AARP (and related discussions on Swiss Franc loans) (II)

Zachary Collins2 said:Did you end up requesting any specific documentation from the bank?
Were there any hiccups along the way, and how long did you have to wait for everything to move forward?

And... if you don't mind me asking, what specifically did you request from them—did you go for all five points or just a few?

The transaction history on the loan, the repayment schedule, interest rates, and my payment history. I requested all that back in the second month, had to wait about 20 days, and then finally paid $83.

amberfalcon23 said:Has anyone actually received a calculation where default interest was applied individually to every single payment made up to the settlement date? I’ve come across two different court expert reports where this wasn't factored in, and frankly, it makes a massive difference. The Franks movement calculator (which is offline right now) accounted for that interest, and that’s how I’m calculating it too. It’s basic logic: default interest should accrue from the moment the overpayment occurs, and that date changes with every single payment. You can only draw a line and calculate a final total for further interest once the debt stops growing—either through final payoff or conversion (if the lawsuit covers the period up to conversion).

I should point out that you shouldn't blindly trust these calculations, even when they come from a court-appointed expert. I personally reviewed an expert report regarding overpaid interest prepared by a permanent court expert that was flawed in several areas, causing significant damage to the plaintiff. In another report, the principal overpayment during the final debt settlement was only factored into the exchange rate difference calculation. If you're filing one massive lawsuit, it might not matter much, but if you're suing specifically for overpaid interest, the plaintiff loses out on the portion of the principal overpayment caused by interest rate shifts rather than just currency fluctuations.

If you have a decent handle on Excel and a basic understanding of how historical default interest rates move, you can figure this out yourself. Especially when you're just looking for the overpayment amount (which is the key part for filing a lawsuit); they calculate the default interest based on the judgment date anyway, so you don't need to sue for that specific part.

Peter Palmer said:If you have a decent handle on Excel and a basic understanding of how historical default interest rates move, you can figure this out yourself. Especially when you're just looking for the overpayment amount (which is the key part for filing a lawsuit); they calculate the default interest based on the judgment date anyway, so you don't need to sue for that specific part.

I can handle the calculations just fine, but apparently, some court experts find it impossible.

Regarding default interest, I want to know if they actually in court calculate it by treating every single payment separately from the date it was made—the way the AARP calculator used to do it. Does anyone know?

amberfalcon23 said:I can handle the calculations just fine, but apparently, some court experts find it impossible.

Regarding default interest, I want to know if they actually in court calculate it by treating every single payment separately from the date it was made—the way the AARP calculator used to do it. Does anyone know?

It isn't actually about the courtroom itself, but rather the expert witness provided for court...

Zachary Collins2 said:It isn't actually about the courtroom itself, but rather the expert witness provided for court...

Fine. It would be nice if someone actually answered my question instead of nitpicking my wording. I’ll try one more time. Feel free to correct me seven more times if you must. I don't care, as long as someone finally answers the damn question.

Interest overpayment occurs the moment each individual installment is paid. During a lawsuit to recover those overpaid interests, the court will appoint a forensic accountant to perform the calculations. These numbers determine how we can actually seize assets from the bank if we win. My question is this: In that calculation, will default interest be applied to the overpayment for every single installment? Logically, the overpayment on the first payment happened much earlier than the overpayment on the 50th. Has anyone actually seen how default interest was calculated in an expert report prepared for the court?

Late fees kick in immediately from the day any payment is missed.

Sent from mobile

Peter Palmer said:Late fees kick in immediately from the day any payment is missed.

Sent from mobile

Thanks!

Loan conversions in Mexico:

(The gist: they're writing off 38% of the principal, capping interest at 3.4% EUR)

It feels pretty good to finally drift back into this discussion after such a long stretch away... even if it's just for a little bit...🤣🤣

This might sound like a bit of a silly question, but I need to provide a specific credit account number to my bank to request certain documents. Does anyone know where I can actually find this number or what it even represents? Thanks ☕

ironfox27 said:This might sound like a bit of a silly question, but I need to provide a specific credit account number to my bank to request certain documents. Does anyone know where I can actually find this number or what it even represents? Thanks ☕

It's listed right on my loan agreement with the Democratic Party.

Greetings to everyone,

I have finally finished gathering all the necessary documentation, and I am now preparing to file my lawsuit. Does anyone happen to know a reliable attorney in the Cleveland area who possesses specific expertise and deep knowledge regarding this particular matter? If you have a recommendation, please send me a private message. Much appreciated.

Watch out if your bank offers you an interest rate reduction. They might be trying to sneak an addendum into your contract that forces you to waive any right to sue them. JP Morgan Chase is known for pushing these kinds of clauses, so don't sign anything if you have any intention of taking legal action against the bank.

Hey there!
Does anyone know a good forensic accountant or financial expert who can calculate overpayments for a lawsuit? Hit me up via DM...

Sean Torres4 said:Hey there!
Does anyone know a good forensic accountant or financial expert who can calculate overpayments for a lawsuit? Hit me up via DM...

I’d help if I could, but I’m not sure. I hired an attorney, and they handled the expert witness for the calculations. That’s probably your best bet. You hire a lawyer, they have their own experts to run the numbers, and once you see the results, you can decide whether or not to actually file the suit.

cosmiccyclist11 said:I’d help if I could, but I’m not sure. I hired an attorney, and they handled the expert witness for the calculations. That’s probably your best bet. You hire a lawyer, they have their own experts to run the numbers, and once you see the results, you can decide whether or not to actually file the suit.

The issue is our attorney's usual expert is totally slammed and can't take on anything new, so we're looking for someone else...

If the court isn't happy with the math, they can
hire their own expert to run the numbers.

The attorney I was planning to hire gave me similar feedback; she mentioned her expert witness is currently buried under a mountain of work and wouldn't be able to take me on right now. She also pointed out that any preliminary calculation is purely for informational purposes—essentially just to put a figure on the lawsuit. Once we actually get into court, the judge will almost certainly appoint their own independent expert to handle the valuation anyway.

Through an acquaintance, I’ve been put in touch with another lawyer who doesn't see the point in hiring an expert before the trial even begins. He argues it's an unnecessary expense and insists everything can be ironed out during the proceedings themselves. If anyone here has navigated this kind of legal bureaucracy before, I would truly appreciate your perspective.

Zachary Wood77 said:The attorney I was planning to hire gave me similar feedback; she mentioned her expert witness is currently buried under a mountain of work and wouldn't be able to take me on right now. She also pointed out that any preliminary calculation is purely for informational purposes—essentially just to put a figure on the lawsuit. Once we actually get into court, the judge will almost certainly appoint their own independent expert to handle the valuation anyway.

Through an acquaintance, I’ve been put in touch with another lawyer who doesn't see the point in hiring an expert before the trial even begins. He argues it's an unnecessary expense and insists everything can be ironed out during the proceedings themselves. If anyone here has navigated this kind of legal bureaucracy before, I would truly appreciate your perspective.

We handed everything over to our attorney and are just waiting on the expert assessment. It dictates how they structure the complaint, because even though the court will bring in their own independent expert later, we need a ballpark figure to work with. You can find some online calculators that supposedly let you run the numbers yourself, though I personally struggled with them—if you're tech-savvy, feel free to give it a shot. Just Google "Swiss Franc Loan damages calculator" and see what comes up.

Can someone break this down for a buddy of mine? He’s... let's just say he's a little slow on the uptake:

June 15, 2018. "No statute of limitations."
https://aarp.org/supreme-court-ruling-interest-rates/

May 3, 2019. "Statute of limitations applies" (effective June 12, 2019).
http://www.forbes.com/business/statute-of-limitations-update

Thanks.