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    • further polished WS using above suggestions and also included couple of more modifications highlighted in orange are those ok to include?   Background   1.1  The Defendant received the Parking Charge Notice (PCN) on the 06th of January 2020 following the vehicle being parked at Arla Old Dairy, South Ruislip on the 05th of December 2019.   Unfair PCN   2.1  On 19th December 2023 the Defendant sent the Claimant's solicitors a CPR request.  As shown in Exhibit 1 (pages 7-13) sent by the solicitors the signage displayed in their evidence clearly shows a £60.00 parking charge notice (which will be reduced to £30 if paid within 14 days of issue).  2.2  Yet the PCN sent by the Claimant is for a £100.00 parking charge notice (reduced to £60 if paid within 30 days of issue).   2.3        The Claimant relies on signage to create a contract.  It is unlawful for the Claimant to write that the charge is £60 on their signs and then send demands for £100.    2.4        The unlawful £100 charge is also the basis for the Claimant's Particulars of Claim.  No Locus Standi  3.1  I do not believe a contract with the landowner, that is provided following the defendant’s CPR request, gives MET Parking Services a right to bring claims in their own name. Definition of “Relevant contract” from the Protection of Freedoms Act 2012, Schedule 4,  2 [1] means a contract Including a contract arising only when the vehicle was parked on the relevant land between the driver and a person who is-   (a) the owner or occupier of the land; or   (b) Authorised, under or by virtue of arrangements made by the owner or occupier of the land, to enter into a contract with the driver requiring the payment of parking charges in respect of the parking of the vehicle on the land. According to https://www.legislation.gov.uk/ukpga/2006/46/section/44   For a contract to be valid, it requires a director from each company to sign and then two independent witnesses must confirm those signatures.   3.2  The Defendant requested to see such a contract in the CPR request.  The fact that no contract has been produced with the witness signatures present means the contract has not been validly executed. Therefore, there can be no contract established between MET Parking Services and the motorist. Even if “Parking in Electric Bay” could form a contract (which it cannot), it is immaterial. There is no valid contract.  Illegal Conduct – No Contract Formed   4.1 At the time of writing, the Claimant has failed to provide the following, in response to the CPR request from myself.   4.2        The legal contract between the Claimant and the landowner (which in this case is Standard Life Investments UK) to provide evidence that there is an agreement in place with landowner with the necessary authority to issue parking charge notices and to pursue payment by means of litigation.   4.3 Proof of planning permission granted for signage etc under the Town and country Planning Act 1990. Lack of planning permission is a criminal offence under this Act and no contract can be formed where criminality is involved.   4.4        I also do not believe the claimant possesses these documents.   No Keeper Liability   5.1        The defendant was not the driver at the time and date mentioned in the PCN and the claimant has not established keeper liability under schedule 4 of the PoFA 2012. In this matter, the defendant puts it to the claimant to produce strict proof as to who was driving at the time.   5.2 The claimant in their Notice To Keeper also failed to comply with PoFA 2012 Schedule 4 section 9[2][f] while mentioning “the right to recover from the keeper so much of that parking charge as remains unpaid” where they did not include statement “(if all the applicable conditions under this Schedule are met)”.     5.3         The claimant did not mention parking period, times on the photographs are separate from the PCN and in any case are that arrival and departure times not the parking period since their times include driving to and from the parking space as a minimum and can include extra time to allow pedestrians and other vehicles to pass in front.    Protection of Freedoms Act 2012   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;  22. In the persuasive judgement K4GF167G - Premier Park Ltd v Mr Mathur - Horsham County Court – 5 January 2024 it was on this very point that the judge dismissed this claim.  5.4  A the PCN does not comply with the Act the Defendant as keeper is not liable.  No Breach of Contract   6.1       No breach of contract occurred because the PCN and contract provided as part of the defendant’s CPR request shows different post code, PCN shows HA4 0EY while contract shows HA4 0FY. According to PCN defendant parked on HA4 0EY which does not appear to be subject to the postcode covered by the contract.  6.2         The entrance sign does not mention anything about there being other terms inside the car park so does not offer a contract which makes it only an offer to treat,  Interest  7.1  It is unreasonable for the Claimant to delay litigation for  Double Recovery   7.2  The claim is littered with made-up charges.  7.3  As noted above, the Claimant's signs state a £60 charge yet their PCN is for £100.  7.4  As well as the £100 parking charge, the Claimant seeks recovery of an additional £70.  This is simply a poor attempt to circumvent the legal costs cap at small claims.  7.5 Since 2019, many County Courts have considered claims in excess of £100 to be an abuse of process leading to them being struck out ab initio. An example, in the Caernarfon Court in VCS v Davies, case No. FTQZ4W28 on 4th September 2019, District Judge Jones-Evans stated “Upon it being recorded that District Judge Jones- Evans has over a very significant period of time warned advocates (...) in many cases of this nature before this court that their claim for £60 is unenforceable in law and is an abuse of process and is nothing more than a poor attempt to go behind the decision of the Supreme Court v Beavis which inter alia decided that a figure of £160 as a global sum claimed in this case would be a penalty and not a genuine pre-estimate of loss and therefore unenforceable in law and if the practice continued, he would treat all cases as a claim for £160 and therefore a penalty and unenforceable in law it is hereby declared (…) the claim is struck out and declared to be wholly without merit and an abuse of process.”  7.6 In Claim Nos. F0DP806M and F0DP201T, District Judge Taylor echoed earlier General Judgment or Orders of District Judge Grand, stating ''It is ordered that the claim is struck out as an abuse of process. The claim contains a substantial charge additional to the parking charge which it is alleged the Defendant contracted to pay. This additional charge is not recoverabl15e under the Protection of Freedoms Act 2012, Schedule 4 nor with reference to the judgment in Parking Eye v Beavis. It is an abuse of process from the Claimant to issue a knowingly inflated claim for an additional sum which it is not entitled to recover. This order has been made by the court of its own initiative without a hearing pursuant to CPR Rule 3.3(4)) of the Civil Procedure Rules 1998...''  7.7 In the persuasive case of G4QZ465V - Excel Parking Services Ltd v Wilkinson – Bradford County Court -2 July 2020 (Exhibit 4) the judge had decided that Excel had won. However, due to Excel adding on the £60 the Judge dismissed the case.  7.8        The addition of costs not previously specified on signage are also in breach of the Consumer Rights Act 2015, Schedule 2, specifically paras 6, 10 and 14.   7.9        It is the Defendant’s position that the Claimant in this case has knowingly submitted inflated costs and thus the entire claim should be similarly struck out in accordance with Civil Procedure Rule 3.3(4).   In Conclusion   8.1        I invite the court to dismiss the claim.  Statement of Truth  I believe that the facts stated in this witness statement are true. I understand that proceedings for contempt of court may be brought against anyone who makes, or causes to be made, a false statement in a document verified by a statement of truth without an honest belief in its truth.   
    • Well the difference is that in all our other cases It was Kev who was trying to entrap the motorist so sticking two fingers up to him and daring him to try court was from a position of strength. In your case, sorry, you made a mistake so you're not in the position of strength.  I've looked on Google Maps and the signs are few & far between as per Kev's MO, but there is an entrance sign saying "Pay & Display" (and you've admitted in writing that you knew you had to pay) and the signs by the payment machines do say "Sea View Car Park" (and you've admitted in writing you paid the wrong car park ... and maybe outed yourself as the driver). Something I missed in my previous post is that the LoC is only for one ticket, not two. Sorry, but it's impossible to definitively advise what to so. Personally I'd probably gamble on Kev being a serial bottler of court and reply with a snotty letter ridiculing the signage (given you mentioned the signage in your appeal) - but it is a gamble.  
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    • 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
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Why is no one claiming the contractual rate of interest???


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CI interest can be a nice value added to your charges claim but it by no means an easy feat or really one for the light hearted as it entails reading alot and preparing arguments that could lead to nothing it is still realativly a new approach to claiming charges back and as such each case bought for CI is a learning curve

 

the easiest way to do reclaim charges are to claim back exactly what was taken from yourself and then claim 8% simple interest if you file court proceedings

 

using a company to me isn't an option as they wouldnt even entertain claiming CI as far as i am aware

 

the choice has to be yours as to what you feel comfortable claiming and being prepared to argue/build a case to support

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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Ok. So I changed the interest rate to my banks contractual rate of 29.80% in the compound Interest spreadsheet. My first charge was for £30.00 on 26th March 2002. My total charges come to £396.00 and the interest calculates out to £765.25. Grand total £1,161.25. Does this seem about right?, and has any one actually won back all their charges using this method.

Gimee! Gimee! Gimee! ma cash after midnight!

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Reading many threads the question of C.I. is quite a hot potato. One I recall asked on what grounds can claiming C.I. be legally justified ?

A question which would have to be answered when pursuing a court claim.

05/03/07 S.A.R - (Subject Access Request) handed in at branch

Found missing statements at home !!!!

08/03/07 Prelim+ schedule posted rec del

22/03/07 :mad: No reply to prelim LBA posted rec del

05/04/07 :mad: 14 days and no reply to LBA, sent e-mail

27/04/07 :D Offered FULL SETTLEMENT £3375

03/05/07 Cash in bank account :D :D

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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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dangler whilst it may take a little time may I suggest you read this thread from the begining after which I'm sure all your questions will be answered

 

 

It will only take you a week. lol

 

No seriously, this is good advice. It will explain things for and against CI, you will understand it, then be totally confused, then think you've got it again, then get confused.

 

Newbodys link to his summary is a good plan, but still read then main thread.

 

Tanz

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Hello guys, when you have some time please look in my thread..need a bit of advise...

 

Itsme Vs Halifax 2 accounts

 

Thank you.

 

 

Kind regards,

 

 

Maria

Carphone Warehouse WON £195.00

Welcome Finance in Court. N244 accepted.

Barclaycard WON with contractual, PPI and charges for time spent and letters sent

Halifax solo, switch, Credit Classic, Halifax one Itsme Vs Halifax 2 accounts

Creation Finance Prelim received offer of £79.88.... Itsme VS Creation Finance

Vodafone overcharged Vodafon.. anything that could be done?

 

U know where the scales r:)))))

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Reading many threads the question of C.I. is quite a hot potato. One I recall asked on what grounds can claiming C.I. be legally justified ?

A question which would have to be answered when pursuing a court claim.

 

The grounds on which CI can be claimed - the *only* grounds I should think - are that the contract means you are entitled to it.

 

In the Mindzai and Lucid case, they quoted the wording from the Ts&Cs of their bank account, which stated that interest woud be payable on unauthorised drawings. They said in their claim that this applied to unauthorised drawings by the bank as well as unauthorised drawings by themselves.

 

That argument is at least reasonable. If the bank wished to argue that the term does not apply to the bank's drawings, then of course it could have turned up in court and do so.

 

Tim

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Good lord.. talk about a complicated matter! How about this:

 

1) The bank, having taken your money by way of debiting penalty charges and charging interest on those, has unjustly enriched itself.

2) You are entitled, on the basis that they did this, to demand restitution.

3) The easiest way of quantifying the value of that unjust enrichment, and thus your restitution, is to determine the Bank's net profit margin (available from their annual publicly-filed accounts) and use that as the basis for calculating what rate you should claim.

 

ie. if NatWest's net profit margin for 2006 was 30%, you can quite reasonably justify claiming 30% per annum back for that year (pro rata on a monthly basis) on whatever debits they have made from your account unlawfully.

 

It must be beyond question that the Bank have achieved a total return, net of their costs and operating expenses, of their stated net profit margin for any given year. Its in their filed annual accounts. Thus you can unequivocally say that this represents the precise and exact rate at which you can without question state the degree they have benefited from your money.

 

Bugger using the contractual rate of their overdraft facility, authorised or otherwise. Hit them with their own net profit margin - they can't possibly argue with that!

 

Thoughts?

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The easiest way is not to accept any offers and force them into court as they will pay more than twice what your claiming to avoid it! :D

Donate to keep this site open

 

Any help or advice is offered as just that, help and advice without any liability. If in doubt consult a legal expert or CAB.

 

Make Cash Flow Forecast

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Good lord.. talk about a complicated matter! How about this:

 

1) The bank, having taken your money by way of debiting penalty charges and charging interest on those, has unjustly enriched itself.

2) You are entitled, on the basis that they did this, to demand restitution.

3) The easiest way of quantifying the value of that unjust enrichment, and thus your restitution, is to determine the Bank's net profit margin (available from their annual publicly-filed accounts) and use that as the basis for calculating what rate you should claim.

 

ie. if NatWest's net profit margin for 2006 was 30%, you can quite reasonably justify claiming 30% per annum back for that year (pro rata on a monthly basis) on whatever debits they have made from your account unlawfully.

 

It must be beyond question that the Bank have achieved a total return, net of their costs and operating expenses, of their stated net profit margin for any given year. Its in their filed annual accounts. Thus you can unequivocally say that this represents the precise and exact rate at which you can without question state the degree they have benefited from your money.

 

Bugger using the contractual rate of their overdraft facility, authorised or otherwise. Hit them with their own net profit margin - they can't possibly argue with that!

 

Thoughts?

 

Jalex,

 

You will find that every contract is treated on its own merits. Where interest has been charged, an equal reaction will be allowed. This will not apply to the general profit margin as some clients will have contributed a greater percentage than others, and each contract is seperate.

 

Why are you not insisting on the 'actual' rate of interest applied?

 

Tide

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Jalex,

 

You will find that every contract is treated on its own merits. Where interest has been charged, an equal reaction will be allowed. This will not apply to the general profit margin as some clients will have contributed a greater percentage than others, and each contract is seperate.

 

Why are you not insisting on the 'actual' rate of interest applied?

 

Tide

 

But that's the whole point - I am not trying to claim back "contractual interest" at the "contractual rate of the contract" due to some mysterious and little-understood, vague "principle of repricosity, mutuality, fairness and balance" and all that gumph which nobody has yet had to argue in front of a judge.

 

I am saying:

 

a) The bank has "unjustly enriched" itself with your money.

b) under the law, "unjust enrichment" gives rise to a lawful demand for "Restitution." Restitution is the process by which profits acquired by the Defendant in the course of using your money are transferred from them to you, the Claimant.

c) Restitution has to be carefully worked out.. AND JUSTIFIED.

d) What could be fairer that taking the bank's own net profit margin - the percentage of its turnover which is profit AFTER operating expenses - and using that to calculate the return they have managed to achieve with your money? Its indisputable. It is simple to understand. It doesn't clutter up the argument with some nonsense about whether it is "fairer" to use the unauthorised or authorised overdraft rate (the law doesn't care about "fair," it just wants to be "right."). It isn't so much YOU charging THEM interest, as YOU calculating the profits they have made with YOUR money and under the law of Restitution transferring them to you, duly calculated at the precise profit margin at which the Bank has stated in its Annual Accounts it has achieved for any one year.

 

Its simple. Its easily explained in court. Its indisputably fair, accurate, and based on sound facts. And its easy for a judge to understand.

 

And I believe you could still claim your s.69 statutory 8% interest on top of it if you go to court and win, as the claim for Restitution would form part of your claim and not be something awarded by the court in compensation, which is effectively what Statutory Interest is.

 

Can anyone see any problem with this?

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But that's the whole point - I am not trying to claim back "contractual interest" at the "contractual rate of the contract" due to some mysterious and little-understood, vague "principle of repricosity, mutuality, fairness and balance" and all that gumph which nobody has yet had to argue in front of a judge.

 

I am saying:

 

a) The bank has "unjustly enriched" itself with your money.

b) under the law, "unjust enrichment" gives rise to a lawful demand for "Restitution." Restitution is the process by which profits acquired by the Defendant in the course of using your money are transferred from them to you, the Claimant.

c) Restitution has to be carefully worked out.. AND JUSTIFIED.

d) What could be fairer that taking the bank's own net profit margin Taking what they made on your money which could be entirely different to their net profits.- the percentage of its turnover which is profit AFTER operating expenses - and using that to calculate the return they have managed to achieve with your money? Its indisputable. It is simple to understand. It doesn't clutter up the argument with some nonsense about whether it is "fairer" to use the unauthorised or authorised overdraft rate (the law doesn't care about "fair," it just wants to be "right."). It isn't so much YOU charging THEM interest, as YOU calculating the profits they have made with YOUR money and under the law of Restitution transferring them to you, duly calculated at the precise profit margin at which the Bank has stated in its Annual Accounts it has achieved for any one year.

 

Its simple. Its easily explained in court. Its indisputably fair, accurate, and based on sound facts. And its easy for a judge to understand.

 

And I believe you could still claim your s.69 statutory 8% interest on top of it if you go to court and win, as the claim for Restitution would form part of your claim and not be something awarded by the court in compensation, which is effectively what Statutory Interest is.

 

Can anyone see any problem with this?

 

Apart form your methodology for arriving at the value claimed, no, i cant see anting wrong with the concept.

 

In truth i doubt it would yield s much as 30% as excess OD rate would or similar.

 

Its called various things as far as i can make out, account of profits being one, and tom brennan has effectively asked for similar i think.

 

Glenn

Kick the shAbbey Habit

 

Where were you? Next time please

 

 

Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless

Abbey 2nd claim, two Accs - claim issued 30-03-07

Barclaycard - Settled cheque received

Egg 2 accounts ID sent 29/07

Co-op Claim issued 30-03-07

GE Capital (Store Cards) ICO says theyve been naughty

MBNA - Settled in Full

GE Capital (1st National) Settled

Lombard Bank - SAR sent 16.02.07

MBNA are not your friends, they will settle but you need to make sure its on your terms -read here

Glenn Vs MBNA

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I have a question re: compounded interest. Essentially had a business account which folded in 1991 - account frozen as couldnt pay £17k back then. Paid nominal amount of £50 monthly until 2 yrs ago when remortgaged to get charge off house. Astonished original amount had risen to £43k. Compound interest of roughly £248 a month. Didn't want to negotiate and finally settled after nearly a year for £42k which we paid them. I have written to The Chief Exec and his next in line replied essentially saying "get lost" they acted lawfully, citing limitation act etc. Told them I was going to Ombudsman and thats where the case is at the moment. Since it went to Ombudsman we are being encouraged to claim charges back beyond 6 years so am going to go for all the charges onthe business account prior to 1991 as there were many but cannot do this until Ombudsman comes back with an answer. Am trying to get some or all of the £42k back. The Bank are saying:

  • no charges were added to account when frozen
  • they were justified in charging the amounts of interest

They say they tried to negotiate during all the time we were paying the £50 which we are disputing. Stopped paying them to get them to write to us because when we called no-one knew where file was. Took them 4 months to respond LOL. Essentially I just want to know if there is anything that we can do because feel that have been ripped off something rotton. Not disputing we owed them money but its daylight robbery.

 

Yours excellent thoughts please

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Woodentop,

 

You need to do a proper SAR, then look in the library for the interest calculator. Input all charges and analyse the interest.

 

No charges were added to account when frozen!!

 

Get a full breakdown of your account, dates, amounts, full description etc.

 

Then question each and every charge and try to get a description of each.

 

It doesn't matter if charges were made when the account was frozen or not.

 

You need details of all info they hold on you.

 

Tide

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IMHO I think the argument put forward by jalex has merit. Apart from the problem of calculation it would also have the effect of drawing attention to the fact that their ill-gotten profits are being targeted directly by consumers.

 

I suspect it would lead to some sleepless nights for the banks bosses

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IMHO I think the argument put forward by jalex has merit. Apart from the problem of calculation it would also have the effect of drawing attention to the fact that their ill-gotten profits are being targeted directly by consumers.

 

I suspect it would lead to some sleepless nights for the banks bosses

 

Thanks. I think some people here are too obsessed with trying to charge the unauthorised overdraft rate on a) principle, because it sounds great to charge "them" interest and b) because it is a high number. Lesson 1: courts don't like greedy people trying to "unjustly enrich" themselves by suing others. You may not see yourself like that, but the Court might.

 

Look, this issue is being over-complicated. Claiming the contractual rate of interest on the basis of reciprocity, mutuality, fairness, balance blah blah blah has NOT been proven in court. It may be a great argument, but its just that for now - an argument, and one without much precedent. I for one don't want to base a £25k claim (or a £2.5k one for that matter!) on that.

 

Claiming Restitution from Unjust Enrichment HAS been tested in court and is a long-established principle of law. It is NOT the same as you charging them interest, where you work out what you are entitled to charge them on some spurious basis you then have to explain. It is YOU working out the profits THEY have made with YOUR money, and seeking Restitution of those profits. All you have to do is explain how much money they are likely to have earned over a given period, and its yours by Law to demand.

 

So just find out the bank's profit margin (usually between 20-30%) from its official Accounts, and work out its rate of return on your money. I really don't see how anyone can argue with this - its so basic, so simple, that its undeniable. And I'd like to see a Bank's barrister argue that it isn't a fair and reasonable way to assess the Bank's likely return on your money. Their profit margin on revenues is their profit margin on revenues. Your money is revenue. Their profit margin is their profit on that revenue. So work out what the margin is (as I said, usually 21-30% depending on the Bank) and you can work out the profit you can demand in Restitution from their Unjust Enrichment.

 

There... doesn't that makes sense? Even a County Court Judge could follow that logic

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Westdeutsche v Islington BC [1996] A.C. 669, [1996] 2 All E.R. 961 states there was no basis for compound interest under unjust enrichment

iGroup (GE Money) - AoS Filed late, defence late, amended defence also late despite extra time requested and granted.

Vanquis - Claim issued, no AoS or Defence received

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Westdeutsche v Islington BC [1996] A.C. 669, [1996] 2 All E.R. 961 states there was no basis for compound interest under unjust enrichment

With respect, you're missing the point. You aren't charging them interest, simple or compound. You don't need to compound the interest. You are taking their profits in Restitution. Lets say their profit margin is 30%. In 2001, they took £100 in penalty charges. They made £30 that year from you. Now they have £130. In 2002 they make 30% of 130 = £39. Now they have £169. In 2003 they make 30% of £169 = £50.70. Now they have £219.70.

 

This has the net effect of compounding profits annually. You could, of course, work this out on a quarterly basis rather than annual, as companies report profits (and their profit margin) quarterly, which would have the effect of compounding profits quarterly - obviously more beneficial to us.

 

The point is, WE are not charging INTEREST, simple OR compound. We are asking for restitution of their PROFITS, which are obviously compounded.

 

So the ruling with regard to compound or simple interest is completely irrelevant, as we're not charging interest in the first place.

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