Re: muggins73 v shabbynat
LOL Amethyst have you read the Sempra judgement?
If you pay by mistake then compound interest is available to the court. As always the amount of interest is up to the court, but it definitely may be worth asking for.
There is of course a question over the rate to ask for, personally i would ask for the court to consider the banks own lending rates for consideration including their unauthorised rates.
The court could then determine of its own volition what rate to apply and whether to compound it.
Since it seems that if it got that far the court would be aware, and it could be raised, that the defendant was still applying such charges on a regular basis. In other words they were still acting unlawfully, i suspect the defendants behaviour would influence the courts decisions, only a thought though.
Glenn
PS see i said id try to drop by more often.
PPS yes i know some people think asking for compound interest is greedy, however, the banks compound all their interest and you have been forced to pay it out. If the court consider compounding the interest, don't worry about what rate you ask for they will only grant what they see fit. If you ask them to consider the banks own charging regime then maybe they will come up with something of a compromise and strip some of the banks profits away based on their unlawful gains. JMHO
LOL Amethyst have you read the Sempra judgement?
If you pay by mistake then compound interest is available to the court. As always the amount of interest is up to the court, but it definitely may be worth asking for.
There is of course a question over the rate to ask for, personally i would ask for the court to consider the banks own lending rates for consideration including their unauthorised rates.
The court could then determine of its own volition what rate to apply and whether to compound it.
Since it seems that if it got that far the court would be aware, and it could be raised, that the defendant was still applying such charges on a regular basis. In other words they were still acting unlawfully, i suspect the defendants behaviour would influence the courts decisions, only a thought though.
Glenn
PS see i said id try to drop by more often.
PPS yes i know some people think asking for compound interest is greedy, however, the banks compound all their interest and you have been forced to pay it out. If the court consider compounding the interest, don't worry about what rate you ask for they will only grant what they see fit. If you ask them to consider the banks own charging regime then maybe they will come up with something of a compromise and strip some of the banks profits away based on their unlawful gains. JMHO
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