Adams V Frasercard (GE Money)

[sharmads]

Hi,

I have a Frasercard and am considering pursuing Frasercard for the money they have taken in terms of late payment charges (at fifteen quid a go!). I am preparing to send my SAR but not sure where to send it. Do I send it to the address that comes on my statement:GE Money P.O Box 848, Liverpool, L71 2XX OR to the registered office address 6 Agar Street, London, WC2N 4HR.

 

Any help gratefully recieved.

[Guest ian cognito]

I sent mine to the address on the statements (which is Leeds?) and had my statements almost immediately and cheques just after the prelim, it was only(?) £129 though!

[sharmads]

Hi,

 

Thanks that helps alot. I think I will pursue after the Xmas holidays. Hope you have a nice Xmas.

[Guest ian cognito]

Yes you too and a prosperous new year!!!!!

[sharmads]

I have printed off my SAR to Frasercard and will be posting recorded delivery first thing in the morning. They have 40 days which by my reconning is 16th Feb cut off.

[sharmads]

Recieved statements yesterday (very prompt I thought) after a tally up have printed and sent off prelim letter for £204, not a vast amount but it's still mine.

[redsonja]

Hi Sharmads,

 

Have you added contractual interest to that? Also, did you check all your statements were consecutive as they are blighters for missing some of them!

 

I have just done prelim for my partners frasercard and because it goes back to 2001 he is entitled to over £500 in interest alone based on 29.9% APR.

[sharmads]

Hi Redsonja,

 

Thanks for reading, where have you got that interest rate from and is it the same process as when you are filing against a bank that you don't ask for interest unless you have to involve courts?

[redsonja]

Hi Sharmand,

 

The interest works in different ways.

If you dont claim any interest on your charges from the outset then when you file at court you can claim 8% interest on total charges.

 

However.....you are perfectly entitled to claim interest on the charges they levied from you because they have charged you interest on the charge they levied from you as they charge interest on the whole balance on your card. The following month, they then charge you interest on the interest they charged you initially and so on...does that make sense?

 

The whole issue of compounded contractual interest (CCI) is very indepth and you must understand it in case it gets to court but a few hours reading up on it is worth it for the total that it increases the amount you want to reclaim from them. Vampiress has done excellent spreadsheets that work all this out for you when you put your figures in (i.e the interest).

 

The 29.9% is usually the interest they have charged you on your card so you claim that back from them.

 

You CANT claim both CCI and 8% though. You have to do one or the other.

 

Does that help?

[sharmads]

Thanks very much I hadn't realised that.

[redsonja]

No problem, I stumbled across it after I had sent a prelim so included it in my LBA.

 

If you get stuck, feel free to shout! The usual scenario is that eventually they offer you all the charges but not the interest to start with, if you hold out though they will normally cough up.

 

Good Luck!

[sharmads]

I've been trying to enter all of the charges I have incurred onto the spreadsheet to work out how much CCI will be applied, and have well and truely come unstuck. I've used the old spreadsheet I used to pursue the bank claims and overtyped the new charges for Frasercard and my computer is only working out the calculations based on the 8% interest rate which I have now been relaibly informed by Redsonja is wrong and can actually charge 29.9%. Have been sitting here for hours and can't fathom it at all can someone please show me where I'm going wrong.

[redsonja]

Sharmads, You need to use a separate spreadsheet for credit/store cards. Which one are you using?

[sharmads]

I think I must be using the wrong one!!

I used the same spreadsheet that was saved to my desktop when I pursued Lloyds TSB for bank charges. I have looked at the spreadsheets template and can't find one for store cards only credit cards or is it the same thing and I'm just thick.

[redsonja]

Its pretty much the same thing. You will need the credit card one.

You're not thick....just being careful!

 

I did so much reading and double checking as I was unsure at first and it's always best to be safe!

 

I havent used the bank ones yet but will have to shortly for my Halifax account! No doubt there will be more checking up needed for that one by me!

 

:-|

[sharmads]

I feel a bit stupid now oh well better to be safe than sorry.

 

Thanks very much!!

[redsonja]

Don't be!

 

Am subscribed to this thread so if you get stuck...hollow!

[sharmads]

I've been onto the credit card spreadsheet section and opened the sample spreadsheets that are there and it's still working it out with the 8% APR so now I'm completely clueless any help gratefully recieved.

[redsonja]

Quick guess is that you havent changed the 8% in the box to 29.9%

Is this it?

[sharmads]

Tried that but it doesn't alter any of the calculations of the interest. Don't know what else to try.

[redsonja]

Did you type the % mark in? (just going thru the easy options first)

[sharmads]

Yes. I think the problem is the default calculation is 8% this calculation the total sum of charges multiplied by 0.00022 (which is what it is when claiming against the banks) This formula gives you your daily rate of interest. I need to know what the actual calculation sum is so I can manually overide this default setting. I've read about a million threads to try and locate it and can't.

[redsonja]

Are you using s/s 16? I have just tried to go in and amended it from 8% to 29.9% and it recalculated it fine. Also, are you editing it in Google?

[sharmads]

Admittidly I am a bit of a techno phobe I thought I was looking in the right place but evidently not I think that I'm not going to be able to ask for the CCI as I can't seem to open it and just stick to the 8% APR.

[sharmads]

Brainwave!!

Do you know what the calculation is? apparently when you open the spreadsheet it should tell u in the top cell it's just I can't open it to find out it's so frustrating!! I've tried opening Vampiresses chambers but it just takes me to google and asks me to input a password and user name??