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

[TideTurner]

Referring to post #17 and the £9.25 per hour which may be charged for your time, can this be applied by letter, telephone call or time spent researching your case?

 

Solicitors costs are based by the hour or a tenth of (in six minute intervals - units). A letter IN is classed as one unit, a letter OUT as two units. Telephone calls IN/OUT are based on the amount of time spent on the phone, as are attendance with the Client.

 

These are charged at uncapped rates, I have so far incurred rated of £180.00 per hour for a solicitor to tell me I was barking up the wrong tree.

 

What charges are we entitled to claim, and on what grounds? Bearing in mind whilst we are spending time managing our own cases, we are saving the banks money in legal costs.

[TideTurner]

Bill, Millymollymoo's does more for me. Millymollymoo - have you got a fishtank or a Gorilla compound? Fish are less of an overhead, but just as ferocious.

[TideTurner]

Many thanks JonCris, I have 5 Lever Arch files of correspondence, some of the letters took several days to construct. I can prove my hours, and have kept detailed notes of all actions, charges incurred and telephone calls made and received. I will focus on the 'loss' and claim the 2/3 hourly rate (if you'd seen my letters, you'd understand why).

 

Once again, excellent advice from someone who's been in the same boat as myself.

 

All the very best to you, yours and all on this site for 2007.

[TideTurner]

As I said Bill, costs are structured and may be refuted by the other side, in which case the other side may request an analysis by their own Cost Draughtsman.

 

Bear in mind, Costs Draughtsmant cost money. This is in cases where costs are disputed.

 

Does anybody know what their rate is (is this a percentage of the claim? Are they on an hourly rate for perusal?)

 

You should keep copies of all correspondence, telephone calls and time spent on your case, together with receipts (dispursements, Court Costs etc.) and any Solicitors / Professional fees - right down to your bus fare or parking charges.

 

If you take time off work to attend Court, how much will it cost you?

 

BTW - if you claim for a letter OUT (2 units - 12 mins) you cannot also claim for postage. I believe a letter IN is 1 unit (6 mins)

[TideTurner]

Thanks JonCris, I believe you should state on acceptance that you agree to the amount offered, together with costs 'subject to assessment', and that any offer made is payable within 7 days.

[TideTurner]

Providing you have given notice that you dispute their charges, and have made all reasonable efforts to let them settle, charge tha higher rate. They did it to you, why not do it to them? Believe me, they wouldn't blink if they thought they could make money out of you.

 

MilkTrayMan is correct, the longer it takes, the more you will receive, can't get a better investment than that!

[TideTurner]

WOW - this appears to be recognition that since no claims have been defended, the Banks have failed to come up with a defence. I did read in November that the Courts are inundated with bank claims and were getting a bit fed up with them.

[TideTurner]

Guys, get your lips around this post!

 

KAZZAW v Lloyds Asset Card - EVERYONE READ POST 15 !!!!!!

 

General Form of Judgment or Order

 

To the Claimant

 

kazzaw

 

 

Before District Judge ................. sitting at Lincoln County Court.

 

EX PARTE

 

IT IS ORDERED THAT

 

The Court of its own motion is considering striking the Defence out as an abuse of process on the basis that it has settled all previous claims of this nature. If the Defendant objects to this course of action it is to file at Court within 14 days, a Schedule setting out a list of all claims it has pursued to trial and all claims it has settled.

 

Dated 28 December 2006

[TideTurner]

BlunderCity, as I understand,

 

It has long been understood by consumers that the banks enjoyed seperate rules as with Govt. deptartments and were placed on a pedestal. Whether they were acting lawfully was assumed, and never put to question.

 

A bank is a business, as is a limited company, and therefore has the same rights as you or I, as a seperate legal entity.

 

They do, however, fall into a certain category of business, regulated by its own Ombudsman.

 

Before you can set up one of these businesses and provide these services, you must first obtain a license. Similar to a pub landlord, your license may be revoked should any discrepancies arise during your operation of it (although usually revoked at the end of the term).

 

Anybody providing financial services must conform to those regulatory bodies, which ensure the law is adhered to.

 

I understand your point with respect to risk, but in any contract, all arrangements must apply to both parties unless otherwise agreed.

 

JonCris is correct - quid pro quo.

 

Other Laws relate to registration with the ICO etc. - it all enables revocation should a company be shown to not adhere to the rules.

[TideTurner]

Given what has come to light recently, should the Statutory rate of 8% not now be reviewed? Prior to coming on this site, I would have considered this large. Now I have an insight into what the banks have been charging, and what the financial institutions have been making from this money, it seems miniscule. Compounded and Dumfounded.

[TideTurner]

Barclaycard told me that the Information commissioner had CHANGED THE RULES and that my statements would be with me very soon.

 

 

All, I have had great success obtaining information from the banks by following up letters with tel calls. Before I pick up the phone, I get a blank piece of paper, write the date and time on it and Spoke To.

 

When they answer, I make a note of what was said, and just before the end of the call get the name of the person I spoke to. I then put this in my file.

 

You may never need it, but just in case. Also useful when looking back over correspondence and for notes in court (maybe not admissable, but you can state in confidence the date, time, who you spoke to, and what was said.

[TideTurner]

Bill-K, you ok? You seem to have aged i little.

[TideTurner]

Why would you go in at the lower rate? Go in high, and if you are knocked down you will be told!

[TideTurner]

When you settle, make sure you state that settlement is on the provisor that payment is made within 7 days.

 

If this is agreed (usually without thought), you have recourse with the Courts to apply for enforcement.

 

No more waiting for cheques!

 

Write the provision into all acceptance letters as a term / clause.

[TideTurner]

I have a recurring nightmare that someone, somewhere, will find a load of stuff in their gran's attic, and claim max contractual on one of those "lost" accounts. The bank collapses like Baring's and the rest of us get zilch. :o

 

In this respect, I think time is still possibly of the essence !!!

 

I have the same nightmare Bill, only mine is about the banks incurring so many judgements against them, they fold and set up as A N Other and shed their obligations.

[TideTurner]

Although it's good to have the spreads picked to pieces looking for holes every now and again, the easier you make things for people the more likely people won't give up on the interest and get what they're entitled to.

 

Also, this site provides a service to those with a complete spectrum in terms of IT skills - the easier the better, and make them availabe for all. Too much information can only add confusion, maybe any queries with the spreads should be argued out with the original developers, together with any constructive ideas.

[TideTurner]

One of your grandkids bill-k?

[TideTurner]

and its also a complete possibility on a charge card as there is zero interest, other than when its applied as a penalty

 

Chorlton, this will then become the unauthorised rate, so whatever was agreed in the original contract will not apply, unless they state that the unauthorised rate will be variable. In terms of marketing, the banks tend to hide this part of the contract, as it won't attract clients.

 

Hmmmm, moving on to S32 concealement...

[TideTurner]

Can't see any mention of interest here!

 

Single mum wins back £23,000 in bank charges for friends and family | the Mail on Sunday

[TideTurner]

Unjust enrichment - Wikipedia, the free encyclopedia

 

Restitution - Wikipedia, the free encyclopedia

 

Unjust enrichment is a legal term in English law and in several other jurisdictions, denoting a particular type of causative event in which one party is unjustly enriched at the expense of another, and an obligation to make restitution arises, regardless of liability for wrongdoing.

 

When a court orders restitution it orders the defendant to give up his gains to the claimant Therefore, to give up his gains, this must include any interest paid, and where you have paid unlawful charges in the past, your money has been invested by them and therefore represents a gain.

[TideTurner]

Time please Gentlemen, we're all on the same side.

[TideTurner]

To quote Newton 'Action and reaction are equal and opposite'. Where a term within a contract benefits one of the parties, the same benefit must be allowed to the other. Therefore, where compound interest has been applied to unauthorised debits by one party, the same rights to apply such extends to all parties.

 

I have been refused details of the rates of interest applied to my account, and the methods used to apply such interest. Not only is this concealment (amongst other things) S32. LA, but I intend to make the Court aware of the fact that the dispute could have been resolved a lot earlier, should they have provided this information.

 

Where they blatantly refuse to provide the interest details, on the grounds that it's 'commercially sensitive' or other reason, surely they cannot offer a defence to any interest claims against them. They have denied you the ability to get to the root of the charges.

 

If they refuse information as to how they arrived at their charges and are surrepticious as to interest applied, then why would they have a right to ask you to justify your charges?

 

Tide

[TideTurner]

Unfortunately it seems it can.

 

 

 

In newbody's original post he explained that "option 2" was to claim the charges + debited interest + interest on the whole lot at the authorised contractual rate. He then said that some claims had been won in this way but they were only relatively small claims

 

I've seen little or no claims where people are going for damages. Where there is a loss there is damage. The fact that people have been 'hiding' from the system under the threat of the CRA's, DCA's or Banks, or simply haven't been able to obtain credit as the result of threats is damage in itself. I have recently filed and claimed SI from the date of my loss and claimed for damages for Invasion of Privacy, Unlawful Provision of Information etc. Where your information has been processed outside the EC without your specific consent, you have a claim.

 

Tide

[TideTurner]

Oh good then I can claim the interest I am paying on my remortgage then from using my equity to repay these penalty charges.

 

The only way I am going to be put back in the same position.

 

Milly X

 

Yes, you have to be returned to the position you were in before any damage was incurred.

 

Tide

[TideTurner]

Plus interest / damages