xpuser V IF

[xpuser]

I have sent of my prelim letter today!

 

This is my first time in reclaiming my illegal bank charges. Hope you guys will lend a hand where need. I am very fairly apprehensive about this whole thing. Still cant believe the banks have been acting illegally all these years:-x

 

Well its time for us consumers to strike back, and get back the money they have taken from us all..."power to the people"

[laddie18]

Hi Xpuser,

 

Still quite new to this but will help in any way i can.

 

The best bit of advice that i can give is Read, Read and then read some more, it will let you know what you might come up against.

 

Although, reading about some of the other banks I.F. seem to be one of the better ones at paying. (i hope i haven't just put my foot in it as i have not got anything back yet!)

 

Laddie18

[xpuser]

I am claiming against IF as well. One claim for the bank account and one for the credit card. Can I deal with both of these at the same time i.e. one S.A.R - (Subject Access Request), 1 prelim letter, 1 LBA. Or do I need to treat it as two separate accounts i.e. two SARs, 2 prelim letters, 2 LBA letters?

 

Also I am planning on claiming contractual interest. I have been to the IF web site, and they say their unauthorised borrowing rate is 25.25% EAR. Is the EAR rate the same as the APR rate? If not how do I convert between the two?

 

Thanks for any help.

[xpuser]

ok after some hunting I have found the answer to the EAR to APR question. For all of you who may need help with this the formulas are

 

Converting EAR to APR use

APR = ((EAR + 1) ^ (1 / m) - 1) x m, where m = months

 

Converting from APR to EAR use

EAR = ((1 + (APR / m)) ^ m) -1, where m = months

 

Hence for my example where the EAR is 25.25% use

APR = ((0.2525+1)^(1/12) - 1) x 12

APR = ((1.2525 ^ 0.8333) - 1) x 12

APR = 0.01894 x 12

APR = 0.2272 i.e. 22.72%

 

 

Going the other way from APR to EAR

EAR = ((1 + (0.2272 / 12)) ^ 12) - 1

EAR = (1.01893 ^ 12) - 1

EAR = 1.2524 - 1

EAR = 0.2524 i.e. 25.24% rounding would account for not getting exactly 25.25%

[xpuser]

Have re-sent my prelim letter...have decided to split my claim up, one for current account and one for credit card. This is mainly due to the fact that I have all my statements for my current account, and I dont for my credit card. I will send of a SAR for the credit card statements of very soon.

[moneyhelp]

Just popping my head in the door!

[xpuser]

According tho the royal mail web site, mt letter was delivered on the 15/06/07. So will wait and see what happens...

[babynan]

According tho the royal mail web site, mt letter was delivered on the 15/06/07. So will wait and see what happens...

 

 

Just to say Good Luck:)

[codeycat]

Good luck!

[xpuser]

Thanks guys for the support. Hopefully it will go through smoothly, without too many hiccups.

[xpuser]

Quick update, I have recieved a letter from IF today, they say that my "issue" will be investigated by a service quality consultant. They will let me know their findings.

[babynan]

Quick update, I have recieved a letter from IF today, they say that my "issue" will be investigated by a service quality consultant. They will let me know their findings.

 

 

HI, Typical standard letter, just stick to you time lines ok, and not theirs...............

Will not be too much longer before you get your money back

[xpuser]

I have received an offer letter from IF today. They have offered me 50% of my claim. I will of course not accept this. However there are a couple of points that I have noticed, they state in their letter "...confirms a charge total of £1,008.00." The actual amount I asked for was £1257.02 (£928 charges and £329.02 contractual interest). There is a difference of £257 odd between what I asked for and what they think I am owed.

 

Why would they think they owe me less than what I asked for? I have sent them a full breakdown of the charges and interest. Is this another tactic by them to give me less than what I am owed, or have I made a mistake somewhere? I have gone over the figures, and triple checked them, they do seem correct.

 

There figure does seem closer (although not exact, a £2 difference) to the amount I would be owed if I was claiming the standard 8% interest, however I am claiming contractual interest at 25.25%.

 

Anyway I am going to accept their offer as partial payment, and not a full and final settlement. I will re-iterate to them the amount they owe is £1257.02 and not £1008.00 they think.

 

When I send the LBA (on Monday), I take it I can then add on any charges they have charged me since sending the prelim letter?

 

Thanks for any replies.

[laddie18]

Hi Xpuser,

 

I believe you can keep adding on the charges until you are paid out - but if you get to the court stage which i hope you don't, it costs you to amend the amount for which you are claiming.

 

I actually worked my charges out to less than what IF paid me (only £28 but worthwhile having nonetheless!)

 

John

[xpuser]

Thanks for the speedy reply Laddie18. Will add on the additional charge and interest in my LBA and the rejection letter.

[codeycat]

I was under the impression you only added on interest if they took you to court, and then at 8%. I didn't realise you could add it on any earlier.:o

 

Still, that's neither here nor there as, like Laddie18, they eventually agreed to pay me more than I originally asked for.

 

The time between my 50% offer rejection letter, and their full final offer was less than a week.

 

Codeycat.

[xpuser]

I was under the impression you only added on interest if they took you to court, and then at 8%. I didn't realise you could add it on any earlier.:o

 

Still, that's neither here nor there as, like Laddie18, they eventually agreed to pay me more than I originally asked for.

 

The time between my 50% offer rejection letter, and their full final offer was less than a week.

 

Codeycat.

 

You are correct Codeycat, if you are not claiming contractual interest. If your claiming the 8%, you have to wait until you have gone to court. With contractual interest, you have to let them know up front that you are going to claim the interest, and the amount. I believ they have to pay the contractual interest, even if you do not get to court. Hopefully somebody with more knowlwedge out there will confirm this.

[moneyhelp]

Yes 8% at court time.

 

How's it going Xpuser?

[xpuser]

Yes 8% at court time.

 

How's it going Xpuser?

 

 

HI moneyhelp...I have been extremly busy over the last week. So my LBA is overdue by about a week. I have not heard anything from IF, since I sent my rejection letter. I will hopefully sending of my LBA in the next day or two.

[moneyhelp]

Great - then keep us posted.

[xpuser]

I have received a letter from IF, offering me a 100% settlement :D:D:D

 

Wont get too excited until the money is in my account...but looks like IF are setteling

[xpuser]

Yippeeee....got the money in my account today. :D:D:D

 

Thanks to all that have helped me. I have to say Halifax, do seem to be the best of all the banks. I am also claiming from LloydsTSB, and they are no where near as good as Halifax.

 

Got a total of £1008 back.

[babynan]

Yippeeee....got the money in my account today. :D:D:D

 

Thanks to all that have helped me. I have to say Halifax, do seem to be the best of all the banks. I am also claiming from Lloyds TSB, and they are no where near as good as Halifax.

 

Got a total of £1008 back.

 

 

Good news.........................Well Done!!!!!

CONGRATULATIONS!!!!!!