Judgment on Credit Card claim - compound interest applies

[Amethyst]

Recently one of Beagles team members, Budgie, has received a positive judgement from the county court regarding the application of compound interest to a credit card overlimit fees refund claim.

District Judge Stewart sitting at Kingston Upon Thames County Court on 24th November 2008 handed down judgment which agreed the principles behind Sempra Metals Limited (formerly Metallgesellschaft Limited) (Respondents)
v. Her Majesty's Commissioners of Inland Revenue and another (Appellants) apply when reclaiming credit card charges.

Extract from Judgment - full judgment attached

15. It seems to me we are not concerned here with implied terms. Sempra is clear. The Court has a common law jurisdiction to award compound as well as simple interest as damages subject to the usual rules as to remoteness, mitigation and so forth. Similarly applying Sempra the court has a power to award compound interest whereas here the Claimant has sought a restitutary remedy for the time value of money paid under a mistake

16. Having reached this threshold I find for Claimant on the issue as to whether he is able to claim compound interest...

Full thread here - > Budgie v Capital One


:26:

[natweststaffmember]

Re: Judgment on Credit Card claim - compound interest applies

Have Capital One appealed or have they paid up?

[Budgie]

Re: Judgment on Credit Card claim - compound interest applies

Have Capital One appealed or have they paid up?

Permission to appeal has not been requested ( by either party ), although there are still a few days remaining in which to do so.
An assessment of damages hearing has been scheduled for 24th February 2009.
I have filed a witness statment but Capital One did not file any additional witness statements or documents before the 10th December 2008 deadline as ordered by the Judge, claiming that they did not wish to do so.

So it's a matter of playing the waiting game, although the Judge did suggest that there is nothing to stop either party from attempting to reach a settlement prior to the assessment hearing.