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

[mcuth]

TT - it's a wonderful order indeed, but it doesn't have a lot to do with contractual interest To avoid cluttering up outher threads, it's best that comments on that particular order are left on Kazzaw's thread....

 

Can we get back to Contractual Interest please folks?

 

Cheers

 

Michael

[millymollymoo]

Hi Michael:)

 

I think it could or should have a lot to do with even Contractual Interest too because quite a few of them have been settled with CI and therefore that would apply to that too surely.

 

 

What I mean is you pay one back with CI then surely you set a precedent for others claiming it. Like for Like surely

 

Oh well I hope so because thats what I am claiming. and I promise this is my last post HERE on the subject;)

 

Milly

[mcuth]

Hi Milly

 

I think it could or should have a lot to do with even Contractual Interest too because quite a few of them have been settled with CI and therefore that would apply to that too surely.

 

It could potentially affect every single claim in progress now & in the future (although there's no precedent set in the Small Claims Court), but that's not a reason to post it in threads where the subject at hand doesn't have a lot to do with it. In this particular thread, we're examining the arguments for/against & the calculations behind claiming contractual interest....

 

What I mean is you pay one back with CI then surely you set a precedent for others claiming it. Like for Like surely

 

Oh well I hope so because thats what I am claiming.

 

I too am claiming contractual interest (big one v RBoS - £17k+), but there's no precedent set in the Small Claims Court, although other judges' decisions can be referenced in a claim I believe.

 

I'm not dampening the fire that the order has raised - it's a brilliant order, but it only relates to the defence being struck out as an abuse of process because all other claims issued on that Defendant have been settled without a hearing - i.e. that particular judge is wise to the bank's abuse of the court system and how they'll drag the case out before ending up settling out of court anyway. It doesn't say that CI is ok to be paid or vice versa, if it did, it'd have a place in this thread for discussion

 

and I promise this is my last post HERE on the subject;)

 

LOL - mine too

 

Cheers

 

Michael

[Janet-M]

Take a tablet Michael

please may I ask you to have a read of our forum rules before you make another post , thanks

[MilkTrayMan]

Hi TT, MMM, mcuth + mjanet!

 

Take a tablet...

 

A possible typo???

...Should it not be TABLE...as in Excel???...lol

If not...

I know of 000's of links that may be of help?!

...They arrive as ***SPAM*** in my e-mail Inbox by the hour!!!

Hope this helps?!...lol...

[markw1234567890]

Re Post #508 increase the width of the columns at the top and the values will appear

[innocent]

Ok ladies and gents...... Ive been successful with a few claims already (with 8% statatory interest)........

 

Been following this thread with (contractual) "interest" and I think Ive got my head around most of it....

 

I have a few questions... which I think I know the answers.... but would appreciate some feedback:

 

* I will use 'mcuths' excellent letters as a basis for any contractual correspondence (he is claiming a large sum with RBos contractual)

* I have used the excellent VAMPIRESS'S spreadsheets

no 16 for the credit cards (I have the balance details)

no 5 for the bank account (again I have the balance details)

I HAVE ENTERED THE APR VALUE IN THE % SQUARE; ASSUMING IT TO BE THE CORRECT VALUE?

* I am using todays "cash advance APR" for MONUMENT and LLOYDS M/CARD

* I will use todays "unauthorised overdraft APR" for LLOYDS BANK A/C

* I intend to re-send my LBA to MONUMENT and LLOYDS M/CARD restating the contractual interest argument, giving them a further 2 weeks

* I will resend both letters to my main LLOYDS accounts because I have left it some time (as you can see from my signature) quoting the contractual argument.

* With my LLOYDS account I have charges going back 6.5 years, but I did originally contact them more than 6 months ago; so I will include these in my contractual claim with them this time too

* I believe because of the arguments the N1 form is the better route rather than MCOL

 

 

Does everyone agree?

 

Thankyou now for all replies

 

Innocent

[bill-k]

I can't fault that at all, myself, Innocent. Well done, and all the best with them.

[JonCris]

Looks OK.......................OW! me ead urts

[Mindzai]

Ok ladies and gents...... Ive been successful with a few claims already (with 8% statatory interest)........

 

Been following this thread with (contractual) "interest" and I think Ive got my head around most of it....

 

I have a few questions... which I think I know the answers.... but would appreciate some feedback:

 

* I will use 'mcuths' excellent letters as a basis for any contractual correspondence (he is claiming a large sum with RBos contractual)

* I have used the excellent VAMPIRESS'S spreadsheets

no 16 for the credit cards (I have the balance details)

no 5 for the bank account (again I have the balance details)

I HAVE ENTERED THE APR VALUE IN THE % SQUARE; ASSUMING IT TO BE THE CORRECT VALUE?

* I am using todays "cash advance APR" for MONUMENT and LLOYDS M/CARD

* I will use todays "unauthorised overdraft APR" for LLOYDS BANK A/C

* I intend to re-send my LBA to MONUMENT and LLOYDS M/CARD restating the contractual interest argument, giving them a further 2 weeks

* I will resend both letters to my main LLOYDS accounts because I have left it some time (as you can see from my signature) quoting the contractual argument.

* With my LLOYDS account I have charges going back 6.5 years, but I did originally contact them more than 6 months ago; so I will include these in my contractual claim with them this time too

* I believe because of the arguments the N1 form is the better route rather than MCOL

 

 

Does everyone agree?

 

Thankyou now for all replies

 

Innocent

 

All fine excpet there is no reason at all to resend prelims and wait an extra 2 weeks. You have sent them once, even if you have left a gap just proceed on. They will ignore you anyway and you are just adding 2 weeks onto your turnaround time for no reason.

[mcuth]

* I will use 'mcuths' excellent letters as a basis for any contractual correspondence (he is claiming a large sum with RBos contractual)

 

Cor blimey guv'nor - I'm flattered

 

* I believe because of the arguments the N1 form is the better route rather than MCOL

 

Indeed - in fact, I always use the N1, never used MCOL yet. Plus, using the N1 is much better for attaching statements, PoC, etc.. etc...

 

Cheers

 

Michael

[redsonja]

HI,

I spent the evening last night reading this thread as I am about to start claiming for mine and boyfriends charges. I want to add the interest as I think it is fair for them to pay this back but I just want to run my interpretation of this all by someone if this is ok as I am very new to all this.

 

My understanding of Compound Interest is the interest I paid to them on the charges they levied on me.

 

My understanding of Contractual Interest is the interest I will charge the bank for having my money when they shouldnt have.

 

I could be completely wrong so could someone confirm if I have understood this properly please?

 

Also, I have quickly filled in Vamps advanced spreadsheet for a store card and just wanted to clarify the entries in a few columns:

 

The Interest charged column.....is this the interest I was charged in the same month as the charge was levied?

The statement balance column...Is this the closing balance of the month the charge was levied?

Finally, I presume the spreadsheet works the interest out from the date I enter until date I claim automatically or should I be entering the balance and interest of every months statement on the spreadsheet even if there was no charge?

 

Would be really grateful for someones help as soon as poss as I want to understand all this before I send the letters in case it does go to court and I want to get letters sent out asap as I am on maternity leave and if I got some money back it would mean I could have 6 months off instead of 3.

 

Thanks in advance

[natwesttookmymoney]

Hi, Innocent

All looks good to me.

W

[natwesttookmymoney]

And Redsonja....

I'm not ignoring you but you're using spreadsheets I haven't and an approach I'm not, so I leave it to others to comment and guide.

Good luck with your claim (and with your interest in Arnie sword'n'sorcery movies)

Westy

[innocent]

Thankyou mcuth (or messia (i bow) of all letter writing ) westy (real ale:D man) and all of you for reassurance

 

Here goes........ (contractual caseSSSS)

 

 

 

 

Will of course start tomorrow (after my real ale) writing letters based on mcuth

 

Will keep your all updated

 

Thankyou

 

Innocent

[Mad Nick]

My understanding of Compound Interest is the interest I paid to them on the charges they levied on me.

 

My understanding of Contractual Interest is the interest I will charge the bank for having my money when they shouldnt have.

 

Nearly. Contractual interest just means interest in accordance with the contract. Up till now that's been them charging you; now it's you using the contract rate in your claim. Compound interest is just the method of calculation (compared with simple interest). Compound includes interest on interest whereas simple doesn't. It so happens that, on Bank accounts, contractual interest is calculated compound. HTH. Mad Nick

[carinas]

I'm claiming charges and PPi back from a car finance company. Will i be able to claim interest on this amount (around £3000)? or, as they haven't officially taken the money yet (its added onto my account) does that mean i cant claim interest?

[golfscape]

Hi all

 

Im pursuing a couple of contractual interest claims and like all of you am keen to hear of any successes and dare I say it failurers. Is there an area which pulls together all the results for contractual & compound interest claims because if there is I cant find it anywhere, it sure would be useful.

[ff49]

Hi everyone,

 

Can anyone tell me how best to word the section on a prelim or even an LBA on adding the contractural rate of interest and total amount of charges?

[Yankeeruinx]

Hi I also am at the prelim stage and wish to know what wording I should use in my letter when trying to claim contractual interest.

[bsutherland]

Am Confused We Thought First 8 Percent Was Standard But After Reading This I Understand It Can Be Or Can Be The Rate Your Bank Charged You On The Various Charges Is That Right. An Second Judical Rate Of 8 Percent Is Too Be Added Straight On Or Only If It Goes Too Court ? Also We Are Clydesdale Scotland Where Can I Find What Rate They Chaged Us In Intrest On Our Charges On Our Overdraft Account Just A Bog Standard Acc

[millymollymoo]

Hi

 

I am about ready with my N1 for O/H to print out to take to court on Wed!

 

I just want clarification before I print it that I am right about this bit concerning contractual interest on the N1.

 

On the value part of the N1(I have borrowed this example from the library section to show you!) on the interest part, I am right in presuming that you change this to your contractual amount?

------------------------------------------------------

Charges £xxx.xx

Overdraft Interest £xxx.xx NOT ON MINE

Interest under s.69 County Courts Act 1984 £xxx.xx I have put contractual interest here!

Court Fee £xx.xx

Letters X 3 here!

Stamps X 3 here!

TOTAL £ xx.xx

 

This is the bit below!

 

Plus interest pursuant to S.69 County Courts Act 1984 from date of issue to date of judgement/settlement at £xx.xx per day {(enter daily rate here - (CHARGES+OD interest)x 0.00022 = pence per day) }OR at such rate and for such periods as the court deems just

 

I presumed this should be changed to contractual interest.

 

Milly X:-)

[millymollymoo]

P.S not inoring any your helpful replies, gotta go to burn the dinner now like always..

 

Milly X:)

[bill-k]

All I ever put in the "Value" section on the front of the N1 is quite simply "£ XXX.XX" - no more and no less, Milly. I leave the details to my POC, which I always put on a separate attached sheet.

 

However, Bong has recently put "£ XXX.XX plus interest" on a claim, and paid a court fee based on just the "£ XXX.XX" - It went through OK, I believe.

 

Technically, I believe the "£ XXX.XX" amount is used for determining track allocation, but the whole claim value is used for determing court fee. It seems to depend on the court and/or the clerk, though.

 

HTH

 

PS How was dinner ?

[bill-k]

Hi everyone,

 

Can anyone tell me how best to word the section on a prelim or even an LBA on adding the contractural rate of interest and total amount of charges?

 

Hi I also am at the prelim stage and wish to know what wording I should use in my letter when trying to claim contractual interest.

Hi,

I think you should be able to use the template in the library, but just alter this paragraph in it by adding the red text:-

 

"If you would now be so kind as to check your records for these charges, and refund them fully and immediately, along with contractual interest as detailed in the attached schedule, then I shall consider the matter resolved. If you are not prepared to do this..."