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FNC vs LLOYDS TSB

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Many years ago lloyds sold me PPI on two loans I raised to work for my new Company (A Private Ltd Co)

 

They did not pay out because they say I was "Self-Employed" - their definition not the usual one.

 

The loans went bad eventually but are now satisfied so I assume I cannot get anything back on them (though I want to get the black marks on my Credit Record cleared because if it weremnt for the missold PPI and the charges I might well have been able to honour the loans - they actually shot themselves in the foot on the loans because once I got behind bank charges prevented me catching up)

 

However the current account is within the 6 years so Im going for all i can

 

SAR sent 20th Dec - nothing yet heard - I will be going for compound contractual interest and will not quit without 100% recovery and no conditions

(Confidentiality clauses make me gag !!!)


http://www.consumeractiongroup.co.uk/forum/mortgage-companies/53089-fnc-ge-money-erc.html

21/12/2006 SAR

Next Step 31/1/2007 - Prelim / S.A.R Enforcement

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/55694-fnc-c-g-erc.html

21/12/2006 SAR

13/1/2007 - Prelim

Next Step 27/1/2007 LBA

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/55692-fnc-lloyds-tsb.html

21/12/2006 SAR

Next Step 31/1/2007 -Prelim / SAR enforcement

http://www.consumeractiongroup.co.uk/forum/other-institutions/55784-fnc-better-half-nationwide.html

20/12/2006 Prelim with Schedule and SI £640

5/1/2007 LBA with revised schedule CCR £867

Next Step 20/1/2007 CLAIM

PC World - Refund Faulty goods Preliminary Letter 13/01/2007 - Consumer rights are getting addictive

 

Don't get angry get even:D

 

 

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If you are going to claim all the 'tricky' interest i would advise you to read lucid and mindazi (i may have that spelling wrong) threads and all their posts on the subject of compound and contractual interest. I know nothing about it, bar you must be completely up to speed and know what you are doing down to the last decimal point. Oh, if memory serves Elisnore also deals with these points in great detail too

 

good luck

 

Regards

 

Paula

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Thanks Paula and other readers

 

Thanks, advice will always be appreciated.

 

I am pretty strong on the maths, spreadsheet, accounting side but totally weak on the law, procedures, "just how far can I go and what is my fall back plan side".

 

My understanding is :

 

1) The concept of interest to compensate the time value for lost money is established in statute for consumers, and in Late Payment Law for small businesses (I am a consumer):

 

2) Where the contract does not name a rate of interest then statutory simple interest can be applied on anything taken unlawfully (including interest arising unlawfully regardless of rate)

The statutory rates are 8% simple for Consumers 12.5 currently (revised six monthly) for small businesses

 

3) Where a contractual rate of interest is specified or imputed in the contract it should be used as a preference over the more arbitrary statutory rate !

 

4) A contractual rate is comounded as a matter of course (you expect to pay interest on interest because a bank is a bank - and reciprocity again - they are deemed to treat you as they would like to be treated and believe me they will be)

 

5) If there are more than one possible contractual rates (eg authorised/ unauthorised) it would be appropriate to claim based on that which most closely matches the principle of reciprocity

 

6) I will go for unauthorised, because there was no mechanism in place for authorisation - they didnt ask me if i minded them charging me - but I needed to do that to secure an authorised overdraft - So to go for an authorised rate seems non reciprocal

 

7) Reciprocity is based on the fact that we are all equals in the eyes of contract law

8) Interest is consideration for the lost usage of what money can secure for a period of time just as car hire is compensation for lost usage availiability while you have the car from its owner - it is like a money rental fee

 

 

9) From 7 and 8) so if a bank can value the lost use of money that it is deprived of over time at x%, then so we can we, indeed it would be inconsistent not to do so as the value of legal "consideration" (what you do for your part in a contractual relationship) is deemed to be equal to donor and recipient

 

What I am not clear on is can the judge split up a claim and say you win that bit but not that bit, or is one claim dealt with as all or nothing

 

 

If anyone can check these positions / arguments as strong , weak, sure, unsure ! would appreciate it

 

FNC


http://www.consumeractiongroup.co.uk/forum/mortgage-companies/53089-fnc-ge-money-erc.html

21/12/2006 SAR

Next Step 31/1/2007 - Prelim / S.A.R Enforcement

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/55694-fnc-c-g-erc.html

21/12/2006 SAR

13/1/2007 - Prelim

Next Step 27/1/2007 LBA

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/55692-fnc-lloyds-tsb.html

21/12/2006 SAR

Next Step 31/1/2007 -Prelim / SAR enforcement

http://www.consumeractiongroup.co.uk/forum/other-institutions/55784-fnc-better-half-nationwide.html

20/12/2006 Prelim with Schedule and SI £640

5/1/2007 LBA with revised schedule CCR £867

Next Step 20/1/2007 CLAIM

PC World - Refund Faulty goods Preliminary Letter 13/01/2007 - Consumer rights are getting addictive

 

Don't get angry get even:D

 

 

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