8% interest??? am confuzzled on 2 counts

[vorpalblade]

Hi all

 

I am been coping pretty well on my own of late after my disastrous attempt at negotiating my way around here in the early days!

 

I now have all my 6 years of statements through and i have bene through with a highlighter highlighting all the charges. God there are loads!!! I was very proud of myself, i sorted out the Microfiche stuff by myself, well with the help of the Stickys

 

I think that i am now supposed to put them into the Interest Calculation Spreadsheet. Is that correct?

I'm just a bit confused as to all this 8% business.

 

Could someone please spare a minute to explain to me?

 

Much appreciated

 

~Blade

[vorpalblade]

Ok, the whole 8% thing seems far too complicated for me.

Am going to do it without that bit if i can.

Do i still need to fill a spreadsheet in?

(hope not cos i have never used one before lol)

 

Blade

[Kai-Boshed]

For you first letters you send your claim to include charges, plus the overdraft you where charged (the reason being, if they hadn't taken so many charges, you wouldn't be overdrawn, either within your agreed limit, or over your agreed limit).

 

If they don't reply positively, then you send them the LBA 'Letter Before (court) Action' on this letter you tell them you plan to claim 8% interest on all the debt. This is what the court allows on all cases unless a specific % has been agreed.

 

So then once it goes to court, your claim is for the full amount plus 8%, plus your court cost.

 

There is no point demanding the 8% until you send the letter intending court action, as without court action its not enforceable, and they will know that.

 

It is agrueable at the moment whether you can claim the interest rate they charge you, which is somewhere usually between 16% and 20% Have a look in the general forum, there are few threads in there discussing it.

[vorpalblade]

aaah thanks for that.

 

why do i find these things so hard? :-|

 

i've worked out that unpaid direct debit charges = £953 so that is what i am interesting in claiming for.

 

i am now giong to send the letter "preliminary approach for repayment". That's right huh? :?

 

I'll go have a browse around at what you suggest and pray i don't get lost again.

 

Gosh, cyber world is scary

 

Blade

[araynick]

Yes that right. they will probably offer you a part settlement of a few pounds after this, which you should refuse and go for the whole amount. Don't worry I've been a blithering wreck and don't think I would have got so far if it hadn't been for the help on this site, am hopefully going to submit my moneyclaim today - just need somebody to hold my finger on the button!!!

[caro]

I was very proud of myself, i sorted out the Microfiche stuff by myself, well with the help of the Stickys

Are you saying that you got all the statements that were on microfiche as well?

[vorpalblade]

thanks Nick, it's hard work isn't it, but worth it when it all works out as it has for so many on here from what i have read.

 

Am just struggling now with Statement of Charges. Do i have to write down all the times they have charged me? or can i just send them the bank statements with the highlights on?

[vorpalblade]

yes i did Caro. did i do good?

[Kai-Boshed]

Yeah you did Vorpal!

I got fed up of waiting so im sueing for an estimate

 

Did you ever go overdrawn with Abbey? If so you can claim the interest charges back too (a few quid a month really adds up ya know!), on the technicality that "if they hadn't taken all these charges over the years I wouldn't have gone overdrawn" they could argue you would have spent the money on other things, but they have no way of proving this.

[vorpalblade]

oh i am clever then lol

 

don't think i really went overdrawn as such. it's just all those unpaid direct debit charges that i have!

 

still confused about Statement of Charges, been looking everywhere for pro-forma an dcan't find one

 

Blade

[Kai-Boshed]

Go in the main forum index Consumer Action Group, and near the top there is a forum called bank template letters. The spreadsheets are in there.

[vorpalblade]

ok thanks so much