Phil and Alison v The Co-op ***WON***

[phatram]

We started paying charges back in 1985 when we went into business.

We cant get the info off the Coop so using what we have already claimed back at their unauthorised rate of interest, 29%,thought we would do a spreadsheet out of interest.

The amount it says we are owed is.......

£3,913634.43.

Will of course let you know what they say when they get back to us!!!

:D :D :D

[pt2537]

hmmmmmmm should be interesting what they have to say when you ask for that back

[PKea]

Am I reading that right

just under £4 million

 

Drinks are on you, if you get that one back

[phatram]

£1667 @ 29% compound contractual interest from march 1985 = over £900000 !

They've paid us at that rate for the last 6 years so why should it change?

[PKea]

Cool

 

I'd go for it mate.

 

If you have already sucessfully claimed at 29% there should be no reason why this should be different unless they are going to prove.

 

I would think that they would defend this one. This could be THE case we are all waiting to happen

 

Paul

[jaxads]

Will watch with interest --- good luck

[phatram]

Any advice from mods please?

[alanfromderby]

How did you calculate that you paid £1667 in 1985?

[phatram]

Divided charges etc from last 6 years to give us an estimate.

Going to do it properly when got time as we were only messing about with figures.

I think when done properly it will be around the £500-£1000 mark.The idea would be to make them prove what the correct figure is.

Figure I get is £601, now for a spreddie !

[phatram]

Oct 2000 to Nov 2006 charges etc, £3910.50.divided by 6.5=£601.

Done a spreddie @ 29% cci which gives £9015.00 charges and £1,047,553.39 interest.

[alanfromderby]

Okay, I would see several problems here.

 

Firstly, the level of charges has increased well above the rate of inflation over the period in question. It is likely that in the early years you were only charged £3 or £4, maybe even less.

 

Secondly, as the Claimant, you will be expected to provide proof of each charge levied. No Judge would be prepared to accept an argument that put the onus on the Defendant to prove that they had NOT levied a charge.

 

The bank has no legal obligation to keep transactional information as far back as you are claiming. Whilst there is some debate that the Inland Revenue and Banking Regulations MIGHT suggest that records be kept for 12 years, clearly the data Protection Act only provides for 6 years.

 

Without proof that the bank are withholding older records, your case would fail.

 

I would also suggest that using the unauthorised interest rate would not be accepted - some judges are even reluctant to allow ordinary contractual interest.

 

Finally, and most important of all, a claim of this amount will be allocated to multi-track. This means that you are liable to face the full legal costs of the Defendant, if you fail to prove your case. It is likely that those costs could be as much as £10,000.

 

Even if the value is reduced, and it goes into Fast Track, a Judge is still likely to award costs if he was to feel that the case was never likely to succeed.

 

Having said all of that, I would expect a claim based on the calculation process you have suggested to be responded to by an application for a strike out - and I would expect that strike out to be successful.

 

Whatever decision you come to over this claim, I would advise that you obtain proper legal advise, otherwise this "laugh" could turn into a very sick joke indeed.

[phatram]

Thanks Alan.

[groovycaz]

Hi am I correct in my calculations, The coop charged me in 1996 34.49% interest for going overdrawn and i have charges of around £2000 dating back to that time (i have all my statements) 2.50% per month. At the compounded contractual interest rate dating back to 1996 would the figure be around £27k. I think I may have made a mistake on my schedule of charges, at 8% its around the 4k mark. Ive checked it a couple of times and it still shows the same figures, I cant believe it could add up to that much... any advice would be most helpful GC:shock:

[alanfromderby]

... any advice would be most helpful GC:shock:

 

...and may well be forthcoming on your own thread.

[phatram]

bump

[phatram]

bump

[phatram]

Who has got back charges going back more than 6 years?

I may need to use the info in court if thats ok?

[groovycaz]

Hi Phatram

The uncooperative wrote to me on 16th may and offered to pay my charges with compounded interest dating back to Jan 2000, of course the £513.87 charges + compound interest over 6 years does not add up to £896.54, also Jan 2000 is going back 7 years not 6 as they stated, just sent them a new schedule of charges with the same rate of interest I was charged for breaches (2.5% monthly) which adds up to £4623.33 and rising by 47p each day so waiting for the reply, just goes to show that they are willing (if only on paper) to repay charges further than 6 years even if its not at the correct calculation, they did not put in the letter what rate of interest they were paying but I think it is around 9-10%..GC

[phatram]

A few years ago we were persuaded to take out a loan to pay off O/D, I think it was for 4000.00. We have since had two more loans both of which were to again pay off O/D and previous loan. Present loan is for 10K.

How do we start to claim back interest etc? Have read loads but just don't understand it.

These loans were from the COOP and on all occasions someone rang us up to explain how much better off we would be if we had a loan off them !!

[phatram]

A few years ago we were persuaded to take out a loan to pay off O/D, I think it was for 4000.00. We have since had two more loans both of which were to again pay off O/D and previous loan. Present loan is for 10K.

How do we start to claim back interest etc? Have read loads but just don't understand it.

These loans were from the Co-Op and on all occasions someone rang us up to explain how much better off we would be if we had a loan off them !!

[phatram]

Sorry put that post in wrong place!!!

It is now here,

http://www.consumeractiongroup.co.uk/forum/cooperative-bank/70113-loans.html

[dx100uk]

thats an interesting one as such.

the thing is the banks do never acknowledge that the charges are unlawfull. all they do is make goodwill payments against them.

 

now if there were a way to get around that, then you had to take the loan out because they levied unlawfully charges against you, that they acknowledge as such. so it would have a legal footing.

plus you would have to prove that ALL the O/D & interest was ONLY as a result of bank charges too.

 

then bobs your uncle, they would have to pay you back literally everything, loans, the interest on the loan & interest on that money that you could of invested elsewhere.

 

legal minefield me thinks, but interesting.......

 

dx100uk

[phatram]

I know theres a spreadsheet to work it out but I just don't know where to start. Is there an idiots guide to this anywhere please?

[phatram]

I just received a phone call from DAVID SPENCER at the Co-Op concerning our account.

I asked him how much copy statements are and how far back can I order them from, to which he replied

ALL OF THEM FROM YOUR ACCOUNT OPENING, ITS ARCHIVED!!!.

I am b***dy fuming.

This proves they do not comply and did not comply with our S.A.R - (Subject Access Request).

I am reporting this to the information commissioner.

[phatram]

I just received a phone call from DAVID SPENCER at the Co-Op concerning our account.

I asked him how much copy statements are and how far back can I order them from, to which he replied,

FIVE POUNDS EACH AND ALL OF THEM FROM YOUR ACCOUNT OPENING, ITS ARCHIVED!!!.

I am b***dy fuming.

This proves they do not comply and did not comply with our S.A.R - (Subject Access Request).