Wilko v Nationwide

[paulwilko]

Hi All

 

Just got my statements back and done a very quick tally up and it comes to £2220.00

 

Can someone clear up something please.

 

Included in the £2220, is the Overdraft facility interest, am i able to claim for that back.

 

It varies from £1 to £21 per month so adds up to a little sum.

 

I don't mean the exceeding the overdraft charge, just the charge for having the facility.

 

If you can help that would be great then i can start filling out the spreadsheet.

 

Thx

 

Paul

[Benforlini]

Believe I'm right in saying you can only claim for any charges for exceeding your overdraft. Not your normal interest charges.

 

Looks a nice round figure anyway.

Go get em.

[paulwilko]

Believe I'm right in saying you can only claim for any charges for exceeding your overdraft. Not your normal interest charges.

 

Looks a nice round figure anyway.

Go get em.

Hmmm, thats a shame as it ended up being about £500 that i cant claim for. Oh well

 

Thx

 

Paul

[paulwilko]

Sent of asking for £1700 in charges and £1700 in Contractual interest.

 

This was Sent Sat 16th Dec, so wish me luck, especially on the interest side !!

 

Cheers

 

Paul

[MilkTrayMan]

Hi paulwilko,

 

As quoted:

 

Benforlini says..."Believe I'm right in saying you can only claim for any charges for exceeding your overdraft. Not your normal interest charges."...

End quote

 

 

Surely, if the unlawful charges caused, or increased your negative balance then U can claim for those additional interest charges that relate to the unlawful charges, that were imposed as well???

...even if Nationwide were nice enough to allow U an O/D to accommodate their unlawful charges and that U managed to stay within their O/D limits?!

 

Hope this logic gives U food for thought?!

Another LBA can always be sent, with U stating the new figure claimed and pointing out to them the reasoning for your new figure.

Obviously, any time limit U then gave them to settle in full before U proceeded to the Court stage would begin from the date of your new LBA.

 

"Twice measured...Once cut!"

[paulwilko]

I don't get what you are saying ?

Have I done something wrong ?

[MilkTrayMan]

Hi paulwilko,

 

Have PM'd U a hopefully more simpler explaination!

[paulwilko]

Hi paulwilko,

 

Have PM'd U a hopefully more simpler explaination!

Okay, I fully understand now.

So you think all the interest i have paid which i consider Authorised, is maybe something i can claim back ? or at least some of it.

 

Okay, I will look into tha

 

Thx

 

Paul

[MilkTrayMan]

Hi again paulwilko!

 

In reply to your question about how much interest:

 

Try to work out what other expenditure U may have done to cause U to be O/D...and take this and it's associated interest off the total of your O/D statement balance.

 

i.e. Do another phantom spreadsheet solely for O/D expenditure other than the charges and their associated interest, to find out the interest that U can't claim for, and take the interest amount off the "everything including charges interest" spreadsheet total that U had originally done.

 

Sounds complicated but it isn't...the spreadsheets do the maths for U.

 

It all depends on how U conducted your O/D and for how long U had it, as to what figure U come up with...If your O/D consists mostly of charges and their interest then the figure that U said of £500 could mostly be re-claimed!!!

 

Am NO professional mathematician, so could do with someone more qualified to doublecheck the process, as I understand it and have described above, if I have completely got the wrong end of the stick!

In more easily readable English would help also please?!

[paulwilko]

Okay, had the first letter back, so now onto the LBA.

 

Should i be sending it as a reply to Richard Huntley, Customer Service Manager at Member Account Servicing, 1st Floor Electra House, Farnsby Street, Swindon, SN2 1SR ?

Or is there a different contact and address for this stage of events ?

 

Thx

 

Paul

[MilkTrayMan]

Hi paulwilko...Happy New Year!

Your LBA needs to be sent to Nationwide's Registered Address @ Pipers Way, Swindon.

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31052-contact-details-banks.html?garpg=14

[paulwilko]

Hi paulwilko...Happy New Year!

 

Your LBA needs to be sent to Nationwide's Registered Address @ Pipers Way, Swindon.

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31052-contact-details-banks.html?garpg=14

 

 

Thx matey

 

Happy new year to you too

 

Paul

[Benforlini]

Your LBA needs to be sent to Nationwide's Registered Address @ Pipers Way, Swindon. /quote]

 

Sorry MilkTrayMan I disagree. As the LBA is simply responding to their brush off to Wilko's prelim letter it should be sent to the originator of their response to the prelim.

 

However, experience shows whichever one you chose you'll still end up with another brush off so start preparing your claim. Which should be sent to Pipers Way.

 

Anyway, Happy New Year to you both.

[paulwilko]

Your LBA needs to be sent to Nationwide's Registered Address @ Pipers Way, Swindon. /quote]

 

Sorry MilkTrayMan I disagree. As the LBA is simply responding to their brush off to Wilko's prelim letter it should be sent to the originator of their response to the prelim.

 

However, experience shows whichever one you chose you'll still end up with another brush off so start preparing your claim. Which should be sent to Pipers Way.

 

Anyway, Happy New Year to you both.

 

Argh !!! I have sent it to Pipers way now !!

As you say though, it should get to the right person sooner or later !

 

Cheers

 

Paul

[paulwilko]

Actually, I was able to stop the original, so have now just changed it as a reply to the letter

 

THx

 

Paul

[Benforlini]

You should still start to prepare your claim. If your claiming contractural interest with S69 'in the alternative' you may have to consider obtaining N1 claim forms (3 copies) from your local County Court as I understand you may not be able to fit your total claim particulars on the MCOL copy.

[paulwilko]

You should still start to prepare your claim. If your claiming contractural interest with S69 'in the alternative' you may have to consider obtaining N1 claim forms (3 copies) from your local County Court as I understand you may not be able to fit your total claim particulars on the MCOL copy.

I am claiming contractual, but what do you mean by "with S69" ?

 

Thx

 

Paul

[Garu]

S69, I believe, is the courts "statutory interest of 8%" that you can claim.

 

Like you, I am going for contractual (and compounded) at *Nationwide's* rate of 1.870% per month. However, you may wish to offer acceptance of S69 "in the alternative" to the courts. NB you do not offer this to Nationwide.

[paulwilko]

S69, I believe, is the courts "statutory interest of 8%" that you can claim.

 

Like you, I am going for contractual (and compounded) at *Nationwide's* rate of 1.870% per month. However, you may wish to offer acceptance of S69 "in the alternative" to the courts. NB you do not offer this to Nationwide.

Why only 1.87%, I am going for the 24.9% which equates 2.075% ??

 

Actually i thought S69 was the 8% but my understanding is that you either do Contractual/Compounded or S69 and not both unless someone tells me different ????

 

Thx

 

Paul

[Garu]

I am going for 1.870 as that is the unauthorised overdraft rate on my statements.

 

You are correct, it is S69 *or* contractual, you are going for contractual but offering to accept S69 "in the alternative" to the courts.

 

(as I understand it, anyway)

 

I guess it's all about appearing "reasonable" in the court's eyes. Obviously you don't offer both to Nationwide as they would say "hmm, we'll take the cheaper one, please"

[MilkTrayMan]

Hi Everyone!

I appologise if I appeared to give the wrong address for the LBA to be sent to.

...Was in a rush and it was the 1st address that I came to!...

Perhaps one of U gentlefolk would like to research and update/post the definitive Nationwide Step-by-Step/Contact Address for others that follow???...only a thought mind!...

paulwilko...

To get 2.075 from 24.9%APR is simply to divide 24.9 by 12

This is NOT how Compound Interest works!!!

1.87% is the CORRECT monthly figure as each individual Daily Compounded Total is added into the sum to be compounded the next day etc etc 365 times!

s69 Statutory Interest (@ 8%) is mentioned in the Court Claim Application Stage as "In the Alternative" cos. if the unthinkable happens and Nationwide defends your Claim.

...then successfully argues that U can't claim Daily Compounded Contractual Interest on your Claim and seeks to have the whole Claim struck out.

...U can at least ask the Court to consider awarding S.I. @ 8% In the Alternative...understand now???

 

Methinks a swot up on Daily Compounded Contractual Interest, so as to be able to personally explain your reasoning to a Judge would be useful.

Especially if U inform Nationwide that U will be Claiming the 2.075% Monthly figure!...

Garu...

EVERYTHING U say in your last post is correct!!!...

Benforlini...

Does that make us Fifteen-All???!...rofl...

Hope all this helps?!

Everything stated is only my own personal opinion and shouldn't be take as the Gospel Truth...nor do I intend it to personally offend anyone!

[paulwilko]

 

paulwilko...

To get 2.075 from 24.9%APR is simply to divide 24.9 by 12

This is NOT how Compound Interest works!!!

 

 

Thx for the explanation, but I am not claiming compounded !! Only contractual !!

 

I think i could if need be explain my way thru it if need be !! I am rather hoping I never see a court but I may be the first !! :o

[Garu]

How are you claiming contractual and not compounded? Depending on daily, monthly, or annually, if there has been more than one unit(in time) of interest, then the following unit has to be the original, plus interest, and then plus interest again for every unit thereafter.

 

They had your money, they were getting interest on it in the first day, and the next, and interest on interest every day until now.

 

RE court, the more I understand it, the more I actually would love to see them in a courtroom.

[paulwilko]

How are you claiming contractual and not compounded? Depending on daily, monthly, or annually, if there has been more than one unit(in time) of interest, then the following unit has to be the original, plus interest, and then plus interest again for every unit thereafter.

 

They had your money, they were getting interest on it in the first day, and the next, and interest on interest every day until now.

 

RE court, the more I understand it, the more I actually would love to see them in a courtroom.

I just followed Vampiress's Spreadsheet for contractual !!

 

I assume it is correct. Anyway, the LBA has gone and looking forward to seeing a bit of cash in a few weeks.

 

Feeling confident !!

[Garu]

As I recall, Vamp's spreadsheet works it out compounded, so fear not.

 

Good luck (not that you will need it) in your claim.