Hippo v Egg

[Micky the Hippo]

Old cc account converted to a huge loan some years ago but it was a big old card that got flashed around a lot before that so SAR off and today got an odd form giving me three choices

 

list of transactions in seven days for £5

copies of statements for £2 each

DSIR (Datas Subject Information Request) for £10

 

That DSIR sure do sound like a SAR by another name to me, they returned my cheque for £10 too

 

Ah well £5 for the list of transactions it is

[Mistermind]

You will have problems reclaiming Contractual Interest whose rate fluctuates periodically, and is unlikely to be shown on the transactions summary, but will be shown by DSIR which includes full monthly statements.

 

You can only reclaim Contractual Interest if it was physically debited to your account, so your end-of-month debit balance COULD have a bearing, e.g. if £700 unlawful charges had been taken from you in previous months, but your debit balance is only £200, then only the Contractual Interest accrued on £200 is eligible for reclaim. If your debit balance is £2,000 then Contractual Interest on the full £700 would be reclaimable.

[Micky the Hippo]

thank-you

 

I was put off by the 'we'll send you instructions on how to apply for DSIR

 

which I suppose I was supposed to be

 

right you are, I'll go for the DSIR

 

how do EGG respond to CI claims? I haven't paid any attention to Egg yet

[Mistermind]

CI no probs. Recent claimants who never reclaimed interest found they were refunded S.I. without asking.

 

Claimants who have lost the will to live after wrestling with other cards, come here to start a vanilla charges reclaim from Egg, and discover they have arrived in heaven. It has become very civilized, long may it last.

 

PPI and Default Notice removal are a thorny kettle of fish, but you would not expect a quick solution there.

 

Real life accounts in V-E Day thread.

[Micky the Hippo]

ci no probs?

 

coooooooooool, fingers crossed it'll be tidy then, it'll certainly be old charges

 

do they play ball with delivering the lot, pre 6 years and all that?

 

thanks a lot for that local knowledge

 

DSIR thingy is in the recorded thingy right now

[Mistermind]

Click SEARCH

ADVANCED SEARCH

set keyword to limitation

select Other Installations, Egg Forum only

 

Not sure about delivery of statements older than 6 years.

It appears fed_up_1 won, including pre-6year-limitation, with extra work. fed_up_1 will know details.

[yode]

Hi

 

I have just managed to claim back charges plus interest and it only took 4 weeks to a full offer! Egg are quick to respond to each letter (4 day turn round) so I suggest start your claim. i went for the list of all transactions although on reflection I should have done more research about CI. However, it is money that I never thought I would see again so I am really very pleased.

 

Good luck with your claim.

 

Yode

[Mistermind]

Wednesday 1867 poss vs Egg

 

He got statements going back to October 2000 without trying.

[wednesday1867]

Certainly did :o

 

I did try a little tho

 

Then again maybe not that much

[Micky the Hippo]

thanks all, I must say you're friendly and relaxed on the Egg forum

 

when we say Egg pay CI no probs, we do mean Ci don;t we? not just reclaiming interest?

 

I'm doing CI on my big Barclays and Natwest claims, just served the summons this week

 

I closed the card a few years ago so I'll be going for old statements, I assume th elaw is no different for them so it's just a matter of dragging them out of them screaming and kicking?

 

I've just started on that for Natwest and Barclays and a right old palaver it is too, suffice to say I already have two fullsets of statements for B and NW

 

Someone at B today promised me that my 2000-1996 statements were going into the post tonight, there's general amused cynicism on the B thread concerned with old statements

 

ah well, the DSIR or whatever they call it went off today

 

got SARS out on citi and mbna too

 

busy busy

[wednesday1867]

Did you send ID with your MBNA SAR?

[Micky the Hippo]

nope, just dashed it off and stuck it out there, I think my SAR has the one saying this is my registered address etc etc

 

they're going to ask for ID I take it?

 

whatever, got plenty on the go, this is why I kicked off the second round of claims; SARs good and early

 

thanks though

[Mistermind]

Micky,

 

By Contractual Interest I mean the debit interest ACTUALLY levied by Egg on your card, accrued on a £20 unlawful charge levied the previous month. This interest at say 1.85% per month, compounded monthly. If you had paid off all or most of your debit balance, then the C.I. levied and reclaimable will be less than £20 x 0.0185 for that month.

 

When charges and CI have been added together, then is added 8% per annum Statutory Interest on top, as compensation for your having been deprived of use of said capital for said period.

 

I am not aware of any recent tussles on CI or SI. Reclaims started April 2006, but after 7 months of trying practically not one claimant got even a charge refunded by Egg, let alone interest of any description. Them bad old days.....

[wednesday1867]

they're going to ask for ID I take it?

 

 

They do lots of things, such as ask for ID, dont treat it as a full sar etc.

 

Have a read in the MBNA forum

[Micky the Hippo]

I knew they'd be difficult, that's one hard eyed faceless operation, I've got them down for later, let some other poor shmoes pile their bodies against mbna's ramparts

 

your CI and my CI doesn't seem to be the same, what you're describing sounds like the credit card version of the complex bank claim which calculates the proportion of the interest resulting from charges

 

I appreciate CCs might be different but my bank claims have been done calculating the interest resulting from charges and then piling compound interest on top, calculated daily

 

the mindsai sheet

[Mistermind]

In banks and cards, debit interest is calculated every night,

then levied once at monthend, i.e. interest is compounded monthly.

 

HYPOTHETICALLY,

 

Mr X has an Egg Card with debit balance 25 pence.

He forgets to make monthly payment so on 01 JAN 2001 is hit by Late Payment Charge of £20. His debit balance is now £20.25.

 

On 01 FEB 2001 his statement arrives, and Mr X finds he has a debit balance of £20.65 including:

 

an unlawful charge of £20 and

an unlawful debit interest of 40 pence (accrued at 2% per month).

 

Shocked, Mr X instantly pays £20.65 cash into his Egg card, leaving balance zero. He then has no further activity on the card -- no more spending, no more debit interest.

 

72 months later, on 01 JAN 2007 Mr X reclaims unlawful charges and contractual interest. According to your computation formula,

 

what contractual interest is Mr X entitled to reclaim

(assuming Egg debit interest rate stayed at 2% per month throughout)?

[Micky the Hippo]

it's late for me

 

not my formula, it's the mindsai spreadsheet and I'm not touting myself as anything other than a newbie

 

but, I'd claim the £20, I'd claim the interest charged that was due to the £20 and I'd then apply compound interest on both the charge and the interest from the day it was charged, compounded daily

 

I think my oldest charge so far is a Natwest £20 from Aug 2000 that's attracted about £90ish in CI, plus the interest charged on that £20 by the bank plus CI on that interest

 

is that the right answer?

[Mistermind]

what contractual interest is Mr X entitled to reclaim

(assuming Egg debit interest rate stayed at 2% per month throughout)?

[Micky the Hippo]

if Mr X were using the mindsai sheet for compound contractual interest, he'd enter the monthly rate into one of the fields and the spreadsheet would than use that to calculate interest on a daily compounded basis

 

I can stick the sample figures into the sheet tonight if you want me to

[Mistermind]

Be my guest

[Micky the Hippo]

is there some sort of problem here?

 

this isn't something I thought up on my own, it's routine stuff on the bank threads, albeit aggressive/might not stand up in court stuff, plenty have claimed it and been paid

 

granted things might be different on credit cards

[yode]

Read this yesterday on MSE from Martin MSE.

 

"I've heard today from a rely source (not had time to check it out - but this is someone in the know). That a precedent setting case was decided by the high court today on claiming 'compound interest' on bank charges.

 

This doesn't effect claiming statutory interest as the article states - and has limited baring. I will delete the following paragraph from the article:

 

"While the calculator is based on ‘statutory interest’, some people do suggest trying to claim ‘contractual interest’, i.e. the interest rate the bank charges you for lending, which compounds the interest over time (see how interest rates work article).

 

They argue that it applies as this agreement is reciprocal. It may be worth a shot, but you’re more likely to be awarded the statutory amount, hence the calculator and template letters all assume you’re claiming this."

 

How can a court decide a precedent case?

 

If you're wondering how there can be a precedent case and whether it impacts the whole of reclaiming - the answers no. The bank had already paid in full - the decision purely impacts the claiming of compound interest, not on the rights and wrongs as claiming as a whole"

 

Not sure this helps but thought it may be useful for info.

 

Yode

[Micky the Hippo]

yep

 

a couple of people have got a slap when proceeding to court to try and claim the CI alone effectively after being offered charged plus stat

 

it really relies on being paid off by the bank, my claim have CI at the unauthorised rate and then CI at the authorised rate and stat rate in the variance

 

seems to me that there's nothing to lose other than some time and perhaps something to gain

[yode]

You know much more than me about CI, and I don't think I can be bothered claiming it now that they have offered me the full amount I asked for. I do see your point ablout something to gain tho....

 

Yode

[Micky the Hippo]

not really, I'm a bit of a tyro, having a go, bit of reading up soon I think, see what the banks do

 

everyone has to go for what they happy to go for