Aoife vs Abbey

[Aoife]

Does contractual interest have to be compound?

A

[Mad Nick]

Aoife,

• Does contractual interest have to be compound? Afraid so.
  
• the ^ symbol means "to the power of"

If you want to, PM me your e-mail address and I'll send you a template sheet. You can cut and paste your charge details in. Are you OK with how to do that. If not paste them into the PM.

 

As to changing the amount you're claiming, I would see what the correct total is. If it's significantly different (eg >£200), I think you'll have to go round the LBA loop again. If not, I would just crack on with the (slightly) different figures. Regards, Mad Nick

[Aoife]

Mad Nick, I have pm'd you but I've had another thought.... what if i put this statement on my schedule.

NB: This spreadsheet shows a conservative estimation of simple interest accruing at 16.9% per annum from the date charges were applied to the account. This interest would normally be calculated in a compouded fashion and would therefore be a significantly higher figure. For the purposes of this claim I am happy to accept this lower figure.

It would be a shame not to get the full amount but perhaps better than starting all over again?!? Aoife

[Aoife]

Help I've just redone my ss and new figure is somewhat different - final sum now £8614. Should I re-submit prelim and LBA? This seems like a high interest charge.

 

Aoife

[Mad Nick]

aoife, see my PM - your SS is fine. It's definitely calculating compound interest but using the i/365 approximation rather than the accurate (1+i)^(1/365)-1. But that's acceptable. Regards, Mad Nick

PS. see also PM of Saturday - clarifying which SS is right

[Aoife]

Help needed....

 

From anyone claiming CI did you need to put anything about mutuality and reciprocity in your POC on your N!?

 

Aoife

[Michael Browne]

The Claimant also claims interest at a rate of xx%, from the date of each transaction to (date of claim) of £xxxxxx, as set out in the attached list of charges. The claimant further claims interest at the same rate up to the date of judgement or earlier payment, at a daily rate of £xxxxx per day.

 

The Claimant believes this rate to be justified under the principle of mutuality and reciprocity, and is based on the Defendants overdraft interest rate that would be applied under the terms of the above mentioned account.

 

Should the court find that this interest rate is not applicable, then as an alternative the Claimant wishes to claim interest pursuant to section 69 ........"

 

I'm sure if you posted here:

Why is no one claiming the contractual rate of interest???

someone can advise better

[Aoife]

I've filed N1, Abbey is defending, normal I gather. Just having a look at the AQ and haven't a clue what to put. I presume I will be sent N150 as claim is >£10k How does one allude to settled cases in an AQ? I believe four Abbey defences have been struck out and I would like to mention them if i can.

Aoife

[adamc6671]

Hi Aoife - try this, from GaryH - it's brilliant - everything in one place, including striking out their defence!

 

http://www.consumeractiongroup.co.uk/forum/abbey-bank/87766-abbey-abuse-orders-keeping.html

 

As far as I can see, it makes the whole AQ thing easy - hope it's of use.

 

All the best - Adam

[Aoife]

Thank you Adam much appreciated, I must be psychic I've literally just pm'd him for some advice.

Cheers Aoife