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

[bill-k]

Great news, Martynh99 - but it looks like you didn't compound the interest. Never mind - you got what you claimed, though !!

I've just had my claim returned by the Court unissued, explaining that I must use the precise wording in the leaflet "How to Make a Claim." THAT wording is for claiming Statutory interest, whereas I claimed CONTRACTUAL interest compounded at Unauthorised rate ! I used Mindzai's template of Particulars for claiming lower rates in the alternative. Am I wrong or is the Court Clerk wrong ?

I'm fuming - I know that !!!

[lucid]

Hi Bill,

 

I have no idea why they've done that to you. We haven't had anything back saying that we used the wrong wording - and our claims have now been acknowledged by the solicitors. Maybe they didn't realise you were claiming a different interest rate and have just assumed you've done it wrong. I'd get in touch and explain the situation - hopefully they've just misunderstood what you've put in.

 

Good luck. Lucid

[bill-k]

Thanks Lucid - I'll try the polite questioning, first, then. Can you tell me (this is another question that I've dug up) - did you still claim a Specific Amount, even though there were two Alternative amounts ?

My thinking is that the Primary amount claimed is the Specific Amount, and any change to that is made by the Court if the Primary Amount is then contested.

[lucid]

Hi Bill,

 

Yes we claimed a specific amount which was the total amount with interest at the unauthorised borrowing rate. As you know from using the Particulars we detailed the other two interest amounts there. We haven't heard anything yet to say that we did it wrong so hopefully it's fine.

 

Lucid

[bill-k]

OK., great - I'll go from there, and be polite but firm to the Court Clerk. Cheers.

[tim2718281]

OK., great - I'll go from there, and be polite but firm to the Court Clerk. Cheers.

 

I suggest that what's important is that you are not asking a judge to make a judgement about how much the financial compenation should be.

 

You're asking him to make a judgement about which argument is legally correct.

 

The difference is, in the first case, the judge still has to make a decision, even if the claim is uncontested; but in the second case, the judge does not need to make a decison - you simply get what you asked for in the first place, and your alternatives are ignored.

 

Tim

[bill-k]

Actually, Tim - what's important to me at the moment is that the wretched Court Clerk ISSUES THE DAMN CLAIM !!! (do forgive me - I said I was fuming.)

So far, the (prospective) Defendants are blissfully ignorant of all this, and I want MY Claim to be under THEIR noses. I'm not actually asking a Judge anything at this stage...and if this damned obstructive Clerk gets her way, I'll never get to !!!

You're right, though - if it does finally get to be heard, the judgement is all about which of the Alternatives is to be awarded. It's basically a multiple-choice option for the Judge - the amounts are already punched in.

 

What I definitely DON'T want to hear is:- "Bill-k, you had £32K.................................................You've just LOST £31K !!!!

or - even worse - ".....But we don't want to give you that !!!"

 

Just issue the Claim, woman. Let the dog see the rabbit - let the Defendants have a look at the question (like...er..."Ask the Audience ? !!!")

 

...that's my feeling on it, anyway.

[Mindzai]

Great news, Martynh99 - but it looks like you didn't compound the interest. Never mind - you got what you claimed, though !!

I've just had my claim returned by the Court unissued, explaining that I must use the precise wording in the leaflet "How to Make a Claim." THAT wording is for claiming Statutory interest, whereas I claimed CONTRACTUAL interest compounded at Unauthorised rate ! I used Mindzai's template of Particulars for claiming lower rates in the alternative. Am I wrong or is the Court Clerk wrong ?

I'm fuming - I know that !!!

 

I dont see how she can possibly be correct. Surely if the details of your claim differ (as they do in this case) then you CANT use the suggested wording. We certainly had no problems getting our filed, they were served on the bank so I can only assume they were acceptable.

 

btw what I posted wasnt intended as a template, its just what I used. Feel free to use it if you like but I just want to make clear i'm not *suggesting* people use it.

[tim2718281]

The only interest figure quoted on my last MBNA statement is a monthly rate of 1.8735% - so (apologies but I know naff all about rates!) I presume 1.8735 x 12 = 22.482% annual rate?

No, it's 24.44% annual rate. And I think they should quote this APR on the statement somewhere.

 

Annual percentage rate = ((1 + (MPR/100)) ^ 12) - 1) * 100

 

Tim

[Glenn UK]

Re filing the claim

 

The clerk is wrong, if she was right you could never claim contractual interest.

 

Sec 69 interest is only there for disputes where there is no contract which includes interest rates.

 

I had the same discussion with a clerk as my local cc, they have accepted and issued the claim.

 

HTH

 

Glenn

[bill-k]

Thanks Glenn & Mindzai - I anticipated your encouraging replies, and returned the papers with a polite but firm letter explaining all and suggesting a "misunderstanding." This was a Midlands Court, so I guess they're inundated !!!

 

Mindzai - sorry to imply your Particulars were posted as a template. I have treated them as such, but I am aware that to do so is to accept responsibility myself for using them. Vamps recently asked where you had posted them, so I told her - hope that's OK. If Vamps wanted a look, then I guess that means - RESPECT !!!

 

You & Lucid have mine, too.

 

Bill.

[ecobabe]

Mindzai, i am using your spreadsheet for compound int. but i must have done something wrong because the column totals for "compound int on int" & " combined int & c. int" are showing #VALUE !! maybe they're as horrified as I am! any idea what I have done wrong? thanks

[bill-k]

Ecobabe - just before Mindzai gets back to you - check your dates. If you've mis-typed one, that might throw it.

[bill-k]

....Unless, of course, Ecobabe - you're potentially BAG's first Millionaire claimant !!

How much was it, and how far back ??

 

That Contractual Unauthorised Compound Rate sure is strong stuff, innit ?

 

Can I be of any further help ?

 

Are you sure ??

 

Grovel...grovel...:grin:

[Mindzai]

Ecobabe - first of all check your dates are in the correct format. Excel is pretty forgiving in this respect but there are certain things that’ll annoy it – for example make sure you haven’t used full stops (e.g. 13.5.2006) because it doesn’t like that. To be safe make sure you’ve entered them like: 13/5/2006. If that isn’t the problem, let me know and ill give you my email and take a look for you if you like - that will be quicker and easier than trying to track it down over the forum.

[TheSaint7]

Check the % you've input. Loads of times i've type in 29.50 and it's ignored the decimal point, just had to go back and reinsert DP, and yes I did have a laugh when I saw the millions clock up, and thinking how many lots of £5000 that would take!!!

[bram stoker]

It would be 0.295 or 29.5 and hit the %.

[ecobabe]

not a millionaire...well not quite! but it just makes me so mad when you see all that money ;when it's added up. I'll check my dates and see what I've done, then get back to you. thanks for all your comments.

[ecobabe]

okay that took all of ...ooh I don't know 1 minute to fix!!!!!!!!! you were all right I'd mucked up the dates. 31/11/2005!!! confused excel no end, mind you not as much as it confused me! just as well i remembered 30 days hath September, April, June ........etc

[Mindzai]

It would be 0.295 or 29.5 and hit the %.

if we're talking about the excel one i did you can just type 29.5 with or without a % sign - 0.295 wont work, it'll read that as 0.295%.

 

Glad you got it sorted echobabe - im sure i would have stared blankly at that for hours before i noticed!

[bram stoker]

if we're talking about the excel one i did you can just type 29.5 with or without a % sign - 0.295 wont work, it'll read that as 0.295%.

 

Glad you got it sorted echobabe - im sure i would have stared blankly at that for hours before i noticed!

Sorry Mindzai, I was talking about the ones I have in my chambers. They'll pretty much be the ones I'm supporting from now on.

 

Thanks.

[superam]

Where is the thread for all successful contractual interest claims please?

[bram stoker]

Where is the thread for all successful contractual interest claims please?

I don't know. Where is the thread for all successful contractual interest claims please?;-)

[JonCris]

Had this problem before with clerks overstepping their job remit & had to remind the clerk that it's not for them to tell claimants that their N1 is wrong (which in this case it isn't) Only a judge can.

[bill-k]

Vamps - you're s'posed to be having some quality time.

 

Now...Turn off, Tune out, and Drop in - on your family !!!

 

That's an order.