Contractual Interest Discussion

[natwesttookmymoney]

 

contractual interest as you rightly point out has more than one meaning, perhpas we could call it Added or EXTRA CI since this would imply that it was over and above that expected by the contract.

 

Glenn

 

I can live with that - quite happily, in fact.

 

W

[Glenn UK]

LOL

 

ITS a deal then,

 

interest the bank owes you should be referred to as DEBIT INTEREST

interest you wish to charge the bank on top of the charges and interest should be called EXTRA CI.

 

Glenn

[redsonja]

Hi folks,

Is there a spreadsheet that work out the interest you have paid on the charges only? I want one for back up in case my CCI claims do reach court.

[natwesttookmymoney]

LOL

 

ITS a deal then,

 

interest the bank owes you should be referred to as DEBIT INTEREST

interest you wish to charge the bank on top of the charges and interest should be called EXTRA CI.

 

Glenn

 

Do we have a smiley for a handshake?

[JustJon]

Hi Westy,

 

I have to admit immediately after your post I was about to just give up, but I can see now we're making at least some headway. All I can say is that I'm glad we only have to persuade the Judge of our arguments and not yourself. You're not a Judge are you?

 

I notice from your response that you think I'm being discourteous to you in some way. We seem to have a fiery relationship you and I. This is not my intention. I'm not trying to attack your character in any way, I'm merely disagreeing with you (which is not the same as being discourteous) and also trying to clear up confusion. My first post in this thread was not directed at you in anyway, it didn't mention you and I don't think it even disagreed with you, but it elicited a huge response from you about me trying to spread confusion, and encourage people to make unrealistic "fantasy" claims which is just not the case.

 

In response to your post, I think Glen and Lucid have backed up my comments accurately enough. There are many cases that have been won with "Contractual" interest added to the claim. There are many more which never get to court because the bank settle. No one is being a "pioneer" by putting it in their pre-lim. I'm certainly not saying its always the right way to go, but don't just dismiss it. Lets discuss the pros and cons and how to get back as much of the money we are entitled to as possible.

 

With regards to the terminology we should use - I just ask you all to think about it logically.

 

I totally agree thats its not productive constantly arguing over what we call something, but as was pointed out to me above, if its going to happen anywhere this is the place for it. I believe the threads Westy has quoted as using the term "Contractual" to describe debit interest have now been proven not to be the case.

 

I really apologise for disrupting the above agreement, but please just think about this logically. Do we really think its a good idea to introduce yet another way to describe this type of interest? Isn't there enough confusion already?

 

Bankfodder uses the term "contractual" to describe this type of interest.

I use the term.

Bong uses it.

Lucid uses it and has described many other threads that use it.

Up until the post above I know it was your preferred term Glen and the one you've been using.

I've seen countless other threads where its used.

 

Are we really going to change this because of one persons opinion?

 

The bulk of information on this site uses this term. As much as I'm sure you will argue Westy, this is the truth.

 

New users that come to the site are instructed to read through as many of the previous threads as possible. If we introduce yet another term they're not going to know if they are coming or going.

 

I'm only aware of one person who disagrees with the term contractual. I'm only aware of one person who uses the term "Double Decked". I know this seems like an attack on you Westy. Its not. I'm just trying to bring some clarity to the situation.

 

The term "Extra" or "Double" implies greed and claiming more than we should (which I know fits well with your opinion Westy). But this is not the case. We are claiming back what they would of charged us. No extra. No double. Just what is stated in the contract as what they would charge us.

 

Anyway I think you know where I am with this. I know it will probably look like I'm throwing a spanner in the works, to make "war" but that honestly is not my intention.

 

What ever we agree on, I think it definitely needs to be recorded in the FAQ or as a "Sticky" at the top of the forum to refer people to.

[natwesttookmymoney]

Hi Jon,

 

After reading carefully through your post and checking for meaningful content which has not been resolved satisfactorily earlier today, I was left with the following:

 

Hi, Westy

 

I think it definitely needs to be recorded in the FAQ or as a "Sticky" at the top of the forum to refer people to.

 

 

 

 

Check the earlier posts and exchanges between me, Lucid and Glen for further details.

[Glenn UK]

Are we really going to change this because of one persons opinion?

 

 

 

As a point for discussion it isn't only Westy who has used the term in the fashion he has used it.

 

As i said in my post it was prevalent in the MBNA forum and probably still is for all i know.

 

I also know that i have on many occasions clarified what i mean by contractual, etc.

 

So as much as Westy may be in the minority, and I'm not certain he is or if its relevant, i do agree that there is confusion.

 

I would prefer it if people concentrated on our objectives of bombing hamburg, sorry i mean dealing with the banks and not arguing the toss over terminology, which is only important in as much as it allows us to work from a common understanding.

 

If there is a consensus that EXTRA or Additional CI isn't right then lets look at alternatives.

 

JMHO

 

Glenn

 

PS I was hoping to implore Westy not to respond for fear of escalation, and this time bombing Tehran, not having read his response yet ill wait to see if i need to resort to the shelter or not.

 

PPS I can see the sun shining and hopefully that bomber in the sky will fly away with bombload in tact.

[JustJon]

Hi Jon, After reading carefully through your post and checking for meaningful content which has not been resolved satisfactorily earlier today, I was left with the following:

 

... Check the earlier posts and exchanges between me, Lucid and Glen for further details.

 

I was actually trying to raise a real concern I had with creating a completely new term, which as I understood it, had not been discussed apart from between Glen and yourself. I was also trying to assure you that I didn't mean to cause you any offense in previous posts.

 

I see my attempts have fallen on deaf ears and have been met yet again with sarcastic comments. That said, I can't see we have anything left to say to each other.

[natwesttookmymoney]

Ah, well.

 

Actually, I should have been more generous about this:

 

"I think it definitely needs to be recorded in the FAQ or as a "Sticky" at the top of the forum to refer people to."

 

It's a good idea and I'm sure it will help matters. Thank you for coming up with it.

 

W

[JustJon]

I think that proves my point. BTW, do you know what they say about sarcasm?

[MilkTrayMan]

Hello redsonja!

Hi folks,

Is there a spreadsheet that work out the interest you have paid on the charges only? I want one for back up in case my CCI claims do reach court.

Download a copy of Mindzai's spreadsheet (v1.9) and just fill out the block of columns on the left-hand side....

http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html

[JustJon]

As a point for discussion it isn't only Westy who has used the term in the fashion he has used it.

 

Point taken. But I can't see anyone else thats so strongly objecting to it (or anyone else objecting at all).

 

As i said in my post it was prevalent in the MBNA forum and probably still is for all i know.

 

With respect, MBNA is only one forum of many. Having been a member for longer than me you probably have a much better idea of the terms used in various threads. I can only comment on what I've seen. If you were to say that the majority of users you've seen don't refer to this type of interest as contractual, or they refer to debit interest as contractual, I will find it hard to believe, but I will accept it.

 

So as much as Westy may be in the minority, and I'm not certain he is or if its relevant, i do agree that there is confusion.

 

My understanding was that this thread was set up to sort out the confusion surrounding contractual interest. That said, I think what the majority currently understand contractual interest to be is very much relevant.

 

I would prefer it if people concentrated on our objectives of bombing hamburg, sorry i mean dealing with the banks and not arguing the toss over terminology, which is only important in as much as it allows us to work from a common understanding.

 

I do totally agree, the terminology in itself is not important. Its the "common understanding" part thats the issue. IMO there is already (at least among the majority) a common understanding. I personally can't see any reason to risk/change this just because a certain user stamps his feet.

 

Anyway, I can see I'm fighting a loosing battle here. If you and Westy have come to an agreement for a new term, who am I to stand in the way of that? I just think you're going to find it very hard to convert the God knows how many users out there - Which IMO will in turn create even more confusion.

 

I think I'll butt out at this point for the fear of upsetting/boring anyone any further.

[bill-k]

Do we have a smiley for a handshake?

Well done, gentlemen. I personally think that was an important step, in that it might now enable the Tower of Babel to finally be constructed here, IMVHO.

[bill-k]

lol @ U...

 

Just knew that would get your fighting spirit back!

 

...btw...The sky IS pink if U stand on the Planet of the God of War, Mars.

 

MTM - you are one mean SOB, getting old grumpy to rise to that highly-held bait !!

"I am also Gluteus Maximus, and I will have my revenge !!"

Just you wait 'til playtime....:o

I stand here on Jupiter, but on the distinctly non-jovial dark side at present.

[natwesttookmymoney]

Not quite a Smiley but very accceptable, Bill!

 

BTW - is theleft hand taking money from the right? And knoweth not the right hand what the left ith doingth?

 

W

 

Well done, gentlemen. I personally think that was an important step, in that it might now enable the Tower of Babel to finally be constructed here, IMVHO.

[redsonja]

Hello redsonja!

Download a copy of Mindzai's spreadsheet (v1.9) and just fill out the block of columns on the left-hand side....

 

http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html

 

Thanks MTM but I just realised I didn't mention that I only want one for credit cards at this point...shame.... seeing as you forgot to insert the link and then went back to put it in for me :D thanks anyway though.

[bill-k]

BTW - is theleft hand taking money from the right? And knoweth not the right hand what the left ith doingth?

W

I prefereth to think of it as two right hands sharing a mutually well-earned gain !!

[natwesttookmymoney]

Ever the optimitht!

[bill-k]

Ever the optimitht!

That reminds me, I must make an appointment to see mine.

 

I'm reading with a pronounthed lithp !!