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Lovejoy v Barclays Help


lovejoy
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I have now recalculated the interest at 2.05% per month for each charge. This is Barclays rate as stated on my bank statements. This comes out at 24.6% APR or 27.572% AER and the figure for the calculator from vampiress is 0.000755.

You were all correct it does make a bit of a difference.

From an initial £475 charges with interest calculated at 8% (=£91.79) to interest now calculated at £330.67

I hope I've got this correct. The only charges I've included are paid referral fees and a couple of unpaid DD charges over the period.

Just wandering if anyone out there could check my calculation above, and let me know if it is ok to charge this rate to Barclays or should I just go for the £475

 

Lovejoy

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I don't think anyone can help you unless you post your actual list of charges with dates. The interest calculation has to use how many days from the charge till now, for each charge.

 

Spotty

[sIGPIC][/sIGPIC]Statement request 4th May

Prelim Letter sent 24th May

LBA 7th June

Thanks but no thanks letter sent 22 June

MCOL 22nd June

Claim acknowledged 26 June

AQ sent 2nd August

17 Nov Court Date Set for 29 Jan 2007

Settled in full 12/12/06

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I don't think anyone can help you unless you post your actual list of charges with dates. The interest calculation has to use how many days from the charge till now, for each charge.

 

Spotty

 

Thanks for getting back Spotted Dog.

It's not the actual amounts that concerns me. I need to know if I can charge such a high amount of interest, albeit Barclays rate, on the amount in the first place. It just doesn't seem right somehow. Or should I stick to the original £475?

 

I don't want to jeopardise the claim by messing it up from the first letter.

 

The standard letter that I've downloaded has no space for claiming charges plus interest at the banks high rate. In fact there is no mention of adding interest at all at this early stage. Can I change the wording of the letter to say that as these charges have been taken without my consent, that they are therefore unauthorised and the appropriate rate of 24.6% interest (Barclays unauthorised overdraft rate) has been added from the date the money was taken and is therefore claimed.

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I think you may need to try a search for 'contractual interest'. I think some peolple are testing this out.

 

Spotty

[sIGPIC][/sIGPIC]Statement request 4th May

Prelim Letter sent 24th May

LBA 7th June

Thanks but no thanks letter sent 22 June

MCOL 22nd June

Claim acknowledged 26 June

AQ sent 2nd August

17 Nov Court Date Set for 29 Jan 2007

Settled in full 12/12/06

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