Hi Im MattyA - PPI applied to default charges?

[Angry Cat]

Re: Hi Im MattyA - PPI applied to default charges?

Credit Card charges reclaim, TB. And, as you say, they have always been arsey about it!

Re: PPI, all my claims have been worked out to include the interest that was charged at the firms contractual rate. From the date that each and every premium was added to date.
The county court act rate of 8% is added to that sum until the firm repays the money, once the County Court Claim is served or, counter-claimed.

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

I am off the opinion that getting restitution interest as well on top of any award is a whole different ball game and very technical and would need someone with a very strong legal mindset.

That's not to say it cant be done as I have read threads otr where it has been done but they all had representation and went via the courts.

None the less it is an interesting subject and one that myself included will need to study it more.

In my own case I have reached agreement on 9 loan accounts with my bank this is without compounded interest, but it could be said had I not been paying the PPI on these loans I would have not got into difficulty with my MBNA card which also had PPI attached and ended up with a CCJ

This is the angle that I believe Alex is drawing on.

I agree with what you are saying...but when you start to try & work it out it gets very complicated / deep and may need proffessional help/ clout behind it...espicially if it goes to court,but then begs the question will the costs involved outweigh the additional benifit acheived??
Its a difficult one...but if I am right with my calculations I have some very big (to me at least) numbers involved SHOULD I succeed.
Matty.
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Hmm---maybe he's trying to undermine your thinking you can do it yourself & you've got to use "professionals" perhaps-to get more?--

I agree with you also Turboman....I thought that also when I was watching it.
Its the court thing which worries me the most and being tripped up by some smart a*** lawyer / losing the lot.
Its a difficult one.

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Credit Card charges reclaim, TB. And, as you say, they have always been arsey about it!

Re: PPI, all my claims have been worked out to include the interest that was charged at the firms contractual rate. From the date that each and every premium was added to date.
The county court act rate of 8% is added to that sum until the firm repays the money, once the County Court Claim is served or, counter-claimed.

Thanks for your response its appreciated.
Have you had any success reclaiming default charges on the same basis?

[Bill-K]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Matty. I've taken a look at your AmEx spreadsheet, and from what I can understand from it (it's in a totally different format to the ones Turbo and I use), you may be confusing what we term as 'Contractual Interest' with what we term as 'Debited Interest.' This is a common error, and it's best to get it sorted before we go any further.

Firstly, the 'Contractual Rate' is the rate of interest which the lender charges, and which you agree to being charged - usually expressed as "XX.XXX% APR." This is usually calculated as 'Compound Interest,' which is a method of calculating interest on a cumulative basis - effectively the interest accrues with a 'snowball' effect.

So, the interest which the lender charges to your card account monthly is at the Contractual Rate, and as such it could be called 'Contractual Interest.' However, we refer to this interest as 'Debited Interest,' because it has been debited to your account. As such it is a historical series of fixed amounts, as shown on your old statements.

So, when you reclaim penalty charges, then you can reclaim the PORTION of this Debited Interest which was directly attributable to those charges. Likewise with PPI reclaims.

So far, ALL of the above is REAL and FIXED sums of money that you have been charged by the lender at various points in time.

Finally, when you come to submit your claim, you can then claim a further amount to compensate you for the loss of use of this money during the time that the lender has retained it. I prefer to call this 'Compensatory Interest.'

Now, the courts have set a rate for this, which is called the 'Statutory Rate.' It is currently (and has been for far too long IMO) set at 8%, and is applied as SIMPLE Interest (which doesn't have the 'snowball effect' of Compound Interest).

An ALTERNATIVE to this rate has been to apply a different rate, which every claimant is entitled to ask for, but which will almost invariably require a fair deal of legal argument. This is what we generally refer to as 'Contractual Interest,' as it is usually claimed at the same Contractual rate that the lender charges the borrower. This has become a tricky alternative to claim, however, and is the subject of much debate. I stress that this rate is claimed in ALTERNATIVE to Statutory Interest.

I prefer to refer to these two rates as 'Compensatory Interest:-
'Compensatory Interest at the Statutory Rate' (of 8% simple interest), and
'Compensatory Interest at the Contractual Rate' (of XX.XXX% compound interest).

I no longer advise claiming at the Contractual Rate, but I believe that it is reasonable to claim at a lower rate, using compounded interest - as opposed to claiming 8% simple interest. However, this would still entail legal argument.

So - I think we all need to be sure we are all talking about the same thing, first of all. THEN we can take things further.

HTH. Sorry if not - LOL !!!

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Matty. I've taken a look at your AmEx spreadsheet, and from what I can understand from it (it's in a totally different format to the ones Turbo and I use), you may be confusing what we term as 'Contractual Interest' with what we term as 'Debited Interest.' This is a common error, and it's best to get it sorted before we go any further.

Firstly, the 'Contractual Rate' is the rate of interest which the lender charges, and which you agree to being charged - usually expressed as "XX.XXX% APR." This is usually calculated as 'Compound Interest,' which is a method of calculating interest on a cumulative basis - effectively the interest accrues with a 'snowball' effect.

So, the interest which the lender charges to your card account monthly is at the Contractual Rate, and as such it could be called 'Contractual Interest.' However, we refer to this interest as 'Debited Interest,' because it has been debited to your account. As such it is a historical series of fixed amounts, as shown on your old statements.

So, when you reclaim penalty charges, then you can reclaim the PORTION of this Debited Interest which was directly attributable to those charges. Likewise with PPI reclaims.

So far, ALL of the above is REAL and FIXED sums of money that you have been charged by the lender at various points in time.

Finally, when you come to submit your claim, you can then claim a further amount to compensate you for the loss of use of this money during the time that the lender has retained it. I prefer to call this 'Compensatory Interest.'

Now, the courts have set a rate for this, which is called the 'Statutory Rate.' It is currently (and has been for far too long IMO) set at 8%, and is applied as SIMPLE Interest (which doesn't have the 'snowball effect' of Compound Interest).

An ALTERNATIVE to this rate has been to apply a different rate, which every claimant is entitled to ask for, but which will almost invariably require a fair deal of legal argument. This is what we generally refer to as 'Contractual Interest,' as it is usually claimed at the same Contractual rate that the lender charges the borrower. This has become a tricky alternative to claim, however, and is the subject of much debate. I stress that this rate is claimed in ALTERNATIVE to Statutory Interest.

I prefer to refer to these two rates as 'Compensatory Interest:-
'Compensatory Interest at the Statutory Rate' (of 8% simple interest), and
'Compensatory Interest at the Contractual Rate' (of XX.XXX% compound interest).

I no longer advise claiming at the Contractual Rate, but I believe that it is reasonable to claim at a lower rate, using compounded interest - as opposed to claiming 8% simple interest. However, this would still entail legal argument.

So - I think we all need to be sure we are all talking about the same thing, first of all. THEN we can take things further.

HTH. Sorry if not - LOL !!!

Hi Bill,

Thanks for your informed reply.

Just to confirm we are talking about the same thing.

The interest detailed on my spreadsheet as contractual is in fact debited interest(charged to my account by then at the time of the charge)and the other interest is in compensation which I originally claimed as 8% but was thinking of trying for the same rate as they have charged me.
This seems only fair & reasonable to me,what is good for the goose etc...However if it is going to cause them to dig their heels in and result in a lenghty and costly legal debate,which may or may not result in a few hundred pounds additional compensation,it may be more sensible to stick with the accepted 8% rate as I have quite a few of these claims ongoing.

Regards,

Matty.

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Bill / Turboman.

Any further comments on my spreadsheet / the way I have calculated what I believe I am owed?
Just wondering if I am way off the mark as I am about to set upon them / press them hard on the issue but dont want to get shot down at the first hurdle or indeed if it ends up in court.

Merry Christmas everyone by the way!!

Matty

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Bill / Turboman.

Any further comments on my spreadsheet / the way I have calculated what I believe I am owed?
Just wondering if I am way off the mark as I am about to set upon them / press them hard on the issue but dont want to get shot down at the first hurdle or indeed if it ends up in court.

Merry Christmas everyone by the way!!

Matty

Hi Chaps,

Have I done / said something to upset you???
Apologies in advance if I have.

Matty

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

Have I done / said something to upset you???
Apologies in advance if I have.

No I don't think you have, both Bill and Turbs are very busy chaps that give it all to this site in helping with PPI and Spreadsheets.

They probably just got tied up somewhere else, hold tight I'm sure they will be along.

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Chaps,

Have I done / said something to upset you???
Apologies in advance if I have.

Matty

Of course you haven't - silly sod!

Bill's busiest time re Taxis at moment & I've been diverted a bit

Have PM'd Bill for you as he's running with this one

Turbs

[Bill-K]

Re: Hi Im MattyA - PPI applied to default charges?

Cheers, guys.

I've been working on a spready for you, Matty. But, yeah, it's a busy time for us cabbies. Hold tight, and I'll get the spready sent to you ASAP. As I'm sure you will know, we all just do this because we got our own reclaims sorted by others here who had gone before us.

It's a weirdo, pervy kind of thing, but we kinda 'stuck around' to help others in the same situ. It's not a job - it's just a 'strange' kind of hobby we got sucked into. But we do it in addition to our real lives out here - and at this time of year, we have all that 'family' stuff to enjoy/endure/deal with !!!!

I'll be right back with a spready, Matty, and we'll get this claim nailed.

Deal ?

How can you refuse ? :cool2:

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

There you go matty as i thought nothing to do with you they were just a wee bit tied up stick with it fella as these guys are fab they certainly stuck with me and my claim im sure they will agree was a trying one

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Cheers Pompey - I have read your thread ....lol
Welll done by the way!
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Of course you haven't - silly sod!

Bill's busiest time re Taxis at moment & I've been diverted a bit

Have PM'd Bill for you as he's running with this one

Turbs

Thanks Turboman
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Cheers, guys.

I've been working on a spready for you, Matty. But, yeah, it's a busy time for us cabbies. Hold tight, and I'll get the spready sent to you ASAP. As I'm sure you will know, we all just do this because we got our own reclaims sorted by others here who had gone before us.

It's a weirdo, pervy kind of thing, but we kinda 'stuck around' to help others in the same situ. It's not a job - it's just a 'strange' kind of hobby we got sucked into. But we do it in addition to our real lives out here - and at this time of year, we have all that 'family' stuff to enjoy/endure/deal with !!!!

I'll be right back with a spready, Matty, and we'll get this claim nailed.

Deal ?

How can you refuse ? :cool2:

Deal Bill - Thanks

[Bill-K]

Re: Hi Im MattyA - PPI applied to default charges?

Spreadsheet has now been emailed to you, Matty. I hope it's what you need. I think it is.

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Thanks very much Bill - I will have a play with it over the weekend.
Cheers
Matty

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

Cheers Pompey - I have read your thread ....lol
Welll done by the way!

Thank you matty it was a 2.5 yr battle well worth fighting so hang in there with yours and keep fighting never ever give up.