How much can i claim? Confused!

[Gemby]

Hello

 

I am currently being taken to court by Natwest for defaulting on my personal loan. £31000 outstanding.

 

I have launched a counter claim for bank charges.

In the last six years these amount to £8000 (including statutory interest @ 8%)

 

Having read various articles i understand that i may be able to claim further back than the six years. Please advise if this is correct.

 

Also i have read that i may be able to claim restitutionary damages, ie, the amount of profit Natwest have made on reinvesting my bank charge money.

 

I need to write to Natwest's solicitors this week stating the total amount i intent to claim.

 

All help gratefully recieved

 

 

Gemby

[BankFodder]

Yes, you can claim back to 1995. this should not pose any problem as the bank charges money you have paid is paid under a mistake - the mistake being that you thought that they were legally chargeable, and the bank's mistake that they honestly believed that the charges were not subject to the OFT jurisdiction and that anyway, the bank honestly believed the charges were fair and reasonable (honest, guv!!)

 

Yes you could put in a claim for restitutionary damages. This has not been tried before in the bank charges context but the legal theory underpinning it is sound as the bank has clearly unjustly enriched themselves by your money.

 

I am aware of a couple of Restitutionary damages claims which have now been submitted to the courts and we are waiting for reactions and to see how it goes.

 

We are quite certain that the banks will put up a very serious fight on this issue because the cost to them of losing would run into more than £100-200 billions.

 

I am also aware of a couple of restitionary claims which have now been submitted to the Ombudsan. As I don't really believe that the FOS makes a serious fist of standing up to the banks, I don't expect these to be upheld but it will be interesting to see the Ombudsman's arguments.

 

If you claim restitutionary damages, you won't be able to identify the value of the claim because RD means that the court orders the bank to disclose the profits they have made and then to disgorge them to the successful claimant.

 

The size of your claim already takes ou onto the fast track and an RD claim wold very likely take you onto the multitrack with the associated costs risk.

 

Winning on the charges counterclaim with 8% is a dead cert. Bringing an RD claim for a claim which could easily double in value to £15k could be exciting to say the least

[Gemby]

Hi BankFodder

 

Thanks for the response

 

Could you please explain the reasoning behind 1995,the banks solicitors have asked on what authority i can claim back this far. I understand the "mistake" part but need info as to why 1995.

 

Also if i claim for RD am i still entitled to statutory interest, ie, can i claim for charges plus 8% interest and then also claim for RD.

 

Gemby

[Gemby]

Hi BankFodder

 

I would be grateful of your reply to my last post

 

The banks solicitors are baying for my blood and time is running out.

 

Thanks

 

Gemby

[MARTIN3030]

The relevance of 1995 is when UTCC was introduced on 1st.July.

 

1994 No. 3159

CONSUMER PROTECTION

The Unfair Terms in Consumer Contracts Regulations 1994

Made 8th December 1994 Laid before Parliament 14th December 1994 Coming into force 1st July 1995

[Gemby]

Hi Martin3030

 

Thanks for that

 

I am slowly getting my head around this.

I have written to Natwest solicitors and requested charges back to 1st January 1995. I am sure they will correct me to 1st July.

 

Thanks again

 

Gemby

[MARTIN3030]

Good.

Our research into how far banks keep data, comes after many of them began to refuse requests for information pre 6 years,some saying they did not keep it.When the reclaims against them began,many of the banks had no problem with supplying pre 6 years,but they became aware quite quickly that claimants were pursuing much earlier charges than 6 years and the Limitation Act section 32c provided a means to file a claim.

[MARTIN3030]

An ex NW employee and longtime Cag member posted some time ago that NW keep records going back to 2002.see here;

 

http://www.consumeractiongroup.co.uk/forum/word-banks/32853-how-long-does-your.html

[yourbank]

An ex NW employee and longtime Cag member posted some time ago that NW keep records going back to 2002.see here;

 

http://www.consumeractiongroup.co.uk/forum/word-banks/32853-how-long-does-your.html

 

I think you mean 1992 and the OP needs to write to NatWest Data Protection team and ask for the Archive notes on their account. Clever system that NatWest Group used cos everytime there was a charge, a letter was generated and a note placed on the account. It may well come back to bit them in the backside

[MARTIN3030]

ah yes indeed-10 years out.Thank you.

[Gemby]

Hi Martin3030 and Yourbank

 

Thanks for your postings

 

So let me get this straight, UTTC came into force in 1995, and as such i should be able to claim charges back till then, however NW hold records back untill 1992. Does this mean i could claim charges back from 1992, or are the charges subject to UTTC ?