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Hi have been routing round site all afternoon. I am just starting my ball rolling and created the 'request for repayment of charges' letter. Have completed my spread sheet file...BUT... am now confused over which interest is required in the letter regarding 'plus £XXX which you have charged me in overdraft interest for the sum which you have taken'. I have calculated the sum of fees they have taken, but where do I get the interest from, as the spreadsheet link tells us not to use the 8% apr interest until after we have sent off the first letter.
Please can you tell me what interest is required in the first letter - going mad!
You have to identify charges which they have taken in in interest. You aren't calculating a %.
On your statement every month it will have a figure for "Ovedraft interest"
Some of that will have been incurred because of a penalty charge in respect of which you were overdrawn. You will have to add that element if you want to get all of your money back.
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Just been reading the thread on Martin Lewis's site, it seems some people have played the banks at their own game and added an interest rate equivalent to the banks loan rate, this for the charges they have made, unlawfully, on the account, some at 18% some at 29%, remember it is YOUR money they are taking and earning interest on themselves, since them having it means you did not, then in all likelyhood you can apply THEIR terms and conditions on YOUR taken money, remember, not one of these cases has yet gone to court, and in the instances I've read of so far, the bank has paid in full including, albeit only a few cases, this added interest.
I shall be presenting Barclays with my Data Protection Act letter tomorrow, 1st step, they may or may not respond, I care not what they say in reply, I doubt I'll even read it properly, they are shafting people and especially those that have limited finance, which invariably will suffer the most due to these excessive charges.
I would say, add your own nominal interest rate on what you are owed, they will never get as far as going to court, if indeed they do, you can use their own T&C and excessive interest rates as your guide to the rate you charge. I intend to do exactly this.
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Will start my own thread on receipt of their first response
You have to identify charges which they have taken in in interest. You aren't calculating a %.
On your statement every month it will have a figure for "Ovedraft interest"
Some of that will have been incurred because of a penalty charge in respect of which you were overdrawn. You will have to add that element if you want to get all of your money back.
Since being very confused over the interest, I thought I'd put on an up-date. I sent (13 March) the initial letter 'Request for repayment of Charges' and received two letters on the same day, 17 March, one explaining the matter would be looked into, the other offering a 50% gesture of goodwill. I have today, 20 March, sent the 'letter before action'. The Head Office customer Relations contact who wrote to me was Jeremy Bigmore so I have replied to him.
I am prepared to go to court, as looking around the site everyother bank apart from stubborn Barclays seem to be settling out of court. Will do another up-date hopefully very soon... JJ
Up-date: After sending my 'letter before action', today I have received a letter from Barclays saying that their 50% offer of a gesture of goodwill still stands but if I'm still unhappy I might refer this matter to the Financial Ombudsman Service - so guess what - I'm off to the Moneyclaim site to start my litigation process...........will update soon... JJ
Sorry if I appear a bit dense but I was about to make a claim of £535 in charges without any interest charges added on to that. In spite of reading this I am still unsure of how to calculate the interest charges made. On my statement above each charge, ie unauthorised overdraft fee £20, there is an amount of interest charged. Do I take this whole amount or if not, what proportion of it should I calculate? In one case I am overdrawn, there is a £20 unauthorised overdraft fee and interest of £16.58. I dont like to be a nuisance but interest always confuses me.
As well as your £535 charges include the 'overdraft interest' which will appear once a month on your statements if you have gone over your overdraft limit as this will include interest you have been charged on your penalty charges. So the basic total you are claiming will have increased! Then....when (AND ONLY WHEN) you have sent your first letter to the bank asking for them to return the penalty charges plus interest they have charged you on them, you use the excel spreadsheet from the LIBRARY pages to insert your penalty charges and interest on those which will automatically accumulate your 8% apr interest which you can claim (via the small claims court) if the bank refuse to give you back the basic total.
Sorry if I appear a bit dense but I was about to make a claim of £535 in charges without any interest charges added on to that. In spite of reading this I am still unsure of how to calculate the interest charges made. On my statement above each charge, ie unauthorised overdraft fee £20, there is an amount of interest charged. Do I take this whole amount or if not, what proportion of it should I calculate? In one case I am overdrawn, there is a £20 unauthorised overdraft fee and interest of £16.58. I dont like to be a nuisance but interest always confuses me.
Please start your own thread! You're hijacking someone else's!
Apologies to people who I was in the process of helping, I may be gone some time.
Just an update... I received Barclays defence on Friday (28 April) the last day before their deadline! Will be sending back the allocation questionnaire over next couple of days. Till the next update................... .....
I'm claiming £448 plus 17.9% interest (total £528.19) from Lloyds, but they haven't even offered me the 50% good will gesture so I am following Martin Lewis's step by step advice and starting court procedures today.
You're highjacking someone elses thread - start your own, it makes it easier for people to help you.
Also, where did you get the 17.9% figure from?
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Advice & opinions of Dave, The Bank Action Group and The Consumer Action Group are offered informally, without prejudice & without liability.
Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
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i'm not sure if this is helpful, please don't take my word as gospel but I have worked out my interest using this method. I phoned Barclays and asked them how much I am charged when I go into my unauthorised overdraft. They said 27.5% APR so I figure...
on charges of £20 - 20x27.5/365 = 1.5068493 = one days interest for a £20 charge
on charges of £25 - 35x27.5/365 = 1.8835616 = one days interst for a £25 charge
etc
£30 = 2.260274
£35 = 2.6369863
i figure that you could probably charge more. But I personally can't be bothered to try to equate the full figures. I have just asked for a refund of one days interest per charge. I know the figure is less than the full amount but it will be fairly close.
CAUTION - I really don;t know enough about the claims to be offering advice the above equation is only useful for working out what £20 is as a daily APR fraction. Please wait for some who does know what they are talking about to confirm or reject what I have written
Just an update... I received Barclays defence on Friday (28 April) the last day before their deadline! Will be sending back the allocation questionnaire over next couple of days. Till the next update................... .....
And another update....
I have received a copy Barclays allocation questionnaire. So still waiting for a court date - won't be too long now I'm sure.....................
JJ v Barclays **Settled**
interest for the sum which you have taken'. I have calculated the sum of fees they have taken, but where do I get the interest from, as the spreadsheet link tells us not to use the 8% apr interest until after we have sent off the first letter.
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Originally Posted by BankFodder
Hi, 
