contractual interest- can i claim it against a loan from first national (ge money)

[pt2537]

Hi,

 

Im taking on first national tricity finance for charges against an account i had where they financed the installation of central heating at my house and i was wondering if anyone could advise me if i can claim contractual interest like people are doing with some bank accounts as they have charged me 29.8 % interest on the loan and charges, i have looked for a suitable spreadsheet to calculate contractual interest but all i could find was one for bank accounts and credit cards but nothing for loans

 

any advice would be great

 

 

thanks

 

paul

[Parkvale]

If the 29.8% was their agreed interest in their terms and conditions. Which with my experience of First National is correct. You won't be able to claim back the interest on the loan. If at any time you have been in breach of contract i.e. missed payments etc.

and they charge you penalty fees on your account. Then of course these are unlawful

and you have a legal right to claim them back. Hope that helps you out .Good luck.

[steven4064]

Parkvale is right - you can't claim back interest on the loan but you CAN claim back contractual interest on the charges. We have just successfully done just that with GE Money (Burtons card). They have repaid charges already and have (today) effectively agreed to pay 29.9% compound interest on the charges.

 

Go for it!

[Parkvale]

Thanks steven, nice one about the 29.9% compound.

[pt2537]

Hi Parkvale & steven4064

 

thanks for responding,

 

steven, that was what i was looking for as basically i wanted to know if i could charge the contractual interest on the charges . i probably didnt make it that clear in my message looking back on it

 

thanks for clarifying that and i will be asking for my charges plus the 29.8% interest as well

 

regards

paul

[steven4064]

Just for completeness, we also claimed back estimated charges (GE Money had 'lost' a couple of statements) and interest on those too!

 

The account was closed in June 2005 so we calcualted interest at 0.000717% (29.9% APR) per day compounded from the date of the charge until 10 June 2005. On the court claim we added 8% on top of that from the 10 June 2005 onwards.

 

GE Money have agreed to pay (today).

[Parkvale]

Steven an excellant negotiator i think. Well done