Petrafyde vs. NAtwest

[petrafyde]

If I've missed the thread where its explained then I'm sorry to be a nuisance, but could someone point me towards it please?

 

I'd like to have an idea of what I'm doing before I have the full list of penalties as the bigger the number gets, the more likely I am to get even more confused (I'm stupid like that)

[lee in wales]

not sure what interest you are claiming for, when i did my claim, i didn't add contractual interest, i just claimed for the charges and then when i filed my claim with the courts i added the 8% s.69 interest, I used spreadsheet 3b which is pre set to 8%. You only add the 8% when you file the claim with the courts.

[petrafyde]

Well, I'm trying to find out how I decide what level of interest to claim to be honest!

 

I've seen some claiming 8%, some 17.8% and some 29.5% - how do people decide what level of interest to claim? Its confusing me (and that isn't hard to do!)

 

I'm a bit unsure what penalties to apply the interest to, also.

 

Am I making sense yet?

[lee in wales]

hello again, not sure if its what your looking for but there is a lot of information about Natwest charges and interest, NatWest Charges since 1991

because i didnt claim contractual interest i'm not to clued up about it, as for the 8% you can claim this on your charges only when you file your claim with the courts, it comes under section 69 of The County Courts Act

[petrafyde]

hello again, not sure if its what your looking for but there is a lot of information about NatWest charges and interest, NatWest Charges since 1991

because i didnt claim contractual interest i'm not to clued up about it, as for the 8% you can claim this on your charges only when you file your claim with the courts, it comes under section 69 of The County Courts Act

 

Very interesting, thanks muchly. Will keep reading aswell though, as I'm thoroughly lost with regards to why people are claiming diff. levels of interest, and what I should/could be doing.

 

Thanks very much

[Deller]

Well, I'm trying to find out how I decide what level of interest to claim to be honest!

 

I've seen some claiming 8%, some 17.8% and some 29.5% - how do people decide what level of interest to claim? Its confusing me (and that isn't hard to do!)

 

I'm a bit unsure what penalties to apply the interest to, also.

 

Am I making sense yet?

 

It is pretty much up to you which route you wish to persue with regards to interest. You have several options, firstly you can just claim for the actual charges the bank has taken from your account, this is the most straightforward route and will probably get you the quickest result. There is then the option of claiming back the penalties along with part of the O/D interest, there is a spreadsheet in the Templates library which will help you work this out (Excel Advanced version). Then there's the option of claiming back the contactual interest, this can be a little harder to tackle but will give you bigger return, especially if you're claiming back for the full six year period. If deciding on this route you will need to use Vampiress's spreadsheets in the Templates Library and find out the interest rates in relation to your charges, you will need to do a lot more research if persuing this route and don't jump into it lightly as it is very important you get your figures correct from the start.

 

Can I just point out that the 8% interest you are referring to is Statuary Interst under S69 of the County Courts Act and this can only be persued at the court claim stage.

[petrafyde]

Thats brill Deller, thanks very much

[petrafyde]

**Update**

 

Experian credit report arrived today, not as bad as I thought - but not brill either

 

Statements also arrived today, still haven't got Jan-Oct 2000, not sure whether I'll chase them up for it yet.

[Deller]

Your statements will probably arrive in a number of packs, this is pretty normal for them to not send them all together.

[petrafyde]

*note to self*

 

Just toted up, and figure will be circa £4,500.00 which is considerably less than I expected - good in one way, but not another!

 

Just need to figure out which ones are including ADGD (will ring bank to confirm the date I started with ADGD to make it easier) and will consult Natties thread.

[petrafyde]

Okay. Rang the bank and complained about the crappy envelope and the damage sustained because the contents were too heavy, and how anyone could've viewed my information! Representative very pleasant, and logged a complaint about it.

 

Asked her also to confirm the date I upgraded to ADGD, and she couldn't - so I had to do it myself.

 

ADGD since June 2006. so it was relatively simple to remove the £12's from the charges.

 

Total is over £4,500.00 but less than £5k. Currently debating whether to go for the interest or not. Am supposing it will be a lot more difficult, but hey you don't learn anything if you don't try, right?

[petrafyde]

Okay, am taking a serious look at contractual interest - but I have some concerns.

 

My OD wasn't authorised throughout, so some charges will be at unauth rate, but the more recent ones (past two years) will be at authorised rate - what percent do I put?

 

Unauthorised borrowing is currently at 29.5%

Authorised with ADGD @ 15.7% (I think)

Authorised without ADGD @ 17.7%

 

Because my charges have been levied throughout, with varying rates of interest applied, would I be okay to claim interest at approx 15.7% for the duration of all my charges?

 

Basically it seems the easiest option to me, if available, and I don't really have the time to sit poring over interest rates, coupled with the fact I am poor at math, its making it a bit more scary than it was at 8%!

 

Also, for contractual interest, the spreadsheet is set to 8% - is this to be claimed from day one, or is it the one where you cannot claim until court?

 

Would be sincerely grateful for a quick reply - sat here mulling over wads of paper and can't really do anything until I get some answers. Apologies if this has been answered elsewhere, but I have been scouring the forum and haven't yet come across the answer to my Q.

[petrafyde]

Am now considering applying the medium of the three interest rates from go as contractual interest.

 

I was incorrect earlier, 15.8% & 17.8% the rates are I think.

 

29.5% + 15.8% + 17.8% = 63.1/3 = 21.0333333333333333%

 

Someone in chat was talking about compounded contractual interest - i think that would be a minefield and am reluctant to sacrifice what few pennies i have, for fear of losing.

[petrafyde]

Decision made!

 

Will go for contractual interest at a rate of 29.96% based upon the banks charge for unauthorised borrowing. This is my rate for unauthorised borrowing, which is what they've done.

 

If you see I'm wrong - please say something before I make a muddle of it all!

[natwesttookmymoney]

Decision made!

 

Will go for contractual interest at a rate of 29.5% based upon the banks charge for unauthorised borrowing. This is my rate for unauthorised borrowing, which is what they've done.

 

If you see I'm wrong - please say something before I make a muddle of it all!

 

Thank goodness for that!

 

I read the post immediately before and was just about to leap in, shouting NOOOOOOOOOOOOoooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!

But you did the right thing anyway.

 

Are you OK with the mechanism for the spreadsheet? If not, ask either Mindzai or Bill-K. They're both very good at it (smirk!)

 

Although I'm claiming a bit differently, I think unauthorised borrowing is the best way to go. It's only one interest rate - more than one seems to confuse them (see my thread and the latest correspondence) - and it will give a better return in any case.

 

Best wishes

W

[petrafyde]

Thank goodness for that!

 

I read the post immediately before and was just about to leap in, shouting NOOOOOOOOOOOOoooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!

But you did the right thing anyway.

 

Are you OK with the mechanism for the spreadsheet? If not, ask either Mindzai or Bill-K. They're both very good at it (smirk!)

 

Although I'm claiming a bit differently, I think unauthorised borrowing is the best way to go. It's only one interest rate - more than one seems to confuse them (see my thread and the latest correspondence) - and it will give a better return in any case.

 

Best wishes

W

 

Hiya Westy,

 

Thanks very much - I'm not normally such an indecisive person, just a wee bit scared! (notice the understatement there?)

 

Haven't the foggiest inkling how to work those spreadsheet thingies, but - I'll have a good old bash at it, before I come back crying for help

Gonna go on the hunt for help with the templates around the forum.

 

The interest is my main worry in all honesty, but will publish a "circa" figure before I send off just in case I DO make a complete and utter hash of it (very likely).

 

Will also be re-reading your thread, thanks again.

[petrafyde]

Hope its okay to link to a photo in here - sorry if not, I can delete immediately.

 

Having real trouble with the spreadsheet, the total amount for charges (not interest) wont update and is showing 0.00. I'm about a quarter of the way through the typing, so would be very grateful if someone can reply ASAP and let me know if I need to start afresh, or if there is a way to refresh the totals so it adds up correctly.

 

*deleted piccie now not necessary*

[petrafyde]

Redid the whole thing in the end.

 

Claim will be fast track. Amount over £8,000.00 with interest at 29.69% as per NatWest's standard unauthorised fee.

 

Need confirmation of a few really odd charges, and that the rate I'll be claiming is viable, then I'll be hunting throught the templates ready to send off.

 

*note to self* Co-op account with Debit card confirmed via telephone today.

[natwesttookmymoney]

Odd charges? What odd charges?

 

Hope the spreadsheet helped, anyway.

 

W

[petrafyde]

Odd charges? What odd charges?

 

Hope the spreadsheet helped, anyway.

 

W

 

 

Yes, thank you very much.

 

There are two;

 

Charge A/C XXXXXXXX £5.00

(not statement charge, this is dated 2006)

 

and

 

Charge A/C XXXXXXXX £8.21

 

Neither are interest either

[petrafyde]

Does anyone have any idea where I might find some examples of letters to the banks claiming contractual interest?

 

I have the template from the forum, and am twiddling it, but am not really sure how to word the extras I need to put in.

[natwesttookmymoney]

Hi, Petrafyde

 

The letter mentioning interest is here (http://www.consumeractiongroup.co.uk/forum/bank-templates-library/671-2-letter-preliminary-approach.html).

 

You'll find the reference to interest in section 3 ('What I require'). Don't worry about getting it absolutely precisely right - they won't pay you anyway. It's when you issue the claim that you have to be confident that your case is arguable. Minor mistakes between now and N1 time aren't a problem.

 

Westy

[petrafyde]

Hi, Petrafyde

 

The letter mentioning interest is here (www.consumeractiongroup.co.uk/forum/bank-templates-library/671-2-letter-preliminary-approach.html).

 

You'll find the reference to interest in section 3 ('What I require'). Don't worry about getting it absolutely precisely right - they won't pay you anyway. It's when you issue the claim that you have to be confident that your case is arguable. Minor mistakes between now and N1 time aren't a problem.

 

Westy

 

Thanks Westy, very encouraging

[Guest NATTIE]

The £5 and £8.21 maybe partial charge on advantage gold account.

[Handmedown]

Hi Petrafyde, I understand all your threads I have also sent for statements (1st letter in templates) got six years worth filled in the spreadsheet and to my amazement found out that our current account has cost us over £1000 per year in charges, now sent 2nd letter requesting repayment of £4982 Natwest should have received letter yesterday, so waiting for a reaction later. It has taken me 3 monthes to pluck up the courage to do this but am determined to go to court just a little worried about the legal jargon, maybe we can offer each other some moral support in this minefield along with the great support that this website offers to get you through the difficult bits.

 

Onward and Upward me thinks the banks have had it there own way for too long

 

Handmedown