Redsonja V Morgan Stanley ***WON with C.I.***

[redsonja]

Sent Prelim to Morgan Stanley on 13.12.06 and received a reply on 21st December 06 saying we are currently investigating the matter and will reply in due course and attached a schedule of how their complaint service works.

 

Have now prepared LBA and filled in Vamps advanced spreadsheet for interest (just waiting for some answers on another thread to check I have done this correct) and will then send LBA.

[livelylad]

Sent Prelim to Morgan Stanley on 13.12.06 and received a reply on 21st December 06 saying we are currently investigating the matter and will reply in due course and attached a schedule of how their complaint service works.

 

Have now prepared LBA and filled in Vamps advanced spreadsheet for interest (just waiting for some answers on another thread to check I have done this correct) and will then send LBA.

 

 

What are the questions if they are regarding your claim post them here.

[redsonja]

Hi Livelylad,

I have pasted my post from the thread about contractual interest. Can you help with this?

 

HI,

I spent the evening last night reading this thread as I am about to start claiming for mine and boyfriends charges. I want to add the interest as I think it is fair for them to pay this back but I just want to run my interpretation of this all by someone if this is ok as I am very new to all this.

 

My understanding of Compound Interest is the interest I paid to them on the charges they levied on me.

 

My understanding of Contractual Interest is the interest I will charge the bank for having my money when they shouldnt have.

 

I could be completely wrong so could someone confirm if I have understood this properly please?

 

Also, I have quickly filled in Vamps advanced spreadsheet for a store card and just wanted to clarify the entries in a few columns:

 

The Interest charged column.....is this the interest I was charged in the same month as the charge was levied?

The statement balance column...Is this the closing balance of the month the charge was levied?

Finally, I presume the spreadsheet works the interest out from the date I enter until date I claim automatically or should I be entering the balance and interest of every months statement on the spreadsheet even if there was no charge?

 

Would be really grateful for someones help as soon as poss as I want to understand all this before I send the letters in case it does go to court and I want to get letters sent out asap as I am on maternity leave and if I got some money back it would mean I could have 6 months off instead of 3.

 

Thanks in advance

[bram stoker]

Hi,

 

Most of this is explained in the Guide to my spreadsheets in the Chambers itself.

 

I also have a guide to interest there which will clarify what you are claiming. You're understanding is a little wrong.

 

Please read these thoroughly and I will come back and help wityh any other questions this evening when I have a little more time. That is, if no-one has answered you already.

 

Good luck,

Vamp.

[redsonja]

Hi Vamp,

Thanks for the post. I did read your guidance notes but I think my brain has turned to mush after reading so many posts as well (that along with having a baby recently has left me with a few lost brain cells ). Im nearly there though I think.

 

I think it is vital that Im 100% sure of the way it all works in case I did have to go to court and I think I was just worried if I had filled the spreadsheet in correctly as to get compounded contractual interest back would really help my situation at the moment and why should the banks make interest on money that is not rightly theirs.

 

I really look forward to any help you could offer me.

[bram stoker]

Ok, hi again. Congratulations on the new baby by the way.

 

I think you should re-read the interest bit in the guide and let me know further what is not clear. It could help others if I need to clarify anything in the guide. Maybe a second read would just clear that point.

 

You are completing the spreadsheet correctly as far as I can tell. There is a box to enter the date of claim. You can change this date and the narrative if you wish. The calculations will be made up to the date entered in that cell.

 

Hope this helps.

Good luck.

[redsonja]

Hi Vamp,

Thanks for taking the time to come back to me.

I have read your interest notes again with fresh eyes and I think I understand it now. I think I was getting a bit confused on the compounded side of it as it doesnt really explain what that means if I wanted to use compounded contractual.

 

Have I now got to grips with it?

 

Contractual - the interest rate they have charged me over time. This is also the interest they have charged on unlawful charges?

 

Compounded - The daily interest added on a growing total?

 

I think the spreadsheet is great and straight forward to use but as a newbie you have lots of worries that you havent done it correct. i think I have filled it in properly though as Im usually pretty good with spreadsheets.

[redsonja]

Update:

Sent LBA yesterday with compounded contractual interest and have had "Without Prejudice" letter from Colin Kelly today in respect of my prelim (must have crossed in the post). The usual blurb in the letter by the looks of other threads, offering me the difference between the £20 and £12 charges. Says the £12.00 fees are recommended by OFT and not subject to review.

 

Also says that to remove late payments from credit file could be viewed a fraudulent and illegal act!

 

Just out of interest, has anybody put in their letters about all other reported cases of refunds to people and why dont they just pay up to avoid additional fees if it is filed with court etc?

 

Will compile a rejection letter now. Also, they havent mentioned interest as I didnt claim it until LBA letter but prelim did say I would pursue for interest so Im happy to have included it in my LBA.

[noomill060]

Hi redsonya, just popping by to bump your thread.

[redsonja]

Hi Noo,

Whats "bump your thread?"

 

Hope you filed your claim after

[noomill060]

Means it it keeps it bumped up at the top and visible.

 

Didnt file my claim. Discovered I hadnt worked out the interest correctly.

Got another letter from Karla today with the same offer. (Charges returned plus 8% interest) Apparently the offer will now remain open until 7 March!

 

She'll have yielded to my total demands and my belt and braces Particulars of Claim long before then.

 

As she hadnt had a summons from me by Thursday, I think she thought I had forgotten about her...

[noomill060]

Claim filed

[redsonja]

Received letter 19.01.07 offering me all my charges (as goodwill gesture)but they do not recognise interest as payments go straight off charges. A complete load of tosh as statements clearly say that payments go off purchases 1st blah blah.

 

Sent rejection letter and AS A GESTURE OF GOODWILL extended deadline to 31st Jan to pay up charges and interest or claim will be filed on 1st Feb with no further communication to them.

[redsonja]

Well Im gobsmacked! Had letter today from Karla Kenny (unsigned) not admitting they acted unfairly but offering full refund of charges along with CCI. Wooohoooo total charges were £172 plus £60.09 in compounded contractual interest.

 

There are terms they want me to sign but I will be replying with my own terms.

 

Cant believe they coughed up after LBA stage!

 

Im still chasing other cards and accounts so it has given me the will to spur on with it all.

 

I will certainly make a donation when I have sorted all my accounts!

[bigmama59]

CONGRATULATIONS!!

[redsonja]

Thank you Bigmama! 1st win of many I hope!

[noomill060]

Well done redsonya!

 

Told you you would win!

[redsonja]

Thanks Noo.

 

Hows yours going? Heard anything from them?

This card was the smallest amount so I think it sorted quick cos the amount was low.

[noomill060]

Put my claim into my local court two weeks ago, got it back to fill out a form confirming that I wont be taking action in any other jurisdiction.

 

(Im in Northern Ireland, so its a little more involved, as NI is a different jurisdiction t'will take a bit longer, but hey, I'll hopefully be getting 70p a day interest so they can take as long as they like!)

 

Good luck with all your other claims!

[redsonja]

Well 70p a day aint bad is it! Good Luck with it. I will just never understand how they pay some and not others...must be to do with the amounts!

[redsonja]

A little addition in case anyone else has this prob....

 

When I was claiming back my charges on Morgan Stanley, i noticed in June 04 that my interest doubled. I made a note to query this when I was successful in reclaiming my charges, which I now have been. I just phoned them and they said the promotional offer is automatically removed when you miss a payment but if I had phoned at the time it would have been reinstated the following month!!!

 

I asked how I would have known this and he couldnt give me an answer. He has now reinstated the promotional offer wef tomorrow (I had 4.9% APR for the life of the balance transfer). I also requested a copy of my signed application, which he is arranging for me. So.....if it doesnt state anywhere that I can have it reinstated after my missed payment I am going to write a letter of complaint to them asking for the interest back they have taken on months where I had no late payment fee. May not stand a cat in hells chance but I think it is worth a go being as he has reinstated it now.

 

Incidentally, when I keyed in my account number I did not get the automated option, I was put straight through to an operator....I wonder whether this is due to the fact they adapt your account when you have made a claim against them!!! May be a coincidence.

 

The guy kept putting me on hold so seems like he kept asking for advise on this one! Watch this space!

[noomill060]

They are scared of you now, redsonja!

 

"Oh no- its redsonya again! I'm not answering, its your turn!"

 

"No- not me ask Louise!"

 

"Wheres Karla?"

 

"Hiding from noomill's bailiffs- the Irish ones that break your kneecaps!"

[redsonja]

lmao Noo! I can picture it now! lol lol lol :D

[kingmils]

Hi Redsonja,

 

Just out of interest, What where you conditons of acceptance? and what was your contractual rate charge?

 

I am also at the same stage where they have apparently sent me an offer letter for the full amount of charges now plus 8%. I am lucky that i have come across your thread as i did not think they would pay contractual interest.

 

Please let me know!

 

Many Thanks:)

[redsonja]

Hi King,

The mods on here suggest that if you have a full offer plus 8%, you should accept the offer rather than going to court for just contractual interest. There has been a rather big debate on this. It would be up to you how you proceed.

Their terms were that their offer would remain confidential, that it was in full and final settlement and I would stop any court action.

I amended the terms by deleting the confidential part, put the date I was claiming my current costs in as full and final settlement (this is in case I get any more) and I amended the term that I would withdraw any acton providing I had received the chq by a certain time limit.

HTH