What's Your Time Worth?

[sund1ata]

I was just wondering whether it's possible to claim back compensation in respect to time spent administering this process. It is very time consuming... is it possible to build in this kind of cost, and is it reasonable? Has anybody done this, or had any success doing it?

[blacksheep1979]

I was told by a solicitor that you can charge £3 a letter and up to £10 an hour spent on the action, but am curious that if you are debating what they're time costs and trying to claim it back - then should you charge them for your time?

 

Also sorta sets a president to them to charge you £3 for any letter they've sent you.

[sund1ata]

Yes, it's interesting... it's just that I will certainly rack up a few man-hours in labour time chasing this, and surely that is worth chasing, given that the charges should never have been issued in the first place.

[blacksheep1979]

Well i'm tempted to tab on £30 for time (as thats their standard fee) and £3 a letter + £5 for my statements (as well as court costs and interest)

[sund1ata]

Does that make us as bad as they are? Is it a useful question?, or is it a moral one?

[blacksheep1979]

Well I can justify my costs.

 

I do contract work and am payed on average £15/h (probably costs the client £20p/h).

 

So for time spent I'm saying that I have spent 2hrs - which is conservative at best.

 

Letters sent have all been recorded delivery (66p or whatever it is) cost of envelopes and ink from printer and also 15 min walk to post office and back. The 15 min walk alone is worth £3.50 of my time so again my estimate is on the conservative side.

 

All in all I can justify and break down my costs - they (the banks) are unable or unwilling to.

[barracad]

Small claims works on a 'no costs' basis, so you will not be able to add consequential costs on to the claim.

 

Remember the 'no costs' is there for your benefit - if you were to lose against a bank (which isn't going to happen) - you will not have to pay their costs which would likely run into thousands or even tens of thousands.

 

It is having this safety net which is why people are able to stand up to the banks and start small claims.

[sund1ata]

Okay; thanks for clearing that up.

[blacksheep1979]

So how can you claim your S.A.R - (Subject Access Request) fee back then? Also was advised that I can charge for time and letters sent by a solicitor.

 

You can bring all relevant costs to the defendant ie YOUR time (not anothers ie legal fees) court costs and all costs that were needed to bring the case to court

 

If you have won, ask for costs of travel. You can also say that you have spend, say, 30 hours preparing the case. He may give you an allowance towards it. When you leave the court. Be polite to the other party and go home.

 

From Bankfodder himself ^^

[BankFodder]

The way to deal with this is to start charging the contractual rte of interest.

 

If you want to do this, you should include a figure for the contractual rate in your Prelim letter and in your LBA.

Then in your claim form you should claim for it or s.69 interest in the alternative.

 

Inorder to set a basis for contractual interest your claim form will have to allege an inpied term of reciprocal interest.

 

This is not at all farfetched or unreasonable. If you have the bottle for it, then I can't see the banks wanting to go to court over it as it would merely put them into the same position as with normal charges - that they would have to reveal their costs.

[lisamellor]

thought about this myself, but couldnt find anything on it (no dout looked in the totally wrong place) i would defo try to as i have spent ages putting everything together and driving to the county court numerous times, but i have already put my n1 form in and my schedule of charges so i think it would be too late to do so now?? also in my job i can get aruound £10 -£18 per hour so all those hours that i have spent on this i'd love to claim the same amount!!

lisaxx

[BankFodder]

Search on "contractual rate"

 

I shall be mainly offline for the next 14 days but we are happy to hep anyone who wnts to do this when I get back

[MARTIN3030]

Would it be possible to add this to a claim AFTER the lba stage......and give them 14 days to acknowledge receipt of this intention ?

[Seminole]

I suspect that the issue here is that most people won't know what rate to charge. I think we need to get out thinking caps on about this and develop a suggested approach.

[goforit]

I suspect that the issue here is that most people won't know what rate to charge. I think we need to get out thinking caps on about this and develop a suggested approach.

You should do something such as:

 

- There is an implied term of contract that the customer can charge the bank at the same rate which the bank allows itself to charge the customer in similar circumstances.

- Under such a term interest due to the customer is calculated at [unauthorised overdraft rate]% per year. Ergo, interest at said rate due to the customer amounts to £[AMOUNT] plus £[daily amount] per additional day; or

- if customer isn't allowed to charge such a rate, then customer can charge interest at the authorised overdraft rate. Under such a term interest is [authorised overdraft rate]% per year. Ergo, interest at said rate due to the customer amounts to £[AMOUNT] plus £[daily amount] per additional day; or

- if customer isn't allowed to charge either rate to the bank then customer is allowed to charge the bank interest pursuant to s69 County Courts Act 1980 (date?). Interest under the 1980 Act is 8% per year. Ergo, interest at said rate due to the customer amounts to £[AMOUNT] plus £[daily amount] per additional day.

[sund1ata]

Could anybody clear up why it is okay to claim 16% for the contractual rate in the preliminary letter (according to BankFodder)?

We are told specifically and repeatedly not to claim interest until much later on. Vampiress's calculation template says quite clearly: "This interest is calculated and claimed only when a court claim is raised."

Clarification, please! Thank you.

[blacksheep1979]

The 8% is s69 so only added on during the court

 

BUT

 

if say you have an overdraft @16% and the bank issues you with £100 of fines then every year they are making an extra £16 off you so you are quite within your rights to claim back the intrest on the fees at the rate they are charging you interest

[sund1ata]

So, let me get this right... if Capital One charge me £100 in charges at say, 25% interest for straying beyond my authorized limit: I am allowed to state in my preliminary letter that I am claiming back this interest also?

[BaldyBaldwin]

as the money lenders are useing the justice system as stalling process and not as a course of legal redress then can we not try to make a claim for our time as it is the moneylenders that have abused our time and the courts and led us this far with absolutley no intention of actually defending, but have just deliberatley set off on a course of intimidation with no intention of seeing it through, as the courts must be aware of by the vast number of cases that are not being brought to conclusion via the courts , but rather through capitulation by the money lenders after thy have stated they intend to fully defend

[Delboy01]

er bump for Baldys suggestion

[Delboy01]

re bump?

[phatram]

bump

[mamatemi1]

Got wasted costs order in July which included a time element( 10 hours at £20 per hour I think)