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

[bill-k]

Hi Pinky,

 

Yes, I feel like I look, and have a throat like my own armpit !! We're all good at some stuff, but rubbish at others. As long as we admit the rubbish stuff, we get better at it, don't we. Looks like you're getting there, now.

 

Me ? Rubbish at taking myself seriously - and being sober !!

 

See ya !!

[Mindzai]

I don't do gaming, but use Skype & MSN for webcam chats. I reckon the same allocation protocols apply there, as it is often atrociously slow. If - no, sorry - WHEN you get a relatively satisfactory ISP, do let us all know, won't you ?

 

I'll be going straight back to my old ISP which was AOL. They are more expensive, but you get what you pay for. No monthly caps, and no traffic shaping.

[Seminole]

Whilst I think we should get this thread back on topic, you should be aware that AOL UK have been bought by Carphone Warehouse, the owners of Talk Talk. Expect customer service standards to start going south sometime soon.

[bill-k]

Sorry - getting back in line, boss !! Shakin' the bushes !!

 

 

 

 

...but what ISP do you use, Seminole ?

[Mindzai]

Whilst I think we should get this thread back on topic, you should be aware that AOL UK have been bought by Carphone Warehouse, the owners of Talk Talk. Expect customer service standards to start going south sometime soon.

 

Ouch that's worth knowing, cheers. The last bastion of decent ADSL bought out by one of the worst ISPs ever.

[redsue]

Hi everyone - looking for some advice please if I may

 

Nationwide have paid out on our claim (yippee)

On my N1 form which I submitted I gave three amounts for the judge to decide

A. Compounded Contractual interest at unauthorised rate 24.9%

B. Compounded Contractual interest at authorised rate 7.75%

C. Simple S.69 - 8% interest

 

They have chosen option B (sorry the correct answer is A!) and already paid the money into our accounts.

I'm about to send them a 'thanks for the partial payment but court claim is still live' letter to say I want the rest but not sure if anyone else has had any success.

Just wondering if I pursue this to the death and it ends up in court and I lose - will I have to pay back what they have given me already...

I'm going after the rest of the cash, my mum always told me if you don't ask you don't get... and you know that mums are usually right...

Any help on this would be really appreciated - I know you've been pushing me along nicely bill-k i think I'm just after some reassurance (group hug please)

 

PS I'm sending a donation as soon as I've extracted the cash from the accounts as they'll be closing us down soon.

 

PPS don't even go there about talk talk - everytime I see charles dunstone's face in the press I feel like smashing it into a brick wall grr - sorry don't know what came over me I'm a nice person really....

[bram stoker]

Redsue,

 

How exactly, did you word your request? Can you post a link here to your thread please, and post the wording of your letter in your thread if you haven't already done so.

 

Thanks.

[redsue]

Hi again Vamps

 

Please find a link to my thread

 

http://www.consumeractiongroup.co.uk/forum/nationwide/28574-authorised-interest-unauthorised-interest-2.html#post286201

 

There is a copy of my particulars in the thread - thanks

[bill-k]

Redsue, yes there ought to be a smiley for "Group Hug." The best I can do is:-

 

:) :)

 

I agree with you - we could do with someone like Glenn or BF here.

FWIW, I don't think the alternatives in your N1 particulars of claim are offers to the Defendant, and that they have a damned cheek reading them as such. The claim you made to the bank was for (a) the FULL amount, or (b) you take it to Court for the Court to decide - 2 choices only. The Claim alternatives set out on the N1 is for the Court to decide on - NOT the Defendant. I'm sure that, unless and until it ever gets to Court, then those alternatives are NOT being offered to the bank. The fact that the Court sent them a copy of the N1 doesn't mean you're offering the bank those alternatives, I'm sure.

 

Did you offer the lower rates in your LBA ? If not, then I reckon you ought to send them a polite but firm stiffie, telling them they seem to have misunderstood the particulars, and that it is all or nothing, unless they want the N1 alternatives to be discussed in Court.

 

There are some other posts here somewhere about accepting partial payments. The general opinion seems to be that it's OK to do that, as long as you tell them that it's NOT in Full & Final, and that you are still expecting the rest ( - but thank you very much for the implied admission of guilt.) I don't personally believe that moving it out of their reach is a problem, as I don't believe that accepting it is a problem. Just don't spend it, yet. They can only accuse you of spending it, if the Court decrees that you must pay them it back. And what do you think are the chances of that ?

 

Yes, I would put the money out of reach, say thank you for the partial payment but what I'm claiming is the Primary amount claimed in the N1, and I will inform the Court (as I think you should) that a partial payment has been made, but the Claim for the balance is to continue.

 

I'd do another group hug, here, but you're only allowed so many smileys !!

 

HTH

 

Bill.

[doryphor]

Cheers Mindzai for the reply. Are there any major differences in the way the interest is worked out in either a credit card or current account? I could look to see about amending the existing spready if I knew what the major differences (if any) were. I'll have a look around myself as well.

 

Cheers

[david.m]

Grrrr don't talk to me about Tiscali! They are the source of my dial-up woes and the resultant severe lack of Battlefield 2 playing in my house at the moment. The problem with them is they employ ridiculous DPI traffic shaping practices which limit anything that isn't transmitted over the http protocol (ok I know that should be htt protocol before anyone points it out! ) and alot of what is to practically dialup speeds. This means no online gaming, no iTunes, no nothing aside from web browsing and email. This is no good for me at all so I got out of my contract with them (though severe and constant moaning) and am now desparately trying to get them to release my line. All in all, they are second only to Lloyds in my most hated companies list at the moment (and it's a long list I assure you )

 

have you looked at their T&C to see if theres and easy getout?, in the NTL:tw one for instance it states that if they change the price then you can get out after 30 days notice at no extra cost to you.

[doryphor]

Been doing some basic googling (if ever a word captured this decade of the 'noughties' then the verb 'to google' is it!) and found some info on APRs as opposed to EARs. The only major difference that I can see, other than that the type of money to which it refers to is different (credit borrowed as opposed to actual funds), is that it includes any initial fees and appropriate charges in addition to the interest rate. Given that, with the exception of cash withdrawals, some credit card cheques, and now most balance transfers, credit card purchases in general don't have fees attached to them, nor do most cards have annual fees. Thus, the APR quotes is just the compounded interest rate (as opposed to the monthly rate they also quote which is the simple rate). With this mind, am I right to fairly confidently use the established spreadsheet of mindzai's for my credit and store card claims?

 

I hope I have this clear! it seems to be to me, but I may have missed some glaringly obvious error!

 

Cheers,

 

Doryphor

[redsue]

thanks Bill-k - thats what I was thinking about the N1 - it is up to the judge to decide not NW! Also, why do they think the unauthorised rate is not acceptable if that is what they charge their customers - they've paid out compounded contractual rate so agreed to it in principle - checky beggars - a,b or c - erm we'll take b thanks...

I'll inform the court tomorrow about a partial payment then I'll also send a recorded delivery letter to NW tomorrow as well as emailing Charles Bacon the company solicitor - watch this space - may even go mad and give them a call too.

:-) :-)

 

ha, ha - feeling a hell of a lot more confident than I was first thing this morning

[comrob]

I think go for the accepted rate of interest and if jugemennt is given ask the judje to deicide if actual interest charges should be applied because now interest rates are lower this is giving the banks a chance to cost the interest charges but can only end up in the best offer?

[Jonnie Reclaim]

Hi,

 

MBNA and Beneficial have been happy to refund me contractual interest (interest that they added to my charges) when settling prior to MCOL's being issued.

 

I have two MCOLs proceeding at present - B/Card & Egg both of which contain contractual interest claims averaged at 20% per annum and compounded.

 

I asked both companies to calculate the interest for me but they refused so I did it. I thought that 20% was reasonable and that would be my argument. This makes a large difference and after all, 'whats sauce for the goose.......':grin:

[Guest bong]

Hi,

 

MBNA and Beneficial have been happy to refund me contractual interest (interest that they added to my charges) when settling prior to MCOL's being issued.

 

I have two MCOLs proceeding at present - B/Card & Egg both of which contain contractual interest claims averaged at 20% per annum and compounded.

 

I asked both companies to calculate the interest for me but they refused so I did it. I thought that 20% was reasonable and that would be my argument. This makes a large difference and after all, 'whats sauce for the goose.......':grin:

 

Hi Jonnie, not sure from reading your post whether you mean they have refunded the interest they charged you or if this is interest you have added on top of the charges and interest they owe you? Could you clarify this?

[Robhughes]

Hi Can someone please tell me if the value part of the N1 should include the contractual interest or just the totla charges? Please?

[Guest bong]

Hi Can someone please tell me if the value part of the N1 should include the contractual interest or just the totla charges? Please?

 

Hi Rob,

 

I have seen examples of people listing the amounts they are claiming in the value section of the N1 form. HOWEVER I think this is wrong but I don't think you would be penalised for it. Certainly the guidance notes for completing the claim form and the CPR are quite specific in that you do not need to put anything here (leave it blank) if you know the amount you are claiming. That amount goes straight into the box at the bottom right of the form "Amount claimed". The amount claimed does not include interest either, because this is awarded at the discretion of the court and added on to the claim.

 

If you did not know the amount you were claiming (which doesn't apply in your case I presume), you would put a statement in the value section of "I expect to recover not more than £5,000" or "I expect to recover more than £5,000 but not more than £15,000". These figures exclude interest and court costs and allow the court to decide where the case should be allocated.

 

I hope this helps you

[Jonnie Reclaim]

Hi Bong, Just to clarify - this was an agreed estimation of the interest that Mbna/Bene had applied to my charges. It was not interest on top of the charges/interest . Hope this helps. My point was that these companies were prepared to include interest in settlements, whilst B/Card and others act as if you're speaking Martian when you ask them to calculate and include interest applied to the charges. J.

[bill-k]

Hi Can someone please tell me if the value part of the N1 should include the contractual interest or just the totla charges? Please?

Rob, My understanding has been that if you are claiming Contractual interest, then that interest is actually a part of the amount claimed, as you must claim it from the banks fro mthe word go. It therefore is included in the total Value of the claim. I have sent a few Contractual claim N1's in now, and have never had a rejection of this.

 

I believe that, in the case of Statutory interest, then this is NOT included in the claim Value, as it is awarded (if claimed) at the Court's discretion.

 

However, there is also some argument about whether or not Contractual interest counts toward the size of the claim for allocation purposes, even if it is included in the total claim Value.

 

Perhaps, though, as Bong says, it's not that vitally important in our cases as "litigants in person" (Joe Public). We are, it seems, given a bit more leeway and allowed a few minor errors.

 

JMHO, though !!!

[Guest bong]

Rob, My understanding has been that if you are claiming Contractual interest, then that interest is actually a part of the amount claimed, as you must claim it from the banks fro mthe word go. It therefore is included in the total Value of the claim. I have sent a few Contractual claim N1's in now, and have never had a rejection of this.

 

I believe that, in the case of Statutory interest, then this is NOT included in the claim Value, as it is awarded (if claimed) at the Court's discretion.

 

However, there is also some argument about whether or not Contractual interest counts toward the size of the claim for allocation purposes, even if it is included in the total claim Value.

 

Perhaps, though, as Bong says, it's not that vitally important in our cases as "litigants in person" (Joe Public). We are, it seems, given a bit more leeway and allowed a few minor errors.

 

JMHO, though !!!

 

I've been pondering on this since I replied to Rob last night (I think all this CAG stuff is even starting to enter my dreams now LOL!!!) and I think Bill-k is right in saying that the contractual interest should be included in the amount claimed.

 

I think the determination of the court fee and allocation issues are difficult ones and I'm not sure whether if it is included in the amount claimed it should count for court fee and allocation purposes. Its probably one of those things that some people get past the court and others don't.

 

If anyone else knows any better it would be really helpful to have the answer to it.

[Guest bong]

I've posted the question in the legalities forum and hopefully we may get to find out either way http://www.consumeractiongroup.co.uk/forum/legalities/45827-does-contractual-interest-count.html#post361791

[bill-k]

I've posted the question in the legalities forum and hopefully we may get to find out either way http://www.consumeractiongroup.co.uk/forum/legalities/45827-does-contractual-interest-count.html#post361791

 

Good idea, mate - wish I'd thought of that !!!

 

As you say, Bong - and it's now becoming my experience, too - it's often a matter of luck as to who your claim initially lands in front of, that determines whether you get it sent back as incorrect, or served regardless.

 

I'm glad I'm not the only one who wakes up in the night sometimes, muttering stuff like "Yes, Mrs Court Clerk, it's in my Particulars of Claim." :o

[Guest bong]

I'm glad I'm not the only one who wakes up in the night sometimes, muttering stuff like "Yes, Mrs Court Clerk, it's in my Particulars of Claim." :o

 

You are not alone bill - I have become quite obsessed with all of this and I don't know what I will do with myself once my claims are all finished. I've had a few sleepless nights this week getting my P.O.C. against HSBC finalised. In some ways, whilst it will be very nice to get a settlement out of them before xmas, I also quite relish the idea of seeing them face the music in court. Wouldn't it be nice to have a proper judgement on all of this.

 

Anyway, getting back to topic, I think I ought to mention that I have wavered back to my original thoughts on this question and I will be excluding the contractual interest from my value section/amount claimed box. If anyone wants to read my logic on this it is in my thread in the legalities forum mentioned above.

[bill-k]

Yeah - I've mentioned this before - when everybody's finally had all their money back, what the hell are we all gonna do with ourselves ? I think they will have to bring in teams of counsellors for us all

 

Maybe the next round will be suing the banks for loss of marbles. I think I'll get in early and start with my own Mental Health Act thread !!!

 

I've posted some more on your thread, and I, too, prefer your logic.

 

Bill.