way you may well find that the actual time you were parked was quite likely to be around ten minutes over the required time.  Motorists are allowed a MINIMUM of ten minutes Grace period [something that the rogues in the parking industry conveniently forget-the word minimum] . So it could be that you did not overstay. 2] Sectio9 [2][f]  (ii)the creditor does not know both the name of the driver and a current address for service for the driver, the creditor will (if all the applicable conditions under this Schedule are met) have the right to recover from the keeper so much of that amount as remains unpaid; Your PCN does not include the words in brackets and in 2a the Act included the word "must". Another fail. What those failures mean is that MET cannot transfer the liability to pay the charge from the driver to the keeper. Only the driver is now liable which is why we recommend our members not to appeal. It is so easy to reveal who was driving by saying "when I parked the car" than "when the driver parked the car".  As long as they don't know who was driving they have little chance of winning in court. This is partly because Courts do not accept that the driver and the keeper are the same person. And because anyone with a valid motor insurance policy is able to drive your cars. It is a shame that you are too far away to get photos of the car park signage. It is often poor and quite often the parking rogues lose in Court on their poor signage alone. I hope hat you can now relax and not panic about the PCN. You will receive many letters from Met, their unregulated debt collectors and sixth rate solicitors threatening you with ever higher amounts of money. The poor dears have never read the Act which states quite clearly that the maximum sum that can be charged is the amount on the signs. The Act has only been in force for 12 years so it may take a  few more years for the penny to drop.  You can safely ignore everything they send you unless or until they send you a Letter of Claim. Just come back to us if they do send one of those love letters to you and we will advise on a snotty letter to send them. In the meantime go on and enjoy your life. Continue reading other threads and if you do get any worrying letters let us know. 
    • Hopefully the ANPR cameras didn't pick up the two vehicles, but I don't think you're out of the woods just yet. MET's "work" consists of sending out hundreds of these invoices every week so yours might be a few days behind your partner's. There is also the matter of Royal Mail.  I once sold two second-hand books to someone on eBay.  Weirdly the cost of sending them separately was less than the cost of sending them in one parcel.  So to save a few bob I sent them seperately.  One turned up the next day.  One arrived after four days.  They were  sent from the same post office at the same time! But let's hope I'm being too pessimistic. Please update us of any developments.
    • New version after LFI's superb analysis of the contract. Sorry, but you need to redo the numbering of the paras and of the exhibits in the right order after all the damage I've caused! Defendant's WS - version 4.pdf
    • Hi  no nothing yet. Hope it stays that way 😬
  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
        • Like
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
        • Like
      • 161 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
        • Like
  • Recommended Topics

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


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4821 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

redsue, have you seen the info I got from Nationwide today, witness statement and bundle. I will add more of the actual wording tomorrow as I don't have time at the moment.

 

http://www.consumeractiongroup.co.uk/forum/nationwide/35933-debt_mountain-nationwide-pt2-last-post.html

If I have helped click my scales....

 

Find my threads by clicking here

Link to post
Share on other sites

  • Replies 2.1k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

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 :)

 

Fantastic Lucid - I think that you were one of the first "contractual pioneers" weren't you?

Link to post
Share on other sites

Fantastic Lucid - I think that you were one of the first "contractual pioneers" weren't you?

 

Possibly with Lloyds yes - I think there's been quite a few people with other banks now who have had contractual interest paid to them.

 

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]

Link to post
Share on other sites

Hi Debtmountain, yes thanks for that, makes for interesting reading, much appreciated

Lucid - well done, I'm so pleased for you both I've been watching your case from afar.

Maybe one of the Mods could possibly set up a Contractual Interest Success thread. People who have been successful could then set up links to their own threads - - just a suggestion :)

I've been finding it quite difficult when swotting up on my own case (contractual at 24.9%) as I'm sure other people have.

PLEASE sign this petition to reduce amount of time CRAs hold your data

http://petitions.number10.gov.uk/CreditRA

 

I HATE MBNA :evil::-x:mad::-x

Link to post
Share on other sites

Hello all, I've been reading this thread with eager interest and got to about page 20 only to realise there are still about 40 more pages to go!

 

I'm currently at the Prelim Letter stage but I want to include contractual interest because I feel that the bank has gained money DIRECTLY from the UNLAWFUL charges applied onto my account and resultantly through their lofty interest rates. Since I am claiming back my "misappropriated" money I seek to apply exactly the same rates of interest that I agreed to (when I assumed they were conducting their business lawfully) whilst considering how much money they have 'earned' in interest using my money.

 

Anyways...I have three accounts with Halifax: a credit card, a current account and a cardcash account. I see it as HALIFAX owes me the money, regardless of the account it comes from. However, I would like to include contractual interest in all my claims but there seems to be a few snags....

 

The spreadsheets I have used so far are Vampiress' Advanced Excel Credit Card Spreadsheet (England) for the Credit Card and Mindzai's Compound Contractual Interest Spreadsheet v1.9 for the others. They're both absolutely fantastic - so BIG UP for the efforts you both put in to make them. I've got 5 niggling questions that I would...

 

1. Is it correct to assume that I can also claim contractual interest on the credit card account (instead of the 8 % statutory fee) and if so can that be compounded? If the answer to both these question is YES, is there a suitable spreadsheet or would I have to make my own using the figures that Vampiress' spreadsheet kindly affords me?

 

2. On my cardcash account I do not have an arranged overdraft, which means on Mindzai's spreadsheet it does not seem to put forward any figures for the 'Interest Paid on Penalties' column (whereas on Vampiress' spreadsheet for Bank Account charges it did...:confused:). I can't seem to work out which is correct, however, the bank has used the fact that I was charged and went into an unauthorised overdraft to debit some interest the following month. Although the amount each time was very little (I never went more than £ 80 in the red), the interest rate that led to the interest charges (highest one was £1.10) was VERY HIGH = 2.20 % per month thats...29.8 % EAR. Now from this, does it figure that since they have charged me that high rate when I went into an unauthorised o/d that I can apply the same rate on money that I feel has wrongfully been in their possession for all this time??? I mean...I don't know if it is worth it because the interest I've paid on the account since its opening amounts to only £4.60, but am I right in pursuing my principles?) If not, this leads me to another question....

 

3. Although there is a contractual rate of interest agreed by both parties and I am fully in my right (I believe) to claim back at the same rate. I would be just as willing to reduce my rate as a 'gesture of good will' to something maybe as low as 15 % to reflect any changes to their rates that may have occured over the years. Would this stand up in court? If I'm prepared to reduce it to a rate that's higher than the sec69 8 % but lower than thier rates...is this a valid approach or is it more black and white??

 

4. An IMPORTANT question is that of what I'm actually claiming...as I said earlier...I feel my case is with Halifax (not any of their subsidiary companies, etc). So when I send my Prelim letter (with contractual interest added to the claim) PLUS when it comes to putting forward the court claims - will I be putting forward three separate claims or can I make an all-encompassing claim and ask for the lot back (with a breakdown of where all the elements of the claim stem from?)

 

5. Related to the question above...would it be possible to use different paradigms for different accounts when assembling a claim. Eg (no compound contractual interest, just statutory interest for the credit card and vice versa for the other two accounts?) Or would you have to apply the same rules across the board?

 

I'm sorry for the lengthy post...I hope my queries are sensible and relevant, if not please excuse me for being a nitwit!

 

I would appreciate any help anyone has on my issues and I will be happy to pass on my spreadsheets if anyone is willing to check that they are functioning correctly (there seems to be a few of those "#REF!" things in the Interest sections of my spreadsheets!)

 

I am set to get back a decent amount of money (about £2000) if this all goes to plan and I will be donating a nice proportion of it to this website to thank you all for your guidance and superb advice. So thanks in advance for any assistance you are able to give on this matter.:)

:-xGezuwit vs Halifax

 

12.01.07 SAR sent

08.02.07 Statements received [28 Days]

14.02.07 Prelim letter for £1789.85 sent [32 days]

23.02.07 Stalling letter for Bank Accounts received [41 days]

24.02.07 £400 offer for Credit Card received [42 days]

26.02.07 Credit Card Rejection letter sent [44 days]

28.02.07 LBA sent [46 days]

10.03.07 £784 offer for Bank Accounts received [56 days]

14.03.07 Bank Accounts Rejection letter sent [60 days]

-Hiatus-

26.04.07 £900 offer for Bank Accounts accepted over phone and paid into account [103 days]

-Hiatus-

25.07.07 Court Claim filed against Credit Card for a total of £999.53 (inc s69 8 % interest) [193 days]

Stuck? Here's an A-Z Index by Michael Browne.

Link to post
Share on other sites

Hi, Gezuwit

 

Welcome to CAG! and well done you for coming to ask for advice before you get too far down the road.

 

A few ideas for you - which you mustn't take as gospel. But they're intended to help. They should show up in red.

 

Hello all, I've been reading this thread with eager interest and got to about page 20 only to realise there are still about 40 more pages to go! :D:D

 

I'm currently at the Prelim Letter stage but I want to include contractual interest because I feel that the bank has gained money DIRECTLY from the UNLAWFUL charges applied onto my account and resultantly through their lofty interest rates. Since I am claiming back my "misappropriated" money I seek to apply exactly the same rates of interest that I agreed to initially (when I assumed they were conducting their business lawfully) when considering how much money they have 'earned' through interest using my money. That's absolutely the right attitude to take. Get back what is lawfully yours.

 

Anyways...I have three accounts with Halifax: a credit card, a current account and a cardcash account. I see it as HALIFAX owes ME the money, regardless of the account it comes from. However, I would like to include contractual interest in all my claims but there seems to be a few snags....

 

The spreadsheets I have used so far are Vampiress' Advanced Excel Credit Card Spreadsheet (England) for the Credit Card and Mindzai's Compound Contractual Interest Spreadsheet v1.9 for the others. They're both absolutely fantastic - so BIG UP for the efforts you both put in to make them. I'm just wondering....

 

1. Is it correct to assume that I can also claim contractual interest on the credit card account (instead of the 8 % statutory fee) and if so can that be compounded? If the answer to both these question is YES, is there a suitable spreadsheet or would I have to make my own using the figures that Vampiress' spreadsheet kindly affords me? Yes and Yes. I downloaded Vamp's contractual interest spready onto Excel. I then had to locate and copy the formula for contractual interest and copy and paste it down the relevant column. It saved a lot of time and trouble. If you want to follow how I managed to sort things out, go to (http://www.consumeractiongroup.co.uk/forum/welcome-our-forum/37540-help-vampiress.html). It gets better at post 10.

 

2. On my cardcash account I do not have an arranged overdraft, which means on does Mindzai's spreadsheet it does not seem to put forward any figures for the 'Interest Paid on Penalties' column (whereas on Vampiress' spreadsheet for Bank Account charges it did...:confused:). I can't seem to work out which is correct, however, the bank has used the fact that I was charged and went into an unauthorised overdraft to debit some interest the following month. Although the amount each time was very little (I never went more than £ 80 in the red), the interest rate that led to the interest charges (highest one was £1.10) was VERY HIGH = 2.20 % per month thats...29.8 % EAR. Now from this, does it figure that since they have charged me that high rate when I went into an unauthorised o/d that I can apply the same rate on money that I feel has wrongfully been in their possession for all this time??? I mean...I don't know if it is worth it because the interest I've paid on the account since its opening amounts to only £4.60, but am I right in pursuing my principles?) If not, this leads me to another question.... Broadly, I'd say yes.

 

3. Although there is a contractual rate of interest agreed by both parties and I am fully in my right (I believe) to claim back at the same rate. I would be just as willing to reduce my rate as a 'gesture of good will' to something maybe as low as 15 % to reflect any changes to their rates that may have occured over the years. Would this stand up in court? If I'm prepared to reduce it to a rate that's higher than the sec69 8 % but lower than thier rates...is this a valid approach or is it more black and white??

USE A CONTRACTUAL RATE. I think this is very important. People who have tried 'averaging' have inevitably found themselves with problems. You have to argue in depth how you came to that rate, the factors involved, why you didn't consider X,Y and Z. It's tortuous and fraught with problems - you could even lose a case on it. Stick to a rate - authorised, unauthorised - that you can explain quickly and easily.

 

4. An IMPORTANT question is that of what I'm actually claiming...as I said earlier...I feel my case is with Halifax (not any of their subsidiary companies, etc). So when I send my Prelim letter (with contractual interest added to the claim) PLUS when it comes to putting forward the court claims - will I be putting forward three separate claims or can I make an all-encompassing claim and ask for the lot back (with a breakdown of where all the elements of the claim stem from?) I see no reason why you can't ask for all three in one. You may prefer, however, to go for one - the smallest or simplest, perhaps? - to begin with and then use the money to fund the others. Your choice but, so long as the defendant's the same (MAKE SURE IT IS - the credit card co could be different from the account co) in each case, there's nothing to stop you doing all three in one if you wish.

 

5. Related to the question above...would it be possible to use different paradigms for different accounts when assembling a claim. Eg (no compound contractual interest, just statutory interest for the credit card and vice versa for the other two accounts?) Or would you have to apply the same rules across the board? One set of rules for each case. Which ,may be a reason for having three.

 

I'm sorry for the lengthy post...I hope my queries are sensible and relevant, if not please excuse me for being a nitwit!

 

I would appreciate any help anyone has on my issues and I will be happy to pass on my spreadsheets if anyone is willing to check that they are functioning correctly (there seems to be a few of those "#REF!" things in the Interest sections of my spreadsheets!) That's usually as a result of either numbers that are too big to fit in the cell (make sure you're only going to two decimal places, max) or the formula is relating to somewhere it shouldn't. Highlight the cell and see what the formula is actually saying.

 

I am set to get back a decent amount of money (about £2000) if this all goes to plan and I will be donating a nice proportion of it to this website to thank you all for your guidance and superb advice. So thanks in advance for any assistance you are able to give on this matter.:)

 

You're welcome

 

W

  • Haha 1

Westy

 

 

 

If you like my post, click the scales!!

 

Nov 1 2006 Preliminary letter

21 Feb 2007 - cheque arrived for charges+DEBIT interest +Statutory Interest! Hurray!

Read all about it: natwesttookmymoney - v- NatWest

DONATE AS MUCH AS YOU CAN TO KEEP THE SITE GOING.

 

What can you claim? Vampiress has a good idea:

http://www.consumeractiongroup.co.uk/forum/general/69877-what-can-you-claim.html

Anything I say is just a suggestion. I'm a bigmouth, not a lawyer!

Link to post
Share on other sites

i dont even begin to understand the contractural interest. i did my claim off one of the spreadsheets from this site but i am sure that it was only 8%. why is this

 

i have absolutely no idea.

Which spreadsheet did you use? Was it the 8% or did you use contractual compound throughout?

Did you enter 8% as the rate or did you just leave it as is?

Did you file your claim before the discussion on contractual interest got going?

 

W

Westy

 

 

 

If you like my post, click the scales!!

 

Nov 1 2006 Preliminary letter

21 Feb 2007 - cheque arrived for charges+DEBIT interest +Statutory Interest! Hurray!

Read all about it: natwesttookmymoney - v- NatWest

DONATE AS MUCH AS YOU CAN TO KEEP THE SITE GOING.

 

What can you claim? Vampiress has a good idea:

http://www.consumeractiongroup.co.uk/forum/general/69877-what-can-you-claim.html

Anything I say is just a suggestion. I'm a bigmouth, not a lawyer!

Link to post
Share on other sites

I've put some links in post #1205 above that might be useful. Reconstituted Excel versions of Vamp's #5 & #16 spreadies are there if you're not too good at spready formulae.

 

EDIT: I regret these have been withdrawn due to lack of CAG support.

  • Haha 2
Link to post
Share on other sites

Thank you bill-k - we dummies like someone who can do an "idiots guide"!

 

That told me, then

:grin:

Westy

 

 

 

If you like my post, click the scales!!

 

Nov 1 2006 Preliminary letter

21 Feb 2007 - cheque arrived for charges+DEBIT interest +Statutory Interest! Hurray!

Read all about it: natwesttookmymoney - v- NatWest

DONATE AS MUCH AS YOU CAN TO KEEP THE SITE GOING.

 

What can you claim? Vampiress has a good idea:

http://www.consumeractiongroup.co.uk/forum/general/69877-what-can-you-claim.html

Anything I say is just a suggestion. I'm a bigmouth, not a lawyer!

Link to post
Share on other sites

Hey...many thanks NatWest! your advice is MUCH appreciated. I know it wasn't meant to be taken as gospel but...in answer to your comments:

 

1. That's great thanks...I'll have a look at it tomorrow (its Friday night and I require a beer!) Is it OK to post any questions to you? By the way, were you successful in your claim?

 

2. OK. Incorporating your answer to 5. I guess I will be using the contractual rate for each account regardless. However, I still can't figure out why my the interest charges that I have incurred will not appear in the final column - has it got anything to do with the fact that I have entered £0.00 in the 'Overdraft' column (remember the cardcash a/c does not have an o/d facility but will charge you an interest of around 30 % if you become overdrawn)??!?!? Anyone with any ideas?

 

3. Thanks for the clarification - all the better :D!

 

4. I want to claim it all in one lump some, I'm just foreseeing problems with the fact that the credit card is 'detached' from normal accounts...however, SURELY....they are all under and and contribute to increasing the money in HALIFAX's coffers!?!? Consequently...I surely should make my claim against HALIFAX. Will this cause any legal complications or can I argue this in court?

 

5. See 3. and 2.

 

Thanks for getting me started...You've been a great help.

 

sorry for askin lots of questions - it's the only way I can be confident when it comes to court time!! And once again thanks for any input...you're all great here!

:-xGezuwit vs Halifax

 

12.01.07 SAR sent

08.02.07 Statements received [28 Days]

14.02.07 Prelim letter for £1789.85 sent [32 days]

23.02.07 Stalling letter for Bank Accounts received [41 days]

24.02.07 £400 offer for Credit Card received [42 days]

26.02.07 Credit Card Rejection letter sent [44 days]

28.02.07 LBA sent [46 days]

10.03.07 £784 offer for Bank Accounts received [56 days]

14.03.07 Bank Accounts Rejection letter sent [60 days]

-Hiatus-

26.04.07 £900 offer for Bank Accounts accepted over phone and paid into account [103 days]

-Hiatus-

25.07.07 Court Claim filed against Credit Card for a total of £999.53 (inc s69 8 % interest) [193 days]

Stuck? Here's an A-Z Index by Michael Browne.

Link to post
Share on other sites

2. OK. Incorporating your answer to 5. I guess I will be using the contractual rate for each account regardless. However, I still can't figure out why my the interest charges that I have incurred will not appear in the final column - has it got anything to do with the fact that I have entered £0.00 in the 'Overdraft' column (remember the cardcash a/c does not have an o/d facility but will charge you an interest of around 30 % if you become overdrawn)??!?!? Anyone with any ideas?

 

If you would like me to take a llok at your sheet, sned me a PM and I will give you my email address.

Mindzai & Lucid vs Lloyds TSB

 

Mindzai's Account - Partial settlement offer rejected

Joint Account - Partial settlement offer rejected

_________________________

Spreadsheet for compound contractual interest and statutory (s69) interest:

Download v1.9 [Tested with Excel 97-2007 and OpenOffice 2]

PLEASE NOTE: You should fully research contractual interest before you use that functionality of this spreadsheet. If in any doubt please use it to calculate 8% interest under s69 County Courts Act 1984.

Link to post
Share on other sites

Hi, Gezuwit (is the G soft, BTW??)

 

1. Mindzai knows his way round spreadies pretty well - he created quite a few of them. He knows better than I.

 

2. My claim is not yet concluded (grumble, mutter)

 

3. Feel free to post questions but I would recommend that you do it in your own thread. That way, you will get more than one perspective on your issues. Contrary to the beliefs in some circles, I don't actually know everything! (See ans 1 above). :o

 

By all means post your thread name in this one, so's I'll see it.

 

W

Westy

 

 

 

If you like my post, click the scales!!

 

Nov 1 2006 Preliminary letter

21 Feb 2007 - cheque arrived for charges+DEBIT interest +Statutory Interest! Hurray!

Read all about it: natwesttookmymoney - v- NatWest

DONATE AS MUCH AS YOU CAN TO KEEP THE SITE GOING.

 

What can you claim? Vampiress has a good idea:

http://www.consumeractiongroup.co.uk/forum/general/69877-what-can-you-claim.html

Anything I say is just a suggestion. I'm a bigmouth, not a lawyer!

Link to post
Share on other sites

Hello all,

 

Yo bill, who's Westy? I ended up drinkin all his pints too...once i realised he wasn't coming:). By the way, Gezuwit stems from my name - Gerard/Gez (so the G's soft).

 

Thank's Mindzai for the offer, I'll PM u immediately!

 

I haven't actually started off my thread yet, I'll start one off though. It just seems like my queries are mainly related to this contractual interest business!

 

So...Natwest, havin a look at your thread I couldn't really work out how to go about making Vampiress' spreadsheet compound the interest (sorry for being a dumb-ass!!) I've also seen in other threads that Vamp has already made a compound contractual interest spreadsheet (but I can't seem to find that - or maybe I'm just being thick).

 

I understand that Mindzai's spready compounds the interest and allows you to enter the contractual interest rate - excellent! But so far I've understood this to be only valid for bank accounts - NOT credit cards.

 

Out of curiosity - could anyone explain why there is this discrepancy between credit cards and bank accounts?

 

At the moment..I'm using Vampiress's spready for my Credit Card, if you were to make that a compounded contractual interest spready - you would change the 8 % value to the contractual interest rate - right? Now...to make it compounded you should just apply the interest rate formula to the cumulative charge total + any interest that's added on as it accumulates - is that right?

 

Apologies if I'm still postin this in the wrong forum, I will post my next one my own thread - Gezuwit vs Halifax (compound contractual interest claim)!

 

Cheers.

:-xGezuwit vs Halifax

 

12.01.07 SAR sent

08.02.07 Statements received [28 Days]

14.02.07 Prelim letter for £1789.85 sent [32 days]

23.02.07 Stalling letter for Bank Accounts received [41 days]

24.02.07 £400 offer for Credit Card received [42 days]

26.02.07 Credit Card Rejection letter sent [44 days]

28.02.07 LBA sent [46 days]

10.03.07 £784 offer for Bank Accounts received [56 days]

14.03.07 Bank Accounts Rejection letter sent [60 days]

-Hiatus-

26.04.07 £900 offer for Bank Accounts accepted over phone and paid into account [103 days]

-Hiatus-

25.07.07 Court Claim filed against Credit Card for a total of £999.53 (inc s69 8 % interest) [193 days]

Stuck? Here's an A-Z Index by Michael Browne.

Link to post
Share on other sites

Hi Gezuwit,

 

The problem isn't in compounding the interest for the credit card spreadsheet, but for calculating the interest paid on penalties because there are different rules for different credit cards. For example some credit cards give you interest-free on balance transfers but not on new purchases - but not all of them do this. This means that the spreadsheet won't be able to calculate as accurate results for overdraft interest as the bank one does - meaning that the bank could have more to argue about.

 

Also you mention that changing Vampiress's spreadsheet rate from 8% to the contractual interest rate wil calculate compound interest. This is wrong because Vampiress's spreadhseets that were designed for statutory interest calculate the interest as simple - not compound.

 

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]

Link to post
Share on other sites

Quick question::)

 

I'm with Halifax, should I be claiming Interest debited on my account?

 

Its listed after each "Charges as Notified".

:-|

 

You can claim back the portion of interest that only exists because of charges - but not all of the interest ever paid. The spreadsheets give you a good estimate of what you can claim back.

 

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]

Link to post
Share on other sites

Hello all,

 

Yo bill, who's Westy? I ended up drinkin all his pints too...once i realised he wasn't coming:). Would have helped if you'd told me WHICH Red Lion - there are thousands in England!! :p By the way, Gezuwit stems from my name - Gerard/Gez (so the G's soft). But not religious - nothng to do with the Jesuits, then?

 

Thank's Mindzai for the offer, I'll PM u immediately! Very wise. He's the spready king right now.

 

I haven't actually started off my thread yet, I'll start one off though. It just seems like my queries are mainly related to this contractual interest business!

 

So...NatWest, havin a look at your thread I couldn't really work out how to go about making Vampiress' spreadsheet compound the interest AH, well, never mind., You're in touch with Mindzai anyway. (sorry for being a dumb-ass!!) I've also seen in other threads that Vamp has already made a compound contractual interest spreadsheet (but I can't seem to find that - or maybe I'm just being thick). No. Vamp has removed a lot of spreadies while she revises them.

 

I understand that Mindzai's spready compounds the interest and allows you to enter the contractual interest rate - excellent! But so far I've understood this to be only valid for bank accounts - NOT credit cards. Don't see why, other than the argument about purchases/transfers/cash advances. Just find out which one applies to yours, I would have thought.

 

Out of curiosity - could anyone explain why there is this discrepancy between credit cards and bank accounts?

 

At the moment..I'm using Vampiress's spready for my Credit Card, if you were to make that a compounded contractual interest spready - you would change the 8 % value to the contractual interest rate - right? Now...to make it compounded you should just apply the interest rate formula to the cumulative charge total + any interest that's added on as it accumulates - is that right? Er....no. Maybe. Probably not. Not sure I understand your thinking. Hope Mindzai's put you right on that one.

 

Apologies if I'm still postin this in the wrong forum, I will post my next one my own thread - Gezuwit vs Halifax (compound contractual interest claim)!

 

Cheers.

 

Hope that helped....:???:

 

Westy

Westy

 

 

 

If you like my post, click the scales!!

 

Nov 1 2006 Preliminary letter

21 Feb 2007 - cheque arrived for charges+DEBIT interest +Statutory Interest! Hurray!

Read all about it: natwesttookmymoney - v- NatWest

DONATE AS MUCH AS YOU CAN TO KEEP THE SITE GOING.

 

What can you claim? Vampiress has a good idea:

http://www.consumeractiongroup.co.uk/forum/general/69877-what-can-you-claim.html

Anything I say is just a suggestion. I'm a bigmouth, not a lawyer!

Link to post
Share on other sites

Cheers for the help Lucid - sorry if I come come across patronising (not my intention)...

 

Hi Gezuwit,

 

The problem isn't in compounding the interest for the credit card spreadsheet, but for calculating the interest paid on penalties because there are different rules for different credit cards. For example some credit cards give you interest-free on balance transfers but not on new purchases - but not all of them do this. This means that the spreadsheet won't be able to calculate as accurate results for overdraft interest as the bank one does - meaning that the bank could have more to argue about.

 

I understand this - that's why I have used Vampiress' advanced credit card spreadsheet. Correct me if i'm wrong but I think I'm lucky because I have never done any balance transfers nor have i used my credit card to withdraw cash, all my transactions have purely been purchases! therefore all the interest I've previously paid is a result of all the purchases (and charges) so mine should therefore be a little easier to work out (I think!).

 

Also you mention that changing Vampiress's spreadsheet rate from 8% to the contractual interest rate wil calculate compound interest. This is wrong because Vampiress's spreadhseets that were designed for statutory interest calculate the interest as simple - not compound.

 

I also know this, I was going through the steps that would ned to be done to change her spready to one that calculates compound interest at the contractual rate (hope this makes sense). So that was just the first step (acknowledging the contractual rate). The following steps were my attempt to factor in a compounded rate - would that be the way I would do it.

 

Heads are probably getting confused now, so I guess I'll try and make the amendments and see if anyone is willing to check my spready.

:-xGezuwit vs Halifax

 

12.01.07 SAR sent

08.02.07 Statements received [28 Days]

14.02.07 Prelim letter for £1789.85 sent [32 days]

23.02.07 Stalling letter for Bank Accounts received [41 days]

24.02.07 £400 offer for Credit Card received [42 days]

26.02.07 Credit Card Rejection letter sent [44 days]

28.02.07 LBA sent [46 days]

10.03.07 £784 offer for Bank Accounts received [56 days]

14.03.07 Bank Accounts Rejection letter sent [60 days]

-Hiatus-

26.04.07 £900 offer for Bank Accounts accepted over phone and paid into account [103 days]

-Hiatus-

25.07.07 Court Claim filed against Credit Card for a total of £999.53 (inc s69 8 % interest) [193 days]

Stuck? Here's an A-Z Index by Michael Browne.

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...