Darling1-v-ge Money

[darling1]

I am new on this particular forum, just had an excellent win against LTSB and HSBC - so now it is time to tackle my store card charges...

 

I have 3 accounts with GE with 13 charges in total...Laura Ashley (6), Russell and Bromley (2)and Debenhams (5) @£15.00 each.= £195.00 - can I lump these all together??

 

I am not sure what to do...are the rules the same as with the banks...I have all my statements. I am a bit confused on the intrest part, do I claim it back at 29.9% from the start, as obviously I have been charged for each and everyday that the charges are on the account. (with the banks you only add the interest at 8% at the filing N1 stage) and obviously I want all the money that it has cost me...

Hope this makes sense..I would really be grateful if someone can spell out for me what to do next!!!!

Thankyou

Darling1

[ukaviator]

Hi Darling1

 

You treat the claim on store cards as you do with Credit cards. There is normally a very high interest rate added to these cards, so claim it back with your charges at the Contractual Compounded rate. It's what they have charged you.

 

Uk

[darling1]

Right, Silly question I know, but where do I go to find out about credit card charges?? - sorry to be so silly, but my mind is still full Bank charges info!- only ****WON*** yesterday, so still a bit excitable!

Thank you

[ukaviator]

Have a look through the Capital One / Barclaycard threads. It will give you a better idea on how to tackle those. You go through the same procedure as with bank charges, but if you are asking for contractual interest you can't claim the 8% at the court stage. You need to inform the company of your intent from the beginning of your claim when claiming contractual.

 

Uk

[darling1]

Ah-ha, I shall get on and read up as much as I can,thanks for your help. will get back to you when I have done that!

Darling1

[darling1]

I have looked up as much as I can, but I am still confused - , I have all my statements, I know that I can claim for the 29.9% form the prelim onwards, BUT....where do I go to get the prelim letter (and the LBA)??

Are the bank ones that I have used before worded differently?? Or are they the same, I am very cautious about all this claiming, and don't want to get it wrong - I am starting with GE as its quite a small clim, BUT teso finance and Visa are yet to come, so I'd like to understand what I am doing!!

Sorry to be a pest

Darling1

[MrBump]

Just amend the wording on the templates in the library. Good luck.

[steven4064]

Re compound contractual interest. This what we did -

 

The account was closed in June 2005 so we calculated interest at 0.0717% per day compounded from the date of the charge until 10 June 2005 (that comes to 29.9% APR). On the court claim we added 8% on top of that from the 10 June 2005 onwards.

 

I couldn't get the spreadsheet in the library to download and work so I wrote my own which you are welcome to if it would help.

 

Steven

[darling1]

Thank you very much steven, I would love to use your spread sheet...I have been spending a lot of time think think thinking...I assume you start to charge the 29.9% to them on the first letter/ and LBA ? Ie..tell them that you want X amount and tell them what the 29.9% amounts to from the off.

Because they have been happily charging me at that rate for my own money from the day they charged me for those late payment charges! This isn't a huge claim, but as they say in Tesco land every little helps!

[steven4064]

PM me with your e-mail address darling and I will send it you - its in excell

[Pen]

Hmmm i now know what you mean now, Sue if it is the same principle as creditcards i would just check out the barcleycard site and maybe follow what they do but change the bits to suit the storecards. I know there are loads of templates etc for creditcards also give Gizmo a Pm I think she would know a lot about it and where to find the anwsers you seek. i will do a bit of research to see if i can help you out at all. what a bummer

 

Pen

[darling1]

[steven4064]

Darling1

 

When ever they apply an interest charge it is on the outstanding balance, which consists of what you actually borrowed (minus what you have paid back) and charges. The interest calculation they apply doesm't distinguish between the two. So they have charged you 29.9% compound interest on the charges (whatever they might try to tell you to the contrary)

 

If the charges are unlawful then the interest they apply to the charges must be too.

 

To me its a no-brainer - you should claim back charges plus interest at 29.9% compounded over the time between the charge and the claim. If it comes to making a claim through MCOL or court then you should add 8% on top.

 

Store cards are not explicitly covered in the templates but I don't see any difference between them and ordinary credit cards (apart from the exhorbitant interest) - we just used the credit card letters modified to suit our particular case.

 

Steven

[steven4064]

If its any help, this is the prelim letter we used:

 

GE Money

PO Box 700

Leeds

LS99 2BD

 

 

Request for repayment of charges

 

Dear Sir/Madam,

 

Burtons Store Card xxxx xxxx xxxx xxxx

 

My request

I am writing to ask you to refund to me the charges which you have levied from my account from ddmmyy (date a/copened) to ddmmyy (date it was paid off).

I now understand that the regime of fees blah blah as in credit card template ..... If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs which you have incurred as a result of my breaches, in order to reassure me that your penalties really do reflect your costs, noting that your letter to me of 4 January 2007 explicitly states that there were no manual interventions on my account during this period.

 

Your responsibilities

as in credit card template

 

What I require

I calculate that you have taken £xx plus £yy which you have charged me in interest for the sum which you have taken. Total £xx+yy. I enclose a schedule of the charges which I am claiming with this letter. Interest on each charge is calculated at the rate you charged me from the date the charge was made up until ddmmyy, the date the account was paid off.

 

My targets to resolve this matter

as in credit card template

Yours faithfully,

 

stevn4064

[Pen]

Hi Darling 1, I am sure steve is right. send off the letter and go for it. lock stock and barrel.

 

Good luck.

 

Pen

[steven4064]

Pen, I've senty you a PM

 

Steven

[darling1]

Thank you for that steven4064, thanks also for the PM . have Pm'd you back and given you correct address address!

darling1