SLH542000 v Morgan Stanley

[noomill060]

slh542000- I received a similar letter spouting the "payment hierachy" nonsense from Ms Kenny yesterday.

 

go here-

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/42291-bobtheb-morgan-stanley.html

[noomill060]

Heres my thread - noomillo6o v morgan stanley

 

I'll keep you updated with developments as they happen.

[noomill060]

Im only charging 18% compounded interest- I'll work it out at 19.16%. We may as well be consistant!

[slh542000]

thanks for the inputs noomill. I'll see what comes of my refusal of their payment (which was partly because of conditions attached, and partly casue they didn't "recognise" my interest!).

 

Has anyone actually won contractural interest of Morgan Stanley?

[noomill060]

Yes- go here and read this thread. There are many others too.

 

bobtheb v morgan stanley **WON**

[slh542000]

No reply from these guys - guess I better start drafting my Letter Before Action. Shame really, I had high hopes they'd settle early!

 

Hey Ho!

[slh542000]

Letter before Action Sent. Recorded.

 

14 days to MCOL....

 

Tick tock... tick tock....

[slh542000]

Gave Morgan Stanley a courtsey call today - Gotta admit, it's funny when you call up, and get put striaght through to their payments center

 

MS: Hello Sir. Have you called to make payment on your account to bring it up to date?

 

ME: Eh, excuse me? I've called to refuse your offer of £1074 credit on my card?

 

MS: Excuse me?

 

ME: You heard. Now, run along and put me through to your Customer Liason office, as you're only a call centre operator, and couldn't possibly understand the complexities of compound contractural interest, the legality of contractual law, and it's effect on my claim.

 

MS: One second sir....

 

Ha Ha! How I laughed!

 

So, they first say they can't possibly pay contractual interest, as every payment I make first pays off the fees, then the balance second. So I say well, if you never applied the (and lets face it, they are unlawful) fees to my account, then I'd have paid off more of my balance, so therefore the principle still stands. Now, I'm filing at Northampton County Courts on monday, so I thought I'd phone to see if your willing to settle, and save Morgan Stanley even more money.

 

One second. (Pause, chats to his manager). Yes sir. We'll settle in full.

 

So I say, Full amount (£1076) PLUS interest @ 19.6% (£517.38)??

 

Yes. Full and final Settlement of this claim. But we're not in anyway admitting our fees are unlawful, just want to reslove this matter.

 

I say "yea, whatever. When can I see the cash" They say "We'll draft the offer and post it today"

 

So thats it. Done and Dusted. Just before christmas too! Hurrah!!!

 

One thing. If they put any conditions .... like "...this is full and final settlement, including any future claims in relation to default charges..." is it binding? Or do I have to send it back?? Anyone?

[Number6]

 

One thing. If they put any conditions .... like "...this is full and final settlement, including any future claims in relation to default charges..." is it binding? Or do I have to send it back?? Anyone?

 

Any condition such as "in full and final settlement" is only valid and enforceable if they give you someting else in return. The clause would have to say something like:

 

"you agree that this is in full and final settlement of your claim in return for which we will give you a sack of potatoes"

 

Silly example but the sack of potatoes is (in contract law) referred to as the "consideration"'; others may call it "quid pro quo". It has to be something tangible over and above your settlement.

 

If they give you consideration then the clause is binding on you. If there's no consideration then it's not binding.

 

Pete

[slh542000]

thats what I thought. (or, that's what I'd read somewhere else on this forum!) Just wanted clarification, and confirmation.

 

They've not offered any consideration, therefore it's not binding. so I'll sign and get me money, safe in the knowledge, if I were to incur charges at any point in the future, I can repeat my action, and reclaim! (not that I intend using my credit card anymore!!)

 

Thanks for the advice

 

Cheers

 

Steve.

[Guest bong]

very funny slh, well done!

[noomill060]

Excellent news and it gave me a laugh. FFS, these muppets are almost worth it for their entertainment value!

 

I'll do the same, after re-evaluating my claim to bring the contractual interest and other expenses I have been put to, up to date.

 

Dont forget to add that you will only consider the matter settled on clearance of their cheque, otherwise in the words of P.O'Neil-

 

"The War goes on"

[roscodog18]

I was at exactly the same point with Morgan Stanley today.........they refused to give me contractual interest of £271 but offered 8% ( £115) interest as 'would be applied ' by the Court!!!!!!!!!

Well I told them to shove it! Should I send a copy of our 'Final' offer? No save yourself the cost of the stamp was my reply......... So now they have the added £80 for Court fees and the added cost of the Ombudsman complaint.

great business sense Eh?

I'm starting to enjoy this......

 

Roscodog

[noomill060]

I got a similar letter roscodog- the second offer from MS-

 

They would return all unlawful fees and add the 8% interest that a court would award, but no way can we return your contractual interest.

 

Absolutely not.

 

 

No way, never! Ever-ever-ever!

 

**Karla Kenny stamps her dainty little cloven hoofs**

 

 

So like slh542000, Im going to phone on Monday and ask her if they'd like to settle before I file the court papers on Monday afternoon!

 

Here are the terms MS attached to the above offer:

 

Full and final settlement, including any future claims against MS in relation to default charges.

 

Gagging clause.

 

 

Offer open till 9 january

 

 

No claim to be made to any competant court (is there any other?!)

 

No complaint to FSA or FOS.

 

http://www.consumeractiongroup.co.uk/forum/other-institutions/49094-noomillo6o-morgan-stanley.html

[roscodog18]

Hi,

I posted my N1 form to Carlisle Count Court today, I'm in Scotland but have an English postal address because several of my claims are way over the Scottish £1500 Summary Cause limit.

I'm fed up getting messed around by them........far too many phone calls chasing payment........they owe me over a grand!

Time to play hard ball..........no longer will I accept their harrasment.

I'll let you know how things go.....I'm not trying to hijack this thread and will start my own

 

Roscodog

[dave354uk]

Hi,

 

I applied for CCI and they told me that I was mistaken and they don't pay it however, as a "good will gesture", ha ha.............they offered me the extra amount I was asking for in CCI?

 

Let them know that you have read on this site, that they are paying it, that really winds them up, lol.

 

They seem to have lost the plot!

 

Regards,

 

Dave

[noomill060]

Does CCI mean County Court Interest?

 

They will pay whatever the court tells them to, whether they like it or not!

[dave354uk]

No,

 

It means Compounded Contractual Interest, there are lots of threads on the site regarding CCI. Lots of people are claiming it now. Basically, if they want to fight it, they will have to do it in Court, and we all know how many of them, want to go there!

 

Dave

[noomill060]

Im claiming compounded and MS didnt even put in a defence!

 

All Im waiting for is the judge's decision as to whether I should get judicial interest at 8% or the 20.9% which I claimed for, and which MS didnt defend!

[dave354uk]

Go for the contractual, please let me know how you do as I am going to take them to Court soon, any advice on what to expect, would be great thanks.