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Contractual Interest with BC


special_k
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Hi all,

 

I wanted to know what your experiences of claiming contractual interest with Barclaycard are. I've been reading around on the subject and get the impression that the success rate is not as great as going for just charges. I did read that from an old post so this may have changed....

 

Anyone out there been successful claiming contractual interest on CREDIT CARDS?

 

Thanks,

K

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Hi there Special K,

 

I am awaiting B'card to reply from the sars I sent - now 40 days ago - no joy so I am ready to officially complain to the B.O.

 

As far as contractual interest is concerned - many have done it & been successful as the banks/credit card people just are desperate to keep out of a court room.

 

You can easily explain that claiming contractual is your right as they (the bank) charged you just that themselves.

 

I know of quite a few that have been successful with capital one credit card & GE capital, however I dont know of any that have been successful with B'card.

 

Thats not to say you wouldnt be, & my opinion is that the likelihood is you (& I) would probably be successful as if it got to court the worst that could happen is that the judge would ignore the contractual & just give the standard 8%.

 

But I dont think B'card would risk it going inside a court room as then they would have to divulge just how much it costs to charge us. Soooooo, they would be going till the last minute but then buckile, give way & pay up.

 

Have you got a contractual spreadsheet to use?? Im still trying to find one that a) I can access easily b) I can understand c) be as simplistic as possible!!!!:confused:

 

Theres absoloutely no reason why contractual shouldnt be sought, so stay in touch - I may just become your contractual B'card buddy!!;)

 

Best wishes,

Electric Lemon:D

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Hi Special K,

I have claimed contractual interest with Barclaycard and my court date is 30th April. I fully expect them to pay up before then as they have failed to comply with the Judges Directions, and theres every possibility that the defence will stand struck out and Judgement given as per the Judges orders. Just a waiting game. You have nothing to loose if you claim Contractual, you could always accept the 8% if you do not want to hold out. None of the banks have actually gone to court let alone disclose details of how much it cost. I have actually been sucessfull with Capital One and received full contractual interest. If I had been a bit more cleverer I should have gone for compound interest, that would have increased the Interest sums greatly.

At the end of the day it is your money and you must make your own choice.

DS

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Im still confused between contractual & compounded silverstein???

 

Can you explain please??

And where did you get your spreadsheet from??

 

Many thanks

 

Compund interest is based on accumaltating the interest, so it multiplies over and over, like what the banks charge us. Contractual, is the rate the credit card company charged you. I used Vamps spreadsheet which I believe is being re-vamped, but if you look in the template liabrary, I am sure you will find reference to one in there. Basically, Vamps spreadsheet, all I had to do was to put in the date and it calculated how many days up to the present day, I put in the contractual rate, which I found on my Credit Card Statement, and I put in the amount they charged, this then calculated the amount of interest on a simple term basis.

I hope that has helped you.

DS

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to clear up contractual interest is compounded.

 

The confusion arises because people use these terms without understanding what the terms mean and the use them to describe the wrong thins. Well sometimes anyway.

 

The term compound interest applies to the way the interest is applied to the original stake. You apply interest at a given period say daily, then this gives you the stake plus interest, the following day you do the same to the previous days total (i,e, stake plus interest) and so on.

 

Contractual interest is a way of describing the rate and method of applying that rate. Contractual interest can be authorised or unauthorised or any other rate mentioned in your contract with the bank.

 

As to what you can claim

 

your charges

interest you paid as a result of those charges (often referred to as contractual interest)

 

Then you can charge the bank/cc company interest at 8% simple interest

(often called Sec69 or CCA interest) or you can charge them contractual interest (typically people ask for unauthorised for banks and cash advance for cards)

 

I have claimed contractual from Barclaycard and MBNA in the sense i have claimed back what i paid AND charged them the cash advance rate and got it.

 

HTH

 

Glenn

Kick the shAbbey Habit

 

Where were you? Next time please

 

 

Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless

Abbey 2nd claim, two Accs - claim issued 30-03-07

Barclaycard - Settled cheque received

Egg 2 accounts ID sent 29/07

Co-op Claim issued 30-03-07

GE Capital (Store Cards) ICO says theyve been naughty

MBNA - Settled in Full

GE Capital (1st National) Settled

Lombard Bank - SAR sent 16.02.07

MBNA are not your friends, they will settle but you need to make sure its on your terms -read here

Glenn Vs MBNA

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Hi all,

 

Lots of great stories there to keep my motivation up. I might as well ask Barclaycard for a pony as well, seeing as they are so desperate to stay out of court!! :)

 

Dsilverstein, I used the spreadsheet that Vamp provided, I don't have a link to the specific one but I found a few in the templates library and picked the most relevant - they all have very clear explanations.

 

K

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Good luck with your claim, if you get stuck just ask!

 

I am sure Glenn is much more learned than I, he has a wealth of experience in his dealings on this site and I am sorry if I mislead you in any way, but how I explained it to you was how I understood it.

 

Regards

DS

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  • 3 weeks later...

Hi Glenn,

Have been reading about your claim with Barclaycard which was successful. Well done!

 

I am claiming CCI with Capital One & am interested in doing the same with B'card, however it appears that they get a bit Sh**ty when people do & either reduce the CC limit or cancel the card.

 

I dont want them to do either really!! Especially as I have been reasonably good with my card over the years I have had it.

 

Couls I ask after your success did you still keep your card or were they funny with you?

 

Thanks.

Electric:D

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LOL all my accounts were closed, although they did try to pay the moeny back into the account!!!

 

I had short settled a while earlier and so perhps they thought they would offset it against that, funny thing is i didnt agree.

 

If your record is good then they have no justifiaction in closing your account, if they reduce your balance and this makes you indur further charges then write to the finacial ombudsman and complain as they are taking retaliatory action agaisnt you.

 

utlimatemly they may not take any notice and close your account or whatever, seems to me its a small price to pay for getting back moeny unlawfully taken from you.

 

Oh and i have gone from having several store cards, credit cards and loans to having one debit card and apart form a mortgage no other loans.

 

Im still alive and sitll manage to eat and drink, i suspec that most of us would manage once we get to the stage where we are largely free from debt.

 

Best of luck

 

Glenn

Kick the shAbbey Habit

 

Where were you? Next time please

 

 

Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless

Abbey 2nd claim, two Accs - claim issued 30-03-07

Barclaycard - Settled cheque received

Egg 2 accounts ID sent 29/07

Co-op Claim issued 30-03-07

GE Capital (Store Cards) ICO says theyve been naughty

MBNA - Settled in Full

GE Capital (1st National) Settled

Lombard Bank - SAR sent 16.02.07

MBNA are not your friends, they will settle but you need to make sure its on your terms -read here

Glenn Vs MBNA

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LOL back!!! Oooh-Err:D

 

Well, thats that answered then!!

 

I have generally always run my card well. i.e. Never had them ringing me or the like for payments. My charges have come from either being slightly late i.e. only up to a week late, or going over by very small amounts - max amount I have ever gone over by has been £19 & that was because of a charge!

 

I hate the interest rate on CC's but do like to have just one as there are some things that in life it seems you are asked to have one for.e.g. staying in hotels that sort of thing.

 

It would be an inconvenience not to have one really. I dont want loads just this one, so you see am nervous!

 

I have a feeling that by claiming the standard 8% they will prob be ok, but if I go for CCI they may well be OUTRAGED & then I will have shot myself in the foot!!

 

Helllllp!!

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FWIW as far as i can make out simply instigating a claim is enogh for them to throw their toys out of their prams. So i think i would go for it, you can always use it as a bargainiang tool of you feel fit.

 

Ultimately the choices are for the individual to make.

 

HTH

 

Glenn

Kick the shAbbey Habit

 

Where were you? Next time please

 

 

Abbey 1st claim -Charges repaid, default removed, interest paid (8% apr) costs paid, Abbey peed off; priceless

Abbey 2nd claim, two Accs - claim issued 30-03-07

Barclaycard - Settled cheque received

Egg 2 accounts ID sent 29/07

Co-op Claim issued 30-03-07

GE Capital (Store Cards) ICO says theyve been naughty

MBNA - Settled in Full

GE Capital (1st National) Settled

Lombard Bank - SAR sent 16.02.07

MBNA are not your friends, they will settle but you need to make sure its on your terms -read here

Glenn Vs MBNA

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