Aqualibrium V Nationwide ** WON **

[Aqualibrium]

Oh man. I am totally stumped with the interest spreadsheet. Am I right in saying you use the same template as for the bank charges, except only fill out the right-hand side?

And is the interest calculated per charge, or per month on the account balance, or per day? I really have no idea what I am doing here, flailing in the dark!

[Aqualibrium]

Oh waaait a minute.

Should I be using the "further interest" section?

I was in the "charges and interest" one.

[MilkTrayMan]

Hello Aqua-'Fresher' + Varangian3!

 

So this is where the NEW Chatroom is located??...lol...

I just wish I could type fast enough!

...It sounds as if you are getting confused here between the different types of interest. Methinks U are getting confused Varangian3...?!

 

The one you mention with the letters before court action is Overdraft Interest, because the charges may have sometimes given you an OD that would otherwise not have happened. This is generally a small amount. It is recommended that in ALL Claims that involve C.I., it is stated @ the Preliminary Letter and updated in every correspondance afterwards.

s69 Statutory Interest should ONLY be mentioned when a Claimant Files their Claim @ Court.

ONLY "Overdraft Interest" that relates solely to any unlawful Penalty Charges + any Interest on the Interest relating to them should be Claimed at all times in either method of Claim.

 

At court stage, you add on 8% interest in the spreadsheets, which applies to every unlawful charge, for every day since it was taken. This is known as Standard Interest, and is the figure that the court will allow you if they uphold your claim for repayment of the unlawful charges. s69 STATUTORY Interest will ONLY be applied by the Court if it is brought to the Courts attention and that is ONLY if C.I. is NOT stated/asked for instead.

 

Contractual Interest is where you claim interest at a higher rate than 8%, because their rate would have been higher had they been charging you interest. This is the case with credit cards, for example, but normally people only claim the 8% with bank accounts. CI is harder to establish the correct rate and harder to frame the case, whereas the 8% is acceptable to the courts anyway. There are numerous examples of successful Claims that have included CONTRACTUAL INTEREST.

Many have been for Current Accounts.

The Banks apply DAILY COMPOUNDED C.I., which for the Nationwide, is currently 24.9%AER, for Unauthorised O/D Debits.

This is, in effect, what Nationwide has done by unlawfully debiting your account with Penalty Charges!!!

#4 of the following Thread contains further links which I think will help U understand the BASIC concepts of C.I....

http://www.consumeractiongroup.co.uk/forum/nationwide/70325-im-new-confused-please.html?highlight=Claire500

(I highly recommend the user-friendly spreadsheet referred to within the post btw)

[MilkTrayMan]

...you never know what might happen! I'm an Aquarian, ANYTHING can happen to us haha

Arrrrrgh!...I hope U're wrong about that??!

 

I'm an Aqua...'Bird-with-jug-on-head'...thingy too...and I'm a blonde!!!

 

Woe is us...all is lost then??!...lol...

[Aqualibrium]

lol. No, not lost.

All is INCREDIBLY exciting because we never know what's going to happen next!

'Change is good' should be 'surprise and change is good!'

Keeps one on their toes

[Aqualibrium]

And thank you for the link to the spreadsheet, that one is much more user friendly. The other one was like trying to get into Alcatraz, but then I did seen the warning "ADVANCED". I am not ADVANCED. :o

All good now, it's adding up no problem, thanks Milktraymantheaquarian.

[Aqualibrium]

Woot! Interest all calculated, by the lovely person who created the spreadsheet of course, I take no credit.

While we're all here (that's me and my multiple personalities and anyone else who happens to flutter by), there is exactly 1 week and 1 day until LBA day, getting closer!

Thanks again everyone!

[MilkTrayMan]

lol. No, not lost.

U haven't seen the "5th" Series of "Lost" then, I take it??!...lol...

 

 

 

All is INCREDIBLY exciting because we never know what's going to happen next!

Oh YES we do!....

U will Claim + eventually get YOUR money from Nationwide!!!...

 

 

 

'Change is good' should be 'surprise and change is good!'...Keeps one on their toes

'Change is good'...my foot!

Change is BAD...Tenners are better!!!

...Why settle for schrapnel???...pmsl...

[MilkTrayMan]

And thank you for the link to the spreadsheet,that one is much more user friendly....The link was originally given in #10...ONE whole week ago!!! The other one was like trying to get into Alcatraz, but then I did seen the warning "ADVANCED". I am not ADVANCED. :o

 

All good now, it's adding up no problem, thanks Milktraymantheaquarian.

No probs, so long as U don't start calling me MilkTrayManthevegan!

...STRICTLY carnivorious I is!

 

But I do have a chocolate-coated soft centre to compensate!...lmao...

[Aqualibrium]

Okay, I know I'm not at the Moneyclaim stage, nowhere near it in fact, but I was browsing the site just to get a feel for the rack AND I happened to notice that it says you cannot claim via Moneyclaim online unless you are resident in England or Wales, am I right?

Does that mean I go to my local court in person then?

[Aqualibrium]

I know I am a pain in the butt and it's the weekend and all, but I have another question.

 

I have gathered (possibly wrongly) that the banks have been referring to their charges as "fee"s for a service, the service perhaps being the payment of a direct debit, when the account has insufficient funds, or the temporary extension of an overdraft when the account has insuficient funds.

 

From where I am sitting, neither of these apply to me as Nationwide have NEVER honoured a payment on my behalf, it has just been declined and returned. I do not have an overdraft and the only time I have been charged for an unauthorised overdraft is when their charges for returned debits/standing orders have come off and rendered my account in the negative, as well as snatching the little money that may have been in the account.

 

I'm four days away from the LBA stage (still haven't received any reply to the prelim letter - Speak of the devil, I have just received the standard "Take your claim and get to France" letter!) and I am wondering if it would be beneficial for me to include the above facts in the letter, to support my claim?

[MilkTrayMan]

Hey-up Water Jug!

...it says you cannot claim via Moneyclaim online unless you are resident in England or Wales, am I right?

 

Does that mean I go to my local court in person then?

If U live in N. Ireland or Scotland, the Court process is different from most people's Claims and mainly involves a difference in the maximum amount threshold that the Claimant can put down in their Claim, which would be the equivalent to the Small Claims Track in England & Wales (...For E & W this is currently £5,000 before any Interest is also added to the Claim etc).

 

Some Claimants have got around this restriction by stating an address of family or friends, who live in England or Wales, where forms etc can be reliably forwarded to/from.

Filing your Claim via using a N1 Form is also possible this way.

 

Claimants have also applied via the County Courts of Berwick/Carlise etc. to minimise possible travel costs when they haven't got a convenient address in E & W.

 

btw...U haven't given an indication of where U actually live!

[Aqualibrium]

I think you're psychic Milktrayman, I was just about to log-in when I got the email about your reply.

 

Anyway, I live in Renfrewshire (that's Scotland by the way) and my claim including interest will be about 2,100?

[MilkTrayMan]

Hi Whiskey Decanter Person!...lol...

 

As Ms. J. Goode might say..."Renfrewshire is next to East 'Angular' in Europe, yeah?!"...lol...

 

If U read through some of the Threads in the following link, they may help U decide what/where/how is the best route for U to go down when U File your Claim @ Court...

 

http://www.consumeractiongroup.co.uk/forum/scotland/

[Aqualibrium]

Okay, I'll check it.

Thanks man.

P.S. You need to stop eating those name dictionaries, it's becoming a habit

[Aqualibrium]

Okay, so here's what I gathered from the thread with regards to my claim.

 

1. I can use an address in England or Wales and therefore claim over 750 - I don't have an address in England or Wales I could use, I dont know anyone who lives there, so that one is out of the question. Also, even if I did, the chances of me being able to travel there for court, should the need arise, are slim.

 

2. I could settle for the 750 limit in the small claims court in Scotland, which is considerably lower than the amount of charges, which totals 1601, without interest.

 

3. I could split my claim into 2 claims of 750 and settle for 100 less and also minus the interest.

 

I'm swinging to N.o. 3, but I happened to read somewhere on here that the courts in Scotland arent too happy to split claims anymore and are only accepting one claim per account, is this the case?

 

Also, if I go through the financial Ombudsman would I have a better chance of getting the full 1601?

 

It's all looking a little dim all of a sudden...

[Aqualibrium]

Okay, from what I can see, my best bet would be to lodge a complaint to the Financial Ombudsman.

 

I have a question or two about that:

 

1. Do I still send the LBA and give them 14 days to reply before lodging my complaint with the FOS? I happened to notice when reading the complaints form that it requires I send the banks "final response" letter which I have not received, only a "No chance" letter, there was no mention of "final response".(I am due to send LBA tomorrow if required)

 

2. In the complaint to the FOS, do I request the amount of the charges ONLY, ie, without the 8% interest?

 

With regards to question N.o.1, Nationwide, in reply to my prelim letter stated:

 

"What to do if you are still unhappy

 

1. Our member service department can review your concerns. I will be glad to refer it for you. If you decide to go ahead with this option please contact me.

 

2. If you are still not satisfied, you many then approach the Financial Ombudsman Service for an impartial, independant assessment of the situation."

 

- Now is that saying that that is the procedure I must adhere to, ie, ask to be referred to their member service BEFORE contacting the FOS, or can I just go ahead?

 

Lots of questions I know, but I never saw this issue with the Scottish courts coming, my fault, of course, for not researching as far ahead as I should have.

Any help most appreciated.

[Aqualibrium]

Okay, I refer to this thread: http://www.consumeractiongroup.co.uk/forum/welcome-our-forum/92012-help-needed.html

Specifically, post No. 4, where it states:

"In your case it would be wise to complain through the Financial Ombusdman Service they are 100% successfull in these complaints and are hassle free.

To go this way you still need to send the Prelim then the Lba to the bank this is so you have the banks final say on your complaint as you need this before going to the FOS, the banks have 8 weeks to respond to your complaint as per the FSA so when you get that response and if its unacceptable then start the complaint to the FOS, also if there is no reply within the 8 weeks you can start the complaint, whichever is first."

- Those 8 weeks, are they from the date of the LBA or the prelim letter?

I also happened on info about using the "Right of Appropriation" to stop them hacking away at my Tax Credits:

"Social Security Administration Act 1992

Miscellaneous

Certain benefit to be inalienable **

 

Here also is the legislation that can be quoted if the benefits that fall within this act apply to you.

187- Subject to the provisions of this Act, every assignment of, or charge on-

(a)benefit as defined in section 122 of the Contributions and Benefits Act;

(b)any income-related benefit; or

©child benefit,

and every agreement to assign or charge such benefit shall be void; and, on the bankruptcy of the beneficiary, such benefit shall not pass to any trustee or other person acting on behalf of his creditors"

Now, do I need to send this every week, giving 7 days before my account is credited with the money, or is it possible to send one letter to say that they canot ever touch this money, for the reasons given, ie, its for essentials and is calculated accordingly by the Inland Revenue? It seems a little silly to have to send the same letter with the same wording every week, I am paid weekly and my costs rarely fluctuate with regards to this money.

Please excuse all these posts to my thread, but I'm a little worried now as I am due to correspond with the bank again tomorrow.

 

 

 

 

[princesswawa]

Hi there,

I too am in Scotland I was going to do a summary clause in which you can go for the whole amount am sure the info is on here somewhere. Have been swithering over the Ombudsman route though as have seen a couple of people on here saying they are getting good results with it. From looking though it seems to be a longer process into actually getting our monies back.

 

Gonna go search out the summary clause stuff just now. hopefully by tomorrow we'll be able to make up our mind on which way to go lol Is so confusing:confused:

 

Take care Princesswawa

[Aqualibrium]

Yes, I have seen the summary clause mentioned, but I haven't as yet got an understanding of how it works. I will look into that today.

Good luck Princess!

[princesswawa]

Having a problem getting my head round the summary clause too. Will spend some time looking to see which is the best course of action and keep you posted.

 

 

Good luck too Xxx

[Aqualibrium]

Just found this:

Summary Cause

 

 

Hmmm..... we say "clause", they say "cause"

[MilkTrayMan]

Hi Aqua + princesswawa!

Also, if I go through the financial Ombudsman would I have a better chance of getting the full 1601?

The above IS a possibility, but I'm unsure on what time delay there would be and whether U would be able to Claim s69 Statutory Interest @ 8%p.a.

 

I think that U have both lost sight of the feasibility of a Number FOUR in your options which I've already broached, as below...

...Claimants have also applied via the County Courts of Berwick/Carlise etc. to minimise POSSIBLE travel costs when they haven't got a convenient address in E & W.

It would be possible for U to post your N1 Forms etc to say, Carlisle County Court and File your Claims through there would it not??

In the event that U MAY have to attend Court, I'm sure that the rewards would support the travel cost??

 

Hey!...U could even File your Claim @ somewhere like Luton County Court and FLY there from Glasgow Airport, using Easyjet etc, with the cheap fares that are around and combine the trip within a mini holiday break??!

[Aqualibrium]

Hi Aqua + princesswawa!The above IS a possibility, but I'm unsure on what time delay there would be and whether U would be able to Claim s69 Statutory Interest @ 8%p.a.

- To be honest Milktrayman, I am happy to settle without interest, if need be.

 

I think that U have both lost sight of the feasibility of a Number FOUR in your options which I've already broached, as below...

It would be possible for U to post your N1 Forms etc to say, Carlisle County Court and File your Claims through there would it not??

In the event that U MAY have to attend Court, I'm sure that the rewards would support the travel cost??

- It's not as easy as that for me, we're not just talking expenses, or distance here, we're talking time off work that I probably wouldn't get and also a babysitter that I probably wouldn't get, unless I take my 3 year old to court! It's a slight possibilty that I may be able to try these, but not definite and I dont fancy starting a court claim when I am unsure if I can attend.

 

Hey!...U could even File your Claim @ somewhere like Luton County Court and FLY there from Glasgow Airport, using Easyjet etc, with the cheap fares that are around and combine the trip within a mini holiday break??!

 

- See above.

I take it, if I were to go through the FOS, I would need to give the bank another 6 weeks to settle before I can place a complaint? (they have had 14 days so far) So would that be an LBA for 6 weeks I'd have to send?

Still looking into the Summary Cause/Clause(?), if I can do that in a scottish court and settle for 100 quid less than my charges, I'll probably do that. What's 100 when I gain 1500...

[Aqualibrium]

Still looking into the Summary Cause/Clause(?), if I can do that in a scottish court and settle for 100 quid less than my charges, I'll probably do that. What's 100 when I gain 1500...

 

- Just looked and I think I will go with the FOS. Apart from the fact court scares the hell out of me and I already feel like chucking in the towel, it seems the most foolproof and uncomplicated method and I am a fool when it comes to legal/financial stuff.