Contractual Interest Help

[Amethyst]

Re: Contractual Interest Help

No worries, I know interest and all the different types gets a bit confuddling at times.

[echat11]

Re: Contractual Interest Help

Latest,

Halifax originally offered £86. After another letter it's gone up to £564. I'm willing to except £564 as partial settlement, which is 6 years charges and 8% statutory interest. I sent in a claim for Compound Interest and charges beyond 6 years. I need to send another letter, but struggling on the wording and the law to an extent.
Any help would be appreciated.

Case of Sempra Metals v Inland Revenue Anor [2007] UKHL 34 has been published,
Case of Kleinwort Benson v Lincoln Council.

[TUTTSI]

Re: Contractual Interest Help

Budgie won his case with compounded interest - for an undisclosed sum.

But he was well prepared with his legal arguments and came up against a barister for Cap One http://www.legalbeagles.info/forums/...ead.php?t=6123
You may also want a read of my Halifax bank charge thread as there are also some bits in there about Contractual interest. http://www.legalbeagles.info/forums/...ead.php?t=3966

The case you have mentioned are the only ones I know about, but perhaps after reading Budgies thread you may find some more amunition.

Compound interest is tricky as they will send out a barrister if it gets to court also you have to be sure that your claim stays in small claims as if you lose cost could be quite high especially if your claim is over £5K.

Good luck with this and keep us posted.

Tuttsi

[echat11]

Re: Contractual Interest Help

Tuttsi,

Many Thanks for your help. For the time being I drafted a letter, accepting a partial settlement. Lets see what they decide to do.

[patscott]

Re: Contractual Interest Help

Can anyone help me with Cabot, my original balance was £3,382.75 now it has increased to £4034.81 This debt was referred to Consumer Credit Counselling Service a few years ago and they advised that they would get my creditors not to charge me interest on any of my balances. I have been making small payments to my creditors every week and have never missed a payment, I was made redundant in Oct 2003 and have not worked since as I have severe mental health problems as I have had all my life. These interest charges have made my health problems worse. I spoke to CCCS and they said to ring Cabot and sort it out. I feel CCCS are not doing enough for me and the way Cabot are treating me I will never get this debt paid off. Please can anyone help how to go about approaching Cabot about these awful interest charges. Many thanks. Pat