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

[mcuth]

Yup, thanks Glenn & Seminole for getting to the bottom of that - makes me a lot more confident with my big RBoS claim One to definitely keep up the sleeve if the judge allocates to anything other than the track the charges amount should go to

 

Cheers

 

Michael

[JMC160]

I calculate that you have applied £xxx.xx in levies and further, I also claim interest at a rate of 22.9% as set out in the attached list of charges. I believe this rate to be justified under the principle of mutuality and reciprocity, and is based on your Cash Advance interest rate that would be applied under the terms of the above mentioned account. Therefore the total amount owed as of today’s date is £xxx.xx.

 

Sorry, quick question.. anyone know what the "attached list of charges" should be?

 

I mean do I attach my calculations for the total amount or should it be one of their docs? Or something else?

 

Sorry if I'm being dense.

[bill-k]

Sorry, quick question.. anyone know what the "attached list of charges" should be?

 

I mean do I attach my calculations for the total amount or should it be one of their docs? Or something else?

 

Sorry if I'm being dense.

 

Hi JMC160. This will be your spreadsheet, or whatever you have used to calculate how much they owe you. But yes, it is YOUR list of charges, plus whatever interest you are claiming. You might want to check out a few threads on this, if you're not sure, and if you haven't got a spreadsheet, there are some available in Vampiress's Chambers.

 

HTH.,

 

Bill.

[JMC160]

Thanks Bill.

 

Yes I do have a spreadsheet so I'll put one in with my letter. As far as interest goes, the only documents I have to work out charges etc is a one page list the bank sent me that shows dates, charge amount, TXN amount (whatever that is), available balance and my o/d limit at the time so I don't think I can work out the o/d interest I'm owed so I think I'll have to leave that one. Unless anyone knows of a way to do it?

[Guest bong]

hi jmc160, can you not obtain copies of your statements to find out how much interest you were charged?

[JMC160]

I sent the standard SAR letter and the one page of info is what they sent. I could write to them again, but I've only got three months until the charges start to pass the 6 year limit so I was hoping to use what I have.

 

But if anyone has a good wording for a letter for this I'd be happy tpo consider it.

[Guest bong]

3 months is ok. I've just had a look at the S.A.R. letter and it does request a complete list of transactions or copies of statements. Is there any chance that this was a complete list and you didn't have any interest charges? Otherwise I'd write back and say you need details of all transactions.

[bill-k]

I sent the standard S.A.R - (Subject Access Request) letter and the one page of info is what they sent. I could write to them again, but I've only got three months until the charges start to pass the 6 year limit so I was hoping to use what I have.

 

But if anyone has a good wording for a letter for this I'd be happy tpo consider it.

 

As Bong says, maybe that one SAR sheet is all there is for you. Unless you were charged a lot and/or very often, it may not then be worth claiming the O/D interest. Assuming you're claiming contractual interest, then make sure your spreadsheet is calculating it as compound interest.

 

I'm pretty sure there are some letters posted in the forum for requesting more DPA SAR info, etc.

 

Regarding the 6-year limit - that is also very much in question, both with regard to your claim, and to requesting DPA SAR info. Worth checking out the forum, too !!

 

HTH.,

 

Bill.

[luckman]

Hi,

 

I am pursuing a claim and intend to use compounded unauthorised rate, so I am using Vampiress's No. 5 spreadsheet. I have a small problem on one account where at certain times (unusually) the account is in credit on the day the interest is charged which is th figure I am using to estimate the overdraft. If the account is in credit the spreadsheet creates positive values for 'Bank Interest on Penalties' and 'Interest on Bank Interest on Penalties'. This effectively is giving money back to the bank on the dates the account is in credit instead of returning a zero value. It doesn't amount to much but every little helps and it would be prudent to be as accurate as possible.

 

Is it just the way I am reading it or is it a problem with the formula?

 

I am hoping to get my LBA off in the next couple of days and don't think I'll have time to get my head around the formula. Sorry if I appear to be lazy but I have another bigger battle with an insurance company which is taking my time.

 

Cheers,

 

Dik

[luckman]

Sorry, that should have read 'negative values' for Bank Interst and Interest on Bank Interest.

 

Another minor query.

 

Why is the Interest free overdraft given a value of 0 on the first line then 1 on all others. I have no Interest Free Overdraft so am setting them all to 0.

 

Cheers,

 

Dik

[Guest bong]

luckman I believe the only way around this would be to calculate your average balance over the month - which is what I did although I wasn't using this particular spreadsheet. Total up your daily balances and divide it by the number of days in the month. I'm not assuming you couldn't do this, just thought I would provide my method for clarity. I think it's more accurate anyway than just using the balance at the date the interest was applied.

[luckman]

Bong,

 

Thanks for the reply.

 

I did consider your method but 2000+ data entries on each of two accounts is too time consuming for me. I also considered using high and low and diving by two but the result over a test sample was not significantly different. Thought of using 1st or last day of each month, unfortunately before being self-employed my payday made this detrimental.

 

Now I have your confirmation it is a 'feature'and not my incompetence, I have modified the formula to embed the original formula inside another 'IF' which test for the balance being positive and, if so, returns nil interest. It only gives me about another £20 but may stand up to scrutiny if it should go to court.

 

Cheers,

 

Dik

[Guest bong]

Sounds good to me.

[maroonfox5]

Hi all

 

Good thread just linking in

 

Regards

 

MF5

[dayglo]

Hi everyone, I've just caught up to speed with this thread - for the life of me I can't find an example to use for my particulars of claim.

 

I've given Natwest prelim & LBA letters all including contractual interest.

 

I assume I can't do this on MCOL and would need to file N1 in person?

 

any help with PoC would be appreciated - regards.

[purplecatlover]

Dayglo, cheack out mindzai and lucid thread in the loyds section, they posted their poc for contractual interest which i pretty much copied. mine are in my thread in natwest section too.

[bill-k]

Dayglo, cheack out mindzai and lucid thread in the loyds section, they posted their poc for contractual interest which i pretty much copied. mine are in my thread in NatWest section too.

Echo that - Mindzai's are also on "A New way of Looking at Interest" as well I believe. Very good example, I thought, and have used them on several claims.

[millymollymoo]

Hello I am using Vampiress's spreadsheet to calculate compounded contractual interest for my Credit Card claim,the simple version.(as I am!! )

 

My question is that since 2001 I have twice paid off the balances in full to the CC company, which included all their charges at the time. When entering a claim date should I enter the dates on each spreadsheet as the date the credit card was settled? . or to todays date?????

For example between Jan 2001 and august 2003 I owed £1381, I have entered the charges and the spreadsheet has worked out the interest amounts from when the date was charged to the settlement of the full balance (because I entered the claim date as August 2003!). and am worried that they will think I am taking the mickey!!

 

Is this wrong????

 

I have then started another spreadsheet forom August 2003 to december 2005 charges and yet again settled the balance (idiot!!!) and only put the claim date in as to when the balance was settled.

 

I really need your help as it seems other peeps are charging todays date, obviously this would make the interest much higher. However what worries me is (and maybe I have misinterpreted what I have read!!!) is that if the FULL balance is settled at any time then the compounded interest would stop.

 

Have I got this all wrong I am very confused as to whether I should complete one spreadsheet from 2001 to currrent or seperate to each balances being paid off! :confused:

[Guest bong]

on first appearances mmm I would say you were right to keep the three periods on separate spreadsheets but you need to put in the current date as the claim date, not the date the balance was paid off. this will then work out the interest they owe you up to today, for having had your money that long.

 

thats just my first thoughts. I hope someone else can confirm this for you as I could be wrong.

[bill-k]

Milly - yes this is wrong. But this is also good, because you've not just gone ahead and claimed - you've asked first. And getting this right will increase the interest you're claiming !!

Provided this is all pertaining to the one credit card account, it doesn't matter about whether you paid it off several times. That only affects the interest they charged you. That interest is not the contractual interest you are claiming now.

 

What you are doing by claiming contractual interest now is, in effect, charging them interest on the money they have taken from you unlawfully (the penalty charges) over the time you have had the account with them. You are charging them interest now, in the same way that they charge(d) you interest. That's why it's called contractual, because you're both parties to the same contract.

 

You simply set up your spready to work out the C.I. on each charge up to the claim date, and charge the bank's current rate on the lot. Make sure your spready is calculating compound and not simple interest for this.

 

So, it's actually simpler than you think, and you can claim more than you thought !!

 

Hope that cheers you up, matey !!

[bill-k]

Sorry, Bong - on your toes again !! You sure you didn't start that tornado, speedy ?

[natwesttookmymoney]

Hi, Milly

If you're making a single claim against

one company, then you should put them all on the same spreadsheet.

Put in the 'date of claim' the date when you write to them, requesting your money back.

While you've clearly paid the balances off, two things should be considered: one, that you were being charged interest on these charges, and second, that you have been denied use of the money. In the former case, what you have done so far quantifies your actual demonstrable loss. In the second, then your argument is about equity - that this is what the company would have charged you if you'd held on to its money.

Keep what you have done so far anyway - it may come in useful at a later date. But when it comes to asking for repayment and filing the claim, use a single spreadsheet that accumulates interest to the present day.

Hope this helps

Westy

[Guest bong]

Hi, Milly

If you're making a single claim against

one company, then you should put them all on the same spreadsheet.

Put in the 'date of claim' the date when you write to them, requesting your money back.

While you've clearly paid the balances off, two things should be considered: one, that you were being charged interest on these charges, and second, that you have been denied use of the money. In the former case, what you have done so far quantifies your actual demonstrable loss. In the second, then your argument is about equity - that this is what the company would have charged you if you'd held on to its money.

Keep what you have done so far anyway - it may come in useful at a later date. But when it comes to asking for repayment and filing the claim, use a single spreadsheet that accumulates interest to the present day.

Hope this helps

Westy

 

westy, s'me again - are you sure about this?

 

by doing three spreadsheets (all up to the current date) you are still getting contractual interest on the charges and credit card interest you've paid.

 

however, by putting all the charges into one spreadsheet, what would happen is that it would apportion credit card interest against charges that are no longer part of the balance owed to the credit card co. and are therefore no longer attracting 'purchase' interest. this wouldn't be accurate.

[natwesttookmymoney]

Take your point, Bong, but Milly said she's using the simple version.

BUT - it's worth checking one point: Milly, are you simply entering the charges that have been levied onto your spreadsheet or are you entering everything from your account?

If the latter, how are your fingers standing up to all the data inputting?

Westy

[millymollymoo]

Thankyou Bill-K and Bong.

 

This better than I thought and thank you for clarifying this, and yes it is the samee CC company.

 

Using their current interest rate of 17.93% and totalling up to todays date the amount is so much more!

 

Just one other, should I send three spreadsheets in or just the one i.e from jan 2001 to current showing all the charges?

 

Thank you for all this help:)