Jump to content

 

BankFodder BankFodder


maangov

Headache! - Simple interest question!

style="text-align:center;"> Please note that this topic has not had any new posts for the last 4836 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all,

 

Can someone please clarify the interest i should be claiming for my situation below. I believed i understood the process, until i read the threads on interest for the 3rd time, and am now confused!

 

I have calculated my claim against Argos card services to be £80.50 which is 5 seperate charges for late payment over 8 months, june - January 2004/05. I have entered this into vamps Excel spreadsheet

England - Advanced - Excel. It has also calculated £17.65 that i have paid in interest on these unfair charges. So, a claim for £98.15?

 

So do i ask for £98.15 from the start. Then if there is no success, i later claim this £98.15, plus 8% extra? Am i understanding this correctly? If so what are these interests named? Contractual/statutory etc?

 

Hope you can help, im happy to show my spreadsheet.

 

Thanks

Mike


__________________

HSBC A/C - WON! - £1,575 Charges, Stat Interest and default removed before court!

HSBC CC - WON! - £1,025 Charges, and Stat Interest refunded

ARGOS - WON! - £250 Charges & Contractual Interest

CREATION WON! - £180 Charges & Contractual Interest

BARCLAYCARD- Court Date Set - 09/10/2007

EGG - SAR Sent 22/12/06, ID Sent 05/01/07. No progress yet.

Share this post


Link to post
Share on other sites

yes you are correct, 8% is statutory s69 and is only included once court proceedings are started, Contractual can be claimed from the beginning but then you don't include s69 once proceedings are stated.

hope this helps:)


OK I GIVE IN

 

Halifax £3600 charges, won with C/I £6400

 

NatWest S.A.R-05/06/06

Bug**r all recieved 03/11/06

Prelim guesimate sent for £3000 03/11/06

Cr*p one CONNED statements 08/06 ROFLMAO

Cr*p one charges=£976

con int 34.9% £1,003.75 £1,979.75.

 

Share this post


Link to post
Share on other sites
Then if there is no success, i later claim this £98.15, plus 8% extra?
You don't say how you worked out the £17.65 interest, but it sounds like you used reciprocally on them the interest rate they used on you. Good - that's "contractual" interest. As c-allen rightly says, include it in your claim from the start (showing the breakdown).

 

But where I would differ is if you end up having to issue a Court Claims. The advice I've seen (and what I'm doing in my Abbey Court claim on Monday !) is :

  • claim charges + contractual interest
  • in the particulars of claim, say something along the lines of "in the alternative, ask for 8% Statutory interest iaw Section 69 of the County Courts Act (1984)". That way, you've asked for contractual but should (but not guaranteed) get Statutory as a fallback. It's not Statutory on top of Contractual.

Regards, Mad Nick

  • Haha 1

Abbey £8370 settled 17 Apr 07

Share this post


Link to post
Share on other sites

Thanks guys, That makes things a little clearer.

 

What im not sure of - is if the interest i have worked out so far is 'contractual interest'. I am claiming the interest they charged me on my card, but only the proportion that was due to unfair charges. The £17.65 can be seen on the spreadsheet i used, and this calculated it automatically. (i have put a copy at www.swat-athletic.org/claim.xls ).

 

Is this contractual, or something different?

 

Can i claim interest from when they took my money (charges and interest) until todays date? A sort of loan interest?

 

Many TIA.

 

Mike A


__________________

HSBC A/C - WON! - £1,575 Charges, Stat Interest and default removed before court!

HSBC CC - WON! - £1,025 Charges, and Stat Interest refunded

ARGOS - WON! - £250 Charges & Contractual Interest

CREATION WON! - £180 Charges & Contractual Interest

BARCLAYCARD- Court Date Set - 09/10/2007

EGG - SAR Sent 22/12/06, ID Sent 05/01/07. No progress yet.

Share this post


Link to post
Share on other sites

maangov, it looks like £17.65 is contractual interest and £13.63 is Statutory interest. On the face of it, you'll have no difficulty justifying the former. I don't think loan interest is the right way of looking at it - you are simply claiming back what they have unlawfully (allegedly) taken from you. Regards, Mad Nick


Abbey £8370 settled 17 Apr 07

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...