Garu vs Nationwide

[Garu]

Just a quick first post (hello)...

 

Not started proceedings yet, just researching before I launch the assault.

 

In the past six years, Nationwide have taken at least £4324 from me in charges. However, I am six statements missing, does anyone think it's worth going the DPA route for these, or should I just estimate to £4999 (to keep within small claims) and let them worry about downsizing it?

 

(estimating figures based on months close to missing statements (they are scattered) it's quite believable it will be just over 5k, but I assume it's better to get 97% of something than 100% of nothing.)

 

My (current) thinking is that I will be going for their contractual unauthorised overdraft rate of 1.87% per month, and compounded.

 

I also have statements \ charges beyond 6years, but I think I'll go for the "easy" under 5k \ under 6yrs claim first.

 

Thanks for reading,

 

G.

[MilkTrayMan]

Hi Garu!

I would send a S.A.R. for ALL your charges and associated interest, since the start of your account with the Nationwide.

The longest it should delay U would be 40days...but it has taken others a lot less time to get their statements.

U will be able to claim back your £10 when U submit you claim.

It's up to U if U want to split your claim e.g 6yrs + more than 6yrs.

Some others have and won...some haven't and also won.

Likewise, some have claimed for more than £5000 and won via the Fast Track and others have played safe and Underclaimed, so as to keep the re-claimed figure within the Small Claims threshold and have played safe.

I agree with U that the Compounded Contractual Unauthorised O/D % Interest Rate (24.9% APR) is the correct one to Charge Nationwide for UNLAWFULLY Borrowing your money.

...However, Banks compound their interest Daily...NOT monthly!

Just put the 24.9% APR and your personal details into the following spreadsheet (courtesy of Mindzai) and it's all done for U.

http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html

[Garu]

Excellent, many thanks, sheet downloaded and will run my figures by it..

 

Ah yes, daily, that should help the figures!

 

Cheers for the assistance.. I'll fire off a SAR...

[Garu]

Just done the rough figures... £5k becomes nearly £12k with compounded contractual rate daily.

 

[MilkTrayMan]

Eye opener eh Garu?!

That's the money that THEY have unlawfully taken from U!!!

Altruistic to the end I is...lol...

Viva La Resistance!

[Garu]

Mini update, went to create a parachute account today, failed credit scoring for premier account with a.n.other bank - makes little sense as borrowed nearly 10k in March to purchase a car with no problems, of which half is paid (no lates etc) and several thousand to deposit with new bank.

 

Head office offered lower account, I guess I need somewhere to put my money when nationwide close this one so will probably accept. Alternatively, girl in local branch was surprised by refusal and says she wants to appeal to underwriter, so all may change yet.

[MilkTrayMan]

Hi Garu!

 

Try looking at your Credit Report via the Experian free 30 day trial (U can cancel within 30 days) web page...It may reveal hidden credit problems?!

 

A+L (...I assume it's them U applied to?) may think that U are too over-exposed with your current borrowing levels to be able to offer U their top % interest paying account (...wih low % level O/D). Being the best value current account, they may just be being picky?!

U could always re-apply for their top account after a few months of banking with them with the account they've offered U?

[Garu]

Hi MTM... (need to spread around the rep before I can give you more, I did try!)

 

Yes, I think I will do just that, take the lower one and then try and move up in 3-6months. Ulitmately a) I want my money from nationwide and b) I will need somewhere to put it \ my salary, so a few less perks \ interest rate isn't the end of the world.

 

Or, I can stay with all the perks of Nationwide, and they can keep my £5k.... I think not

 

(I do need to get my credit report sorted)

 

Thanks again.

[Garu]

Credit report checked, no nasty surprises.

 

We have one default, £85 of all things in May 2001, but marked as satisfied so nothing more we can do about that. I guess we will see an upturn in June 2007 when that drops off our credit history and we have no defaults etc.

[MilkTrayMan]

Hi again Garu!

 

Credit report checked, no nasty surprises.

 

We have one default, £85 of all things in May 2001, but marked as satisfied so nothing more we can do about that. I guess we will see an upturn in June 2007 when that drops off our credit history and we have no defaults etc.

 

Just playing Devil's Advocate...

But what about the circumstances of the imposition of that DEFAULT?

There has been one or two CAG Members who have threads that detail their progress about having had their defaults removed earlier than 6yrs!!!

Up to U if U want to wait until June...

(...or could be even longer dependant on when the particular account gets updated!!!)

...Or U may just want to get your life back before then???...lol...

 

Hope this gives U further food for thought?!

[Garu]

Hmm.. I like your thinking!

 

It wasn't Nationwide that placed the default but a CC company, how would you get a third party to accept it "wasn't your fault" and remove it?

 

I'll do a search! Thanks again!

[Garu]

Okay, done a search, seems there are ways of requesting a bank to remove a default if they applied it as a result of charges.

 

Also, seems there are ways of removing a default in isolation, but they are unrelated to charges that may have caused this.

 

I'm going to put that "on the back burner" and concentrate on the bank claim.

 

I am going to send my prelim letter, I note that you should not claim for 8% until court, but as I am going for contractual compound do I mention this in my first letter, or wait till court?

[Deller]

If the default is in relation to the bank charges then it would be a good idea to conquer the two at the same time.

[Garu]

If the default is in relation to the bank charges then it would be a good idea to conquer the two at the same time.

 

I agree, if it was the bank that applied it, but I cannot see GE capital agreeing to remove it on my stating "it's all nationwide's fault".

 

It expires in May anyway.

[MilkTrayMan]

Happy New Year Garu!

Contractual Interest has to be claimed in the Preliminary letter and U have to mention it at each letter stage, so that the Bank has a chance to pay it or dispute it.

Just enclose an updated version of your spreadsheet with every letter to let them know where your figures are coming from.

Hope this helps?!

[Garu]

Happy New Year to you MTM!

 

Very much so, thanks... I thought that was the case but wanted to be sure. Drafting letter (based on templates) today.

[Garu]

Created my own spreadsheet so that, should it come to court, I have no problems explaining the charges interest.

 

Have created a letter based on templates here and on the money programme site, so I fully understand what I am asking of them.

 

It is also an LBA, in my opinion there is little point giving them 14days, then another 14days, when both first letters are asking the same, and we know will get the same response. They have 14days to pay back *my* money or I will file in court, and quite prepared to step into the courtroom if they wish.

 

Sent off this morning.

 

(I decided against sending off a S.A.R - (Subject Access Request) as I only have a couple of statements missing and 40days will "cost" me a month or two's worth of charges back at the beginning of my claim.)

[paulwilko]

Created my own spreadsheet so that, should it come to court, I have no problems explaining the charges interest.

 

Have created a letter based on templates here and on the money programme, so I fully understand what I am asking of them.

 

It is also an LBA, in my opinion there is little point giving them 14days, then another 14days, when both first letters are asking the same, and we know will get the same response. They have 14days to pay back *my* money or I will file in court, and quite prepared to step into the courtroom if they wish.

 

Sent off this morning.

 

(I decided against sending off a S.A.R - (Subject Access Request) as I only have a couple of statements missing and 40days will "cost" me a month or two's worth of charges back at the beginning of my claim.)

I would be interested to see how you get on with only sending one LBA.

 

Not heard that one before !!

 

Just to confirm, have you just sent your LBA or your Court Action ?

[Garu]

Not filed court yet, giving them opportunity to pay me back my charges and avoid court costs.

 

Whether or not they have the sense to do that is another matter.

[MilkTrayMan]

Hi Garu!

 

Have U read some other CAG member's threads that have had their Claims severely delayed during the Court stage, cos Banks have managed to claim that they were NOT given enough time to prepare their Defence etc?

 

Methinks that trying to shortcut the well documented process may actually backfire on U!!!

 

Hopefully I'm wrong?!

[Garu]

They will have plenty \ the usual amount of time to prepare their defence, I feel 14days is plenty enough time to make a decision whether or not to pay me back.

 

We both know what their decision will be.

[MilkTrayMan]

Hi paulwilko!

I would be interested to see how you get on with only sending one LBA.

 

I think/hope U meant...

 

1 X Preliminary Letter plus 1 X Letter Before Action

NOT

2 X Letter Before Action???

[Garu]

I would guess he did, or you could call both "LBA's" as in a sense they are both letters before doing anything. Both threaten court action.

[Garu]

Letter has arrived and been signed for.

[Garu]

Paperwork for new bank came through, appeal succesfull for prem account, no electron!