Thread: question - N1 and court interest on overdraft interest on charges? advice please

Hi, I am filling in my N1 and this is the first time I have come across this issue. the template says:
(1.) Charges £xxx.xx
(2.) overdraft Interest £xxx.xx
(3.) Interest under s.69 County Courts Act 1984 £xxx.xx
(4.) Court Fee £xx.xx
(5.) TOTAL £ xx.xx
(6.) Plus interest pursuant to S.69 County Courts Act 1984 from date of issue to date of judgement/settlement at £xx.xx per day [(enter daily rate here - (CHARGES+OD interest) x 0.00022 = pence per day)] OR at such rate and for such periods as the court deems just.

Up till now I have been writing to the bank, with the total charges plus court interest, and I had calculated it at 8% for each whole year since the charge which i thought was (3.).

Having looked at the N1 text I realise this might not be right - should it be calculated daily like (6.)?

More importantly it mentions interest they have been charging me too for my overdraft (2.) - I haven't calculated or asked for this before.

As I have been in overdraft for 75% of the last 6 years, they have been charging interest on the charges but I don't know how to calculate this. The interest rates will have changed over time and because I haven't always been overdrawn this won't consistently apply. Is there a way of calculating this that the court would uphold/understand or am I getting this wrong and its actually quite simple?

Say for example my overdraft limit was £100 and I went £10 over it. They would then debit an overlimit charge of £30. If I put £50 in I would be £90 overdrawn. £30 of this debt would be caused by the bank and they would charge interest on it at the authorised overdraft rate. (and if I hadn't put the £50 in it would be at the unauthorised overdraft rate) if I put more than £140 in then I would earn interest on the credit balance, but penalised by the charge amount. So what I am asking is: is there a way to track this cost due to interest (or even loss of credit interest) for each charge as they compound over time?

I have seen in the threads about stays that hardship needs to be demonstrated to be caused by the charges. After 6 years, I strongly suspect that because my income and expenditure are nearly equal, that my overdraft balance is entirely composed of charges, interest on those charges and charges resulting from the same etc. etc. - ie. self perpetuating. The 6 years charges alone add up to more than my debt to the bank which is causing me hardship.

Any help or advice as to what to put / how to calculate (2.) much appreciated !

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When I was putting together my numbers I took a quick sum of the total they'd taken in overdraft interest (that being the total, not just what I could reclaim as being due to charges) and it was only about 5% of what they owed in charges. I found it a lot easier to scrap the overdraft interest and just go after the charges themselves. Doesn't help that I run Linux so openoffice calc is the only spreadsheet I have!

Up till now I have been writing to the bank, with the total charges plus court interest, and I had calculated it at 8% for each whole year since the charge which i thought was (3.).

Over on The Wiki it states "REMEMBER! On the Advanced Spreadsheet Use the Charges and Interest tab. Do Not use the 8% Interest tab until you file your claim with the court (if you reach this stage)." but your post suggests you added the 8% in your prelim/lba. Can you clarify on that one so somebody more knowledgeable with the process can offer some advice?