A New Way of Looking at Interest- 1st successful Claim - N'wide

[Guest bong]

no, I think Bill and I are agreed that we should use the current rate. Not that I'm an expert on the subject but Bill has done a lot of work on it. I think if you can understand why you're choosing one way over another it helps if you have to back up your argument in court. Funny enough we have just been covering that topic in Livelylads thread. Here's the link to the link! http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland-bank/37418-claiming-1991-2000-fight-6.html#post415441

[bill-k]

Talk of the Devil...

 

Your next avatar will have to be Speedy Gonzales, Bong. Not yet, though, I want some more origami lessons.

 

You're very kind, Bong, but I haven't done a load of research TBH. Sometimes, I just sits down and thinks - but most times I just sits down. I'm just bl**dy relieved you agreed with me !!

[Guest bong]

good, thats all I can say:D you're safe for now

[Guest peed orf]

Off the subject, and I promise not to say you said.... but, do you know why the "Pinkies" (site helpers) keep changing? 'Cause they all seem to be quite good, so's they're not being "sacked" (or are they?)

[Guest bong]

I have only noticed some new ones, not any that have disappeared.

[bill-k]

Off the subject' date=' and I promise not to say you said.... but, do you know why the "Pinkies" (site helpers) keep changing? 'Cause they all seem to be quite good, so's they're not being "sacked" (or are they?)[/quote']

Oddly, P'O, I've been looking into this, but hadn't noticed that they keep changing. Chatting to some of them, apparently it can be quite hard work, so I reckon they have to take time off to unwind from dealing with us lot !! I expect there's a kind of rota system. Any Pinkies care to break the "Official Secrets Act" here ?

[Number6]

Oddly, P'O, I've been looking into this, but hadn't noticed that they keep changing. Chatting to some of them, apparently it can be quite hard work, so I reckon they have to take time off to unwind from dealing with us lot !! I expect there's a kind of rota system. Any Pinkies care to break the "Official Secrets Act" here ?

 

What do you want to know?

 

Pete

[bill-k]

What do you want to know?

 

Pete

Do Pinkies get time off ? Do they go blue again for a bit, to take a break ?

 

It can be tough work, by all accounts, dealing with us lot !!!

[Number6]

Do Pinkies get time off ? Do they go blue again for a bit, to take a break ?

 

It can be tough work, by all accounts, dealing with us lot !!!

 

Hi Bill.

 

Site helpers (and mods of course) are all volunteers and we all do what we do because we like to help people to stand up to the organisations that have walked over us all for so long.

 

There's no specific "tour of duty" but there aren't that many of us compared to a site with a membership of around 100,000 so it can be a bit hectic sometimes. OTOH most of us have various areas of specialisation (mainly gained from our own and others experiences although there is training as well) - about the tactics of a particular bank say, or specific legislation; mine is Lloyds TSB and the Consumer Credit Act.

 

We all come and go by necessity really, some of us have day jobs, others not, some, like me are self-employed and so can never predict our availability but we all have one thing in common - we all spend way too much time on here Virtually my every spare moment is spent on here.

 

There is a small turnover of "pinks" but it's not a lot and we've had quite a few new pinkies brought onto the team recently. There's still not many of us though

 

It can be hard work sometimes, welcoming new members can be especially hard because we have to remember what it was like when we were newbies and how confused and scared we were and then try to lead others through the same minefield without making any assumptions.

 

It's pretty good on the whole, and we all keep learning more and more and are thus able to help others that bit better.

 

I dunno if that ramble helps at all?

 

Pete

[bill-k]

That's a brilliant insight, Pete, and thanks very much for that.

 

You KNOW I love a good ramble.

 

Cheers everso, mate.

[Number6]

That's a brilliant insight, Pete, and thanks very much for that.

 

You KNOW I love a good ramble.

 

Cheers everso, mate.

 

No problem Bill, glad it helped.

 

Pete

[hels bells]

There is no doubt that in law if the rate of interest is specified in the contract then you are entitled to claim that rate. That is the "contractual rate" of interest. It is only a question of arguing to the judge that there is an implied term which permits a contractual rate. In any other type of contract which interest is not referred to at all this would probably be impossible and you have to rely only on the 8% in court. However because you are dealing with a financial institution and there is an express rate of interest in the contract for the benefit of the bank when it lends money, in my view it now becomes possible to say that there is an equivalent term which benefits the customer when the bank owes the customer money.

 

I certainly don't see any risk. You simply have to claim the 8% under the County Court act in the alternative. You'll get one of them. Hopefully it will be the higher implied contractual rate.

 

Charging the unauthorised rate is of course much more attractive. The arguments are exactly the same and in theory if you could win on the basis of one being you could succeed on the faces of the other. The principle of mutuality is identical. It is simply that it seems a little bold to me. I would want to feel my way on this. But go ahead if you want. However you would have to start introducing the idea of this implied contractual rate in your preliminary letter. If you have already sent preliminary letter but you would like to increase your claim by the implied contractual rate of interest, then you should send another preliminary letter with the adjusted amount and explain how you arrived at that new total.

 

I think that it is worth trying. There is nothing to lose. It can't hurt.

 

If anybody tries this please keep me informed. It will be useful for others to know about

 

 

 

 

 

Hi

 

I understand i think the 8% recalim on interest ect, however where do i stand in my case where the bank has allowed me to use in in excess of 50k without and overdraft facilty and then charges me 29% interest for the pleasure. Wot about that for massive charges. Can i not claim the whole amount back.

 

Help:evil:

[hels bells]

Hi

 

I understand i think the 8% recalim on interest ect, however where do i stand in my case where the bank has allowed me to use in in excess of 50k without and overdraft facilty and then charges me 29% interest for the pleasure. Wot about that for massive charges. Can i not claim the whole amount back.

 

Help:evil:

 

 

Thanks for that

 

However my, bank Barclays are still arguing the toss about only going back three years for my 'notification of charges', they have rang me three times and told me they only save data for three years, i have asked for this to be put in writing but yet have not recieved anything, do you know if this is correct or just a ususal blag. They added they had spoken to data protection and notification of charges are not classed as personal information so are not kept beyond three years, have you heard of this before.

 

Hels

[hels bells]

Thanks for that

 

However my, bank Barclays are still arguing the toss about only going back three years for my 'notification of charges', they have rang me three times and told me they only save data for three years, i have asked for this to be put in writing but yet have not recieved anything, do you know if this is correct or just a ususal blag. They added they had spoken to data protection and notification of charges are not classed as personal information so are not kept beyond three years, have you heard of this before.

 

Hels

[hels bells]

Hi again

 

not that offay with how i use threads ect so yo may see this message a few times sirry if you do, I asked if anyone could advise me on this, My bank have received my request letter for 6 years of 'notifaiction of charges' these are quarterly statmetns with the breakdown of thier charges, this equates to 24 statments, the bank have rang me threee time and told me they only go back three years with such charges and they say they have spoken to dada protection to ocnfirm this is correct, any ideas anyone?

 

Hels

[dave]

They have a legal obligation to hold the information for at least 6 years.

 

Report them to the information commissioner.

[bill-k]

Hi Helen. Welcome - you'll get the hang of it here eventually !! As Dave says, it's six years MINIMUM. You can file a complaint to the Info. Commisioner online.

 

Meanwhile, while you're waiting for your data (and it will probably take some time !!!) I suggest you have a good read of the various threads here pertaining to your situation.

 

I'd suggest this one (obviously), and any others connected with contractual interest. Also, you may be interested in checking out the Limitations Act, I suspect that you are NOT limited to just claiming back over six years in your case.

 

Don't forget to read the forum rules and FAQ's, if you haven't yet.

 

It seems a lot of reading, but you will eventually start to focus and get a grasp of what you will need to do.

 

Relax and take your time. Hurry, and you may trip !!

 

Hope that helps.

 

Bill.

[maxine989]

Have spent ages reading through... I am about to my a moneyclaim through the courts using the contractual amount of interest... but am getting baffled with the court bundle... how do I work out the daily rate?

[bill-k]

Have spent ages reading through... I am about to my a moneyclaim through the courts using the contractual amount of interest... but am getting baffled with the court bundle... how do I work out the daily rate?

Hi again, Maxine. Bl**dy well done, if I may say so, for reading through this thread. Take a break !!

 

Firstly, if you're claiming contractual, then your claim particulars will be too long to fit on the MCOL form. To avoid problems, you might want to consider using the N1 method instead, which is what a lot of people are finding is better for this.

 

Secondly, if you've read up, then you can't go far wrong using Mindzai's example of claim particulars. This covers the alternatives, which I believe are important to include.

 

Don't worry about the court bundle - you won't need that unless it has to actually go to court. Just get your figures right first. If they're wrong, then your entire claim is wrong. Then you can put the figures into your Particulars of Claim (POC). As for the daily rate, some people just put that down as "as calculated in the schedule of charges" - but others work out a flat daily rate by advancing their spreadsheet date by one day, and noting the difference in interest.

 

HTH

 

Bill

[JOSH_IOU]

back up back up back up folks.

 

Contractual interest I.e the interest in the contract is based on the bank's lawyers assumption that bank charges are lawful because they pay fir the bank's charges. Is this there argument in your opinion?

 

Or are they saying because it states in the contract we have supposed to have signed in good "honest" faith, that these claims are in there view lawful?

 

 

Well the banking code "is not LAW" Common law is a policeman's law it is not something that was ordinarily written down and uphold in court.

 

You may argue that there has been a lot of common law cases and there has believe me but it is still not commonly used at least in the case of the small claims department..

 

 

When approaching court for the first time after simply touching on the threads available on the site, they suggest a "pack" is needed on top of the approach letter.

 

I am not a lawyer I am a trainee probationary special constable. I do not claim to understand all the aspects of law nor can any one.

 

But before we go to court it may be a good idea if the judge knows exactly what we are going to be claiming to the exact word.

 

If we can all get out thinking caps on and out typing finger out then I would be interested in seeing what comes out of this.

[Mad Nick]

James, I wholeheartedly agree that people need to read up and prepare properly before they sue a multinational and maybe step in a Court.

 

Not sure what point you're making about contractual interest, so I'll let that go. But on Common Law, I hope you weren't implying that Common Law is a PC's common sense. Common Law (precedent derived from Courts' consideration of Statute Law down the years) is as important in Small Claims Court as it is in any other Court. Precedent can't be set in Small Claims - far as I know that's the only difference in principle. Regards Mad Nick

[phatram]

Mrs P here,

I am filling in my MCOL and need to know if I need to fill in the section "do I want to reserve the right to claim interest?" I am claiming contractual compound interest and presume I tick "no". Please advise!

Thanks1

[Mindzai]

You will find that MCOL does not allow enough space to include the necessary info in your POC claim to cover contractual interest. I would consider filling in a hard copy instead.

[Guest peed orf]

Hi guys,

is the LBA letter for contractual interest the same as the 8%?

[JOSH_IOU]

Contractual interest is interest stated within the contract.

 

It's important to realize there is no rights or wrongs before you get to court when asking for interest. Ive heard of people getting 29.9% or variations of that before they get to court.

 

Court can award you 8% if your claim is successful and if you have claimed under law then it will be.

 

How much do you think you should be given ? This is the amount you should be claiming back before you get to court.

 

But when you get to court you can only claim back whats been lawfully taken from you. (isn't it great when you no whats going on of course it is )