Just Starting Out

[Taliesin71]

Been thinking about trying this for a few months, especially since my finances are now under control, but was worried about the bank pulling the plug and demanding I pay my overdraft back

Having just found a bank statement from 2003 down the back of my desk where they charged me £250 in one month , and having read some of the threads here, I no longer think this will be a major problem.

Subject Access Request will be in the post later this week

[dx100uk]

it would be very unwise for the bank to withdraw your overdraft esp as your going through with a claim against them.
if it even mildly smells of retaliation they have to prove it was not, not you have to prove it was.

there is a thread on this in the group, just seach for it.

dx100uk

[Taliesin71]

Information in response to Subject Access Request arrived this morning (along with uncashed postal order), if I can claim it all back (Commission, Debit Interest and Fees) I'm due about £3000

[dx100uk]

you cannot claim debit interest.
you might be able to reclaim some, if it is made soley of their charges
its a bit complicated to calc.

dx100uk

[Taliesin71]

OK, had chance to look at the information in greater detail, (doesn't help when some entries are Commission on the bank statement and Fees on the info) some of the charges relate to my Privelege Account Fee, so after taking those and the debit interest off it comes to around £2,200.

Bit confused about Statutory Interest, looking at the "What you can claim" sticky it says that you claim this when you go to court.

Surely, I should be asking for this in my first claim as it represents what the court would judge to be fair compensation for the loss incurred ?(exactly what the banks were telling us these fees were to cover)

[Advoc8]

Statutory interest can only be claimed when you go to court, technically it's only available at the discretion of the court.

You don't ask for this in your first letters, although if you've the information to work it out you can attempt to claim the contractual rate of interest applied to the charges. This needs to be claimed from the outset.

[Taliesin71]

Originally Posted by Advoc8

Statutory interest can only be claimed when you go to court, technically it's only available at the discretion of the court.

I understand this, but since I would be asking the court (if it got that far) for this interest, it seems fair to ask for this money in any settlement the bank may offer.

You don't ask for this in your first letters, although if you've the information to work it out you can attempt to claim the contractual rate of interest applied to the charges. This needs to be claimed from the outset.

I'm just plowing through some of the posts on this subject and may end up following this route instead, but so far, it does seem to be the same argument but justifying a higher interest rate to be applied to the settlement.

[Taliesin71]

OK, planning to put my claim in on Wednesday

Standard letter with this amendment to the details

What I require
I calculate that you have taken £xxxx.xx I also intend to claim for interest on these charges based on your overdraft rate of 12.9% APR calculated to be £xxxx.xx at the current date. Total £xxxx.xx.
I enclose a schedule of the charges which I am claiming with this letter

Any comments/changes before I send this gratefully received.

[sallysas]

12.9% sounds a bit low to me, but I am claiming for my credit card which might be a higher rate. Have you used the authorised or unauthorised rate as quite a lot of people are claiming unauthorised rate as the bank have borrowed this money from you without your authorisation so to speak. Perhaps I am reading this wrong, but you are not planning on claiming statutory as well are you - only you can't. It has to be one or the other. Sally

[Taliesin71]

12.9% is the authorised rate. I've had a quick look through the completed claims and people (e.g. dx100uk) seem to be getting 8% (which I'll settle for) but thought I'd chance my arm a little.

Personally, I'd rather settle this quickly and amicably rather than going to court, but don't intend to give up too easily

I feel I could justify 12.9% in court, if it went that far, and come across as reasonable, but 29.9% (the unauthorised rate) wouldn't be as easy to justify.

[sallysas]

Just being the devil's advocate here but I have read that if they turn down your generous offer of settling for 12.9% you could (as others have done I believe) change the interest rate to unauthorised in your LBA. Then if it gets to court you could offer the judge 3 alternatives. Authorised, unauthorised or statutory at his/her discretion. But considering you are just starting you are braver than me. I had gone for statutory in 2 claims going through court now.


Could I also suggest you add a little extra in your 'what I require' section of prelim. In my claim against the co-op I have made it obvious that I am claiming contractual. Sorry no child around to help me put link in. Instead of telling me how to do it - they do it for me. How is an adult to learn?

I am off to have a read of Glen's thread now. Now there's a man who knows where his towel is.

You certainly like to stay up late..................... ...

[Taliesin71]

Received the "Sorry that we have not met the high standards that we both expect" letter, with a promise that they will contact me within the next seven days

[piglet1]

thats you,me and pompyfaith,received same letter today.keep us posted how you get on,

[Taliesin71]

Received a £2076 "gesture of goodwill", which doesn't include any interest on the money taken (since interest was not included in the OFT statement)

I'll be following dx100uk's example and phoning them to query their stance on this on Monday.

Can I still take court action to charge interest on the money taken, or am I best letting it lie if I get nowhere?

[sallysas]

If/when I get "gesture of goodwill" offer I am planning on using the part-payment letter from templates library IF this seems appropriate. I also agree that dx's response was good as some interest is better than nothing. Sally