Lloyds interest calculation?

[banofi]

Hi, I've written to Lloyds already but made the error of including 8% apr in my amount. However this can be changed.

But, I'm finding it hard to tell what amount of interest relates to the charges and not just the overdraft. Should I calculate the charges against another amount of APR?? How would I know what the interest interest rates were at the time? It isn't obvious from my statements.

[sweetpants]

If you use the spreadsheet it explains it and works it out for you. All you have to do is put the interest charge in and your balance at that time and it calculates it all for you

[banofi]

Thanks, I'll try again tomorrow! I'm doing 2 claims so it's been a bit confusing. Nationwide stated all my unauthorised fees interest charges separately from the general overdraft interest charges. Why couldn't Lloyds be sensible and do that...! ;-)

[sweetpants]

Lloyds Sensibly ??? You are kidding lol . If they were they would hand over our money straight away instead of waiting until the very last minute and incurring more costs for themselves .Good luck with your claim

[banofi]

I can't seem to find the interest spreadsheet, there's so much on this forum. The only interest calculator I did find was for the 8% APR. Help!

[vix8180]

If you look in the templates library I think you'll find the link there, and then choose the complex english version of the spreadsheet. Good luck...

[banofi]

Thanks, found it eventually... seems very good. Think i'll have to modify my claim a little...

[kokomar]

Hi I've done exactly the same thing, took so long to rejig the LBA tonight I missed your thread, see Koko vs Lloyds for my efforts and hopefully other peoples comments, although it only just went up. Good luck by the way.

 

Koko

[Vital Spark]

Are we asking for all charges or only that proportion which we feel is unfair (all over any particular amount)? For instance, from a £35 charge for a returned DD, do we deduct say £12 from this figure and reclaim £22?

[kokomar]

No claim ALL £35. To be lawful the charge must only cover their costs, not make a profit from you. You are giving them the option in the letters you send for them to tell you how they calculate the charge to justify it. As they are not prepared to do this the whole charge is unlawful. The £12 came into play in the OFT's report April 06, I suggest you google it and read the whole thing but the important paragraph is

 

"We are not suggesting that default fees should be set at £12, and a court will certainly not consider that a default fee is fair just because it is below the threshold".

 

Hope this helps. Koko

[Vital Spark]

Thanks Kokomar. Was, previously, most unclear.

 

I'm having dreadful diffiulty trying to establish a new thread for my queries. Any tips?

[oldtyke]

I am trying to get money back from lloyds, but the 'data act' information came in four different sections covering the whole of the six years. I think they are trying to make it harder for us. Anyway, just to confirm, we can request returned standing order and returned direct debit fees, overdraft interest, overdraft usage fees and overdraft excess fees ( i have no overdraft in place ).

Thanks.

 

 

Regards,

[banofi]

Update:

 

have had to send a N1 form to the local county court. The county court issued my claim on 9th January 2007, posted to defendant on the 10th, deemed to be served on 12th January, and I've heard no reply from Lloyds yet. It said the defendant has until 26th January to reply. Lloyds have NOT replied (today being the 29th) so now I am going to send back the form which the court sent me, (Request for judgement).

 

Do i need to include a letter with this or just send it as is?

[GuidoT]

Which Lloyds address did you use on the N1?

[banofi]

I used the following:125 Colmore Row, Birmingham, B3 3SF. That's who I was corresponding with.

[GuidoT]

That is probably why you did not get a response. Claims should really be served on their registered office address.

 

If they do not file a defence then you can get judgement in default, but this does not mean you have won. Lloyds are likely to apply to get it set aside and be successful.

 

You have several options, have a look here to weigh them up:

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/27823-how-do-you-like-2.html

[banofi]

Thanks for that info, I am sending them a letter giving them time to pay up (to the Gresham St, London address). Shall I send a copy to the local court to show that I am being reasonable?

[GuidoT]

I would yes.

[Vital Spark]

Oh Yikes! I am not understanding any of the stuff written about reclaiming, working out interest: I have been adv ised to ask for compounded interest.

 

Can I do this in Scotland and does Vampiress have a spreadsheet via which I can calculate it?

[banofi]

Hi, i think this should go into a new thread fo your own? i don't know anything about claiming in Scotland.

[banofi]

had a letter from court today saying that Lloyds intend to defend. Eek! Do i just sit tight now and wait?

[GuidoT]

All perfectly normal, just wait now for the standard defence.

[banofi]

Right, i now have the AC form N149. Am wondering what to put in the section G Other information. Shall include any of this from the templates library?

 

Re: Allocation Questionnaires - A guide to completion

Notes for completing a small claims track allocation questionnaire - Form N149

 

Quote:

Section G - Other Information

Quote:

In the space below, set out any other information you consider will help the judge to manage or clarify the claim, including any other information you consider should be supplied by the other party.

 

You may wish to add reasons why the case is more suitable for Small Claims Track if your claim value exceeds £5,000 or provide reasoning why the other side should provide evidence of their costs! You could include similar text to this....

I am respectfully requesting that my claim be allocated to the small claims track. This issue is not a complicated one; it is an issue of fact and not of law. The issue is only whether the money levied by the Defendant in respect of its customer’s contractual breaches exceed their actual costs incurred. I am happy to pay their actual costs and I am surprised the Defendant did not counterclaim for these, because I would have paid them without argument.

 

However, the continuing problem is (in common with the 100s of other cases currently being brought by other bank customers) that the banks refuse to reveal the details of their penalty-charging regime. As the banks have a fiduciary duty towards their customers, they have a duty to deal straightforwardly and in utmost good faith.

 

Accordingly, I would respectfully ask that the court in this case, not withstanding allocation to the small claims track, order standard disclosure. I understand that it is in the courts discretion to do so. I believe this would bring a rapid end to this litigation.

[Michael Browne]

This would be better, and is proving successful:

Allocation Questionnaire - Draft directions order

New strategy for Allocation Questionaires

 

and this in Section G:

The Claimant proposes the attached draft order for directions, for the courts due consideration. If ordered, the Claimant believes these directions will allow the overriding objective's to be furthered in that they will fully identify the most fundemental issues in dispute (as detailed below), and allow them to be assessed so that this claim may proceed justly and expediously.

- The crux upon which this claim rests is the true cost incurred by the Defendent as a result of the contractual breach from which its charges arise. If the Defendent cannot substantiate the cost of each charge as proportionate to its loss incurred, it has charged contractual penalties contrary to the UTCCR 1999 and common law principles establised since the early 1900's.

- In the event that the Defendents charges were accepted as being a fee for a service (which is denied), examination of its true costs is required to determine whether the price is reasonable as required by the Supply of Goods and Services Act 1982.

As the law relating to contractual penalties is long established, the Claimant believes the outstanding issues to be of fact. Accordingly, the Claimant respectfully requests that the claim be allocated to the small claims track, and estimates that the hearing of the claim should last no longer than one hour.

 

[banofi]

Ok i can type this out and attach it to the N149 form. But i'm not clear what the first line means exactly (The Claimant proposes the attached draft order for directions, for the courts due consideration). The attached draft order - I thought this was the draft order?? I'm a bit confused...