Wording Re: Interest in Initial Letter?

[Spiceskull]

Keep eyes wide open and wish me luck.

Forget that - why isn't my tea on the table woman?

[bram stoker]

Forget that - why isn't my tea on the table woman?

I'll be home in twenty mins. Get yer kit off and it might be. x

[cajdad]

If he doesn't want his tea now, can I have it?

[Spiceskull]

If he doesn't want his tea now, can I have it?

I had to make it myself - Vamp had other things to do...like talk about the bloody donate button all night...

[Neo]

I had to make it myself - Vamp had other things to do...like talk about the bloody donate button all night...

 

I donated all my paypal shrapnel tonight. How much does a law book cost I wonder?

[Bean]

Hello all,

 

Dialogue moved on while I was not here.

 

Thanks Spiceskull for ably qualifying what I meant about our efforts to calculate interest.

 

Also thanks to you and Vampiress for taking the trouble to write here about confidentiality as you might easily have discussed it offline and not provided immediate reassurance to others.

 

Your anonymity is not, and would never be, compromised. Discretion is my middle name.

 

IF it came to another's court case, IF information were needed in support, IF my permission were sought and IF it were all strictly in accordance with site protocol, I would look favourably on agreeing to some or perhaps all of my contributions being used.

 

Yours,

Haricot Discretion Bean

[bram stoker]

Thanks Bean. Look out for my spreadsheet. Dave's looking at it and I'm hoping it will be around here somewhere shortly.

 

Good luck.

 

PS. I got my charges refunded today. :D

[Bean]

Congrats!

 

Looking forward to seeing spreadsheet.

 

Best Wishes,

[caro]

Any news on the spreadsheet yet?

 

I have had my statements from Yorkshire Bank but nothing confirming any manual intervention. I have calculated my claim will be £2,902.00 for charges and I am debating whether to add interest. I had been thinking along the lines of claiming the 8% the court would allow, which adds another £976.13 to date. I had this account from January 2000 (over 6 years ago), to March 2003, but the way I see it is that they have had my money all this time, and I could have used it or had interest on it. Whether or not I was overdrawn some months is immaterial, because I could have earned interest myself. I could also have used it in the years since I closed the account.

 

8% is a much lower rate than YB charged me, but then again I would have been unlikely to earn 8% interest if I had the money, so it seems a reasonable compromise.

 

Having read this thread I am hoping that Vampiress' spreadsheet may help, and wonder if the interest calculation may work out to be higher.

 

Any thoughts anybody?

[deemacperth]

Yeah, I'd like to see the spreadsheet too.

 

I'm sat at £4k so far.

 

Interesting to see the interest as a lot of my charges were 2001/2002

[Bean]

caro, you seem to be confusing immediately reclaimable overdraft interest with the 8% interest you can claim in court proceedings for not having had use of the money, perhaps this will help:

 

...there are ultimately two types of interest to be claimed:

Firstly, you claim back what the bank took as overdraft interest applied to unlawful charges (for mine, a rate of 17.7% applied from 10/11/2004 to present and rate as yet unknown prior to that). Secondly, when it gets as far as court proceedings, you apply interest at 8% to your claim to account for you not having use of the money that was taken - Not only have you not had use of the money, but you have also been charged interest on it and it seems the law rightly recognises this

 

Note that in some posts in other threads, some have mistakenly talked about interest and greed, as though we were not entitled to claim it. We are entitled to reclaim correctly-calculated or even reasonably-estimated overdraft interest that has been taken from us, and on serving the claim at court we are also entitled to claim 8% interest. Greed does not enter into it. It's about restitution.

 

I hope that's clearer.

[nicsussex]

This could be an interesting? LTSB unpaid DD on 1 st of month - standard letter blah blah £35. D/d represented 19 of month and paid! Despite account being further o/d than on 1st. Interestingly the recipient of the D/D was another part of the black horse empire. Any one have any views?

[Seminole]

The charge is unlawful and you can reclaim it. I wouldn't get too hung up on the games the banks play. Just get your money back.

[nicsussex]

Fulli intend to - initial letter sent re charges of almost£2k - however is it not interesting that a D/D to a member of the LTSB group gets paid whilst others don't especially as they have already refused it once with account i n a lower debit balance?

[Seminole]

It's interesting but it's the way banks work. Try cancelling a direct debit on a current account that pays, say, a credit card with the same bank. It's almost impossible to do.

[nicsussex]

Not at all - have had much assistance at brnch level in this respect (can't say too much more here!) however once the automated process takes over is a different matter it would seem.

[caro]

It is much clearer thanks Bean. So I guess I need to find out from the banks what rate I was being charged at the time? What happens about interest on closed accounts though? Can I only claim for the time the accounts were open, or can I still claim for interest up to date, and if so what rate should I use from the date of closure?

 

I have looked in the library and at FAQ's but your explanation is clearer than anything that I could find. (please note mods, as others may also find Bean's post clearer it may be worth including this in FAQs).

 

Thanks for your help.

[bram stoker]

Spreadsheet is now in the Bank Templates Library.

[lee6370]

You can only claim for interest that was added by the bank, so if it closed in May 2004 then you can only claim interest up to that point, since no interest would have been added after that date.

[caro]

I didn't realise that vampires could also be angels, but you are indeed an angel for doing the spreadsheet.

 

Have I grovelled enough to ask for a link to the spreadsheet as I can only see to one to use before the moneyclaim.

[bram stoker]

http://www.consumeractiongroup.co.uk/forum/showthread.php?t=182

 

You totally just made my day. :D

[lee6370]

I had my doubts but this is a very useful tool, nice work.

[bram stoker]

Thankyou.

[nicsussex]

This topic was closed on 09 March 2019.

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