small ltd. business v NatWest

[bobandsuzzi]

Hi,
his is my first post, finding it very difficult to navigate the site, i will update if i can work out how to find it again, i hope i am posting this in the right place


going through my business statements for the last 4 years, and it looks like they have ripped me off for about £3000!!! just in un paid items--- small family business--[just myself and wife]
i have a few questions if anyone would be kind enough to help

1 as a ltd company, do i need to send a different letter?

1a i presume i cant claim for standard account charges

2 i have a £3000 overdraft---when they calculate the debit interest, which they do quarterly, they charge 5% for the overdraft, and 29.5% for unarranged borrowing, the problem i have is how to calculate the interest for the unarranged borrowing, as they calculate the two together, or can i claim for the whole lot? it is just shown as interest on the statement

3 what is the "referral charge for the month ", and can i claim for this

4 other stuff i have been charged for, that im not sure if i can claim are:
a overdraft arrangement fee
b stop cheque fee
c overdraft renewal fee
d overdraft fee
e arrangement fee
f security fee

any help with the above would be great, if i can find answers to all the above, then i shoud be able to get my claim in by the end of next week---i feel quite excited ,having been meaning to do this for the last six months

sorry to appear a bit thick, but i have never been inolved with this side of the business, it is only since my wife has had a stroke and been diagnosed with a manic illness, that i have had to get inolved in the office, and unearthed all this.
many thanks

Bob Wells

The charges that can be claimed is Unarranged Borrowing, Referral fees, unpaid items the others you cannot. The interest is what has been charged for the unlawful charges.
There is a slightly different letter for businesses. What you need to do is start with the FAQ's and once you are thoroughly versed in them, have a look at the Bank Templates Library that should have the letter you need to start the ball rolling. Good Luck

[bobandsuzzi]

thanks for that, natweststaffmember,

as i said, the problem i am having is how do i seperate or calculate the unaranged borrowing from the the agreed overdraft borrowing, as they are lumped together as one interest charge

Bob

[ataction]

Obviously you cannot claim the interest back on your agreed borrowing. You can claim interest on the charges you have incurred, and there is a spreadsheet to help you do this. If you contend the charges caused you to go over your agreed OD limit and thereby incurring penalty interest charges then that is a more complex calculation and more difficult to establish, and perhaps others can help you on that.

[bobandsuzzi]

thanks, but i still need to know how to seperate the unarranged borrowing from the overdraft charges

[bobandsuzzi]

Originally Posted by natweststaffmember

The charges that can be claimed is Unarranged Borrowing, Referral fees, unpaid items the others you cannot. The interest is what has been charged for the unlawful charges.
There is a slightly different letter for businesses. What you need to do is start with the FAQ's and once you are thoroughly versed in them, have a look at the Bank Templates Library that should have the letter you need to start the ball rolling. Good Luck

hi again,
having read your message again, am i right in thinking that the interest shown on the statements, is only for the unarranged borrowing, if so, what are the overdraught charges shown as [or what are they called]
Bob

[ataction]

No. The interest shown is for the money you have borrowed as overdraft. Some may be agreed overdraft some may not, the interest rate will differ for unarranged borrowing. The point is the bank can charge you interest for borrowing their money, but they have to pay you interest on the charges they have erroneously levied. Use the on-line interest calculator.
If still not sure read the FAQs,

[cheddar]

Where is this on line interest calculator? And I can't find how to do this in the FAQs either, have been looking for bobandsuzi lol!

[ataction]

try this www.consumeractiongroup.co.uk/chargeinterest.php

[cheddar]

Ah right thats for the 8% interest, thanks anyway.

[ataction]

Sorry thought that was what you were after....?