Will I have to give it back?

[Benforlini]

Tell me if I'm wrong but I don't understand how you can get an amount per day - if it is compounding surely the amount increases daily?

 

Yes we know that now. Some of us still have our 'L' plates up. However the point I was trying to make was, as I presently understand it, Sue has £2.96 (not 95p) compounding daily to look forward to if she still wishes to pursue her claim. Also the more we can learn from one another the less confused we may appear to any snooping bank wishing to take advantage of our confusion.

 

Perhaps Sue would accept the 95p if they pay her the rest as a 'gesture of goodwill'.

[Guest bong]

Yes we know that now. Some of us still have our 'L' plates up. However the point I was trying to make was, as I presently understand it, Sue has £2.96 (not 95p) compounding daily to look forward to if she still wishes to pursue her claim. Also the more we can learn from one another the less confused we may appear to any snooping bank wishing to take advantage of our confusion.

 

Perhaps Sue would accept the 95p if they pay her the rest as a 'gesture of goodwill'.

 

can I ask why you posted the question if you knew the answer? And I don't claim to have taken my 'L' plates off either!!! My query was that on day one it might work out at £2.96 (if that is right, I haven't checked the figures) but by day two it might be £3.00 so is it right to quote £2.96 at all?

[Guest willowb]

OK her total claim including compound contractual interest up until MCOL was £4342.81....right? What she has then done is claim statutory interest from that date until judgement/settlement which works out at 95pence per day, or there abouts anyway. So, her argument could be that whilst the account was open and the contractual terms not formally in dispute she has used their contractual rate, but once the claim was filed and the contract was put in dispute she has opted for the statutory rate of interest from then on.

 

Either that or pay £35 and amend the POC....I think you can still do that, phone the Court up and ask.

 

Wxx

[Guest bong]

OK her total claim including compound contractual interest up until MCOL was £4342.81....right? What she has then done is claim statutory interest from that date until judgement/settlement which works out at 95pence per day, or there abouts anyway. So, her argument could be that whilst the account was open and the contractual terms not formally in dispute she has used their contractual rate, but once the claim was filed and the contract was put in dispute she has opted for the statutory rate of interest from then on.

 

Either that or pay £35 and amend the POC....I think you can still do that, phone the Court up and ask.

 

Wxx

 

I've read somewhere willow that with the other party's consent you can serve them with an amended POC and send a copy to the court, and you don't have to pay the court amendment fee. If Sue wants to go for the 95p (you're right it is 8% pa) per day though she won't need to do anything about amending it.

[Benforlini]

can I ask why you posted the question if you knew the answer? And I don't claim to have taken my 'L' plates off either!!! My query was that on day one it might work out at £2.96 (if that is right, I haven't checked the figures) but by day two it might be £3.00 so is it right to quote £2.96 at all?

 

Until I read Kidson's post earlier, I like Sue, and many others on the forum, was preparing my N1 showing a daily firgure worked out as I have shown and this is what alerted me to the fact Sue was showing less than was due. We all now know that this is incorrect.

[Guest bong]

All I can say is Ben you posted after Kidson, so I responded to your query. I think you should speak for yourself knowing what is correct or not, because the reason I queried your post was to try and establish what was correct.

[goforit]

In effect are you trying to get more than what you have paid

 

This isn't really relevant though, from a legal standpoint.

[goforit]

You walk away with nothing.

 

I think (I don't mean you personally:) ) that people can get a bit carried away with 'how much' they can claim back, the question is surely 'what is reasonable' to claim back. Although I agree that contactual rate is 'reasonable' the Judge may not necessarily agree and therefore you are putting the fate of your claim in his/her hands (if it goes to Court) because it isn't as black and white as CHARGES + 8% or even contractual, your going for compound contractual? . I think the likelyhood is that the Judge may reduce the amount.....but this is only conjecture. I personally, would rather be seen by the Judge to be 'reasonable' rather than trying to get every last penny I could out of it.....although in my view the principle is right.

 

People may have been successful with this route but you are upping the stakes and it is ENTIRELY up to you but the best of luck to you.

 

Wxx

 

Well if the Banks charge compounded interest then a claim based upon the implied reciprocal term of contract would be no less valid for compounded contractual interest as it would be for simple contractual interest.

[Guest willowb]

can you explain that to me as if I were a 12 year old please?

 

Wxx

[Glenn UK]

Well if the Banks charge compounded interest then a claim based upon the implied reciprocal term of contract would be no less value for compounded contractual interest as it would be for simple contractual interest.

 

As far as Im aware there is no such thing as 'simple' contractual interest.

 

Contracutal interest is a rate and method of applying that rate, unless you know of an account where the bank applies simple interest, its always applied in a compound fashion.

 

HTH

 

Glenn

[redsue]

Thanks guys for your input - but sod them I'm going to pursue this through the courts. I'm in an extremely lucky position of having a very good legal friend who will help me sort this out once and for all. Email sent this morning, lets see what the come back is...

[goforit]

As far as Im aware there is no such thing as 'simple' contractual interest.

 

Contracutal interest is a rate and method of applying that rate, unless you know of an account where the bank applies simple interest, its always applied in a compound fashion.

 

HTH

 

Glenn

 

That was the general point I was making in my post (as some of the posts before it seemed to miss the point)

 

 

Also, some people including me (my claim was one of the first contractual interest cases) claimed non-compounded/simple rather than compounded interest.

[Glenn UK]

Goforit

 

Thats good to know but for the avoidance of doubt because this is confusing a lot of people, you claimed a high rate of interest but this is not 'contractual interest'.

 

Even though one may apply a rate quoted as for example the APr for excess o/d, if you apply it in a simple fashion then its simply a rate you have picked and isnt contractual.

 

Anyway, i know i am getting picky, but as i say the number of times this issue comes up its best imho to be very clear about what it is that is being talked about when we consider contractual interest.

 

HTH

 

Glenn

 

PS sorry if it appears im picking on you, its just i get a lot of pms asking about this so i know its a potential problem in many peoples minds.

[Benforlini]

Sue

Email sent this morning, lets see what the come back is...

 

Has there been any?

Have just been paid more than the S69 8% (although £76.95 short if you include the court costs) but less than the 24.9% I asked for. However, this after claim deemed having been served on the 9th November and money paid 13th. Is this some sort of record? Can you give me their email address. Thanks Ben

[redsue]

hello - I can direct you over onto my thread - all the update details are there

 

http://www.consumeractiongroup.co.uk/forum/nationwide/28574-authorised-interest-unauthorised-interest-4.html#post354067

 

Mr Bacons email address is charles1.bacon@nationwide.co.uk

 

Groovyglo is also in the same predicament

 

http://www.consumeractiongroup.co.uk/forum/nationwide/32887-groovyglo-nationwide.html#post256593

 

If you send them a letter saying where's the rest of my cash - they'll send you one back saying we've carried a thorough investiagation blah blah prove it - I simply told them to read my POC on the court form.