MBNA No CCA, Gimme my interest :)

[wednesday1867]

Dave how far along are you with your PPI claim? Filed at court yet?

[davefirewalker]

yes it was filed on the 6th june......they are defending .....Why, i'll never fathom, they will delay and prevaricate right up till the last moment ...then pay up ...(BA****S).

 

Anyway, I'm going in with the claim for interest refund very shortly....lets see how they like that

 

Dave

[wednesday1867]

Before I post the letter about reclaiming the interest, is there any legal argument or legallity saying I can add interest at 24.9% rather than the normal 8%?

 

Thanks

[redsue]

wednesday - why 24.9%? Is that what they have been charging you?

All MBNA cards/accounts have different rates of interest charges - IMHO the compound interest should be reciprocal - so it they have been charging 24.9 go and get them for it.

however, if they've charged you 18.9 go for that instead.

just my view , go after what you feel you can argue a strong case for

best wishes

redsue

[M.Willows]

subscribing:D

[wednesday1867]

wednesday - why 24.9%? Is that what they have been charging you?

 

Because when they gave me the charges refund they said

i have reviewed the fees and associated interest at a rate of 24.9%

so ive got it in writing , dont know what help it will do for me tho 8)

[redsue]

that's cool go for it!

[wednesday1867]

Thanks Sue, the letter went today, cant see me getting a reply, i just hope the little things in the letter, like asking for the documents they will reply on in court, will push it my way. Obviously the amount of money is worrying, i think it is high, meaning will they pursue it and take it to its full extent, i just dont fancy standing in court and argueing the toss with some uppitee lawyer

[joesoap]

Thanks Sue, the letter went today, cant see me getting a reply, i just hope the little things in the letter, like asking for the documents they will reply on in court, will push it my way. Obviously the amount of money is worrying, i think it is high, meaning will they pursue it and take it to its full extent, i just dont fancy standing in court and argueing the toss with some uppitee lawyer

 

You never know, you might get the legal person Penn had against her acting for Lloyds. She wasn't that hot!

[standingupformyself]

I've been offline for a couple days Wednesday, and you are streaking ahead here! I have only stated that I am after 8%, and now need a serious re-think... can i pinch your letter please? xx

[wednesday1867]

Course ya can Standing

[standingupformyself]

We've come a long way really haven't we? Amazing how much you learn as you go on.......... I will read and read everything tonight and tomorrow morning, then the letter will be enveloped up and ready to go for Wednesday morning..... I will post it on my thread first.............

 

I am proud and impressed of you

[wednesday1867]

Dont ill blush :o

 

Wont be saying that when the Judge is laughing as he kicks us out of his court

[Camdenite]

Standing. I was advised to start all over again if I wanted to claim CCI. Check my thread Camdenite Vs MBNA. I don't think you can switch to CCI from SI at the point you file the N1.

[wednesday1867]

I only sent an LBA about the interest, so i re sent it with the new values and just gave them 7 days, they arent gonna pay up or reply, so im gonna be pro active

[wednesday1867]

Right then, time for Court proceeding in a few days, im going with these poc's, thanks to Dave and Uniboy If anything needs adding that 1ve missed, id appreciate a point in the right direction plus in this case, no agreement has ever been supplied.

 

 

1 On (dd/mm/yyyy) the claimant requested a true copy of the original executed credit agreement from the defendant under section 78 of the Consumer Credit Act 1974 (as amended). The defendant has failed to supply any agreement. The defendant had also failed to provide a copy of the original terms and conditions which were applicable at the time.

 

2 The Claimant contends that:

 

(a) The Defendant has failed to comply with a request made under s.78 (1) of the Consumer Credit Act 1974 (as amended) since dd/yyyy to provide a true copy of the executed agreement which has all the prescribed and required terms.

 

(b) The Defendant has failed to produce any agreement that complies with The Consumer Credit (Agreements) Act 1983 (as amended)

 

© Under s.78 (6) of the Consumer Credit Act 1974, if the Defendant cannot supply this information within the prescribed time they may not enforce the agreement and if the default continues for one month further, they commit an offence.

 

(d) The Defendant has continued, while in default to add interest.

 

(e) The defendant is still enforcing the agreement and passing data onto credit reference agencies.

 

3 the Claimant claims:

 

(a) As no proof of contract, and no proof of any contractual terms actually exists between the parties, that the agreement must be declared void.

 

(b) If the agreement is not declared void then In accordance with the Act section 142(1)(b) the Claimant requests that the court declares the credit agreement unenforceable under section 65(1) by virtue of section 127(3).

 

© As no proof of contractual terms exists that allowed the creditor to charge interest then the Claimant asks for the return of all interest paid to the account.

 

(d) The removal of the account data and any defaults or negative markers registered with all Credit Reference Agencies;

 

(e) Court costs;

 

(f) Damages at the discretion of the court to compensate for distress and extra costs incurred by claimant.

 

(g) Interest which should be compounded and at MBNA's own rate of 24.9% as per Sempra Metals Limited (formerly Metallgesellschaft Limited) (Respondents) v. Her Majesty's Commissioners of Inland Revenue and another (Appellants) or alternatively interest pursuant to section 69 County Courts Act at such rate and for such periods as the court deems just

 

 

 

 

Im not very good at this stuff, so any views much appreciated, feel as ive asked for compounded interest at 24.9% felt i needed to include that, not included it very well, so hopefully someone may reword it better 8-)

[standingupformyself]

I can't add anything to it myself...but it seems impressive.... There is a chap on the CCA forums Peter Bard (something like that?) It would be a good idea maybe to PM him and ask for his input, he seems to really know his stuff... and MrFirewalker and Josie should be along soon, no doubt...

 

My personal opinion is that you really seem to have got the legalities and examples/references sorted out nicely.

 

 

xx

[hellhasnofury]

Hello all

 

Hope you don't mind me tagging on. I am considering the same route as yourselves:D So I would like to subscribed, because the info is excellent:grin:

 

I am away to do my spreadsheets for all interest charged :grin:

[steven4064]

Hi wednesday

 

You seem to have all the bases covered. How long have they got before they commit an offence? It might be useful to put that date in the PoC especially if it is in the past - it is likely to become so anyway during the course of procedings.

 

I don't know if it is relevant to your case but whilst the account is in dispute they are also not allowed to pester you for payment, add charges or even discuss your case with 3rd parties.

[davefirewalker]

try rplacing (g) with this......still not very good...will have to have a think

 

 

(g)I also claim Interest on the above claim at MBNA's own rate of 24.9% compounded as the recent precedent in Sempra Metals Limited (formerly Metallgesellschaft Limited) (Respondents) v. Her Majesty's Commissioners of Inland Revenue and another (Appellants) allows, or alternatively interest pursuant to section 69 County Courts Act at such rate and for such periods as the court deems just.

 

rgds

 

Dave

[wednesday1867]

Hellhasnofury, welcome to the ride

 

Steven, my original request was 30 April, so by my reckoning they committed the offence til 18 June, only just recently ceased payment tho.

 

Dave, thanks for the help as always.

[hellhasnofury]

Hello Wednesday,

 

Thanks for the welcome. and I am well up for the bumpy ride:grin:

 

Have done my calculations now, god its scary:eek:

 

I have calculated that I will be after over £11,000 from them with the interest I have paid them at 24.9% CI.

 

oh and I nearly forgot over a £1,000 in penalty charges as well. Shall I do them together or go for the penalty charges and when I get them, hit them with the claim for Interest. Whcih one will give me the best satisfaction:grin:

[wednesday1867]

Hell, i went for the charges first, they repaid just over £3,000, well took it off my balance, i did the charges and cca at same time. Ive only got a small balance now. So why ive gone for the agreement now.

 

Ive had a thought regarding the POC's, this one in particular

 

© As no proof of contractual terms exists that allowed the creditor to charge interest then the Claimant asks for the return of all interest paid to the account.

 

Was it the Wilson case, where she won interest back? Anyone got a link to the case or can reword it into the POC, just to point the judge in the direction of a judgement, already giving the result i want this judge to give.

[steven4064]

(g)I also claim Interest on the above claim at MBNA's own rate of 24.9% compounded as the recent precedent in Sempra Metals Limited (formerly Metallgesellschaft Limited) (Respondents) v. Her Majesty's Commissioners of Inland Revenue and another (Appellants) allows, or alternatively interest pursuant to section 69 County Courts Act at such rate and for such periods as the court deems just.

I think this needs a bit more thought. The precedent in Sempra is for compound interest as opposed to simple interest on the basis that that is what would have had to have been paid to borrow the same money elsewhere at some rate to be determined to replace the money taken. I don't think this argument would justify 24.9% compound instead of 8% simple.

 

However, MBNA levied interest on the charges at 24.9% whenever your month-end balance was greater or equal to the charges plus interest up to that point. A reasonable estimate of this interest is just 24.9% from the date of the charge until now, provided your balance was always bigger than charges+interest so far. If your balance at any time was significantly smaller than this, then you might have to adjust your estimate of interest charged a bit.

 

The purpose of the judgement in Sempra was to put things back as they were (or would have been) - in your case had the charges not been taken. I think you should argue that, because MBNA had this money of yours, you effectively had to borrow to replace it.

 

If you borrowed it from MBNA it would cost you 24.9% (but no-one would borrow money from a CC company like that if they had the choice - they would borrow it from the bank at the authorised overdraft rate, say 14.9%.)

 

So for every charge and every interest payment on those charges, you effectively would have had to borrow money from your bank at the authorised overdraft rate to maintain the amount of money you had 'in your hand'.

 

Thus, IMHO, what you should claim is:

 

a) charges

b) interest levied on those charges by MBNA at 24.9%

c) i) interest on BOTH at 14.9% (to replace the money taken from you, using Sempra as precedent)

ii) if the court won't wear that, then 8% compound (again based on Sempra)

iii) if the court is REALLY mean, 8% s69 interest

f) costs

[hellhasnofury]

Hell, i went for the charges first, they repaid just over £3,000, well took it off my balance, i did the charges and cca at same time. Ive only got a small balance now. So why ive gone for the agreement now.

 

Ive had a thought regarding the POC's, this one in particular

 

© As no proof of contractual terms exists that allowed the creditor to charge interest then the Claimant asks for the return of all interest paid to the account.

 

Was it the Wilson case, where she won interest back? Anyone got a link to the case or can reword it into the POC, just to point the judge in the direction of a judgement, already giving the result i want this judge to give.

 

 

C:\Documents and Settings\User\My Documents\letters\hfc\wilson case.mht

 

damn it wont work.