Barclays - Statutory Interest on first letter

[tylooby]

Hello all,

I have been fixed to this site for a few weeks now - it's fab!.

Can you help, I am worried. I have sent off the charges with statutory interest table in my very first request for payment to all the below bank accounts? Since reading other threads, it suggests NOT to do this. However, it does leave a space to add it in on most prelim letters?

 

Barclays £1,090 + Statutory interest

Nationwide £695.50

Nationwide joint £1,951.50

Nationwide joint £280.00

 

Please help I am confused. Many thanks in advance.

[lthomp192]

You only add the 8% interest to the claim when you actualy file for court.

[dar£n]

ty,

do not worry too much at this stage, if it was your first letter, they will more than likely reply with an offer fo goodwill.

When you reply just make sure you do things right from there,

It may be that as you have included the interest initially, B's may assume you dont know what youre doing, so might just ignore you at this stage.

Now you have found CAG, you DO know what youre doing.

 

If in doubt, post on here before you do anything, someone will answer without delay.

[tylooby]

Many thanks both.

As I messed up with the first letter (sending the charges table with 8% interest), I wonder if you can help with this. I really must get this right. I am trying to get my charges back from Barclays (closed account), Nationwide and another 2 closed joint Nationwide accounts. I have sent the 1st letter out to all of the above (incorrectly sending the 8% table!!! DAMN!). I feel daft now!

 

I am looking for the ultimate 2nd letter, where I threaten court action. I assume that I won't be mentioning the 8% interest unless it comes to legal action? There are so many templates and I want to get it right this time!

 

Also reading other threads, the legal forms and terminology sounds really complex and involved. Please dont get me wrong, I am not frightened of a little hard work for the rewards, but hope I dont mess it up!!

 

Anyway thanks for your help and I will continue to read other posts with great interest.

[dar£n]

You are doing the right thing now thats the important thing [asking what to do next].

When your deadline runs out from your prelim letter [14 days] you go to the LBA [Letter Before Action]

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/92-3-letter-before-action.html

Change any details to meet you claim and send to B's via Recorded Delivery.

 

Dont worry if you keep posting questions, we will not get fed up with answering them.

[giggs]

Hi,

I wonder if you can help.....I have pasted the letter that you mentioned as I would be grateful for your input on the part I have highlighted in Orange.

 

Firstly I thought I was not meant to mention this yet until I may have to go to court. Also if I should mention it, is this the 8% interest figure that I arrive at from totalling up my fees history (eg from the Money saving expert table).

 

There are also LBA's that dont mention Interest at all. Can you still claim for interest later?

 

I would be grateful for your help - I think this confuses people.

 

Many Thanks

 

LETTER BEFORE ACTION

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: xxxxxxxxx

 

 

I am very disappointed that you have failed to respond to my letter of the [XXDATEXX].

I now understand that the regime of 'fees' which you have been applying to my account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent Consumer regulations.

 

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

 

I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX.

I am enclosing a copy of the schedule of the charges which I am claiming. I have already sent you a copy of this in my original letter of the [XXDATE OF FIRST LETTERXX]

 

Additionally you have entered a default notice against my credit record. This default occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.

 

In addition to full payment of the sum mentioned above I require that you remove the default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.

 

I require repayment in full of this money and removal of the default notice. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest plus a claim under ss.7 and 13 of the Data Protection Act 1998 plus my costs and without further notice.

 

Furthermore, I shall submit a Consumer Credit Act 1974 complaint to the OFT upon the basis that you have failed to comply with the OFT's direction of 5 April 2006 and are therefore not a 'fit and proper person' to hold a consumer credit licence under the 1974 Act. If you do not understand what this means then seek advice from your legal department.

[torigirl_uk]

Hopefully I'm answering this correctly as I'm not that hot on the interest myself and asked for it straight from the off!!!

But there are 2 types of interest

 

Overdraft Interest - Which you claim from the very beginning in your prelim letter. Which is the interest that the Prelim mentions.

 

S69 (statutory 8% Interest) - which you claim at the court stage (MCOL or N1 Form)

 

If you are going to claim interest you really need to claim it at court stage, you can amend claims for a small fee and include it. But I think there is a time when you can no longer do that (not sure when that is though sorry!)

 

Dar3n, Michael Brown where are you?!!! You two are much better at doing this than I am!!!!

 

I hope that helps somewhat to answering part of the question above!

 

Tori:)

[oneofakind]

s69 interest (the 8%) is the standard; the banks will be expecting this to be added if you make a court claim.

The orange part of your letter is referring to OVERDRAFT interest incurred on the charges you paid if they made you overdrawn. This is trickier to work out, and may not amount to much anyway.

Lots of people (myself included) just go for the simple option, as the s69 interest is automatically worked out by the 'simple' spreadsheet, and requires very little brainpower.

 

just the way I like it!

 

[torigirl_uk]

Much better put!!!!!