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

[bill-k]

Hi, received letter today from shabby abbey telling me they are looking into my claim. tough !! sending my lba off tomorrow but not sure where to go with the interest ? don't know whether to just apply the 8% or go for the full contractual interest, by the way does anyone know what the rate is for shabby abbey ?

Hi Olympic - I hope you're finding your way around here, now. You might need to do some more reading up here before you send your LBA.

 

If you haven't done so, yet, I suggest you complete a statutory interest spreadsheet with your claimed charges. Then paste & copy the charges to a second spreadsheet for contractual interest. Then compare the two, and make a decision as to whether to claim statutory or contractual. Nobody can make that decision for you - you have to make an informed decision yourself. Make the decision, then - and only then - commence your claim from Abbey. I suggest that you send them a second prelim, then the LBA, then etc. etc.

 

If you don't know how much you are claiming from them, then they can't pay you !!!

 

You should be able to find Abbey's current interest rates online, I think. But Glenn might tell you if he's around.

 

All the best with it, matey.

[Glenn UK]

I havent checked lately, it was 28.7% for unathorised o/d.

 

HTH

 

Glenn

[millymollymoo]

Hi everyone:)

 

Hope you had a good xmas!

 

I as mentioned in previous posts had sent my prelim off to Capital One on 13th Dec, however to their Euston Rd address instead of Nottingham (as I found out I should of!)

 

I know it was delivered as I checked on Royal Mail and I have heard nothing from them:mad:

 

My question is should I next week (giving them a few days grace!) send a LBA with increased contractual interest to the new date of sending the claim, i.e: Jan 2nd 06 or stick with the original claim date of the 13th December with the original amounts requested:confused:

 

Does that make sense?

 

Or even should I send a new prelim off to Nottingham?

 

Thanks Milly

[bill-k]

Hi Milly, thanks I had a good Christmas - and yours ?

 

I would personally suggest sending the LBA with the revised figures. Send a copy to Euston Rd. and another to Notts. Mention in each that you sent the original (prelim) to Euston Rd. and that as you haven't heard anything, here's the LBA.

 

You can always send a second LBA later if it seems worth it, or if they just won't acknowledge receipt of the original prelim.

[millymollymoo]

Hi bill-k:)

 

Had a great xmas thanks.....too many drinks however:o I think singing the holly and the ivy whilst under the influence was a bit embarrassing:o (my excuse!!!)ha ha.

 

Thats a good idea concerning sending to LBA's to each address and I will do that:D

 

and goody I can claim a bit more on top. Thats the contractual increasing!!

 

Milly X:)

[millymollymoo]

just checking bill-k... change the new date to 2nd Jan on the spreadsheet is Ok?

 

Do not swear.....:o

 

Milly X:)

[thereshope!]

Hi all

 

I have just read through ALL the thread . Taken me hours lol !

 

Still not sure what to do go for ,stat or contractual interest.

 

I have read threads on MSE aswell and keep getting different views on the way to go.

 

I am sooooo confused.

 

OK. Please can someone shed a little light ?

 

I have pm a few different posters re various questions about my situation and they have all been so helpful. I feel that i'm nearly ready to do prelim and charges etc.

 

My questions are,if anyone can help

 

1) Has anyone actually won the full amount they were claiming when they included the contractual interest from the outset ?

 

2) can someone please clarify. My arranged o/d was for £3150. In nov 2004 my account went over that limit and has remained that way ever since.

 

I notified Natwest of my situation ,cancelled all d/d and s/o etc and transferred my wages to another bank.

 

I began paying Natwest through a DMP, happy in the knowledge that my debt was being reduced.

 

Only it hasnt.

 

I found out when I received my statments that what was an o/d for £3150 is now an o/d for £7474.57.

 

So my question is, if i decided to go for contractual interest, do i charge Natwests rate of 29.5% for the whole of the overdraft, or do i charge it for the amount over the agreed limit ?

 

3) I have never used a spreadsheet before. Would it be simple enough to use for someone who hasnt filled one in before ?

 

WOW !

 

Think thats about it.

Any replies would be very gratefully received !

 

Thanks guys

 

Hope

[bill-k]

just checking bill-k... change the new date to 2nd Jan on the spreadsheet is Ok?

 

Do not swear.....:o

 

Milly X:)

If 2nd Jan is when you're going to send it, then that should be fine, Milly.

 

Me...swear ? Heaven forbid. ;-)

[bill-k]

Thereshope - Well done for reading up !! How's your head !! ??

 

Answer to Q.1 is yes.

 

Answer to Q.2 is a bit longer, I'm afraid.

(a) I don't know what happened with your DMP, but usually the arrangement is that the bank stops charging you interest, while you try and pay off the debt. It looks as though you were still being charged interest all that time !!

(b) Despite your reading up, you still haven't quite got a grasp of contractual interest. Your claim is made up of the following:-

i. The penalty charges;

ii. The portion of overdraft interest that you were charged on these penalties;

iii. Interest on THAT overdraft interest;

iv. Interest on the penalty charges themselves;

v. Some costs.

 

Items i & ii are what the bank charged you. You cannot claim ALL of your overdraft interest, just the amount you were charged on the penalties. Items iii & iv are the contractual interest. This is NOT interest that you have been charged by the bank - it is interest that you are now about to charge the bank for keeping your money. And you charge them at the rate they charge you for borrowing money - that is the contractual rate.

 

Q3. You might find you need a bit of time to just play around with spreadsheets, just to get the hang of them. I suggest you use the Google ones in Vampiress's Chambers, as you can get online help from others in there, and even share a spready with someone. You might be unlucky enough to get me !!

 

HTH

 

Bill.

[thereshope!]

Bill

 

Thankyou thankyou !

 

Feel like banging my head against the wall. I keep on reading posts but they just dont seem to 'gel' in my head.I think I must be a bit challenged in the grey matter department lol !!

 

 

Would you mind if I pm you with details of a real statement and you (pretty please !) could run through it with me ?

 

I think once I actually work the charges out on a couple of the penalties it will hopefully click and i'll be able to work the rest out.

 

 

Cheers Bill, I would forever be in your debt !!!!

 

Hope xx

[bill-k]

Bill

 

Thankyou thankyou !

 

Feel like banging my head against the wall. I keep on reading posts but they just dont seem to 'gel' in my head.I think I must be a bit challenged in the grey matter department lol !!

 

 

Would you mind if I pm you with details of a real statement and you (pretty please !) could run through it with me ?

 

I think once I actually work the charges out on a couple of the penalties it will hopefully click and i'll be able to work the rest out.

 

 

Cheers Bill, I would forever be in your debt !!!!

 

Hope xx

You're welcome, hope. No, we all need to give the brain a break - I think the trick is to take your time. If you treat this as a race, you will probably lose - so relax !!

 

Yeah, by all means PM me a coupla sample lines from your figures. Take the oldest charge, and the most recent one. I need:

Charge amount

Charge date

Interest rate.

 

OK ?

 

Forever in my debt? Nah - just usual commision will do !!

 

Cheers,

 

Bill.

[sarahpp]

He means Bananas Hope

[Glenn UK]

FWIW

 

Re the address you use to serve the bank or whoever papers on.

 

As i understand it you have two choices either your local branch (i.e. the one closest to where you live) or the head office.

 

It was a while ago i researched this so cant remember all the details, but as i recall if you serve your local branch and make a mistake then its feasible that your claim could be struck out. Don't ask me to remember where i got this from but anyway, its kind of irrelevant.

 

I would always recommend people to serve all letters and papers on the registered office since this is the address you should use for the court claim when it comes to it.

 

so it simplifies your life no end if you always send stuff to their head office right from the S.A.R - (Subject Access Request).

 

JMHO

 

Glenn

[bill-k]

He means Bananas Hope

See? I'm easily pleased !! Cheap as Chimps !!

[olympic1805]

started my claim and now decided to go for contractual interest, but unfortunately i cant access the spreadsheets (maybe my computer not sure) so need the formula to work out manually, as this is gonna make a difference, (V Abbey for £3900.) thought it is worth the effort, but really struggling to start, wanting to send off my lba now but need these calculations first, can you help.

[bill-k]

started my claim and now decided to go for contractual interest, but unfortunately i cant access the spreadsheets (maybe my computer not sure) so need the formula to work out manually, as this is gonna make a difference, (V Abbey for £3900.) thought it is worth the effort, but really struggling to start, wanting to send off my lba now but need these calculations first, can you help.

 

See how you do with this, Olympic:-

 

To change the simple interest function to compound interest (compounded daily) in a spreadsheet, the formula in each cell in the Interest column(s) must be changed to this.

=D9*((1+($E$3/365))^C9)-D9

First, you must adapt this formula to fit your spreadsheet. If the first row of penalty charges is NOT row 9, then you must change all the "9's" in the formula to the correct row no.

If column D is NOT the column showing the penalty charges on your spready, then change the "D's" in the formula to the correct column letter.

If column C is NOT the column showing the number of days since the penalty charges on your spready, then change the "C's" in the formula to the correct column letter.

"$E$3" represents cell "E3" which is the cell showing the interest rate you are using. Alter this to the correct cell for your spready (keep the "$" in place, though)

Now copy & paste the formula to the first penalty charge cell in the Interest column. Then copy it to all the cells below it in that column (you can right-click & drag).

If you've done it right, then test it with this:-

a sample charge of £100 made exactly a year ago, with a sample interest rate of 30% should show interest of £ 34.97 in your interest column.

[olympic1805]

that is way beyond me, would need a bottle of 'old vino' just to get me started (lol) can use spreadsheet basically but not set one up, was thinking more like using the old calculator, know its gonna be a long night, but hopefully worth it, thanks for your help.

[bill-k]

that is way beyond me, would need a bottle of 'old vino' just to get me started (lol) can use spreadsheet basically but not set one up, was thinking more like using the old calculator, know its gonna be a long night, but hopefully worth it, thanks for your help.

If you want to PM me - I can send you a copy of mine.

 

No pressure, though - up to you, matey.

[thereshope!]

He means Bananas Hope

 

 

Now bananas I can manage !!!!!!!!!

 

 

 

 

 

 

 

 

 

Cheers Bill , your'e a star

 

Going to have a look at my statements in a little while

 

Hope xx

[millymollymoo]

If 2nd Jan is when you're going to send it, then that should be fine, Milly.

 

Me...swear ? Heaven forbid. ;-)

 

 

Thanks bill-k once again for your help. X:D

[e28bigalbexley]

Hi All

Hope you all had a nice wild Xmas.

Now my new years resolution is to:

1. Read this thread

2. Use contractual interest s/s

3. Be in this forum quite a lot cause maths is not my forte.

I am waiting for barclaycard to fully forfill a SAR now the issue of microfiche is sorted. So their high on the list for time wasting.

And Marbles shall also be dealt with via the compounded contractual method.

 

AL;)

Happy New Year too all.

[thereshope!]

Hey:)

 

 

 

Bill K .Thanks for all the help that you gave me yesterday with contrac. int.

 

It is very much appreciated.

 

Roped my 14 yr old daughter in to help and getting there between us.

 

Spent ages inputting figures last nt and saved it to docs but its gone !

 

ARRRRRRRRRRRRRG !!

 

Oh well. Best get started again.

 

 

 

 

 

 

 

THANK YOU XX

[bill-k]

BigAl - good resolutions !! Happy New Year to you, too, and to all here !!

 

Milly & Hope - thanx everso for the smackeroo's. I wish I was as popular at home as I am here !!

 

Glad to be of use. Good idea Hope - getting daughter to assist. I bet she's already held you to a commission !!

 

Not sure why you lost the spready, though. If you were working on a copy of it in your Docs folder, first, then that's where it should have been saved to. Or did it just close down without saving your figures in it ? You may have to tell it to "Save Changes" when you close it. Also, I'd suggest making a copy of the empty spready as a "spare" in case you do something wrong in your working copy, and need to refer to the original.

 

You might also find it by searching, as it may have just saved to somewhere odd.

 

If you're interested, Ive sent a couple of copies of my own spready to Olympic & Maxine by email. You're welcome, too.

 

Bill.

 

[olympic1805]

Thanks Bill for spreads, but before i got them last night i got the manual formula of hadenough, and sat up working the contractual interest out. This is definately gonna make a difference to my claim if i win, by over 2K. Everyone should just bite the bullet and go for contractual. Anyhow sent my lba off today, but away until 26th Jan, so i wont be here for the deadline to start proceedings, will it matter do you think ?

Also anyone want manual formula using a good old calculator give me a pm.

have a good new year all of you !!

[bill-k]

Thanks Bill for spreads, but before i got them last night i got the manual formula of hadenough, and sat up working the contractual interest out.

No worries. Whatever it takes to get the job done !! - Just as long as you're sure that you are calculating the interest as compounded daily. That must be hard work doing it with a calc. though - you'll have worked for every penny you get off them !!!

 

If you are claiming contractual interest, you really should be sending a copy of your spreadsheet along with your prelim letter, first. Then, after 14 days, you send the LBA (with spready again). Then, after 14 days, you submit your court claim. If you're away until 26/01/07, then you may as well give them until then in your prelim - but it's not that important.