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My Ltd Company v Barclays

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Hi All

 

I've decided to take the plunge and hit Barclays on our Ltd company account. I have been abit scared to tackle this as the company has an outstanding loan with them. I didn't want them calling in the loan as soon as I sent the first letter. However I have now decided to go for it. I ahev opened another business bank account else where and these seem to be alot more helpful than Barclays.

 

I am also thinking of compound interest on the account, can someone please look at my letter below to see if it's ok..

 

Has anyone won compound interest on a business account??

 

Regards

Danler

 

-------------------------

 

To Barclays Bank

 

Dear Sirs

 

I am writing to ask you to refund to me the charges which you have levied from the business account over the period between November 2003 to March 2007.

I now understand that the regime of fees which you have been applying to the business account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law. The charges debited to the Account are punitive in nature; are not a genuine pre-estimate of cost incurred by the bank; exceed any alleged actual loss to the bank in respect of any breaches of contract ; and are not intended to represent or related to any alleged actual loss, but instead unduly enrich the bank which exercises the contractual term in respect of such charges with a view to profit. The precedent for this was Dunlop Pneumatic v New Garage [1915] AC 79.along with Murray v. Leisure play [2005] EWCA Civ 963.

 

If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.

 

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.

 

Your concealment of the true nature of your charges has prevented me from asserting my right until now.

 

I calculate that you have taken £4251.11 plus £1043.14 which I have calculated is the interest at your rate( 29.5%) for unauthorised borrowing for the sum which you have taken from me. Total £5294.25

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

 

 

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

 

If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

 

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

 

Yours faithfully,

Danler Ltd

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is that interest payment at 29.5% simple interest?

 

if you're going to try that you might as well go for compound, that really adds to the total

 

repeated advice on here is to understand the argument for Contractual interest, although they seem to settle such claim just the same, don;t let them settle the charges and go on to dispute the interest

 

as for the letter, use the standard template from the template library, they work and you can trust them, I'm not saying your's isn;t good just that there's no advantage to going freelance and possibly there's some risks

 

they can't do anything to your account while you're pursuing a claim the account is in dispute' is what you say to them if they try, I imagine the loan will relate to the account, but check that

  • Haha 1

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Hi Micky

 

The compund spreadsheet is the one I found here from

Mindzai & Lucids.

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

 

The charges have really only been applied within the last 14 months, therefore the interest isn't that great but I've just found a mistake and the interest should be £1403 not £1043.

 

The letter is from the Business Claims but I have had to alter it as because it's a limited company account I am not the person claiming, the business is. I am only a director.

 

Regards

Danler

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that makes sense, just checking! :)

 

I know little about the regular claims and nothing about the business ones

 

has to be worth reading the scott £39k business claim against NW that made the news

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Hi Micky

 

The compund spreadsheet is the one I found here from

Mindzai & Lucids.

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

 

The charges have really only been applied within the last 14 months, therefore the interest isn't that great but I've just found a mistake and the interest should be £1403 not £1043.

 

The letter is from the Business Claims but I have had to alter it as because it's a limited company account I am not the person claiming, the business is. I am only a director.

 

Regards

Danler

 

Danler, I think it's a little harsh to say you've gone freelance with the letter, although they are meant with the very best of intentions by Mike i'm sure. I have seen some freelance letters and believe me, combined with the spelling mistakes and grammatical errors the bank would laugh at them. Most, if not all of what you have written is straight from the templates so I don't think you'll have any difficulty with it at all. What Mike said about the scott case though is right and worth a read. Good luck


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

A click on the scales below is appreciated if my posts were helpful

Do not regard my postings or suggestions as professional advice. If in doubt seek a professional opinion.

 

PLEASE DONATE IF SUCCESSFUL - Every little helps :)

 

PLEASE, Do not Private Message me with basic questions, start your own thread and PM a link if you wish, but I will not be able to respond to all individual questions as I am very busy on numerous other things and anyway, others cannot learn from PM's. It also stifles contributions from the vast talent base this site offers from it's contributors and I'm not all that clever really! :D Thank you.

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sorry if that was harsh

 

I consider adding a comma going wildly freelance when using those lovely template letters, I like template letters

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Hi Micky, No I don't think you was harsh. Like I said earlier the template was from the Business Claims - Basic Guide. But as the Limited Company is claiming the charges back I tried to alter the wording from " I, me, we " to "The company". Don't know if I did them all but i'm sending it off toorrow. The only other bit i enter was

 

I calculate that you have taken £4251.11 plus £1043.14 which I have calculated is the interest at your rate( 29.5%) for unauthorised borrowing for the sum which you have taken from me. Total £5294.25

 

I suppose I am abit scared as it;s compound interest at the banks unauthorised borrowing rate, but I feel abit more confident now I have spent all evening reading about other peoples situations on claiming compound interest.

 

On another note : I just watched The Apprentice, I wonder if Sir Alan Sugar ever had bank charges when he was starting out???

I watch that program dreaming "one day..."

 

Regards

 

Danler

 

 

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:)

 

I'm being polite seeing as I'm a new bug still on his prelims

 

I send off my CI claims after two weeks of dithering to and fro, feeling good about it now after talking to a few other people doing/done it

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