jk v HSBC ###won!###

[Janeykate]

Thanks Guys... will change s/s. any idea how I should word that in the letter.... ie total charges inc o/d interest x daily interest =? then total + court filing fee x statutory 8% ??? oh and as I received notice etc today was thinking of sending of this lot in post tom?? Not too soon do you think??:-?

[Janeykate]

ummmm help.... am doing calculation to include the daily interest rate... please someone.....if I'm doing it right it bumps the sum up by 2k,, daily rate if I've done it right?? is 1.33. can't get my head round this at mo, prob being really thick??

[Janeykate]

ok, think I've got it.... so to calculate the daily rate, you take the charges plus o/d interest x 0.00022 to get a daily rate,,, in my case its 1.33. I sent my 1st letter to hsbc on the 5th feb which is 73 days ago. so I've calculated 73 x 1.33 = to get daily interest amount? is this right guys???

[Janeykate]

Ok,, this is latest,,, please let me know what you think guys??:-|

It has come to my attention that as of 11/04/07, an Allocation Questionaire in this case will not be required.

 

I am mindful of the vast number of claims with which you are currently dealing. In order to more speedily resolve this matter, I am willing to accept the sum of £xxxxxx. which includes overdraft interest, charges, court filing fee and statutory interest at the rate of 8% . The daily rate is also included for charges and o/d interest at a rate of 1.33 per day calculated from my 1st letter to you on the 5th Feb 07 to the date of this letter. (Total x £0.00022 ) . I do not agree to waive my rights in respect of any other actions, nor do I agree to a clause of confidentiality.

I understand you have a policy of initially rejecting claims for overdraft interest. However, should this be the case after you have reviewed my claim, you should be aware that my claim for overdraft interest has been meticulously calculated and double checked. It only ever relates to the cumulative charges within the overdrawn balance of the account at the point that the overdraft interest was debited.

 

If it is that in your view the interest is not claimable, I am prepared to discuss this with yourselves and the judge in court.

 

I hope to hear from you very soon so that a reasonable conclusion to this claim might be achieved. I am sure that the courts would approve of our settling this matter in a timely manner and without their further intervention.

 

For your records, I enclose another copy of my schedule of charges. I look forward to hearing from you.

 

 

 

[Janeykate]

sorry ,, me again.... just a quick question.,.. and really I have looked ,, but where does the daily rate come from,,, ie 8% is statutory. but can't find where the 0.00022 is applicable and under what rule?? sorry sorry,, know it must be somewhere??

[Janeykate]

:-?

[givememymoney]

Janey the daily rate comes from you applying 8% to your total charges. This you do at a moment in time. So what you claim for is your total charges plus 8% on a given day. But as HSBC haven't paid you yet, so you want to make sure that interest is continued to be added for each day until the settle or you win in court. This is charged at a daily rate as you have calculated to be £1.33 per day.

[Janeykate]

oh .. thanks gmm...... am getting so confused........thought It was different to the 8% statutory.... please could you read back to latty's post.... I'm inclined just to include the 8% as this daily rate of 0.00022 is way beyond me??

[givememymoney]

Janey, Lattie is correct what I suggest for your letter is this:

 

I am mindful of the vast number of claims with which you are currently dealing. In order to more speedily resolve this matter, I am willing to accept the sum of £XXXX.XX.

This includes:

Charges totaling £XXXX.XX

Overdraft interest of £XXX.XX

Court Fees of £XXX.XX

Interest on the charges as of todays date amounting to £XXX.XX (using the courts statutory interest rate of 8%)

This avoids the need to include a daily rate in a letter like this which is pretty unwieldy but does allow you to claim the total 8% on the charges from todays date rather than when you sent your letter back in February.

[Janeykate]

thankyou again GMM..... I'll re write letter as per your suggestions...don't know what I'd do without the support here!!

[Janeykate]

ok, have gone back to the first letter I posted ( charges. o/d interest, court fees + 8%) Last question............. as I recieved notice of transfer today... is it too soon to send letter to dg, plus letter to court with draft order?? am inclined to get the whole lot printed and sent tomorrow,,, recorded!! Thanks again GMM!!

[givememymoney]

Yes no harm in sending the letter they will either take you up on the offer or they won't. What we do know is that at some point along the line you will get a full offer and will get your money back.

[lateralus]

hope the letter hasn't gone - just noticed your daily rate - it is calculated from the date you filed your mcol. not your first letter to hsbc.

[Janeykate]

Hi,, no latty.. letter calculating interest is from the date I filed mcol... was so confused about this daily rate interest ( re post on filing claim with Mcol).... thought it was seperate to the statutory 8%. Will send letter etc off tomorrow.. really admire you guys and the handle you've got on all this....am getting there slowly but surely??

[givememymoney]

Lattie I think that as this is a nudging letter to include daily interest as part of the letter is confusing and you are not likely to get it offered from DG. I think a better solution is to recalculate the 8% interest for the date when you send the letter i.e. today and this takes account of the daily interest to date without being confusing. If it proceeds to court then obviously you need to stick with what has been asked for in the MCOL and the daily interest applies. The nudging letters are outside the court process so why not just say can I have all my money back plus the interest at 8% as from today.

[Castlebest]

I had to ask for it to be added to my settlement but I did get it

 

pete

[lateralus]

and soon you'll be dishing out the advice - when you've got your money back and can look back and say - i remember when.

 

actually - it's not that hard when you think of it this way -

you are asking for charges that we are saying are unfair and punitive and also the portion of the interest that they charged on your overdraft which relates to those charges. so, because they have had your money for that length of time - we are asking for 8% interest on the charges calculated from when each charge occured (that's what the s/s did)and then we are also saying - and we are asking for a daily rate on the charges (but not on the 8% interest as that is already being added) from the date of the claim until it is resolved. plus the court charges and that's your total.

 

that probably didn't help - but - that's what it all is.

 

i hear you guys and you are probably right - i never applied for daily rate as i couldn't fit it into my son's particulars - was only about £14.

[Janeykate]

ok,, How does this sound... oh and I don't know why text comes out in different sizes!??? have just included interest from date of mcol claim...

and soo sorry I keep posting,,, but really want to get it right!!

 

It has come to my attention that as of 11/04/07, an Allocation Questionaire in this case will not be required.

 

I am mindful of the vast number of claims with which you are currently dealing. In order to more speedily resolve this matter, I am willing to accept the sum of £xxxxxx. which includes overdraft interest, charges, court filing fee and statutory interest at the rate of 8% . I do not agree to waive my rights in respect of any other actions, nor do I agree to a clause of confidentiality.

I understand you have a policy of initially rejecting claims for overdraft interest. However, should this be the case after you have reviewed my claim, you should be aware that my claim for overdraft interest has been meticulously calculated and double checked. It only ever relates to the cumulative charges within the overdrawn balance of the account at the point that the overdraft interest was debited.

 

If it is that in your view the interest is not claimable, I am prepared to discuss this with yourselves and the judge in court.

 

I hope to hear from you very soon so that a reasonable conclusion to this claim might be achieved. I am sure that the courts would approve of our settling this matter in a timely manner and without their further intervention.

 

For your records, I enclose another copy of my schedule of charges. I look forward to hearing from you.

 

 

[lateralus]

sounds fine

and that A with lines through it on the left when you reply - click it and it should give you the normal text - sometimes highlight and click it.

[givememymoney]

The daily interest on Janey's claim has been mounting up since she filed her MCOL and is probably worth around £80 so not a small amount of money. There are two ways to get it as I see it.

 

1. Write the letter as she has detailed above including her claim for daily interest at £1.33 per day currently standing at £80 (approx).

 

2. Just claim 8% interest on her charges and OD interest as of today. This means that she won't continue to acumulate the £1.33 interest charge until they pay the money but does have the benefits of being simple to understand and aviods additional delay such as Pete had in going back to them and asking for it to be added when they don't include it in the offer which we know they won't.

[Janeykate]

thankyou latty, GMM, and castle... woww what do I do....I really don't understand.... the statutory interest on the total amount is 8% however if i understand it.. then the daily interest of 0.00022 is liable on the charges + o/d interest. then taking the total of charges. o/d interest x 0.00022 = ( )+ 8% interest and court charges = final amount... also please where does the daily rate at 0.00022 come from.... is it seperate to the statutory rate??

[Janeykate]

guys to be honest I think I'll go with the 8% statutory... rather than try and understand this daily rate thingamy.... GMM your last post convinced me as sticking to the 8% makes the claim easier to understand? However I really would like to know where the daily rate of 0.00022 is found.... ie.. is there some statutory law that shows this daily rate of interest seperate to the 8% which we all are aware of.... it is in the particulars of claim for mcol and really we need to know where this eminates from... it reads as a seperate issue to the 8%.

[givememymoney]

lol

 

We will get there eventually Janey it can do your head in at times particularly when first getting your head round stuff.

 

The 8% interest rate is there to be applied to the total amount that you are out of pocket for.

 

So say you are out of pocket £100 and I add the 8% interest to that today I will ask for £108 in total.

 

What happens next is say four weeks down the line I settle my claim with someone and they want to pay me my money. During that 4 week period 28 days have passed that I could also have earnt 8% interest on my money. So how do I let the other people know how much to pay me?

 

Well I tell them that my claim is £108 and for each day after I send them the details my they need to pay me say £0.20 per day. Which is equivalent to 8% per day.

 

The calculation Total Charges & OD Interest x 0.00022 is the calculation need to work out what the amount of interest per day is to be paid back to you at the 8% interest rate.

 

So it is all part of the 8% statutory rate just viewed from two point of view.

 

So your claim will be for:

 

Charges + OD Interest

8% Interest on the above amount

Your court fees

 

And then xxx daily charge from the day you send the letter to the day the pay you back. So if the take 60 days to pay you back after sending your MCOL then they need to give you in addition to what you asked for in your MCOL - 60 x you daily rate!!!!!!!!

 

[givememymoney]

Janey if you are still struggling with this and you don't mind then PM your actual figures and I can show you how it works

[Janeykate]

GMM I love you.... perfect sense.... ok so letter inc 8% sent off.... from date of letter posted till end of case = daily rate??? yes yes yes... get it.... wow.. love it .... so happy