Grundon v Goldfish ** WON **

[grundon]

Hi

 

As with other Goldfish claimants I received all my statements and a helpful schedule of charges, together with an offer to pay the difference over and above the OFT £12, as a response to my SAR.

 

I rejected this as part of my Prelim letter and added on contractual interest to the amount I was claiming. This was followed with my LBA last Friday.

 

On Saturday I received an offer letter from Goldfish, responding to my Prelim, offering to credit my account with the full amount of charges. However, they rejected the interest claim (as they say my payments were allocated to the charges first and hence did not incur interest).

 

I'm going to carry on with the claim (charges of around £1200 and interest of around £500) but would like to get some re-assurance around the interest element of my claim before I go to MCOL in a couple of weeks.

 

Any thoughts/advice appreciated

 

G

[steven4064]

... they rejected the interest claim (as they say my payments were allocated to the charges first and hence did not incur interest).

 

As you have probably realised, this is a load of utter rubbish. They charge interest on the balance at the time. So, even if they did "allocate payments to the charges first" (nonsense! how can they write such drivel), the current balance still contains all the charges up that point and therefore attract interest.

 

How did you calculate the interest element? You should add interest at their rate (about 18% for Goldfish? - I used to have a Goldfish card but got rid of it because of their complete incompetence.) compounded from the date of the charge to the date of the claim.

 

 

Steven

[grundon]

Hi Steven

 

Yeh - sounded like rubbish to me hence decision to keep going

 

On the interest front I used the monthly interest rate that Goldfish put on my statements and multiplied by 12 to get an approximate annual rate. It came out at about 17%. I then applied it to each charge using the "throughout claim with contractual interest" spreadsheet.

 

Thanks for support

 

G

[steven4064]

Grundon

 

Sorry, but multiplying by 12 is not the right way to do it. That only gives you simple interest and the banks charge you compound - that is, last months interest charge goes onto the balance to calculate next months. Your correct APR is not 17%, it is actually 20%.

 

Steven

 

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[grundon]

Thanks Steven

 

OK, understood - can I re-calculate based upon the 20% APR when I submit to MCOL (early next week) or is it safer to keep to the 17% for consistency?

 

G

[steven4064]

Thanks Steven

 

OK, understood - can I re-calculate based upon the 20% APR when I submit to MCOL (early next week) or is it safer to keep to the 17% for consistency?

 

G

 

Recalculate when you submiot your MCOL.

 

Steven

 

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[grundon]

Hi

 

Am in process of completing N1 form for Goldfish and have a couple of general questions that hopefully someone can help with

 

1 - Date account opened? I have no idea even which year this was. Is this something that the Credit Card companies will be able to tell you if you call their customer services? How critical is it to get this date correct on the form?

 

2 - I'm claiming contractual interest as detailed previously in my thread. Does this replace the s.69 interest and how do I describe it on the claim form?

 

Thanks

G

[steven4064]

 

1 - Date account opened? I have no idea even which year this was. Is this something that the Credit Card companies will be able to tell you if you call their customer services? How critical is it to get this date correct on the form?

 

2 - I'm claiming contractual interest as detailed previously in my thread. Does this replace the s.69 interest and how do I describe it on the claim form?

 

1. You don't need the actual date, you can write something like ".. opened in 2001 or thereabouts."

 

2. Are you claoming contractual from the date of the charge to the date the claim is settled or until the date of the claim?

 

If the former, no you can't claim s69 interest. if the latter, you can claim s69 interest from the date of the claim until the date it is setteled.

 

Steven

 

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[grundon]

Hi all

 

I've received an offer for the full amount of my claim (which is great) but with a couple of conditions attached that I feel I should reject.

 

Can I accept the offer but reject the conditions they attach? Any advice on the reply I should send back to Goldfish would be appreciated?

 

Thanks

G

[grundon]

As an update I rejected the conditions proposed by Goldfish and they have responded by removing those conditions (confidentiality and indemnity from any future claims) from their offer letter

 

I am going to accept this now and hopefully see the money (albeit deducted from my account) soon!

[steven4064]

So, in summary, what you are saying is that you WON!!

 

CONGRATULATIONS!

 

[zootscoot]

Congratulations!!!!!!!!!!

:D

Don't forget to fill out the survey!

A donation would be very much appreciated

Enjoy your payout!

*******

[grundon]

I'm always a bit cautious on claiming a win until I see the money;)

Will complete survey and make donation once it comes through

 

Thanks for all help guys!

[steven4064]

Probably wise!