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HI all,
First claim against Abbey well under way but only claiming s69 interest.
Claim against them for my personal account; I've got the statements and prepared a schedule of charges but then I read somewhere about the principal of restitution rather than ordinary contractual.
Seems it's based on the premise that when the bank takes your money they invest it, lend it out again etc and make profit on it. At the end of the year they announce their net profit over the year. So say they announce 30% net profit, when charges are reclaimed you claim back 30% from date of charge, because that's what they will have made from your money in that year. Now, the interesting bit, if they don't repay you each year then the next year they take more money in charges, make profit on it, declare their net profit, so you add the two amounts, last years with the 30% added to this years and then add their announced pofit to that, again from date of charge.
Seems simple but I can imagine it being a minefield and they'll fight to the death not to repay at that level but I'm wondering if any of the extremely sharp people on this forum had any thoughts on whether it's a viable way to go.
I know it will take a lot of work and research but I'd be really tempted to give it a try and see if I can rattle their cage a little.
What do you think?
First claim against Abbey well under way but only claiming s69 interest.
Claim against them for my personal account; I've got the statements and prepared a schedule of charges but then I read somewhere about the principal of restitution rather than ordinary contractual.
Seems it's based on the premise that when the bank takes your money they invest it, lend it out again etc and make profit on it. At the end of the year they announce their net profit over the year. So say they announce 30% net profit, when charges are reclaimed you claim back 30% from date of charge, because that's what they will have made from your money in that year. Now, the interesting bit, if they don't repay you each year then the next year they take more money in charges, make profit on it, declare their net profit, so you add the two amounts, last years with the 30% added to this years and then add their announced pofit to that, again from date of charge.
Seems simple but I can imagine it being a minefield and they'll fight to the death not to repay at that level but I'm wondering if any of the extremely sharp people on this forum had any thoughts on whether it's a viable way to go.
I know it will take a lot of work and research but I'd be really tempted to give it a try and see if I can rattle their cage a little.
What do you think?
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