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

[bram stoker]

There are 2 types of interest.

 

The 8% is on top of everything, and it is this that is replaced by the contractual rate.

 

If you have an interest free amount of £250, this will go in the spreadsheet I designed. If you're stuck further please PM me.

 

Vamp.

[bram stoker]

To clarify, now I'm not at my desk pretending to work. The first spreadsheet includes charges and interest applied to those charges. These are amounts unlawfully deducted from you. You are entitled to 8% on all of this.

[blueskies]

I understand this but I was saying that the contractual rate of interest will come in below the 8% County Courts Act figure. I will therefore be using that.

[bram stoker]

The £5k limit is for your claim only. If the 8% takes it over, then that's not a problem.

[meagain]

Incidentally, if anyone having read through this decides to go for higher rates (do not do so until you understand the rationale first), you might want to know that for current accounts, you are looking primarily at the unauthorised overdraft rate, and for credit cards, the cash advance rate (typically higher than the purchase rate).

 

The reasoning for this being:

 

1. Whether or not you have been over your limit, the bank has taken this money without your permission, hence it is unauthorised borrowing and is chargeable at the contractual rate for doing so.

 

2. The bank charges higher interest on purchasing cash with your credit card than with purchasing goods. If it makes a charge on your credit card, it is effectively getting cash and not goods, so it would fall under the cash rate not the purchase rate. However, do not take the handling charges into account - these can probably be argued as a charge for a legitimate service (you requested the cash, and you benefit from it).

 

As always, everything I say could be completely wrong, so a pinch of salt is well-advised.

[bram stoker]

Meagain,

 

That sounds fine. I think people should be trying to claim the contractual rate. I know a couple have and won, and more will follow suit.

[alanfromderby]

Actually meagain, you have brought up an interesting point. If your credit card charge a cash advance fee, then perhaps we should add that to each charge taken as well?

 

Just a thought.

[bram stoker]

Actually meagain, you have brought up an interesting point. If your credit card charge a cash advance fee, then perhaps we should add that to each charge taken as well?

 

Just a thought.

Very funny Alan. Careful, one day someone might think you're serious. Lol.

[meagain]

You could try adding to your claim the equivalent cash advance handling fees for taking £30 each time, though I strongly suspect the judge would see this in roughly the same way he would a catheter (think about it).

[angry cat]

Hi Guys-

 

My query is-

 

Having issued my County Court Claim against Morgan Stanley-

 

I stated on the particulars of claim that I am claiming £388.20 in fines + interest worked out on a daily rate, from the date of each fine that was levied at a rate of 15% plus £58.2956 worked out on the CCA rate of 8%. However, I did state on the particulars of claim that I was claiming the contractual rate of interest, or in the alternative the County Court Act rate of interest, but I only actually scribed £58.2956 and I should have stated = £116+ or in the alternative.....stupid me!!?

 

I have to submit my Allocation Questionnaire tomorrow! Scary.....

 

Okay, I think that I understand as to how one fills out the Allocation Questionnaire, but....

I also forgot to write on my 'Particulars of Claim', that I was claiming interest up to the day of judgement....Can I add the extra days of interest on the Allocation Questionnaire???? and....because I am rejecting the offer that Morgan Stanley has offered, how do I change the requested refund of interest £58.2956 worked out @8% to the contractual rate to approximately = £111.00..ish @ 15.9% but probably more.

 

I hope all of this makes sense but I would like some help, because I do not want to fail.

 

I promise that I will donate to the BAG:) if MS ever pay me the Monies that are owed?

 

Thanks

angry cat

[alanfromderby]

As far as I am aware you cannot change your claim via the AQ - I am fairly sure that you would need to amend the original claim, and then the court will reissue the N1. However, there is a charge for this which is not recoverable, and it will seriously delay things.

[angry cat]

Okay Alan-

 

But I CLEARLY stated on the particulars of claim....

that I was claiming the contractual rate, or in the alternative the CCA 8%.

I wish Bankfodder would help me on this!!!

 

I have tried to pm him...to no avail!

 

My mind is made up about going 'Head to Head'against MS......BUT I really do need some expert help.

 

I phoned the OFT today, who seem to think that I need expertise on who was responsible for the contract? This is a nightmare for me....

Having said that I will stand up for my 'Rights' with correct advice.

 

I just want to know what I can add to my ' Allocation Questionnaire ' or should I request - ' A Stay ', because MS are spouting 'Court Protocol'.!

 

angry cat

[alanfromderby]

The problem is that the N1 is a legal document, and your case will go forward on the figures you have given. Any change now will costs you money, and will delay payment.

 

Obviously you could speak to the court office, but I really do feel that you are in a corner on this one. Sorry I cannot be more positive, but it is vital that people check every line of their claim before issuing.

[angry cat]

I understand what you are saying. but could I re-issue the claim and if I decide to follow this train of thought, would the Court be understanding.

 

When I issued the claim I was just thinking about the 'actual' 'penalty charges' foolishly. like many other consumers I paid little attention to the various rates of interest that were applied to the charges, that changed over the days, months and years. I requested a refund of my charges plus an approximate interest rate of 15% that I worked out on a daily rate, from the date of each charge/penalty up to 1 June 2006. However, I forgot to state 'up to the day of judgement'

 

It is very hard for someone that does not have a legalistic mind-

where everything has to be factual, or has case Law.

 

Obviously I have to re-jig the whole claim...

What do you think?

 

I have suffered so much stress over the Morgan Stanley issue....and their rubbish PPI, that leaves an ill person in debt!!!!

 

 

 

angry cat

[barracad]

As previouslt advised, you can amend the claim if you wish to. But this will cost you £35 and you cannot add this cost to your claim.

[alanfromderby]

I believe that you are able to amend the claim, however, as I said above there is a fee for this which you would not be able to reclaim. I think the best advice is to ring the court in the morning and and ask what they suggest for a way forward.

 

With the AQ deadline being tomorrow you well need a senior person at the court to approve anything that means you will not be filing - you don't want to end up with your claim being struck out.

[angry cat]

Okay, I understand.

 

I wish that I had been a bit smarter when I issued the claim !

 

I actually did write on the particulars of Claim that I was claiming the contractual rate of interest, or in the alternative the section 69 CCA interest rate of 8%.

However, i was in such a dither about submitting the claim that I simply claimed the charges plus interest and added the CCA 8%, when factually I should have requested the contractual rate figure along with the CCA 8% figure, thus by quoting both amounts, there would have been an alternative amount to claim-

I hope that I am ,making myself clear...anyhow, I have decided to submit my AQ as the claim stands because the change would cost £35.00, which would make the difference only approximately £23.00.

 

Still, I will be wiser in the future and I am still battling with Egg, MBNA and then the last but not least 'Mountain that I will have to climb' ! will be regarding penalty fines on my A&L mortgage-

Now that one really is the scariest of them all!!!!!!

 

angry cat

[Anitaxx]

Hi

 

I have read throught his thread and am interested but just a little confused on llegal part of claiming 16% interest instead of the initial 8%.

 

I am helping my boyfriend with his claim and we are now making a claim to the courts as the bank in question have not paid up!.

 

I have calculated the 8% interest accordingly, But am still interested about claiming the 16%

 

I might sound greedy, but its not about being greedy its just about claiming what I am owed.

 

The banks etc, do not have any leway when it comes to charging us, t&cs etc.

 

So if we are llegally alowed to claim 16% interest then we should go for it, as many people that have now been paid, have lost out on the extra claim of Interest and the fianancial institutes know it, But are keeping very Quiet........

 

I have read the whole thread through and did not see anything about any legal status regarding this increase in interest.

 

Would it be laughed out of court and do you have any solid docs where I can quote on my particulars as I cant seem to find anything on act 's69' etc

 

Appreciate any suggests or help

 

Anita

[alanfromderby]

I am a little confused that you say you have read through the thread and cannot see the legal basis. That is discussed in detail in posts 1 to 5, and then in various other posts in the thread.

[Anitaxx]

I am a little confused that you say you have read through the thread and cannot see the legal basis. That is discussed in detail in posts 1 to 5, and then in various other posts in the thread.

 

Hi.

 

Sorry, I understand you may be slightly worried that I say I have read through the posts to find certain information etc. and yet I say I cant find somethin relevant to my question

 

Please dont take this personally, yet you could try and make something good out of my post.

 

If a dyslexic person was trying to claim back charges taken from them, and made it clear to you that they were dyslexic, would 'The bank action group Mods 'be so hasty into stating that the Faqs have not been read, all the time, that when a question has been asked by someone and a mod doesnt fancie answering it because it is all in the Faqs, threads etc

 

Maybe there are some people who do suffer from Dyslexia who are members of this site trying to claim back charges. and now feel that they wont bother! because it is all written down in the Faqs, threads etc, etc......

 

Please Feel free to remove post as this was not meant to be a hijack of a thread

[alanfromderby]

Very strange reply, and one which gives cause for concern in several respects.

 

Firstly, you will find that where a question is asked of which I have some knowledge I will either answer it, or point the user to where the question is answered.

 

Secondly, the issues discussed on this site often result in the user taking actions that could end up in a court, in front of a District Judge. It is therefore vital that the individual has spent the time reading, re-reading, and understanding the issues that they may have to argue.

 

I strongly resent you comments about a dyslexic. I would note that you have not made any reference to that in your previous post, and you have not suggested that this is an issue in your reply above. However, you have made a wild accusation that we somehow discriminate against dyslexics. I would add that I am always open to users sending PM's when they have genuine difficulties with understanding the process, or through any disability.

 

To suggest that a mod would "not fancy answering" is both patronising, and untrue. Admin, mods, and site helpers give their time freely to this site, and are always willing to answer questions where they can - however, the answer to the question you asked is in this thread....and part of it was posted by me.

 

I make no apology for pointing users to the FAQ's, after all that is what they are there for. Another point to ponder...how do you think those answers got into the FAQ's?

 

The answer is, that the VOLUNTEERS that GIVE their time to help others get their money back from the banks, have spent their own time researching answers to questions, and trying to keep one step ahead of the banks expensively funded legal departments.

 

The aim of this site is to empower the user - not to do everything for them.

[Anitaxx]

Hi Alan

 

I have sent you a pm

 

Was not trying to accuse any Mod or member on this site of discriminating but was just trying to point something out

 

Appolagies if my post offended anyone, this was not my intention

[bfb]

re calculating interest- I have had accepted an argument by a bank using interest at the rate charged at the highest rate to me anywhere +8% if they had not [edit] the money I would not have had to pay the high rate elsewhere it is possible using that argument to apply 38-40% apr and I think quite sensibly

 

[MODERATED: Please do not post libelous comments on this site]

[dave]

There seems to be a lot of people confused by wether the 8% interest is included in the £5k limit and it seems very hard to get definitive answer. It says in the Lawpack book that interest is included yet I was told it isn't from jonni2bad and others. Does anyone actually know?

 

You are quite correct - however the lawpack isn't.

 

We contacted Lawpack publishing and they checked with their barrister, and lo-and-behold - the 8% ISN'T included in the 5k limit.

 

They have reprinted their Lawpacks and corrected the mistake (although, probably not in that order ;-) )

[c_allen]

I'm intersted in claiming the contractual rate of interest, is there a spreadsheet to work this out and if so does it come with REALLY simple instructions on how to use it (yes i'm thick as a brick) as i've never used a spreadsheet before?

I've looked everywhere and tried every spreadsheet my comp will let me but no luck, i've read in a thread somewhere that some times a spreadsheet might be corrupted but i wouldn't know about that if it ran me over.

By the way i've only got open office

 

cheers Carrie:)