"Contractual Interest"

[CrispDust]

When making a preliminary request for refund of charges, should we not be making an additional claim for lost interest since the payment of said unlawful charges?

eg Barclays owe me approx £600 in unlawful charges, which were paid and account closed Dec 2003. I could have had that £600 sitting in a deposit account at 4% or reuducing interest on other accounts at considerably more than 4% pa. Surely we are entitled to claim this as damages. I realise we are able to claim this should a small claims be submitted, but if they pay up on request you loose out.

 

In the above example Barclays would owe me another £75!

[MARTIN3030]

Fom experience of Barclays handling of things up to now,paying on request is something they are not famed for

 

[CrispDust]

WELL TRUE BUT i HAVE SEVERAL OTHER FISH TO FRY THAT MAY PAY UP BEFORE LEGAL STAGES

[MARTIN3030]

Ahhhhhh well sounds interesting.

 

[c_allen]

lots of people are going for contractual interest including myself you might find these threads interesting

A New Way of Looking at Interest

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

[thesergeant]

Dear all,

 

I have got to the LBA served and expired point, on a claim of £201.

 

I wanted to claim costs and now realise that I can't.

 

I have now read up on the issue of "contractual interest".

 

My question is, if I now want to go down this route do I need to start over again. A prelim letter pointing out that I will now additionally pursue "contractual interest" (as I was not previously aware that they owed this - or something similar), then to LBA then to claim.

 

On a rate of 29% it probably makes about £40.00 difference to my claim.

[Glenn UK]

I believe that you can amend your calim relativley easily and without and difficulty form a legal viewpoint right up until you issue proceedings in the court.

 

However, if the whole basis of the cliam has changed after you issued the LBA i would suggest that you might want to reconsider. If its simply adding contractual interest I would go for it.

 

You may want to see if somoene who has more experience than i do comments before acting on my comments.

 

 

JMHO

 

Glenn

[MARTIN3030]

You are correct in your assumption that if you are going to claim contractual interest that it should be made clear from the outset.

Of course one could argue that the banks refuse payment in th early stages.....only to change their minds later.....meaning that if they dont keep to THEIR plan why should we.

Re submitting after an initial period of earlier dialogue just adds more to the claim,and whether there could be something there to favour the banks defence is unclear.

In the event the bank will not go to court anyway.

There is no saying that you would need the 28 day dialogue again.

I am just theorising here but it looks as though it would be feasible to do it.

[thesergeant]

OK.

 

Would you suggest that I re-start at the LBA stage. Re-issue on the basis that I am now adding contractual interest, allowing the 14 days to respond. Then go to claim.

 

The Halifax previously replied to my prelim by repaying £106.

 

I have had no reply to my LBA at all.

[MARTIN3030]

14 days should be sufficient.

 

Would be good to hear from anyone who has done it already...........but at 11.00pm on a Saturday night I dont think we will get it till tomorrow.

 

[CrispDust]

what would be a resonable rate of contractual interest? The same rate they use to charge us 25% pa or something that could be more reasonably be expected on the high street ie 5%pa? Obviousley a considerable difference!

[MARTIN3030]

Someone recently charged 29%

 

It is debatable.........

[CrispDust]

Have read the other threads so kindly directed to. I have now sent a new LBA to Ikano - believe it or not but the claim has gone from £240 to £1150,,,

Serves them right for ignoring me for 6 weeks!

Read it and weep IKANO