MBNA C/Card so far with 10 to go?

[steven4064]

I didn't think you could add s69 interest to a claim based on a regulated agreement

[FANTASY CHARGES]

I didn't think you could add s69 interest to a claim based on a regulated agreement

 

usually when i see the interest claim to date of judgement the interest rate is has been as high as 18% so i was very surprised, to put it mildly, that it was only about 8% in this case

[tinkerbell20]

I didn't think you could add s69 interest to a claim based on a regulated agreement

 

 

Think you're right there - I'm sure PT stated that in one of his posts

[citizenB]

I didn't think you could add s69 interest to a claim based on a regulated agreement

 

Think you're right there - I'm sure PT stated that in one of his posts

 

 

tinkerbell, yes. PT has mentioned this on quite a few threads. They are NOT allowed to add s69 interest to a claim based on a regulated agreement:-D

[FANTASY CHARGES]

tinkerbell, yes. PT has mentioned this on quite a few threads. They are NOT allowed to add s69 interest to a claim based on a regulated agreement:-D

 

well i found this ,,,,,,,,,,,,,,,

 

The Law Commission

(LAW COM No 287)

PRE-JUDGMENT INTEREST ON

DEBTS AND DAMAGES

Item 4 of the Eighth Programme of Law Reform:

Compound Interest

Laid before Parliament by the Lord High Chancellor pursuant to section 3(2) of the Law Commissions Act 1965

 

......................

 

 

Interest under a contract or trade usage

2.19 Commercial lenders usually include provisions for compound interest in their contracts. In fact, so common is this arrangement that the courts have accepted that bankers are entitled to compound interest even in the absence of a specific contractual term, on the basis of an implied trade usage.17 Thus a borrower with a

bank loan or mortgage, credit card or store card debts will usually be required to pay compound interest up until the date of judgment.18 However, many other claimants are not protected by contractual terms in this way.

17 In National Bank of Greece SA v Pinios Shipping Co (No 1) [1990] 1 AC 637, the House of

Lords held that, as implied by the usage of bankers, the bank was entitled to capitalise

interest, and it was conceded that the bank was entitled to do so with quarterly rests.

 

18 Normally, compound interest would not be allowed on post-judgment debts. However in

Director General of Fair Trading v First National Bank Plc [2002] 1 AC 481, the House of

Lords upheld an express contractual provision that allowed compound, variable interest

rates on post-judgment debts. They rejected the OFT’s argument that such a term was unfair within the definition of the Unfair Terms in Consumer Contracts Regulations 1994

(SI 1994 No 3159).

[pt2537]

The County Courts (Interest on Judgment Debts) Order 1991 (No. 1184 (L. 12)) - Statute Law Database

 

Section 2 (3) that should put this one to bed;)

[citizenB]

The County Courts (Interest on Judgment Debts) Order 1991 (No. 1184 (L. 12)) - Statute Law Database

 

Section 2 (3) that should put this one to bed;)

 

:lol:

[tinkerbell20]

The County Courts (Interest on Judgment Debts) Order 1991 (No. 1184 (L. 12)) - Statute Law Database

 

Section 2 (3) that should put this one to bed;)

Nice one

[icepop55]

Hi All

 

Good to see it seems a result and reading your comments a satisfactory one at least under the circumstance.

Many thanks to those that have HELPED, my total gratitude on your gratuitous time.

 

F.C. #124 Permalink........the answer to that is NO. It will not prejudice my other creditors, in fact it has strenghted my position. The agreement was originally made by the CCCA under there DMP.

 

Lets see what happens next?

[citizenB]

Hi All

 

Good to see it seems a result and reading your comments a satisfactory one at least under the circumstance.

Many thanks to those that have HELPED, my total gratitude on your gratuitous time.

 

F.C. #124 Permalink........the answer to that is NO. It will not prejudice my other creditors, in fact it has strenghted my position. The agreement was originally made by the CCCA under there DMP.

 

Lets see what happens next?

 

 

It does actually give this creditor a priority status over your other creditors.

[StayingCalm]

Re Link 124

 

Analysing how long it will take to pay off under the tomlin order

 

£9,499.20 at £14.27 PER MONTH = 666 PAYMENTS = 12.8 YEARS

 

 

666 monthly payments = 55.5 YEARS !!!!

[FANTASY CHARGES]

Re Link 124

 

Analysing how long it will take to pay off under the tomlin order

 

£9,499.20 at £14.27 PER MONTH = 666 PAYMENTS = 12.8 YEARS

 

 

666 monthly payments = 55.5 YEARS !!!!

 

you know "wot" you are right !!!!!

 

it just goes to show how much thought the person who originally did the maths put into the calculation .

 

obviously they were hoping one would slip up in not paying during the next 55 years

 

obviously "time is NOT of the essence here!"

[icepop55]

HI All

 

Good to see the incisive sums.There are to be reviewed either 6 or 12 months. Under the CCCA annual DMP these figure will increase.

[sunflower99]

subbing to this thread