Can you claim back cards interest rates on charges?

[tonyflow]

Before going court (and if at court, you can THEN add 8% on?)

 

Would be nice if I wasnt dreaming, as 24.9% is quite a large interest rate

[rob14973]

Hi

 

Cannot quite work out what your trying to say. You can claim either of the two intrests but you cannot claim for both!

 

Rob

[tonyflow]

Sorry, what I meant was, when claiming back from credit card companies, I thought I read somewhere on here that you could claim back the interest at the rate they charged you, from the LBA stage (you didnt have to wait until the court stage)? i.e. £100 of charges 6 years ago would now be £380 if interest was 25%

 

Am i right, or is it like the 8%, and you can only add this on at the court stage of the process?

 

Cheers

[roydosan]

you can claim - the interest they charged you on the charges and the same rate of interest on the total for fines and interest - this is known as contractual interest and you claim it with the prelim.

 

or

 

you can claim the charges and the interest you paid on them and the 8% p.a. but only when you raise the claim at court

[tonyflow]

you can claim - the interest they charged you on the charges and the same rate of interest on the total for fines and interest - this is known as contractual interest and you claim it with the prelim.

 

or

 

you can claim the charges and the interest you paid on them and the 8% p.a. but only when you raise the claim at court

 

So, the rate I had was 24.9%, I can claim this on each of the charges? Then if I have to take them to small claims, I can whack on the 8% as well?

 

They offered me a "goodwill" gesture today of £180 in full and final settlement, I am just writing the letter and working out what they do owe me! I assume I can use the original creditc card letter, but change the interest column to calculate interest at (amount * 0.00068 ) * number of days. I have used 0.00068 as that is 24.9 (interest rate) divided by 365. Am I getting this right? I only ask as it makes my claim leap from £383 to £579 (which sounds a nicer figure).

 

Then if it goes to court, I can add the interest at 8% onto this?

[roydosan]

You only add 8% if you do not claim contractual interest (this is in addition to the interest they charged you which you can claim back).

 

You cannot claim 8% if you have already claimed contractualinterest.

[MilkTrayMan]

Hi tonyflow!

Check out the links that I point to within my post (#19) in the thread of the following link...They may help U to understand a little better:

 

http://www.consumeractiongroup.co.uk/forum/general/54212-do-i-have-accept.html

 

Hope it helps?!

[tonyflow]

Cheers for your help. I sent the prelim letter last week which totalled £370 in charges, which amounted to £580 when I added Contractual interest onto the charges.

 

I called their customer line the other day to say I will not accept a payment of £180 in full and final settlement, and if they could speak to me it could stop it getting "messy", and they said they would not be willing to do any more for me, So I advised I will be writing some letters, and that if I have not been paid back my £580 within 28 days, then I will file a small claim against them!

[nagumos]

Hi, the whole credit card thing confuses me, I went through my statements last night, my interest rate at the time was 15.9%, every month I was getting charges of around £15 in interest. Can I claim that back as well as my late payment charges??

Can anyone help?

Cheers:?

[MilkTrayMan]

Hi nagumos!

The Interest % Rate on your CC MAY have been 15.9%

...But any unlawful Charges and their Associated Interest would have been charged @ the Cash Withdrawal % Rate...which would be MORE than the normal purchase % rate.

Also dependent on which CC U have, it is feasible that there is a strict hierarchy with regards which category of balance is repaid in full 1st when U pay your monthly statement.

Usually it is the lower bearing % rate balance that is paid of in full 1st!!!

Hope this helps?!

[impact]

Hi Milktrayman,

 

I have been reading your thread re claimimg back interest. My initial claim with MBNA did not include any interest. They offered "goodwill payment" which I declined as full settlement and I reiterated my claim for full amount. When they failed to respond, I re-sent claim for full amount but this time including contractual interest which more than doubled the amount. They responded by offering further "goodwill payment" equal to the whole of the charges but not the interest. I again declined this, pressing for inclusion of interest and giving them further 14 days. Time is about up now with no response. I am wondering if I have blown it by not including the interest in the original letter or should I press on with LBA and MCOL?

[MilkTrayMan]

Hi impactman!

If U have read my post (sm4423's thread btw) in the link I pointed to above, U would have also read the link contained within it, a post in which johnny2bad suggests that a Claim position is recoverable right up to and even beyond the Filing @ Court stage!

MBNA are one of my next targets and my claim will involve Default Removal + PPI. Am currently busy with other Claims at the moment, so haven't researched how MBNA are dealing with Claimants and don't honestly know if it's normal or the exception, for people to be given such goodwill offers of a FULL REFUND...But I would assume that they would only do that as a Damage Limitation exercise cos of the now added CI + to test to see if U fall for their, in effect, small offer before U would win at the Court stage.

IMHO I would continue with your LBA and include a printout of your up dated CI spreadsheet. Be prepared for MBNA to try to fob U off by saying that they have offered U everything in their Full + Final Offer though!

Hope this helps?!