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You`ll find that many people here will help you with any questions or advice you need.

Advice offered by ENRON is without prejudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt.

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  • 2 weeks later...
  • 4 weeks later...

Ok I got my statements but I'm a bit stuck...reading through the FAQ and POSTS it is clear that statutory 8% interest is not charged until court proceedings....but.....can i charge compound interest (contractual or not) at the Prelim letter stage and beyond upto court proceedings.

 

And if I can and it reaches the Court do calculate 1. Bank Charges + compound interest + 8% statutory interest.

 

or

 

2. Bank charges + 8% statutory interest.

 

or

 

3. Bank Charges + compound interest throughout?

 

Some Clarification on this point would be excellent....if this information is to be found, I have not found it and I apologise for my inepititude.

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Well, this got this question answered elsewhere

 

Hi Template,

 

If you are going to claim for contractual interest then you can't claim for statutory as well - it is either one or the other.

 

You are right, you can't add statutory interest to your claim until you file it at court. If you are claiming contractual interest then you can and should add it to the claim throughout.

 

Hope that helps,

 

Lucid :-)

 

and

 

Ok.

Sitting quietly?

then we'll begin.

When you get charged, the charge goes onto your balance.

therefore, if you are overdrawn, you will be paying interest on those charges. You can claim these back, the spreadsheet works this out for you.

When you get to court stage, you can add on 8%.

 

ok, so thats the simple method.

 

Some people have been adding on contractual interest on from the start.. if you claim this you will not charge the 8% at the end (so it is an alternative to the 8% not additional to). I know this is complicated, and many just stick to the 8% and not bother with the contractual.

 

If contractual side of things interests (no pun intended) you take a look at

Why is no one claiming the contractual rate of interest???

 

and

 

Yes, you can claim contractual interest at prelim stage and LBA.

 

If it reaches court there are some templates knocking around in which you state you're claiming the charges plus contractual interest, but as a fall back you're claiming lower interest, and as an additional fall back you're claiming the statutory 8%.

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Have drafted Prelim letter including contractual interest and schedual.

 

I would appreciate any comments you have

 

 

Dear Sir/Madam

 

My Account Number: ********

 

Request for repayment of charges

 

My request

 

I am writing to ask you to refund to me the charges, which you have levied from the above noted account since June 2004.

 

I now understand that the regime of fees which you have been applying to my accounts in relation to direct debit refusals, exceeding credit limits, unpaid minimum payments on time and so forth are unlawful at Common Law, Statute and recent consumer regulations.

 

If you say that they are not, then will you please demonstrate this by providing me with a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.

 

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

 

 

Your responsibilities

 

I would draw your attention to the terms of the contract, which you agreed to at the time that I opened my accounts. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner, which complies with UK law.

 

I am frankly shocked that you have operated my accounts in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

 

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that you have deceived me into agreeing to pay them. Your concealment of the true nature of your charges has prevented me from asserting my right until now.

 

What I require

 

I calculate that you have taken £250 in unlawful charges from my account. In addition to this, I also request that you refund me £143.40 in contractual interest, which I have calculated as of the date of this letter at a rate of 27.9% APR as set out in the attached schedule of charges. I believe this rate to be justified under the principle of mutuality and reciprocity: it is based on your standard rate for purchases that was applied under the terms of the above-mentioned account between the period of June 2004 and April 2006. Therefore the Total Amount I am claiming is £250 + £143.40 = £393.40. I enclose a schedule of the charges applied to my account for which I am claiming with this letter.

 

My targets to resolve this matter

 

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

 

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and informing me of the date by which I will receive full payment.

 

If you do not respond, or you do not respond positively within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

 

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

 

Yours faithfully

 

 

Schedual of Payments: Claim Date 01/02/2007

 

Late payment fee £25 7th June 2004 Interest £27.42

Late payment fee £25 5th August 2004 Interest £25.11

Late payment fee £25 6th September 2004 Interest £23.90

Late payment fee £25 6th May 2005 Interest £15.64

Late payment fee £25 7th November 2005 Interest £10.29

Late payment fee £25 8th December 2005 Interest £9.46

Late payment fee £25 5th January 2005 Interest £8.73

Overlimit fee £25 11th January 2006 Interest £8.58

Overlimit fee £25 10th February 2006 Interest £7.82

Late payment fee £25 6th April 2006 Interest £6.46

 

Charges = £250 Interest on charges= £143.40 Total Claim= £393.40

 

Interest rate = 27.9% APR

 

 

What do you think?

 

Also the 27.9 % interest is an average....the first 3 charges the APR was 29.8% then 27.9% and then finally 24.9%.

Am I right in taking an average?

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  • 2 weeks later...
Salford Quays address.

As far as I know no one has claimed contractual interest from Citi and they fight back hard enough without it.

 

Good Luck

 

Thanks....someone has to be first :p

 

 

The contacts list does'nt contain citicards, thats why i asked ;) , maybe they should be updated and checked every month.

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Thanks....someone has to be first :p

 

 

The contacts list does'nt contain citicards, thats why i asked ;) , maybe they should be updated and checked every month.

 

 

It has always been first post on here at top of forum :)http://www.consumeractiongroup.co.uk/forum/citicards/4925-citi-cards-address.html

Consumer Health Forums - where you can discuss any health or relationship matters.

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Hi everybody,PLEASE can anyone help me? I have sent citi cards the usual two letters before action and they haven't even answered me so im going to MCOL,please can anyone help me with any ideas of how to phrase what i have to put in the claim?You know,the proper phraseology? All help would be greatly appreciated-Craigten

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Hi everybody,PLEASE can anyone help me? I have sent citi cards the usual two letters before action and they haven't even answered me so im going to MCOL,please can anyone help me with any ideas of how to phrase what i have to put in the claim?You know,the proper phraseology? All help would be greatly appreciated-Craigten

 

Craigten , can you please start a thread with a summary of what you have done so far and the adresses you have used so we can help - pm me a link and I will reply on there.

 

Thanks

Consumer Health Forums - where you can discuss any health or relationship matters.

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1. The Claimant has an account 1234567 with the Defendant, opened May 2000 2. Since 01/02/03 the Defendant debited charges and interest in respect of purported breaches of contract. 3. Defendant is aware of all details as a list of charges has already been supplied. Another copy will be sent. 4. Claimant contends: (a) The charges exceed the Defendant's losses caused by the breaches; (b) The Term permitting the Defendant to levy such charges is unenforceable under the Unfair Terms in Consumer Contracts Regulations 1999, Unfair Contract Terms Act 1977 and at Common Law. 5. Claimant claims: (a) return of the amounts debited of £XXXX; (b) Interest per S.69 County Courts Act 1984 of 8% - £xxx [enter interest total at date of claim] continuing at 8% until judgment or settlement at a daily rate of £0.xx; 6. Alternatively, if the charges are a fee for a service, then they must be reasonable under S.15 of the Supply of Goods and Services Act 1982. 7. Costs allowed by the Court.

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Looks like I got a standard reply from citicards regarding my prelim letter...fast response considering they recieved it on monday...anyway it goes on how they have won every court case and that they are sticking to the recommended rate set by OFT...which is crap as the OFT did not set any rate but only gave a ceiling figure of £12 which needed to be justified.

Anyway I suppose I will send them the LBA letter now.

Just one point...if any further charges have have been applied by the financial institution since the prelim letter can they be included in the claim too?

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Yep you can include any further charges levied on your account upto the time your file your N1 or MCOL.

Advice offered by ENRON is without prejudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt.

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LBA sent off today, I hope the contractual interest is not dimissesd out of hand as I believe it to be a fair refund considering the monies they have made off the interest of charges on me.

 

template,

 

this will end up in court regardless of the CI, are you confident on the CI principles of eclaiming as you wil lhave to convince a judge.

Consumer Health Forums - where you can discuss any health or relationship matters.

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