Contractual Interest Discussion

[thereshope!]

PS Wheres the fighting CAG spirit we all know and love??

 

 

I know Tanz.

 

My spirit got up and left me when this mass confusion reared its ugly head.

 

I wish I had your drive and confidence, but I dont .

 

I did before, but not anymore.

 

It feels like the rug been pulled out from under me.

 

Like you, I have also put a claim on the backburner, in the hope that maybe we would have some clarification.

 

GaryH amongst others, recently advised me to accept my offer without CI.

Then when I checked his thread yesterday,he states that he has won his claim with full contractual and will most likely do future claims in the same way, claiming contractual.

 

So why advise me to accept a payment that doesnt include contractual interest ?

 

I would understand it if I had only just decided recently that I wanted to claim the contractual interest,but that is not the case.

My claim with NW has included contractual interest from Pre-lim stage.

 

So yep,confusion has well and truly zapped my spirit:mad:

 

Hope xx

[thereshope!]

I dont think weakness is an issue.

 

It takes guts to even begin to take on a massive financial institution such as a bank lol

 

But yes, confusion is certainly an issue.

 

Thats why we need BF to make a statement.

 

The goalposts have moved, and they will know that they have un-nerved us.

 

A little clarity is all that is needed. A united front from mods/staff etc.

 

Then an informed choice can be made by all.

 

Well, thats just IMHO ,FWIW !!!

 

Hope xx

[thereshope!]

Hi willow.

 

I have been offered just the charges .

 

If I had been offered the 8% interest on top, I would have accepted the offer.

 

I agree that it is up to the individual to make the choice.

 

But it needs to be an informed choice, which is difficult when there has been a mass sway back the other way !:-?

 

Like someone else posted, only you know if its your ' Deal or No Deal'

 

I have read extensively all the contractual interest posts( had the headache to prove it, too !) and really thought that I had got my head around the complexities and was confident that I could argue my case if it came to court.

 

But confusion has a way of making me doubt that I ever really got it !I

 

But thats just me !

 

Maybe i'm a little challenged in the grey matter department

 

Hope xx

[thereshope!]

Thats way, way, way of the mark - please don't mis-quote me. I said this;

 

 

I never advised you not to continue, I said be careful and think hard about it. I'm sorry it's not what you wanted to hear, but what I posted was completely correct and I only had your best interests in mind when I posted it. The fact that you've now mis-quoted me in an almost malicious manner is a total kick in the teeth.

 

 

 

I DID'NT ADVISE YOU TO ACCEPT IT!!! If you refuse a settlement of the charges + 8% and proceed to court solely for CI, there are very real costs liability implications if you are not 100% sure of your arguement and if that arguement is rejected. All I was doing was giving you the facts so you could make your own informed decision.

 

I'm getting thoroughly ****ed off with all this. I'm going round in circles and I feel I'm being attacked for genuinely trying to do the best for people.

 

I wasn't aware of the possibility of costs liabilty when I was claiming contractual, and since then the ERC disaster has happened. I'm just trying to ensure that people understand that its potentially risky, I'm not saying definately DON'T claim it - just be aware of the issues.

 

GaryH.

 

I never meant to come across as attacking you !

 

My post wasnt made to be malicious to you either.

I valued you taking the time to post and I agree with much of what you posted.

 

Sorry if I misquoted you, I should have pulled my thread up and re-read your comments before posting on this thread,as I feel that maybe you posted without fully understanding my offer.

 

I was offered the full amount of charges claimed for.There was no offer of un-auth contratual , auth contractual or 8%,which is where my confusion has stemmed from.

 

As I see it, I havent been offered full settlement.

 

All I was trying to do was highlight why there is so much confusion and you have taken that as a personal attack.

 

It was never meant to be as such.

 

Granted,there is no definitive answer,but clarification in the way of a sticky would be a good idea.

 

At least it would help people( us newbs in particular) in the for and against, arguments and save the less confident amongst us the headache of reading the contractual interest thread from start to finish.

 

The point of this thread,as I understand it,and please correct me if I am wrong,is to try and focus us and gain maybe a little clarity.

 

That is all.

It wasnt intended,I think,as a means to attack one another and it has never been my intention to do so:mad:

 

Hope XX

[thereshope!]

Thanks sweetie;)

 

 

 

Right to quote Karn in context here....

 

 

 

 

 

 

 

Does that help Hope?

 

 

Wxxx

It's basically what I said in the last page.

 

 

 

 

Thanks Willow:)

 

It kinda helps !

 

The sticking point for me is this

 

Ok my claim was for £2106 in charges + £2000 in contractual interest at the un-auth rate of 29.86%.

 

I was offered £2106 in total.

 

The general undertones are that it would be advisable to accept the offer + 8% interest.

 

This is where I get confused !

 

I thought I couldnt ask for 8% until I file an N1 ?

 

I received my offer between pre-lim and lba stage( their offer letter to me crossed in the post with my lba letter to them !)

 

So,how can I ask for 8% at this stage ?

 

I am still only at LBA stage .

 

Confused ?

 

Hope xx

[thereshope!]

Oh - almost forgot to mention.

 

Just had a chat with a nice young woman at Cobbetts to clarify a couple of points about charges, interest thereon (contractual interest if you wish) and statutory interest.

 

My cheque is on its way, Special Delivery.

 

I really shouldn't tease so much, should I?

 

Westy

 

 

well done westy !!!

 

You did it ! (well ,when you get that cheque in your sweaty mitt you will have done it !)

 

Big congrats in order !

 

Good way of wording the interest part ,good argument .

 

Keep re-reading your post cos its giving me hope !

 

Hope xx

[thereshope!]

OK .

 

My light-bulb moment.

 

it is my choice and if it goes pear shaped at least I can take comfort from Knowing I gave it my best shot.

 

I am going to send a letter to NW declining their GOGW .

 

I shall also give them a time-barred offer of contractual interest at their authorised rate which will revert back to the unauthorised rate if they dont make me an offer within the timescale that I dictate.

 

For me this is a paper excersise in reality and I wont ever get to have the money, it will just reduce my debt to them.

 

I am prepared for the outcome, come what may !

 

Why should I accept less ?

The buggers owe me and i'm gonna collect !

 

Hope xx

[thereshope!]

My two penneth remains as it was on the "why is no-one claiming..." thread - if you claim contractual and are lucky enough to get it, then good luck. However, do not make contractual the focus of your claim. I was shot down for suggesting this approach, and I believe that the shooting down was unjustified.

I really hope luck doesnt come into it as I dont tend to be very lucky !.Hopefully being able to put across a good argument will help !

In the first instance the claim is about the refund of penalty charges, unlawfully applied due to the unfair nature of the contract terms. This always has been, and always should be, the focal point of any claim. The claim is not about "get as much as you can..." and anyone who approaches a claim from this perspective is going to run into problems. why shouldn't we "get as much as we can" ?. If they have charged us contractual interest , why should we be left out of pocket ?. If they didnt charge it in the first place we wouldnt be in a postion to claim it, right ?

 

Additionally, the basic focus of the claim is about demonstrating that the bank has unduly enriched itself at the expense of the customer, and pushing hard for contractual puts the claimant in a similar position to the bank...and as such the bank would have a good lever to counter the claim, and deflect attention from the real issues

If we claim back what the banks unlawfully charged us in the first instance, plus apply the rate of interest that they applied to us,hopefully we are put back to where we started prior to being unlawfully penalised ?

 

.Again, I repeat my own view, and some would describe me as reasonable and level-headed - if you want to claim contractual then by all means do. Just ensure that this is not the focus of your claim, and ALWAYS defer to the judgment, position and advice of the courts...

Yes. Difficult decision to make. Took me a week of swaying to one side then the other before I was able to make an informed choice lol !!!

Hope xx

[thereshope!]

Hi maxine

 

Good to see you back

 

I have been in contact with Bill over the last few days and he feels that he needs time away at the moment.

 

Never is a long,long time and I would be really sad too if he felt he couldnt come back.

 

I miss him already.

 

As I feel sure many do....

 

Hope xx

[thereshope!]

Hi Bill

 

Nice to see you,to see you nice !

 

Ohh,came over all brucie for a moment there lol:lol:

 

I dont know why I keep doing this to myself !

I think i've got it sussed then I come back on here and start questioning myself again,convinced i've got it all wrong.

 

Bill, you saw the original spready entries that I made.Please tell me I got it right.I JUST NEED TO HEAR IT!!!!

 

Whats all this debit interest ?

 

In my claim I entered the penalty charges onto the spready and it caculated the interest at 29.69% 16.74% and 8%. I didnt enter the amounts that said interest, just the penalty charges.

 

My brain is quickly turning to mush here ..... :confused:

[thereshope!]

LOL Milly !!!

I know.When I read your last post i did have a chuckle cos I could imagaine you looked much like me , tapping away madly at your 'puter all confused

 

Anyway. Too late to worry. Claim is submitted and that's that !!!

 

My O/H is banging his head against the wall !

He reckons it doesnt matter what you put down as he feels the chances of them actually bothering to work it all out are slim at most.

 

I told him to shut his trap and butt out !

" what do you know ?" I says.

 

"Alot more than you do by the look of things" he replied.

 

Mmmmmmmm.

 

Cheeky beggar

 

Hope xx

[thereshope!]

Bill, you sure are a popular ape !

 

Tried to pm you but you all full up !

 

Hope xx

[thereshope!]

Hi Lucid

 

Thanks for that.

 

I was going stir crazy !

 

I dont think the spreadsheet I used had that particular column on it ?. It just had a place to put the penalty,date and amount then it calulated the penalties and 3 levels of interest.

 

Hope xx

[thereshope!]

Lucid:)

 

It was a spready that my mate Bill sent me.

I was really struggling at the time with the other spreadies that I tried and the one that Bill supplied was brilliant and easy to use.

 

I think it may have been a slighty altered version of vamps spready ?

 

Its all good anyway.My claim still includes contractual so will hopefully be quids in .!

 

Hope xx