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lorrainemiller
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Hi there everyone

I have been reading the site for about a month now and am nearly ready to start my claim.

I have a fairly complicated question...

I already have my statements from the last six years, and have calculated the charges at around £5000.

The question is, Do I put the whole amount in as one claim, bearing in mind that if it goes to the small claims court I will be adding on 8% interest and this will take it over the £5000 which is the maximum claim in the small claims court.

I have been on the calculator on the site and calculated that the charges incl. 8% from 6 years ago until 6/10/2005 are £4900 or thereabouts.Shall I put this in as one claim and from 6/11/2005 to present as a second claim?

Please advise...

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Hi,

 

I'm in a similar situation to you (£4950), as long as the charges are below 5K to start with then thats fine, even if the 8% eventually takes you to say 7K.

 

Regards

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Just one other thing just so you are aware, there has been quite a few threads on claiming the back the contractual rate of interest authorised or unauthorised rate instead of the 8% i.e whatever the bank would have charged you you charge them, it makes quite a bit of difference to the total amount you would get back but I am not sure if I am going to go down this path.

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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To be honest the interest listed over the six years on my statement amounts to only £142.11, while the charges are £4960. so for the sake of not taking it over the £5K limit I am just ignoring them.I think i can live with Nationwide earning that small amount from me over six years haha!!

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hope you feel sorry for us scots, our limit is only £750 :( we would need to file several claims for that amount. unless their registered offices are based in england in which case i think we can file for up to 5k via the juristiction laws.

It's not the size of the dog in the fight, but rather the size of the fight in the dog..:D

MBNA SETTLED IN FULL £216.00

Preffered Mortgages Ltd MCOL going in for £3.5K

Nationwide £702.00, SETTLED IN FULL.

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Hi,

 

 

Thats not the interest i'm talking about its contractual rate instead of the 8% when it gets to the court stage i.e instead of claiming 8% on all your charges you could possibly charge say 20% so your final claim could be £7500, worth a read up.

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Thanks Davisc02.Not sure where I can read up on this, feel free to let me know tho.Or can I just wait till I get to that stage and come back to you as you seem to know what you are talking about.Good to know you're there.

Thanks very much

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Hi,

 

Have a read here http://www.consumeractiongroup.co.uk/forum/general/18313-why-no-one-claiming.html.

With regards to knowing what i'm talking about its only what i've read and asked other people on this forum so i'm still learning and don't know that much compared to other users of this forum, I just wanted to make you aware that you could possibly claim for more interest. The only thing I can't seem to get definate confirmation of is whether you have to say from the outset you are going to be adding on a higher rate of interest or whether you can just substitute the 8% for a higher rate at the moneyclaim stage.

 

I'll let you know if I find out.

 

Cheers

 

Carl

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Wow quite a read!!I have my 1st letter with the schedule of charges here ready to post, but now feel I should amend with the extra contractual interest which I will add if it goes to court.Why settle for 8% if you can get more?My feelings after reading the above thread were that if I intend claiming this higher rate(whatever Nationwides lending rate is)I need to tell them from the outset.So I will.If it doesnt go to court it is irrelevant anyway.

Thanks a lot for all your help

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Do you think it would be acceptable to amend the prelim letter with one sentence after stating the exact amount of the claim as follows:

I will be adding to this figure interest at the contractual rate at which Nationwide lends to its customers.?

Would this suffice at this stage or will I have to list each charge and how much interest it would be and also the actual rate of interest.I haven't yet found out what this rate would be for the Nationwide and whether it would be authorised or unauthorised.

Thanks

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Hi,

 

Mmmm I would definately get some extra advice from one of the Moderators but from what I can gather and as you say it seems you need to let them know from the outset that you will be claiming the extra interest although saying that i've also read that you can just substitute 8% for say 24.9% when its gets to the MCOL stage

 

What i've done is gone for the standard letter of you owe me £4946.56 and when it gets to the MCOL stage i'm going to put 2 amounts of interest in 8% and a higher rate (not sure yet) and see what happens, that way the worst that can happen is I get 6K.

 

Like I said its very difficult to find out what is the 100% correct procedure on this and you seem to get a different answer depending on what thread you read.

 

The bit below is from Nationwides website so it seems there are only 2 amounts authorised and unauthorised and the authorised doesn't even make 8% anyway. Personally i'm not sure I would feel comfortable claiming 24.9% as i've not always been in an unauthorised overdraft so was thinking midway at day 16%, they also charge 14.4% on their lending rates so you could go for 14.4% as well I suppose.

 

 

http://www.nationwide.co.uk/current_account/rates.htm

http://www.nationwide.co.uk/loans/interest-rates.htm

 

Agreed overdraft rate7.75%Agreed rate if Nationwide mortgage holder7.25%Unauthorised overdraft rate (applied to whole balance) 24.9%

 

Loan

 

£1,000 - £2,999

14.4%14.4%£3,000 - £4,99912.9%12.9%£5,000 - £7,4996.7%6.7%£7,500 - £25,0006.4%6.4%

 

 

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Thanks a lot.Think I'll follow you and leave it at You Owe Me £4960(how wierd that we have almost the same amounts;I'm not proud of how much I have paid in charges,sometimes my finances were pretty erratic to say the least.But when you realise how much they took for so little effort, it makes me so angry as I really suffered over the years with extra stress when the charges went out.)

Will decide on the interest rate at later stage.Good idea!

Thanks again

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Thanks a lot.Think I'll follow you and leave it at You Owe Me £4960(how wierd that we have almost the same amounts;I'm not proud of how much I have paid in charges,sometimes my finances were pretty erratic to say the least.But when you realise how much they took for so little effort, it makes me so angry as I really suffered over the years with extra stress when the charges went out.)

Will decide on the interest rate at later stage.Good idea!

Thanks again

 

Both as bad as each other:) , your right I haven't been exactly brilliant with my finances but the banks definately made things so much worse. I even had occasions where my overdraft would mysteriously increase then after a few months would disappear just when a load of DD's were due, I have never got to the bottom of this.

Anyway good luck and we'll keep each other informed of progress.

 

Oh yes make sure you set up another bank account, you'll probably find Nationwide will close our accounts afterwards!!:mad:

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Too bad on your disappearing overdraft!!I wrote a pleading letter when work was really slow coming in and their response was not to extend the overdraft temporarily, but to(yep you've guessed it)cut my overdraft back from £1100 to £800.REALLY helpful!!They are playing with us.Hadn't realised how bad they were till now; when you start realising they had no right to do it.We have all been at their mercy.NO LONGER.

My letter was sent this morning Recorded Delivery.So Bring it on...

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  • 2 weeks later...

Have received my first letter back from Nationwide saying they were allowed to charge all this money as its in the terms and conditions.this seems to be the standard answer; so I'm sending next letter tomorrow.Will find it in the library I presume.Anyone know what it is titled?

Thanks a lot.

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called an LBA (Letter Before Action) find it here, and good luck

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/92-letter-before-action-consumer.html

It's not the size of the dog in the fight, but rather the size of the fight in the dog..:D

MBNA SETTLED IN FULL £216.00

Preffered Mortgages Ltd MCOL going in for £3.5K

Nationwide £702.00, SETTLED IN FULL.

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Hi,

 

There are some people are trying although its a very difficult process because basically the banks don't have to keep information more than six years under the limitation act 1980, so unless you have all your statements its all estimations, I might have a go if more and more people are successful as the costs are pretty minimal.

 

Good luck with your claim, 1 day behind me, LBA sent today:o . Getting near the juict bit now!!!!

 

Regards

 

 

 

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/3805-can-i-claim-back.html

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/6956-my-6-year-claim.html?highlight=beyond+6+years

http://www.consumeractiongroup.co.uk/forum/general/25043-proving-banks-knew-charges.html?highlight=beyond+6+years

*****************************************

[/url]

Nationwide

Won

Capital One

Won

Citibank

Part win

GE Capital

Won

 

Exchange your council house for free.

www.UseMyPlace.com

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Thanks for your reply.Good Luck with your claim too.Already deciding what to do with the money.I can smell it....

Although i did read yesterday a judge gave Nationwide eight more weeks to dispute someones amount as their figures differ.That is a bit disturbing..

Speak soon.

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Although i did read yesterday a judge gave Nationwide eight more weeks to dispute someones amount as their figures differ.That is a bit disturbing..

 

That was in the Scottish Courts System where the small claims limit is £750. Basically Nationwide cocked up and didn't offer to settle, hence it went to court and it is a stalling tactic to get more time.

Please note that I am not a legal expert and all advice given is without prejudice and is purely my opinion only.

 

** Nationwide - £1821.15-PAID IN FULL - Aug 06 **

** Halifax Mortgage -£390 - PAID IN FULL - Nov 06 **

Lloyds TSB - MCOL issued 09/03/07 - £2953 + costs - ON HOLD....

 

 

 

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  • 3 weeks later...

Well its quite a while since I wrote anything although I read everyone else's every few days.

Got standard reply to LBA letter, basically saying you can't have received our first reply so here it is again...

Now I have filled out my Court form N1 and have taken it in to local court today!!!!

My claim was for £4960 but 8% interest took it to £5900 which meant my court costs also went up from £120 to £250.This is a shame.

But decided to go for it anyway, you can't come this far and not carry on, although my family are all very sceptical and think I have just wasted another £250. Maybe I won't share the pickings with them...A holiday on my own would be very nice!!

Will let you know if I hear anything or should I say WHEN I hear something.

BE POSITIVE LORRAINE..

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Well done Lorraine :) I have to say that most people are sceptical - unless they come on this forum and see all these charges being refunded they don't quite believe it...my husband being one of them when I started against Nationwide.

 

When you have got your claim number, can you PM me with the details so I can get it put in the Litigation section?

 

You'll have all that lovely cash back soon ... don't know if you saw but Nationwide paid out on an £11k claim a couple of weeks back :)

Please note that I am not a legal expert and all advice given is without prejudice and is purely my opinion only.

 

** Nationwide - £1821.15-PAID IN FULL - Aug 06 **

** Halifax Mortgage -£390 - PAID IN FULL - Nov 06 **

Lloyds TSB - MCOL issued 09/03/07 - £2953 + costs - ON HOLD....

 

 

 

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