thereshope! v natwest ****WON****

[muggins73]

Hi muggins and grazel

 

I guess if I cant spell it then I shouldnt use it lol !!!

 

Its a term that ive heard at work, that is used in the context of something that has been earned , but is then withdrawn due to someones breaking the rules or negative/ poor behaviour !

 

Thought it sounded good but guess I should use another word as not a 100% on its spelling !

 

Think that the interest you have mentioned muggins is the statutory 8% that is calculated when you get to court stage so will omit it from my letter(saw it mentioned in lucids thread)

 

Hope xxx

 

Nope, the daily rate is a totally seperate interest amount to the 8%, that much I do know It is worked out using the advanced spreadsheet. I guess if you use the contractual interest spreadsheet it may not come into play?

[thereshope!]

Just posted on the contractual interest thread so should get a response from one of the helpful bods on there soon (fingers crossed) regarding the daily rate of interest and how to calculate it.

 

Glad I popped onto the CI thread cos someone else had mentioned claiming 15% interest instead of the full unauthorised rate.

 

The general concensus was that it is better to stick to a published rate otherwise it may be tricky explaining how that figure was arrived at etc.

 

So gonna offer the rate of 16.74% as lower alternative if they get a shifty on and agree to full settlement by 22nd feb.

 

 

Hope xx

[muggins73]

Just fund this thread for you which not only itells you how to work out the daily rate of interest but mentions contractual interest to.

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/65552-working-out-daily-intrest.html?highlight=daily+interest+rate

 

should explain it better than I could.

 

Also got this off of the hmcs website and shold help to explain the daily interest rate even more.

 

Interest

 

You can claim interest on the money the defendant owes you. If you want to claim interest, you must include it in your 'particulars of claim'. Write your claim in the following way:

'The claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year, from [date when the money became owed to you] to [the date you are issuing the claim] of £ [put in the amount] and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of [enter the daily rate of interest].

Working out interest

 

To work out the amount of interest you are owed up to the date you start the claim, you first need to work out the daily rate of interest. Using a calculator do the following:

0.00022 x the amount of your claim.

This gives you the daily rate of interest.

You then need to work out the amount of interest you are owed up to the date you issue your claim. Count how many days have passed since the money became owed to you and multiply that number by the daily rate of interest.

For example,

If you are owed £1,000, the rate of interest would be as follows:

0.00022 x 1,000 = 0.22

So the daily rate of interest is 22p.

If the debt became owed to you on 7 March and you are filling in the claim form on 26 April, 50 days have passed.

So, 50 x 0.22 = 11.

You can add £11 to the amount you are claiming.

 

 

 

Hope this helps.

[thereshope!]

Hi all.

 

Thanks for the post muggins,much appreciated .

 

I took a look at the link that you posted and pmd lucid who has also helped me out.

 

Not really with it tonight cos got the lurgy and feel yucky so gonna tackle the letter tomorrow

 

Hope xx

[thereshope!]

Hi all

 

 

 

My appologies to the mods if I should have posted this in my thread(please move it if you see fit ).

 

I wanted to throw this question out to the masses !

 

Is there a 'proper' route to follow when a GOGW payment has been offered ?

 

Are we still within our rights to reject this offer if it is for the full amount of charges minus contractual interest ?

 

There appears to be a real divide of opinion on this matter.

 

Should / could I reject this offer based on the following

 

CHARGES £2106 + CONTRACTUAL INT £2000 = £4106

GOGW OFFER OF £2106.

My claim ,from pre-lim stage has been for £4106.

 

I was certain that I was going to reject the GOGW offer when I received the letter last week,but due to opinions on the contractual interest thread, I feel that myself and others are unsure of the way to go.

 

Are we still entitled to claim for it all or not ?

 

I know there isnt a definitive answer to the question,but any thoughts/pointers would be helpful !

 

 

Please help cos its going to drive me mad.

Going round in circles like a one legged duck:D

 

Hope xx

[Josamolly]

My personal opinion is to accept your offer. Its for the full amount of your charges, what you asked for, and you haven't filed at court yet,(?).

 

You could push on, you may be lucky and get some of it back. However, the banks are now fighting a bit harder on these cases and if it were to come before a judge, who knows what way it will go. And then there is a possibility of costs, even in SMC, to consider should it all go wrong..

 

I would say to accept what you asked for in the first place..

[livelylad]

I agree with Josa accept the offer.

[thereshope!]

This is doing my head in.

 

It really is.

 

I wish I hadnt got an offer now.

Because of the advice from o/p who are well seasoned veterans of claiming bank charges,I feel that I should go with their advice and forget about contractual interest.These guys know their stuff !

 

But...but...but... IT ADDS £2K ONTO MY CLAIM. ARGHHHHHHHH !

 

I wish BF hadnt posed that tempting question " why is no-one claiming the contractual rate of interest"

 

Ignorance is bliss.

 

Now I know about it and have claimed it from the outset, I am struggling to right it off !

 

Yes I know, I am a naughty greedy girly.:o

 

I should probably go to some kind of 'confessional'.

 

Help me please !

 

I started a new thread titled 'torn- unsure whether to persue contractual rate of interest as full payment offered on charges'

and I have heard the 'against' argument. For a true debate I need to hear the 'for' argument !

 

Feel like gollum in LOTR ,except I aint after no ring.

 

The contractual interest is my precious:grin:

 

Im all !!!

 

Hope xx

[Guest NATTIE]

the contractaul argument is a difficult and is at the discretion of the judge, why not a compromise 8% which is s69 interest? sorry to throw a third one in there by the way

[muggins73]

The fact of the matter is that you've claimed it from the start, so IMHO you have to follow through, however much of a pain-staking, bum aching gamble it may be.

You want it, now follow it through;)

[GaryH]

Have you been offered 100% of the charges? If so, I'd think long and hard before pursuing a claim solely for contractual interest. The fact is that there is no solid or substantiated legal basis for claiming the banks contractual rate - there are strong arguements for it, yes, but arguements is all they are. Also, small claims litigation is all about cost effectively and expediantly resolving disputes, with strict empasis on mitigating your loss.

 

If you do continue, be fully prepared to argue your case for contractual in court.

[thereshope!]

Ok guys !

 

What If I were to try for the 8% ?

 

Would it be worth phoning or just do it by letter ?

 

If by letter,should I send the rejection letter as before,but adding a paragraph asking them to pay 8% as an alternative ?

 

Any one good with words lol ?

 

Thanks Hope xx

[muggins73]

That's wot NATTIE suggested in post #104!!!!!

IMHO I'd send the letter as before with the 8% bit added in, which isn't hard to adjust to suit. But, and as I have slight reservations, prior to this it might be a very good idea to pm one of the site helpers (eg. GaryH ) or an account holder with as much experience (Deller; The CobbettSlayer; natwesttookmymoney) for two reasons;

1. If you change your mind about going for the contractual interest how NatWest/ judge might see this (a cautious move, or weak claim)?

2. Not sure if by changing your claim for interest in this way that you'll incur costs to change via the court?

 

I'd be more than happy to help with draughting letter to suit, but I really think it'd be a good idea to get all the information before making a decision.

[maxine989]

Hi thereshope... thought I'd pop accross and have a look at your thread.

 

I think muggins has given you good advice... 'The fact of the matter is that you've claimed it from the start, so IMHO you have to follow through, however much of a pain-staking, bum aching gamble it may be.

You want it, now follow it through'.

 

I too had an offer with no added interest from Natwest before the court stage. I declined it and ended up winning all my charges + 16.9 interest.

 

I know it all a bit up in the air at the moment with various heated debates over contractual interest going on.

 

Being as you haven't yet filed your N1 I would stick with your original figure including the contractual interest. Banks always make a lower offer first beacsue they know you can get more if you see it through... they are hoping you will give in.

 

Don't give in.

 

I have a similar dilema with egg... but I have decided to carry on and see it through.

 

Good luck hope

[thereshope!]

Thanks Maxine !

 

My spirit is lifting and confidence growing !

 

I hope to make my final decision today.

 

I am going to talk it over with o/h later then get on with letter and send it asap,before i change my mind and end up back at square one !

 

Thanks for posting and for your support earlier it was really appreciated hun.

 

Hope xx

[millymollymoo]

I of course back you all the way

 

Milly X

[millymollymoo]

Hope just in

 

http://www.consumeractiongroup.co.uk/forum/NatWest-bank/67250-court-thursday-contractrual.html

 

I believe it was just the CI going to court but check it out as its aContractual Success just happened along with Westy!!

 

Milly XXX

[thereshope!]

Thanks for the link Milly !

 

Been off-line for past 24 hrs but that has soooo boosted me , and I bet you feel in a better position too ?

 

 

Hope xx

[thereshope!]

Hi all

 

Would someone please have a read of my letter cos I feel that I waffle on a bit in the middle,but not sure how else to get all the points I want to make fit in !

 

Not very good at this sort of thing,much better at talking the talk lol

 

Hope xx

 

 

 

 

 

 

 

 

National Westminster Bank PLC

Ground Floor

National Westminster House

225 Shenley Road

Borehamwood

WD6 1TE

 

 

 

 

your ref: xxxxxxxxxx

 

 

 

Re: Account Number: xxxxxxxxx

 

Dear Mr. Higley,

 

 

 

Response to settlement offer.

 

 

Thank you for your letter dated 7th Feb 2007.

 

 

 

I respectfully decline your offer of Full and Final settlement, and request once again, that you return to me all charges imposed on my account including the contractual interest. This amount is increasing by the daily amount equivalent to an annual interest rate of 29.69% and I calculate that you owe me the amount totaling £4231.79.I enclose an updated schedule of charges for your files.

 

 

Failing this, I shall be commencing court action on 5th March 07 for the full amount claimed.

 

 

 

However, and as a gesture of goodwill, I am prepared to lower the contractual interest rate to 16.74% this being the contractual rate of interest applied to customers at the banks current published authorized rate on the condition that this claim is accepted in its entirety and full settlement is agreed and finalized by 5th March 2007.

After this time, my offer will be withdrawn and the claim will revert back to the original claim of penalty charges and contractual interest at 29.69. %

I calculate you owe me the amount totaling £3151.04 as of today’s date 21st Feb 2007 if you accept the proposed condition of prompt settlement and the interest rate of 16.74% is applied.

It is in your interest to reach an early settlement as these charges will continue to compound interest up to date of settlement.

.

 

I also require that my claim is paid in full by cheque.

 

 

I trust this clarifies my position.

 

 

 

 

Yours faithfully

[thereshope!]

I have received what appears to be another part of my SAR that was missing.

 

I have been getting bits and bats over the last few weeks and some items, such as statements have been sent 3 times yet other relevant documents such as credit agreement for my loan still havent been provided.

 

My question is, in this latest batch of papers there are lists of diary notes,I suppose you would call them.

 

 

They state date time and reason of correspondance, how the correspondance was made(phone letter)and action taken on the account.

 

Is this the manual intervention we all request or is this something else ?

 

I have also requested SAR info for my CC as well as loan and current account, but have only received statements so far .

 

Not sure what to do as NW havent fully complied but they havent exactly ignored me either ?

[Guest NATTIE]

it does sound like full compliance on the SAR to me.

[thereshope!]

Hi natty

 

I havent been sent the copies of the original signed agreements for loan or credit card and I thought these would be provided under the SAR ?

 

Hope xx

[Guest NATTIE]

they should be so in that case, maybe the answer is no on that side of things, but in relation to the current account they have.

[thereshope!]

BUMP

 

Can somone have a little read of my rejection letter please, think i could prob word it slightly better ?

 

Muggins/milly/maxine................ Ladies where are you tonight:eek:

[thereshope!]

they should be so in that case, maybe the answer is no on that side of things, but in relation to the current account they have.

 

 

thanks Nattie,

 

How do i get the credit agreement copies though.

I doubt they will comply now if they havent done so before ?

Just read a post by Vamp that could really be a help to us all