Wilko v Nationwide

[paulwilko]

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

 

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

She has a few spreadies and the one i used was purely contractual

 

I used number 1 here

[MilkTrayMan]

Hi ALL!

FWIW... Contractual Interest IS Compounded Interest

It is Interest that Nationwide has Compounded as per their Contract with U.

[paulwilko]

 

FWIW... Contractual Interest IS Compounded Interest

 

 

R U Sure that is correct ?

I thought there was a difference ?

 

I thought

 

Contractual is interest x number of days since the charge

Contractual Compounded is interest x rate = y then y x rate and so on for the amount of days since the charge ??

 

Explained badly but you get the drift !

[MilkTrayMan]

OK People!

Back to basics...

U had entered into a "Contract" whereby Nationwide charged U 24.9%AER for any Unauthorised O/D borrowing U did.

Nationwide, in debiting the unlawful charges and any associated interest, by virtue of Mutuality-Reciprocity, should be "charged" by yourselves @ the same rate (24.9%AER) for their "Unauthorised Borrowing" from U.

Nationwide Compounds their Contractual Interest on a Daily basis

Hence...

(DAILY COMPOUNDED) UNAUTHORISED O/D (as opposed to the authorised o/d %rate!) CONTRACTUAL INTEREST is COMPOUND INTEREST

...which was also stated in the SAME POST!!!

"It is Interest which Nationwide has Compounded as per their Contract with U"

It is also explained, to an extent, in the following thread:

http://www.consumeractiongroup.co.uk/forum/general/54974-whats-difference-between-compound.html

 

Furthermore...

Cos Nationwide normally send out MONTHLY account statements, they tend to express their 24.9%AER as a MONTHLY figure (1.87%)

...Although it is, in fact, calculated DAILY!!!

Any devience from this figure when Claiming is, IMHO, to exceed the Mutuality-Reciprocity of the Contract between U both.

Thus taking away from U the argument of it's useage and bringing U under the realm of the excess actually being Claimed as Consequential Loss and/or Damages.

...Which is a whole new ball game all together!...lol...

[paulwilko]

Hiya

 

I have a reply to my LBA saying they are sorry bla bla bla.

They are saying it has been passed to another dept.

 

Do i wait for that depts reply or do i send the 2nd LBA when the 14 days ends which is tomorrow ???

 

Who do i send the 2nd one too, the same as before or the new mob that are supposedly looking after the case ?

 

Thx

 

Paul

[MilkTrayMan]

Hi paulwilko!

2 X LBA's???

Do U mean 1 X Preliminary Letter + 1 X LBA?

Stick to YOUR timescale that U have given them!

[paulwilko]

Hi paulwilko!

 

2 X LBA's???

Do U mean 1 X Preliminary Letter + 1 X LBA?

 

Stick to YOUR timescale that U have given them!

So far i have done 1, 2 and 3 from here

 

I thought you did the LBA, then you do another one do give them a second chance ????

Must of misread that >????

[MilkTrayMan]

I thought you did the LBA, then you do another one do give them a second chance ????

Must of misread that >????

 

The Preliminary Letter is their 1st chance

...The LBA is their 2nd Chance.

Next step is the Filing @ Court stage.

Their chances of winning?

NO CHANCE!!!...lol...

[paulwilko]

The Preliminary Letter is their 1st chance

...The LBA is their 2nd Chance.

 

Next step is the Filing @ Court stage.

 

Their chances of winning?

NO CHANCE!!!...lol...

Superb, thx for that, I would of wasted another 14days !!!!

I am on it !!

 

Cheers

 

Paul

[MilkTrayMan]

Superb, thx for that, I would of wasted another 14days !!!!

I am on it !!

 

But U would have been able to Claim an EXTRA 14 days worth of C.I. @ 24.9% APR!...rofl... ;-)

[paulwilko]

But U would have been able to Claim an EXTRA 14 days worth of C.I. @ 24.9% APR!...rofl... ;-)

 

Didn't think of that !! I may wait a couple of months then !!!!!!

[paulwilko]

Do I do the MCOL or N1 ??

[Benforlini]

If your going for contractural with S69 'in the alternative' you may find the detail will not fit on the MCOL's particulars of claim section and so you will need to go N.1 which you can fill in and download from H.M.C.S website (3 Copies)

[Benforlini]

H.M.C.S Her Majesty's Courts Service - Home

[paulwilko]

H.M.C.S Her Majesty's Courts Service - Home

Thx for that

 

I assume its N1 from Here ???

[Benforlini]

Yes.

But do allow the 14 days you gave Nationwide in your LBA to elapse for registering the N1 so you can show your acting fairly.

[paulwilko]

Yes.

But do allow the 14 days you gave Nationwide in your LBA to elapse for registering the N1 so you can show your acting fairly.

 

Thx

 

14 Days ends today. I sent the LBA on the 2nd Jan !!!!

 

I am going in, wish me luck !!

 

Paul

[paulwilko]

God knows how i missed this, but it would seem i have claimed for 24% instead of the 24.9%

Should I change it or just keep going as is ??

 

Thx

 

Paul

[MilkTrayMan]

Hi paulwilko!

How would U feel if U knew that someone somewhere @ Nationwide is laughing at U for your Basic mistake?

Do U feel that they would not want to defend on the basis that they figure that U are unsure about C.I.?

Could U honestly say that U could stand up before a judge and argue the Claim figure of 24%, without him/her knowing that U don't know where that figure has been derived?

IMHO I would re-send a LBA with the spreadsheet printout based on 24.9%

Hope this has helped?!...But it's YOUR Claim though!

[MilkTrayMan]

P.S....If U have already Filed @ Court try getting in touch with them to alter your Claim.

U MAY have to abandon that particular submission...Take a loss on Court Fee and Re-submit a fresh application!!!

[paulwilko]

P.S....If U have already Filed @ Court try getting in touch with them to alter your Claim.

 

U MAY have to abandon that particular submission...Take a loss on Court Fee and Re-submit a fresh application!!!

I have not filed the court papers yet, but was about to before i noticed I had put 24 %.

 

So are you saying that they are possibly more likely to defend in court because I put 24% instead of 24.9% or are you saying that I am mad not to get the extra 0.9%

 

Am I not able to do the court papers with the 24.9% on it ? with an ammended spread sheet ?

 

Also, when you do your court papers, do you use the spreadsheet that you have previously sent, or do you adjust the date because there is in theory, another 1-2 months extra interest to be had ?

 

Thx

 

Paul

[MilkTrayMan]

U have asked Nationwide to settle @ Charges plus C.I. @ 24%.

How do YOU then justify to the Court that U are now wanting 24.9%???

The whole point of sending the Preliminary Letter and LBA is to then be able to demonstrate to the Court that U have been trying to AVOID Court Action by giving Nationwide plenty of time to Settle YOUR Claim in FULL before YOU had no choice but to go to Court!

Judges do NOT take kindly to a constant shifting of goalposts and a rushing to take cases to Court when there was a chance, however remote, that Court Action may have been unnecessary.

Just imagine if the roles were reversed and it was someone taking YOU to Court and they kept upping the figure?

Therefore giving YOU no reasonable chance to settle before getting to Court!!!

[MilkTrayMan]

@ EACH Letter stage, a NEW updated spreadsheet TOTAL should be sent with EACH Letter!!!

[paulwilko]

U have asked Nationwide to settle @ Charges plus C.I. @ 24%.

How do YOU then justify to the Court that U are now wanting 24.9%???

 

The whole point of sending the Preliminary Letter and LBA is to then be able to demonstrate to the Court that U have been trying to AVOID Court Action by giving Nationwide plenty of time to Settle YOUR Claim in FULL before YOU had no choice but to go to Court!

Judges do NOT take kindly to a constant shifting of goalposts and a rushing to take cases to Court when there was a chance, however remote, that Court Action may have been unnecessary.

 

Just imagine if the roles were reversed and it was someone taking YOU to Court and they kept upping the figure?

Therefore giving YOU no reasonable chance to settle before getting to Court!!!

I agree with everything you are saying, so why are you saying i should send another LBA, can't I just carry on ?

I know it is only an oppinion of yours.

 

Surely Nationwide will snap my arm as they will have less to pay out as it is 0.9 % ??

 

 

Thx

 

Paul

[MilkTrayMan]

Hi paulwilko!

 

Nationwide would pay out @ 24.9% also!

If U R intent on proceeding @ 24%, go ahead as YOU see fit.

But every Claimant runs the risk that THEY have their Claim defended to the end by Nationwide.

Do U want to be THE ONE and have NOT prepared your case properly and therefore have YOUR Claim struck out???