confused re interest calculations

[Pinstriping UK]

Hi so sorry chaps -
1. I cannot seem to access the 'coloured spreadsheet' where is it?

2. None of my Abbey statements declare an interest rate for me to use to calculate the charges - how do I work it out ?

3. Do I claim for the interest charges as well as the other charges?

will this 'coloured spreadsheet' do this for me - I am now totally lost

I need an asprin and a lay down in a darkened room after getting lost in these threads !

Heeeeelllllllllllllllllll lllllllllllllllllllp! (simple words please)

[Kirstypops]

The spreadsheet is in the Bank Templates section. There's an Excel spreadsheet and a non-Excel spreadsheet (I use Excel so I didn't pay much attention to the other one). The Excel spreadsheet works out the interest for you at a rate of 8% APR.

The preliminary letter in the same section suggests that you do ask for the interest from the beginning although other posts say otherwise so I'm not sure now.

Good luck.

[Kirstypops]

Okay, I double checked and initially, in the prelim letter, you just ask for the charges without the interest. The schedule of charges you include should therefore not include the interest. If it becomes a claim you can then add the interest.

Good job I double checked before I sent off my prelim letter!

[Odd Fellow]

Originally Posted by Kirstypops

Okay, I double checked and initially, in the prelim letter, you just ask for the charges without the interest. The schedule of charges you include should therefore not include the interest. If it becomes a claim you can then add the interest.

Good job I double checked before I sent off my prelim letter!

There are two lots of interest you can claim.

1) Seeing as you've probably been charged by the bank because you've exceeded an overdraft limit, the bank will charge you interest on the charges. If the charges themselves are unlawful, the interest on them is as well. You can claim this back without making a legal approach.

2) If you take it to court, you are entitled to a further 8% interest over and above whatever interest you're already claiming back.

[Kirstypops]

Thanks Odd Fellow. Just when I think I know what I'm doing I find that I'm all confused again!

[Pinstriping UK]

So just to get this straight.
I am OK to include the monthly interest charge from the bank for being overdrawn.

I do not charge the 8% in the preliminary request for refund only if this goes to court

Yes?

[Michael Browne]

There are 2 instances of interest you can claim:

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the total interest figure.

Vampiress has a spreadsheet, (the 2nd one), in the bank templates library, which attempts to calculate this

It's quite complex and unless your claim is quite large may not amount to that much, so for simplicity's sake, some people don't bother

This is the interest referred to in the preliminary and LBA letters.


2. 8% interest on your claim, but only when you submit a claim at court. Don't add this interest before.moneyclaim

Any clearer?

[Pinstriping UK]

Thanks Mike.
Yes I have therefore calculated the charges on all the statements I have ( neat found another yers worth in an unopened box after moving hahahah ! Which amounts to £1993 over the last 2 years. So have included all these on my schedule of charges but NOT included the interest charges. I revised my letter to claim the refund of the stated amount plus interest. (hope that was OK). In the smae letter I requested refund also of an estimated amount (2 years divided by 24 and multiplied by 48 to include the unknown amount in the missing ones (until they are made available) for a further £3000 plus interest. and sent the whole lot off today by recorded delivery!I did not work out the interest - no can do - just added the words + interest to the letter hope that was OK.

Now I wait

[Pinstriping UK]

Hi I have started to fill out the Data Protection Act complaint form re non compliance I am OK to section 6
is there a special wording I should use to describe the "Details of the Problem"
I have my supportin documents but will I be able to email them in with the claim form or is it best to photocopy and post them

Any help /advice appreciated