Ikano - Claiming contractual interest 6+ years

[Rumblestrips]

Well after a few successful claims with the banks I thought I would now request my charges from an old store card I held from 1999. I contacted Ikano who sent me a badly typed word document with charges from 2001. So I requested the earlier charges by sending a S.A.R - (Subject Access Request) - COMPLETE Data Protection Act DISCLOSURE and also stated if they did not have this data then I wish to see a certificate of destruction.

 

They have now sent me a very shoddy looking Spreadsheet with charges from May 01 and a letter that states any details prior to this have been destroyed. This really isn't good enough as I specifically asked to see a proper document that legally shows they have been destroyed.

 

I will however begin my claim and I am going to claim for compounded contractual interest at the rate they were charging me which was 2.21% per month. However when I entered it onto the Excel SS, The interest amounted to 4 times more than the charges!! This seems like an awful lot but I checked it and it is correct. Shall I go ahead and start my claim or will the court think this is too much?

 

Any input will be appreciated.

[steven4064]

Which spreadsheet did you use? Vampiress' complex spreadsheet did have a wrong formula in it which did give too high an interest figure. Mindzai's spreadsheet is correct.

 

However, 2.2% per month is around 30% APR (29.9% by any chance?) and, if you think about it, even at simple interest that almost doubles a charge over 3 years, quadruples it over 6, so its not surprising that compound interest on 6 years gives such a high figure.

[Rumblestrips]

Thanks Steven

 

I used Mindzai's spreadsheet. That would seem about right then, as you say it quadruples it over 6 years.

 

My main concern before I start my claim is that the interest will be deemed too high. I have been trying to find a thread where someone has successfully claimed this much interest on their claim and would be grateful if anyone can give me a link?

 

Ta

[Rumblestrips]

OK I think I am going to issue the claim with contactual interestand see what happens!

This was the account that created all my financial problems in the first place.

So it is definitely payback time!

If anyone has any advice about claiming a high amount of interest in relation to their charges it would be very welcome.

[steven4064]

If anyone has any advice about claiming a high amount of interest in relation to their charges it would be very welcome.

 

Yes, they won't like it!

 

However, don't let that put you off. Stick with the tried and trusted method and I'm sure you will get everything that is yours.

 

Steven

 

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[zosaphine]

Hi, just found this thread. Cannot locate the spreadsheet from Mindzai to which you are referring, only Vampiress's. Can anyone help?

Thanks

[steven4064]

Hi zosaphine

 

There is a copy of Mindzai's spreadsheet here