Contractual interest - cases anyone?

[PhantomReclaimer]

Northern Rock are steadfastly refusing to settle my claim on the basis of contractual interest at 11.8% - their authorised overdraft rate. I've provided them with good reasons why I believe I'm entitled to it - implied terms of fairness and reasonableness and that it would be unjust to allow the bank to profit from their own unlawful actions - but they are maintaining the position that, should I win, I would only be awarded 8% by the Court.

 

Does anyone have any cases off the top of their heads that I can quote to back up my position? I had a look at the "why is no one claiming the contractual rate of interest thread" but it's up to something like 1,700 posts and will take me about a week to read through.

 

Cheers,

 

P.

[givememymoney]

Not sure about specific case law but this thread is a good example of someone who made some excellent arguements and won http://www.consumeractiongroup.co.uk/forum/hsbc-bank/33005-bong-hsbc-contractual-interest.html

[zootscoot]

The leading case in this area is Westdeutsche v Islington. Compound interest was refused. You can distinguish that case on the grounds that in Westdeutsche the bank did not receive the money in circumstances where their conscience was affected so the court refused to impose a trust. whereas with charges the banks are acting unlawfully this will give the necessary ingredient of affected conscience to impose a trust and therefore allow compound interest to be awarded.