@barclaycard FCC's BC charges ***WON*** with compound int't

[FCC]

In 2000, when I first informed Barclaycard that I was unable to continue making normal repayments the "person " on the 'phone promised to stop interest charges immediately. Of course they didn't and added, for the next six months a total of £580 interest and £70 late payment charge on one account and £423 interest and £70 late payment charge on the other account. My question is are these charges recoverable, as in PPI charges, or not.

[dx100uk]

yes do some reading in the barclaycard forum

 

dx

[dx100uk]

moved to bc forum

 

dx

[slick132]

Hi FCC,

 

All default charges - late pay't fees; missed pay't fees; overlimit fees - can be reclaimed in full.

 

Read threads here to see what others have done. Also see some of the **WON** threads here - http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?97-Barclays-BCard-and-Woolwich-successes

 

If you don't have all the a/c statements, get them using an SAR from the library.

 

[FCC]

Thanks for that people. I do have all the statements going back to 1999, probably more than they have, minus all those statements that they should have sent to me but didn't bother. I have been reading the various " WON " and others and must confess to some confusion. I did attempt the spreadsheet, even though my computer said that there were several errors within, and after entering around £475 of charges it calculated up tp £8500, can this be correct?. Is their a route plan to direct me to follow A with B and not get lost, as I did last night following the recommended links?. Your continued assistance wouild be greatly appreciated by this 71 year old git. Regards

[dx100uk]

try this:

 

just follow /replace the example in it already there

 

dx

[FCC]

I have replaced the previous data and inserted my own but the sheet does not calculate. I find that BC charged a monthly interest rate of 1.492%, do I multiply by 12 to find the annual rate and then divide by 365 to find the daily rate or is that too simple. regards

[ims21]

Hi

 

Just multiply your monthly rate by 12 and pop that figure in the APR box. The daily rate will update itself.

 

ims

[FCC]

Sorry if I seem to question your kind assistance but I entered the 17.904% and yet the previous daily rate remained at 0.00006% and if I multiply this by 4059 days it returns 24p compounded interest ( or is it me? )

[ims21]

Sorry if I seem to question your kind assistance but I entered the 17.904% and yet the previous daily rate remained at 0.00006% and if I multiply this by 4059 days it returns 24p compounded interest ( or is it me? )

 

Hi there

 

One of the formulae seems to have been changed.

 

Here's another sheet you can use. Just change the APR figure to your 17.09%...don't change the daily rate...it will change itself.

 

Only enter list data in columns A, B and C...the rest of the calcs are done for you. Then all you need to do is change the personal data in the blue section.

 

Regards,

 

ims

 

 

CompoundInt.xls

[FCC]

Thanks for that, I managed to get a result. Surprisingly, the £463.75 becomes £1609.56 after 4059 days. Next question: the charges total includes £393.75 interest charges that were added in the first six months after declaring my problem. Following the argument that they have profited from those charges I have to ask " have they? " as I have still not repaid the initial debt so am I allowed to reclaim the interest charges and not just the OOO charges. I hope you grasp the substance of my query. Regards

[ims21]

Thanks for that, I managed to get a result. Surprisingly, the £463.75 becomes £1609.56 after 4059 days. Next question: the charges total includes £393.75 interest charges that were added in the first six months after declaring my problem. Following the argument that they have profited from those charges I have to ask " have they? " as I have still not repaid the initial debt so am I allowed to reclaim the interest charges and not just the OOO charges. I hope you grasp the substance of my query. Regards

 

Yes....nearly got you. (I think!)

 

The simple answer is that interest on normal purchases is not reclaimable. But the interest on the unlawful charges is. Provided you have only entered thos unlawful charges in your spreadsheet it gives you the correct figure to claim including the interest on those charges.

 

Regards

 

ims

[FCC]

Sorry to be a pain but we're nearly there. I pay the minimum repayment each month and then I stop and renegotiate a lower affordable repayment. BC say how sorry they are that I am in this unfortunate position, promise to suspend interest charges until my position improves. They, unfortunately do not hold to the promise, made on the telephone so not provable, and continue to charge interest on the balance of my card account. Is this an interest charge on purchases or an unfair charge?. Better I get it clear now than lose a case because of an untrue assumption. Regards

[ims21]

That's the problem with doing things on the phone. No backup. From now on I would recommend doing everything in writing.

 

As regards the interest, the interest you are getting now is part on purchases from way back and part on those unlawful charges. The spreadsheet claims back all of the interest applicable to the unlawful charges. You'll notice on the spreadsheet that the end date of the claim is today. Each day you opn the sheet it will come up with the new date. This ensures that you are claiming back the interest on the charges right up to date.

 

Regards

 

ims

[FCC]

So!. You feel that the interest that BC continued to add, even though we had an agreed new repayment plan in place and operational, was an unfair charge and I should go ahead and claim restitutional compensation?. I do hope I am not putting on you too much. regards PS: everything is in writing nowadays when I look back at how naive and fearfull I was at that time I fel totally embarassed.

[ims21]

Hi

 

Don't worry....many of us have been there but now we know better.

 

Think of it this way, if interest is accruing or being charged on an unlawful item then that interest amount is unlawful too. So what we are saying is that you want to be put back in the position you would have been in had those unlawful charges not been applied to the account and the interest accrued on those charges.

 

Regards

 

ims

[slick132]

Hi FCC,

 

Sorry but you can't get an APR by multiplying the monthly rate by 12. You need a special calculator to do this - http://www.stoozing.com/mon2yr.htm

 

It converts a monthly rate of 1.492 to an APR of 19.45%.

 

However, you are not necessarily reclaiming the interest they have charged you. You should claim interest in restitution which enables you to get back interest at a nominal rate (19.9%, 24.9%, 29.9%, whichever you are comfortable with).

 

By doing this, the bank are not left in profit after using your money, which they should not have taken, to lend out at commercial rates.

 

I'd suggest you seek interest at 19.9% or 24.9%.

 

[ims21]

Hi

 

Sorry, I mis read post #7 and though the monthly rate stated was what you'd arrived at by dividing Annual Rate by 12. Must read slower!

 

ims

[FCC]

Thanks again folks, I have just finished a 2 composite spreadsheets using 17.9% as a base which gave me 0.04513% daily rate Oh Umm!

Just to recheck, did I do right, as the linked spreadsheet does not compute, I multiplied the number of elapsed days by 0.04513 to get the total of interest owed?. If so then I will rework the spreadsheet using the 19.45%APR.

[ims21]

Hi

 

All you neesd to do is take a fresh sheet.

 

Change the APR box to read 17.9% (or one of slick's suggested rates. When you exit that cell, the daily rate will update.

 

You then just enter a date in column A, a narrative in column B and an amount of the charge in column C e,g, £12, £15 or whatever the amount is on your statement. You will see that the interest calculates for you in the end column. It will also update the total of charges and the total of interest in the blue section.

 

ims

[FCC]

Still can't get your spreadsheets to work so have done it manually. 19.45% = 0.0487% daily rate ( feel free to disagree) I have then multiplied the daily rate by the number of elapsed days to find the compound interest. Am I right? Once again I wonder that if they applied interest for the six months and then no more for the next 10+ years I am right to reclaim the six months interest?? but I am happy to reclaim the OOO and a card renewal payment taken after the cards had been destroyed. Sorry for the confusion but I don't want to give them the right to tell me to " go away ". Regards

[ims21]

No...the way you're calculating this is not right.

 

Pick one charge....give me the date of the charge, and the amount, I'll start the sheet off for you.

 

Don't worry...we'll get there

 

ims

[FCC]

09/06/2000 Interest £78.07 Hope this helps

[ims21]

Hi

 

No not interest...it must be an overlimit or late payment charge. It is these charges we are claiming back.

 

Can you give me the date an amount of one of these charges please?

 

Thanks

 

ims

[slick132]

Hi FCC,

 

If you're having trouble with the spready you're using, try this one instead - http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

It is in the Interest Tutorial which you'll find at Link No3 in my signature. It's well-worth reading.