Why is no one claiming the contractual rate of interest???

[bram stoker]

Hi BF, and all interested (like... everyone?).

 

The original simple spreadsheet was not set up to easily change the rate of interest. With the complex spreadsheet at the moment, all you can do is change the 8% for a contractual rate, and this one rate will apply for the whole of the period. This is mentioned in the notes of the spreadsheet.

 

There is an arguement that as the rates have changed over time, the contractual rate claimed should reflect this. I am currently looking into this. If it would be correct to alter the rate over time, then I can create a template that would do this quite easily.

 

I am working on spreadsheets today, and will be able to spend quite sometime doing so over the next couple of weeks, so hopefully we can clear up a lot of these points very shortly.

 

I will put a suggestive element into every update of the spreadsheets for the contractual rate from now on, and hopefully more people will take this arguement up, as it is possible many people are unaware.

 

Look out folks for updates and good luck with your claims.

Vamp. x

[bram stoker]

Vampiress/Bankfodder,

 

I did claim the contractual rate of interest with all my credit card cases and I set up a spreadsheet to take care of the varying element of interest over different periods of time.

 

If this is of any qse to you I can email it to you,

 

Baz.

Whoppeeeee. Oh please please send it to me. vampiress.bag@gmail.com I've already created a credit card one that would be easily amended (Excel only so far), but would be very very interested to see yours.

 

If anyone else has any templates they wish to offer, feel free to send them too.

 

We will also need to collate data in regard to the contractual interest rates used by the banks over the last 6 years at least. Feel free to send me any of this info too.

 

If you do send me anything, please make a clear note in the email of what it is I'm looking at, and also your CAG name, so I can find you.

 

Thankyou.

[bram stoker]

Beyond 6 years the banks can claim statute of limitation. There are arguements against them being able to do this but it's complicated and tricky. You will have to do a fair amount of research. Use the search tool with the words "statute of limitation" and you should find a lot of information that way.

[bram stoker]

Check Spiceskull's thread. He's invoiced the bank already but they won't pay. He also gave them notice of the change in terms and conditions before invoicing.

 

A story yet to be concluded.

[bram stoker]

As stated quite clearly in the faq's and libraries the 8% should not be added before going to court.

 

Please read very very carefully.

 

As for adding the contractual rate of interest before court, I am still looking into this, and Bankfodder isn't here until Monday, so please be patient until I can follow this through.

 

Sund1ata, you may have to send another letter. I'm not sure what to do here, but if you post the query regarding this in your thread it should get picked up.

[bram stoker]

Ah, thankyou for clarifying what BF stated. That clears that up then. Cool. So contractual rate is requested all down the line.

 

With regards to your own letter, if you were going to claim contractual rate, yes you should have put it in your letter, but as you haven't, I don't see any reason tgo stop you putting it in your next letter or your claim.

 

Be carefull to amend any template letters you use for these circumstances, and be prepared to defend if necessary.

 

Good luck.

[bram stoker]

See other thread.

[bram stoker]

You can't claim 8% on top of contractual rate.

[bram stoker]

http://www.consumeractiongroup.co.uk/forum/legalities/18483-adding-interest-twice.html

Please see my explanation here, it might help clarify somewhat.

[bram stoker]

does anybody know what the halifax contractual rate of interest is? thanx in advance

You should research their website. It should be there. Or ask in your branch.

Good luck.

[bram stoker]

New Google spreadsheets in the library folks, and more to follow. Plenty of spreadsheet fun to be had.

 

Vamp. x

[bram stoker]

Ok, I put a claim in for £550 & interest of £201.91 using THEIR rates of interest and HFC have made an offer of the full £751.91

http://www.consumeractiongroup.co.uk/forum/hsbc-fd-hfc-successes/22820-me-hfc.html

Excellent, congratulations.

 

Did you compound the interest?

[bram stoker]

It would be 0.295 or 29.5 and hit the %.

[bram stoker]

if we're talking about the excel one i did you can just type 29.5 with or without a % sign - 0.295 wont work, it'll read that as 0.295%.

 

Glad you got it sorted echobabe - im sure i would have stared blankly at that for hours before i noticed!

Sorry Mindzai, I was talking about the ones I have in my chambers. They'll pretty much be the ones I'm supporting from now on.

 

Thanks.

[bram stoker]

Where is the thread for all successful contractual interest claims please?

I don't know. Where is the thread for all successful contractual interest claims please?;-)

[bram stoker]

The interest that relates to the charges is claimable. Please see my Chambers. I am currently updating it with some notes.

[bram stoker]

ok some questions...

i went through my statements and pulled out all the charges, but ignored the interest charges. should i have also added the interest charges to the total?

 

can i wait until court claim and then claim the contractual interest instea dof the 8% if i havent tried to claim either beforehand?

You can claim any portion of the interest they charged you that relates to unlawful bank charges. Tricky to calculate, but an estimate can be made, try the advanced spreadsheet in my Chambers if you want to.

 

Contractual interest can be claimed on the charges, and the interest on the charges, from your very first letter. See the notes in my Chambers for more info, or discussions further back in this thread.

[bram stoker]

You can claim either statutory interest OR contractual interest, not both. The statutory interest is in place in case no contractual rate exists. You need to be able to argue the mutuality and reciprocity involved in the bank's contract with you to claim contractual rate.

 

There are more notes around the site and in my Chambers if you are interested in contractual interest.

 

As I'm not sure exactly which spreadsheet you are using, I cannot give any reassurance as to the calculations on it. Please clarify further.

[bram stoker]

thanks Vampiress, I think iIam finally begin to understand the either or thing, I was forgetting that we claim for a daily rate each day after the claim is filed and thinking we stopped it on the date claim was filed.

 

I think im using the spreasheet no.2, I changed the interest amount in it from 18.2 to 18.86% to come up with a figure for an E.A.R. of 18.96%

 

However I think I may have to start again as I deleted extra rows and columns and now changing the date makes no diference to the claim ammount (which cant be right).

 

as a slight aside, am I right in thinking that the compounded part is the interest charged daily that increases as the interest is added to the initial charge, simple is a basic calculation that doesnt charge interest on the charge+interest but only on the basic charge, and contractual is simply the interest rate at which the bank charge us hence the mutuality and reciprocity? (I failed to understand interest types and calculations in maths at school too lol)

Sorry, you've confused me completely, I'll PM you.

[bram stoker]

Rinch, you need to omit the Section 69 paragraph, but include one for the contractual interest. Look around for examples, there's no template in the library yet.

 

You won't get this on an MCOL and will need to file an N1.

[bram stoker]

Update for explanations in progress. Check Chambers for word documents on the whole subject of interest.

[bram stoker]

New guides now published in my Chambers.

[bram stoker]

Vampiress I was under the impression that you should enter section 69 in the alternative to contractual, so that if you lost the argument for contractual you atleast got your 8% - if you've left it out you can't add it in later. Is this correct?

Yes, but the wording is completely different.

 

I meant replace one para of wording (S.69 only) with a para for cont int (which includes the 'in the alternative bit').

 

Sorry, hope that's clearer.

[bram stoker]

Can you show me the thread you are referring to please?

[bram stoker]

The allocation of interest has been amended to take into account the fact that penalties are last to be deducted from your balance when making payments.

 

This fact was one given to me, however, further research of my own has led me to believe this is not always the case.

 

I have made a note on this in my notes in my Chambers.

 

You may prefer to use the simple spreadsheet.

 

I will spend more time researching this area in due course.