outspoken vs abbey - * SUCCESS ****

**Amy** · 4th August 2008, 14:52:PM

Re: outspoken V abbey

Why did you decide on such a high interest amount?

How much are the actual charges alone?

**fuzzybrain** · 4th August 2008, 15:01:PM

Re: outspoken V abbey

The interest rate was the rate they charged me - the unauthorised borrowing rate. The charges on one claim was 996.00 and the charges on the other was £604.

**Xena** · 4th August 2008, 15:02:PM

Re: outspoken V abbey

And I have to say I agree with 8% Statutory Interest, on bank current accounts.

**fuzzybrain** · 4th August 2008, 15:08:PM

Re: outspoken V abbey

They have paid out on 3 of my previous claims at this interest rate and this was the rate I was advised to claim for by another site.

What do you suggest i do now to sort this out please???

**Amy** · 4th August 2008, 15:14:PM

Re: outspoken V abbey

Don't panic, Abbey have said they are looking into it for you. So wait and see what they come back to you with first.

The worst that can happen is you will get 8% statutory interest. If they've paid you at this rate previously you may be ok this time too.

I'd just wait for them to get back in contact with me for now.

**fuzzybrain** · 4th August 2008, 15:33:PM

Re: outspoken V abbey

I have just used the interest calc that you have on the site for 8% tone of the claims come in for around £3,000, so i guess i will just have to keep my fingers crossed they come up with a sensible offer. I know my local court rules that we are allowed the 8% interest and the interest the bank charged and the charge itself, so I may need to do another spreadsheet with this in mind.
------------------------------- merged -------------------------------
Anyway panic is what i do best - even when I have nothing to panic about, i panic about the fact that I have nothing to panic about!!! I'm only happy when i'm in a panic - or when i'm eating chocloate!!!

**Amethyst** · 4th August 2008, 16:33:PM

Re: outspoken V abbey

hey outspoken,

contractual interest (which is what you appear to have claimed) isn't generally payable on current accounts although there are arguments for it.

£10,000 is a massive jump from £1500, and does put you in fast track which can be good but can also be dangerous if you are unsure of your claim for contractual interest re costs liability should you lose.

I think any settlement based on hardship at this stage is likely to be in the region of just your charges and possibly 8% interest as this is what a court would be likely to award you. Remember that full and final settlements won't stand as they contravene the waiver terms so once the test case is concluded in our favout you should be able to return for the remainder.

They have paid out on 3 of my previous claims at this interest rate and this was the rate I was advised to claim for by another site.

How long ago was it they paid up on your previous claims, and i assume it was well before court hearings etc. Also being nosey, which site was it you were on before ? Hopefully then we can have a look back at your original claims if you posted them see what happened with them and any possibility of duplicating any outcome.

. I know my local court rules that we are allowed the 8% interest and the interest the bank charged and the charge itself

The court likely allows you to claim the charge, the interest you were actually charged on that charge (likely to be a matter of pence) and then stat interest @ 8% PA on top.

And yep don't panic, wait for ronan to get back to you and keep posting on here

Best of luck

Ame
xx

**Budgie** · 4th August 2008, 18:35:PM

Re: outspoken V abbey

Subscribing

**fuzzybrain** · 4th August 2008, 22:18:PM

Re: outspoken V abbey

Thanks guys for all your wonderful help - i'll try and answer the questions - but please bear with me as I'm a bit thick!!

£10,000 is a massive jump from £1500, and does put you in fast track which can be good but can also be dangerous if you are unsure of your claim for contractual interest re costs liability should you lose.

I haven't fast tracked these cases - they are 2 seperate small claim cases, both were under £5,000 orginially but with the 8% daily court interest and court fees have pushed them over £5,000

How long ago was it they paid up on your previous claims, and i assume it was well before court hearings etc.
They settled the last of the 3 in July 2007. They settled at 90% of the claim (including CI) without any arguement. they offered 75% when they submitted a defence and after a bit of negoiation between Abbey and I we settled between 75% to 90% of each case (one was paid in full after they forgot to enter a defence and judgement was entered against them)

Also being nosey, which site was it you were on before ? Hopefully then we can have a look back at your original claims if you posted them see what happened with them and any possibility of duplicating any outcome.

I have the orginial POC if that helps, but as they were all settled OOC at defence stage, not a lot was really posted aboput them.

The court likely allows you to claim the charge, the interest you were actually charged on that charge (likely to be a matter of pence) and then stat interest @ 8% PA on top.

I went to court stage with Natwest and the judge for my area heavy indicated to Natwest and I that he would rule for the return (for want of a better phrase) of the charge, the interest charged that month and 8% of the total amount of the charge and interest for the month the charge incurred, plus all court fees and 85 daily interest from submission of court case. We did argue and go back and forth about whether it should be simple or compound, but in the end i gave in and settle for simple as I didn't facing going back into the court room with the Natwest barrister - she was evil!!!! The judge did indicate that he may have ruled for compund interest of 8% if i returned at a later date, but did heavily indicate that a settlement today would be in my interest, especially as he rules the bank had to have the money in my account by 3.30pm and agree not to withdraw the overdraft or close the account in the near future, so I felt it was a good outcome -especially as it was only meant to be a 15min direction hearing and it lasted for an hour!!!

Subscribing - What does subscribing mean?
------------------------------- merged -------------------------------
Opps there are loads of typo's in the above post - sorry!!! I would correct them, but i'd probably only make a bigger hash of it!!!

**Amethyst** · 4th August 2008, 22:34:PM

Re: outspoken V abbey

Yep your original POCs would be interesting actually if you feel like posting them.

Your hearing sounds interesting, and a little nervewracking. Well done, and congrats on all your successful claims...good work

The comments the judge made regarding the interest sounds correct.

You've claimed 8% on top of contractual compound interest ?

Re fast track - the two small claims arise from the same facts and the court and defendants would be within their rights to have the claims merged...doesn't happen a lot tho. I would, if this waiver ever ends or court decides to lift your stay on hardship ground, like to look properly at your interest spreadsheets and POCs and consider an amendment, but as things stand at the moment leave it alone and negotiate on the ground with the bank.

Subscribing just means buds too lazy to select the subscribe to thread box hehe, just so he can keep track of your thread really....he's the man to talk to on interest and spreadie issues if you do have any concerns anyways.

Just a case of waiting to hear back from Ronan now. Expect hes a bit busy lol.

**Budgie** · 4th August 2008, 23:43:PM

Re: outspoken V abbey

Hi Outspoken,

Yes I was just being lazy. Thanks to Ame for explaining.

Please feel free to send me a copy of your spreadhseet your old ones and the new ones you have prepared, if you would like me to check them for you. Or just fire away if you have any questions

By the way, I think I know you already don't I.

Do you sing ???

Rgds Budgie

**Amethyst** · 5th August 2008, 07:04:AM

Re: outspoken V abbey

What are you basing your claim for hardship on ?

**fuzzybrain** · 5th August 2008, 09:38:AM

Re: outspoken V abbey

Hiya Budgie - yep I am who you think i am!!, so you would know the POC etc. I think I am confusing everyone, are you able to remember the old POC that were used etc??? (I did warn everyone I was extremely thick!!)

I am only claiming the 8% dail interest from the date of the submission of the court claim, not from the date of the first claim, so far it's about 390 days(ish) I think of about £1.00 a day that the 8% interest has added up to.

I'm not sure if i have an electronic copy anymore - I have the hard copies i sent to the court, but my computer got a virus and everything was wiped out. I might have a saved copy on another computer but I will have to go a hunting for it !!) I have only done a rough copy of the new spreadsheet, will tackle this one properly when I know what Abbey's intentions are and if they offer a settlement figure etc

I am basing the hardship on case on the fact that we have had ov er £500 worth of charges, we are in financial arrears with our mortgage etc and are regulkarly exceeding our overdraft, thus receieving further charges.

I haven't applied to the court yet, thought going direct to Abbey might be the best bet - especially as i don't fancy paying the application fee to the court to consider the stay to be lifted until i know that my local court is in favour of this (so far no stays have been lifted - i ring the court clerk regualrly for updates!!)

**Budgie** · 5th August 2008, 11:09:AM

Re: outspoken V abbey

Originally posted by outspoken View Post

I am only claiming the 8% dail interest from the date of the submission of the court claim, not from the date of the first claim, so far it's about 390 days(ish) I think of about £1.00 a day that the 8% interest has added up to.
I never really understood why things were done that way on RUC. If you claim compound interest from the date of charge through to the date of issue of Court claim then you should also claim compound interest from the date of issuing claim through to settlement or earlier judgment. It's just not logical to claim compound to date of issuing Court claim and then statutory at 8% after issue.

I also fail to understand why RUC advised splitting claims. From the Court fee point of view it's the total value of the claim ( including the interest portion ) that is taken into account. However for track allocation it's usually only the value of the charges ( not the interest ). So unless your charges totalled more than £5000, in a single claim there would normally be no problem in just submitting one claim for all charges at once.

I'm not sure if i have an electronic copy anymore - I have the hard copies i sent to the court, but my computer got a virus and everything was wiped out. I might have a saved copy on another computer but I will have to go a hunting for it !!)
Don't worry about the POC's, they are not really relevant to the current situation regarding a possible approach for settlement on financial hardship grounds

I have only done a rough copy of the new spreadsheet, will tackle this one properly when I know what Abbey's intentions are and if they offer a settlement figure etc
IF you really want to try to get Abbey to settle your outstanding claims then I suggest a different approach. What I suggest you do is prepare a statutory interest spreadsheet ( there is one on LB you can use ) with all of your outstanding charges, the ones that Abbey havent previously settled plus all the new ones ( including the most recent ) that you havent yet commenced claims for. As far as the approach to Abbey re possible settlement of your claim due to hardship issues is concerned. They are not going to consider a claim based on compound interest so you would be better just making sure that they are fully informed regarding your own calculations of statutory interest ( unless you trust them to do this for you of course??? ).

I am basing the hardship on case on the fact that we have had ov er £500 worth of charges, we are in financial arrears with our mortgage etc and are regulkarly exceeding our overdraft, thus receieving further charges.
OK, you need to carefully read the FSA waiver and their criteria for hardship and see which criteria you feel that you meet. Prepare a letter detailing your situation and send it off to Abbey together with the completed statutory ineterst spreadsheet. You should also include details of the stayed court claims in the letter so that Abbey can tie everything together. If you want some ideas of how to do this then have a look at Blooming Flowers thread or Ladidi's thread on LB. Blooming Flowers is probably the best one for you to read as her situation regarding stayed court claims etc is similar to your own.

I haven't applied to the court yet, thought going direct to Abbey might be the best bet - especially as i don't fancy paying the application fee to the court to consider the stay to be lifted until i know that my local court is in favour of this (so far no stays have been lifted - i ring the court clerk regualrly for updates!!)Its not worth doing anything with the Court, very few stays are being lifted on hardship grounds. If you really want to try to get your claims settled then an approach to Abbey is the best method.

Now that you have confirmed my thoughts as to your identity I will have a look at your old threads on RUC.

Regards Budgie

outspoken vs abbey - * SUCCESS ****