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

[JonCris]

Newbody the bank charging the unauthorised rate amounts to a penalty charge upon a penalty charge & IS therefore also unlawful

 

Bong the fact that their terms refer to the Laws of England does mean they also must abide by said laws & if they fail to do so then we have a right to pursue them in an English Court........which is what we are doing when arguing that they are not abiding by the law

[quietzap]

I am claiming from shAbbey @ 28.7% ERA converted to a daily compounded rate on http://www.consumeractiongroup.co.uk/forum/abbey-bank/65283-joint-claim-seperated-wife.html

 

"Since my last letter I have reconsidered my position. Please note that I am adjusting my claim, which now covers the period of 21 3 03 to the present date, and to include compound interest at Abbey’s excess overdraft rate of 28.7% EAR. I am applying this rate of interest to the monies that Abbey has unlawfully deducted from my account over the years, on the principles of implied mutuality and reciprocity, and unjust enrichment."

 

Apologies and thanks to Bong, can no longer remember which words are hers, which mine.

 

and "We do not expect to borrow from the bank free of charge - we fully expect to pay interest and have done so at your unauthorised overdraft rate. "

 

(There are two claims)

[lips37]

Hi all, Ive just got my list of charges back from the woolwich and i am want to claim compounded interest from my current acc.

 

 

1, Can i claim compounded interest on a direct debit

 

2, Can i claim compounded interest on an unauthorized overdraft limit

 

3, What else can i claim compounded interest on

 

 

All advice would be grateful.

[Guest Battleaxe]

Hello Lips,

 

Have you read the the FAQ's and other threads relating to the bank or credit company you are dealing with?

[isidore]

No offence, but if you are asking basic questions like that, my advice would be to spend a fair amount of time understanding what you are actually decided on doing. CI isn't something you can simply "decide" to go for. You have to realise the implications, the arguments and the possible pitfalls because it isn't a dead-cert.

 

This is a basic part of the claim process and as battleaxe has suggested, I would possibly spend a fair amount of time in the FAQs and User Guides understanding how to compile your claim.

 

Realise this might sound critical and it is but purely for your own benefit

[lellypea]

Phew....what a thread. Read everything thro to page 47...making notes. etc. Head done in!!! All the wisdom - just brill. Wow.

 

Put loads of other hours trawlin as well. Quick question to get me started..... is the lovely bill-k's link (post 23rd Jan) to Vamps Compound Contractual Int. Spready the one to use - or has there been a further updated version.

 

Gotta unscramble head now before make tea...looks like gin followed by beans on toast....again!! lol

 

Lel

[lellypea]

will do 47 onwards 2moro!

[lellypea]

...sorry....24 Jan post no 902....and Vamps No 16 spready...to be precise!

 

....my cotton wool head is to blame!

[bill-k]

is the lovely bill-k's link (post 23rd Jan) to Vamps Compound Contractual Int. Spready the one to use - or has there been a further updated version.

Lel

Lel - how can I not respond to that one ??

 

(moved to complaints )

 

If you'd prefer an exported Excel one, then PM me with an email addy, and I'll send you one.

[nevos]

Hi BillK, do you mean this is not required: CAG members

[Guest Battleaxe]

i went over to the link, page opened fine, and when I clicked into to have a look at the spreadsheets there was nothing apart from Page cannot be found when I clicked into eacg sheet

 

I am interested in the Consolidation loan spreadsheet.

[TANZARELLI]

i went over to the link, page opened fine, and when I clicked into to have a look at the spreadsheets there was nothing apart from Page cannot be found when I clicked into eacg sheet

 

I am interested in the Consolidation loan spreadsheet.

 

Same happened to me axe.

[Guest Battleaxe]

Thank goodness Tanz, thought I had one glass too many of Bucks Fizz for breakfast and couldn't control my fingers. LOL

[Capitulator]

Same happened to me when I clicked on a spreadsheet to download but luckily my glass of bucks fizz was in my non-typing hand ! (I often find that helps enormously:-D )

[Capitulator]

Have I got/understood this correctly as regards contractual interest ?

 

If I was levied a penalty charge of £20 two years ago (ie. 24 months), to date I would have paid £20 * Compound Formula ie. (1+Monthly Rate)^24

 

eg. Monthly rate of 1% (very conservative!!) on £20 means

Month 1 = £20.20

Month 2 = £20.40

etc. up to

Month 24 = £25.14

 

So a £20 penalty has attracted and extra £5.14 in 24 months (unlawfully, I might add!) Now if I add my own contractual interest onto that for each month this means

 

£20.20 * My Monthly Rate (say 1.9% or 26%AER)

 

Month 1 = 1.9% of original £20.20 = £0.38p interest

Month 2 = 1.9% of original £20.40 = £0.39p interest

 

If I do this over 24 months this equates to an additional £9.87

 

If this is correct, using real APRs etc. on 14 or so penalty charges (obviously reducing the month count accordingly for each one) means an additional few hundred pounds !

 

Is my logic correct here ?

 

Thanks oh wise ones....

[tim2718281]

eg. Monthly rate of 1% (very conservative!!) on £20 means

Month 1 = £20.20

Month 2 = £20.40

etc. up to

Month 24 = £25.14

 

 

The £25.14 is at month 23. By month 24 it is £25.39

 

If I do this over 24 months this equates to an additional £9.87

 

No, an additional £11.75!

 

If this is correct, using real APRs etc. on 14 or so penalty charges (obviously reducing the month count accordingly for each one) means an additional few hundred pounds !

 

Is my logic correct here ?

 

 

Yes, the logic is correct. I think you may be one month out in your calculations, and also the 1.9% is rounded down - 26% pa is 1.944% per month.

 

Tim

[lellypea]

Thanks Bill - have pm'd you email address. Hoping to have quiet day at work for today's homework - pgs 47 - 85!!!! Got oxygen on hand to see me through!!!

 

Already claimed £16,000 from RatNest last October. Now going for

pre six years, 'delinguent' CRA removal an comp. cont. interest.

Should be fun.

 

Have been making notes ... Lim Act... Laches..etc ...also all threads -Glenn, Mindz, Seminole, MMM, sp, etc. A nach nervous cos know gotta get head thoroughly round all issues as will probably at some stage be me (in person!!...scarey) v barrister as Glenn etc.

 

However at 8.5K before interest over 2 claims ....I'm up for a scuffle or two!!

 

Glad ur all there to pick me up an dust me down!!!

 

lel

[bill-k]

Nevos - will PM you.

 

I am sorry - I didn't realise there was such a demand for the Exported Excel versions of Vamp's spreadies.

 

Unfortunately, these do not have the support of CAG, and are therefore not available via direct links to the CagMembers site, until further notice.

 

The Google versions of these are all of course available in Vamp's Google chambers, along with the online help and support of others from CAG.

 

If anybody really prefers the Excel version(s) then please PM me with an email address and tell me which sheet(s) you would like. I will send them as attachments.

[bill-k]

Lel - here's another good thread:

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/76820-calling-all-hsbc-claimants.html

 

Yeah - watch that bloke Glenn - he eats CAGsters for breakfast !! :o

 

Seriously - he'll see you right.

[lellypea]

Wow.......she's quite a girl...what a brilliant victory....AND fund of info!! You said it all......SUPER BONG!! Thanks Bill.

[lellypea]

Ooops....this can't be right......or I'm on my way to millionaire's row!

 

Could some nice lil bod check this line from my comp. cont. int spready.

Don't think it can be right...

 

Unauthorised o/d rate 29.80% (gasp - seems daylight robbery!! Thugs)

 

Charge date 14/08/95

Charge reason - unpaid dd's

Penalty charged £55.00

Cumulative penalties £55.00

Interest on penalties £1,704.03 (aaaarrrhhhh!! - that can't be right?)

Interest date 31/08/95 (end of each month debit int applied -right?)

Interest charged £8.62 (debit interest)

Estimated o/d bal. during period of interest £6.00 (Daily? Right?)

Interest free overdraft 0.00 (dream on...)

Bank interest on penalties £8.62

Interest on bank penalties £263.27 (......really.....zat right???)

 

This is my first test line to make sure I've got it.......doubtful???

 

Do I go to the bottom of the class - or straight to Park Lane?

 

Please lovely peeps (as MMM wud say)....marks out of ten? an homework?

 

Lel

[Glenn UK]

Yeah - watch that bloke Glenn - he eats CAGsters for breakfast !! :o

 

Thanks for that, isnt time you were somewhere else??

[lellypea]

Sorry - just recalculating daily average overdraught amount - think I've got it wrong.....(add up o/d figure for each day and divide by days of month - that is right isn't it?)

[Capitulator]

Thanks Tim,

 

Yes, the logic is correct. I think you may be one month out in your calculations, and also the 1.9% is rounded down - 26% pa is 1.944% per month.

 

Tim

 

Excel had rounded the display to 1dp but I don't know how I missed the month ! Glad that my understanding is basically correct as I have penalty charges dating back to 2001 and this makes some of the headaches I've got worthwhile ! I now need to look at the complete posts from

UPERBONG !!!©2007 bill-k

,Glenn UK and others to reinforce arguments re. contractual interest if I have to go to court ! (Apologies to bill-k for plagiarising his super logo!)(Intentional pun!)

[bill-k]

Thanks for that, isnt time you were somewhere else??

Glad to see you finally got an avatar pic up there at last, mate. No.1 son, I guess. Teach him well, mate, and he'll be OK. But above all else - teach him how to use the spellchecker !!!

Yes, you're right my friend - like the belligerent drunk on a Friday night - I'm being asked that question, "Ain'tcha got no home to go to ?"

Yes, I have indeed, and I am being shown the door once more, by a bunch of genuine gorillaz. So I bid you goodnight

Thanks Tim,

 

Excel had rounded the display to 1dp but I don't know how I missed the month ! Glad that my understanding is basically correct as I have penalty charges dating back to 2001 and this makes some of the headaches I've got worthwhile ! I now need to look at the complete posts from

UPERBONG !!!©2007 bill-k

,Glenn UK and others to reinforce arguments re. contractual interest if I have to go to court ! (Apologies to bill-k for plagiarising his super logo!)(Intentional pun!)

LOL !! Apologies firstly for embarrassing Bong.

Secondly for attributing copyright to this jerk !! I think the credit goes to D.C. Comics way back in the 50's for that !!

... but the copyright for the rest ("...uperbong!") is most amusingly appreciated, Cap !!

Just gotta hope Bong feels the same way !!