Yorkie lass v First Direct

[yorkie lass]

Hi all, have just migrated from Netty's threat! Great news bout her pay out!

I wrote to First Direct two weeks ago with my first letter asking for money back. 14 days up tomorrow so will get letter number two ready if postman dosen't suprise me with a letter lol!!!!!!!

 

Only owe me £700 but that tidy sum will almost pay off my overdraft, so BRING IT ON!!

[dj59]

Keep going, stick to your timetable and dont let their letters put you off. You will get your money in the end.

[yorkie lass]

Hi dj59,

Just trying to work out my interest and realised first major boob! I did not include the interest on my prelim letter! I did ask on the forum but was told that i didn't need to put it in until my LBA which I am just typing out. I can't believe i made such a mistake after reading and reading for YEARS about claiming so I could get it right!!!

Great start, no wonder i haven't heard from them they probably think i am a total plonker!

 

I have had some charges refunded in the past which I did deduct from my schedule that I sent with my prelim letter so how do I work it all out?

I have looked at the template for simple Excel but I am c**p at figures and don't even understand how a £10 charge on a cheque get's the £3 something interest!!!!!!

Is there any hope for this dim wit of a girl?????

 

I have just filled in the 'Buddy system' to see if there is anyone local that can help as i need to get this interest stuff sorted NOW or i won't be sleeping tonight:(

 

HELP!!!!!!!

[cookie121]

Don't worry you haven't C**ped out, there is no need to add the interest the statutory interest that is until the LBA letter. The interest that is mentioned in the Prelim is interest on debited accounts that have occurred as direct result of charges being applied. It is IMHO not worth worrying about and usually amounts to peanuts. However when you send your LBA you must state that you will be claiming the Statutory interest at 8% at the court stage. DON'T PANIC it will work out all right in the end

[yorkie lass]

Need to add a sentence to make things clearerThanks cookie121.

 

I have frantically been looking at threads about contractural interest and 8% interest- MAN is it confusing.

 

So let me get this straight, I have just typed my LBA and its ready with my schedule that I sent with my prelim letter without interest added!

Do I send this in the morning as it is, with no interest mentioned just what they took off me in charges and when, along with the amount they owe me?

Maybe I can sleep tonight after all!!!!!

[yorkie lass]

Just one tiny thing!

When I log on to the CAG website how do I get straight to my thread?

[Michael Browne]

Do I send this in the morning as it is, with no interest mentioned just what they took off me in charges and when, along with the amount they owe me?

 

Yes

 

When I log on to the CAG website how do I get straight to my thread?

 

Top of the page - Quick links- Subscribed threads

 

Your thread with any others you've posted to will be listed.

[yorkie lass]

It's me again!!!!

Tried to edit my thread earlier but it was too long so i will do it here!

Sorry for being so dim again!

 

The LBA template I got from the library in paragraph 4 talks about calculating the amount owed from charges plus the overdraft interest so do I calculate the interest and put it on my schedule like the 'simple Excel' spreadsheet or not?

 

If so then I dont understand on the template how the unpaid chq of £10 incurred on 31.3.03 results in £3.17p interest. I am sure you must do some adding and dividing by the 'days since offence' (1441) to get that figure?

You will laugh at me but i am actually the treasurer of my local British Legion Branch Wot you think of that one then!!!!!

 

A swift reply would be most welcome, or it's going to be a long night

[cookie121]

I have my thread added to my favs. If you use the template letters you can't go wrong, but you only add the 8% interest when you go to court, so just send the LBA laying out the charges you are claiming as before.

[yorkie lass]

Hi Michael,

 

Thanks for that, I was so busy typing and getting in a pickle I missed your reply!

When do i send the schedule with interest then?

[yorkie lass]

Thanks Cookie,

I'm going now my head is in a whirl!

[Michael Browne]

The LBA template I got from the library in paragraph 4 talks about calculating the amount owed from charges plus the overdraft interest so do I calculate the interest and put it on my schedule like the 'simple Excel' spreadsheet or not?

 

There are 2 instances of interest you can claim:

 

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the general overdraft interest figure.

 

Vampiress has a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

 

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

 

This is the interest referred to in the preliminary and LBA letters.

 

2. Section 69 8% interest on your claim, but only when you submit a claim at court. Don't add this interest before moneyclaim

 

When do i send the schedule with interest then?

When you file at court.

[yorkie lass]

Thanks again Michael for the invaluable advice!

 

The postie has just been and no letter from the bank so here I go, I'm off down the post office with LBA letter in hand.

 

Really nice of them to acknowledge my prelim letter!!!! NOT....

 

Looks like I will be doing more reading for next step in 14 days

[yorkie lass]

Well I reckon I have had my first 'Sort of win' today!!!!

The 13th of each month is overdraft charging day . I have just been on line to check my account and they haven't taken a sausage from me!!!! I did actually owe them £100.53, I did argue the toss last week and got some of it back but it looks as if they have let me off with the whole lot plus interest which is a first!!!!

 

Maybe i might get my £626 back pronto as well. Well I am allowed to dream a little aren't I???

:D

[yorkie lass]

Got my dates wrong!!! looked on my account today and charges are not due on my account until the 16th! New one on me. the last x amount of years it's been the 13th. well we will see what friday brings!!!

 

I have just got home to find a letter on my door step from FD offering me a settlement! WHAT SO SOON!!!!!!

It states,' Mindful of the management time and irrecoverable legal costs we may incur (SHAME)! in relation to such a claim. For those commercial reasons alone, and without any admission of liability whatsoever, FD is prepared to make a payment to you in the sum of £509 in full and final settlement of this matter, which I believe is a fair and reasonable offer.

So there you go in black and white after 16 days from prelim letter what do you reckon? Do I stick it out for the £626 or take the offer??????

[monkey_uk]

It's an extra hundred quid! I'd write back and state that you don't accept that offer, however, were they to offer XXX (i.e your full claim amount) you would be of the persuasion to accept it.

[Tiffla]

I agree!!!

 

If it was your money they would take it within a blink of an eye and they'd take it straight away!

 

Don't accept anything less - it's YOUR money.

 

Good luck.

[younganfree]

In post 14 you said you owed them £100.53. What do you think they'd say if you said 'Mindful of the management time etc., I am prepared to pay you £80, in full and final settlement, which I believe is a fair and reasonable offer'?

It works both ways, Tiffla. They wouldn't accept such nonsense, why should you?

[monkey_uk]

In post 14 you said you owed them £100.53. What do you think they'd say if you said 'Mindful of the management time etc., I am prepared to pay you £80, in full and final settlement, which I believe is a fair and reasonable offer'?

It works both ways, Tiffla. They wouldn't accept such nonsense, why should you?

 

erm...this isn't Tifla's claim...! :confused:

[yorkie lass]

Hi Monkey,

 

No it's not Tifla's claim. She was just replying to a message I have left.

No probs don't worry!

[yorkie lass]

Just a quick update before the school run.

 

Av checked my account this am and they have refunded my charges on one account for this month but not the account where it's my first offence???? How do u work that one out then! I thought they would have refunded my first offence account back and taken thier (or should I say MY) lousey £55 from the account I have got an LBA in for.

Makes no sense but hey at least I'm £15 better off as they only took £30 from my first offence account and that will be refunded on round two of letters!

 

Have decided to ignore the 'Without prejudice' letter offering me £509 back instead of the £626 they owe me, after all it is MY £100!!!!

 

The letter they sent me was a day late of the 14 days given anyway and I had already sent my LBA off the day before.

 

A quick question, do I have to reply to the letter offering me a settlement, or do I just leave it?

[yorkie lass]

I am now updating myself ready for court and her comes the calculations of the interesting 'interest' I have to put on!

 

Now I am a bit of a 'turnip':o when it comes to figures and I would like someone out there to please give me an example because I have spent many a time going over the spreadsheet that is available from vampiress but can't seem to work out the figures!

 

I know that the spreadsheet is ficticious but I am assuming (rightly I hope) that the 'Days since offence' and figures quoted have been worked out correctly because I cannot fathom how 'UNPAID CHQ CHARGE OF £10 OCCURRING ON 31/03/2003, DAYS SINCE OFFENCE 1441 INTEREST OF 8% RESULT IN £3.17' !!!!!! How has this been worked out????? :o

 

I know this is the most confusing part but I need to be on the ball and get my schedule done so I am all ready for court on the 27th March. Probably won't come to that but hey I need to be sorted.

 

I have worked out my days since offence (remembering we had a leap year in 2004)! Just need a hand working out my 8% interest PLEASE!!!!!!

[Tiffla]

Hi, Yorkie Lass.

 

When you enter your figures into the spreadsheet the correct amount of interest will be given. The program that uses the spreadsheet will be ‘time generated’ so it knows exactly how much interest to calculate over a given amount of days.

 

Your £10 charge at the end of May 2003 accumulates £3.17 interest, so the total amount would be £13.17.

Whereas – a £37.50 charge (which I’ve had dozens of) on the same date will give you interest of £11.89, that’s £49.39 in total. As you can see, this makes quite a difference.

 

Don’t worry, it’s all quite accurate and the interest rates change daily. If you left it a few weeks and entered the same charge on the same date again, it would give you a higher total figure because the interest has gained during those few weeks.

 

Hope this helps.

[Michael Browne]

'UNPAID CHQ CHARGE OF £10 OCCURRING ON 31/03/2003, DAYS SINCE OFFENCE 1441 INTEREST OF 8% RESULT IN £3.17' !!!!!! How has this been worked out?????

 

 

£10 x 8% = 0.80 (annual rate) divided by 365 =0.0022 (daily rate) X 1441 (days since) = £3.17

[yorkie lass]

Thanks Tiffla and Michael!!!!

XXXXXXX