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MCOL help with Contractual Interest.


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Hi all,

I am doing my g\f charges and am about to fill in Money Claim Online. Thanks to this site I have got to this stage with the standard templates etc and have informed Barclays of my intention to claim Contractual Interest from day one.

Can someone a bit more in the know comment on the claim I am about to file as my life wont be worth living if I balls this up......

I have a contract with the Barclays Bank, conducted on their standard terms and conditions. Barclays’s charges are a disproportionate penalty and

therefore unenforceable as they are contrary to common law. Despite repeated requests, Barclays has not been able to justify them. As a disproportionate penalty they are invalid under the Unfair (Contracts) Terms Act 1977 s.4 and under the Unfair Terms in Consumer Contracts Regulations 1999. Para.8 and sch.2(1)(e). In the event that the charges are not a penalty then they are unreasonable within the meaning of the Supply of Goods and Services Act 1982 s.15. I wish to claim £700 in charges taken by Barclays over the last 6 years, plus £351.95 in interest levied on them with a daily rate of £0.47 to be added until the claim is settled in full. I claim Contractual Interest (compounded) under the principle of mutuality and reciprocity in our contract. As Barclays has taken unlawful charges from my account, this constitutes unauthorised borrowing – thus, the rate of Contractual Interest used is the bank’s unauthorised borrowing rate. The standard rate of unauthorised borrowing set by Barclays is 27.50% therefore this rate is added to the above amounts and the breakdown is shown on the enclosed schedule. If the above method of interest is not acceptable I retain my right to claim under section 69 of the County Courts Act 1984 at the rate of 8% a year from 15/09/03 making a total of £789.66 with a daily rate of £0.15 to be added until the claim is settled in full


Many Thanks

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