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I'm about to send a preliminary letter to HSBC about penalty charges.
What does a schedule of charges charges look like? I have an idea, just needed to ask first.
How do I calculate interest at my bank's overdraft rate? (approx. 15% I think). The excel calculators are set to 8%
1. The schedule of charges is the spread sheet which can be found in the bank template library in green on the main page of the forum.
2. The interest is claimed only when you file at court and is 8% but some are claiming a higher % (Contractual rate) and if you take a read round the site you will see what others have done with this.
You can claim the Interest charge by the banks if the charges put you into/over your O/D (unauthorized) and there is a spread sheet for this but some have found it to be only a small amount and not bothered.
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Let battle commence!!!!!
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There are three interest items that concern you at this time:
What they have charged and taken from you (ususally listed separately on your statements) - you have two options - claim the lot, or claim a pro-rata amount, based on the assumption that they have a right to charge interest when you are overdrawn
Contractual interest - MUST be claimed as part of your request - you are claiming this from the bank, not at the discretion of the court...
s.69 - 8% - this is ONLY claimed when you raise the claim, and is at the discretion of the court
You can only claim one of the rates of interest - contractual OR s.69 - not both.
Send your request for refund to your local branch - by recorded delivery. The last thing you need is for the bank to claim they did not receive it...
Alecto, Magaera et Tisiphone: Nemesis on Earth is come.
All advice and opinions given by Spiceskull are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Send it to the head office by recorded delivery (Contact details on the HSBC forum) or HAND into your local branch and just get a receipt
DONT FORGET TO DONATE TO THIS SITE WHEN YOU WIN THANKYOU If you dont it wont be here
Let battle commence!!!!!
All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.
Ok, to clarify, as there seems to be slight contradictions here. (3 CAGers, 5 opinions, lol)
The Phoenix is quite correct.
If you choose to claim contractual rate, you MUST do so from your preliminary letter. If you choose to claim the 8% statutory, then you do it only when filing your court claim. You can't do both.
I personally would not recommend recorded delivery, and instead, I always get a FREE certificate of posting at the PO counter. It provides proof I have posted the letter, that's all I need.
Apologies to people who I was in the process of helping, I may be gone some time.
I am filling in the advanced excel spreadsheet with 5, £30 claims over 7 months. I am supposed to be asking for over £20 in interest. To me that seems a little bit high.
Curiously, my last entry I make is with a severley reduced overdraught figure to those previously entered,under the "ACCOUNT BALANCE AT INTEREST DATE" but this has the effect of boosting the interest to be reclaimed.
When I entered an artificially high overdrawn balance, just to see what happens, I expected a high figure in interest because I was still O/D by a high amount, but this was not the case. You seem to be able to generate more interest by being less overdrawn. Am I making myself clear?
It seems to be working back to front!
What interest rate does the S/Sheet use to reach this figure. I'm guessing my O/D rate is around 15% (HSBC).
;) if i have helped in anyway then please! click the scales ↑
Posts
372
Re: Advanced excel spreadsheet query.
yes that looks ok it works out, in that month because you have paid them so much off your overdraft that all of your interest payment of £22.03 is due back.
but i have spotted a prob 29/4/06 £17.13 is down twice you only get charged one interest per month
hope this helps strikeback
SETTLED CASES
LTSB (CC) £20 21-8-06
HSBC (CC) £600 19-10-06
HSBC (Ac) No.1 £1900 25-10-06
RBS (CC) £900 25-10-06
Smile (Ac) £1300 17-11-06
A&L (Ac) No.1 £400 23-11-06
A&L (Mortgage ERC) £3900 4-12-06
LTSB (Ac) £200 13-12-06
A&L (Ac) No.2 £120 19-12-06
HSBC (Ac) No.2 £650 29-12-06
LTSB (Business) £1700 13-2-07
RBS (Ac) £4500 + Default Removal 17-3-07
Barclays (Bus) Warrant of Execution 10-3-07 not used yet
ONGOING CASES
Egg (CC) N1 Filed £1300 + Default Removal Judgment Order 9/1/07 In my Favour
Barclays Business loan & 2 accs. S.A.R N1 filed Judgment in Default isued 15/2/07
Thanks for your reply.
It does however create a couple more questions like,
I'm not claiming interest on the whole overdrawn amount, but just the £180.00 penalty charges which amounts to roughly 10% of my total O/D balance, So why is All of the interest to be refunded.
Secondly, I was charged twice in the same period and on the left hand side of the form (which I haven't shown you) are the relevant dates of said offence, that is why I've noted them twice. How else could I have recorded them?
;) if i have helped in anyway then please! click the scales ↑
Posts
372
Re: Advanced excel spreadsheet query.
hi yes your acculimated charges comes to more than your ballance which is -£49.10 and your charges at that date are more than that i persume therefor if no charges you would have more than £49.10 in therefor £22.03 you paid in interest would not have been
hope this explains things more clearly
SETTLED CASES
LTSB (CC) £20 21-8-06
HSBC (CC) £600 19-10-06
HSBC (Ac) No.1 £1900 25-10-06
RBS (CC) £900 25-10-06
Smile (Ac) £1300 17-11-06
A&L (Ac) No.1 £400 23-11-06
A&L (Mortgage ERC) £3900 4-12-06
LTSB (Ac) £200 13-12-06
A&L (Ac) No.2 £120 19-12-06
HSBC (Ac) No.2 £650 29-12-06
LTSB (Business) £1700 13-2-07
RBS (Ac) £4500 + Default Removal 17-3-07
Barclays (Bus) Warrant of Execution 10-3-07 not used yet
ONGOING CASES
Egg (CC) N1 Filed £1300 + Default Removal Judgment Order 9/1/07 In my Favour
Barclays Business loan & 2 accs. S.A.R N1 filed Judgment in Default isued 15/2/07
;) if i have helped in anyway then please! click the scales ↑
Posts
372
Re: Advanced excel spreadsheet query.
out of curiosity did you pay into your account £1700 during July if not just look at Augusts opening ballance because if there is a mistake there then that would change the amount of interest due.
SETTLED CASES
LTSB (CC) £20 21-8-06
HSBC (CC) £600 19-10-06
HSBC (Ac) No.1 £1900 25-10-06
RBS (CC) £900 25-10-06
Smile (Ac) £1300 17-11-06
A&L (Ac) No.1 £400 23-11-06
A&L (Mortgage ERC) £3900 4-12-06
LTSB (Ac) £200 13-12-06
A&L (Ac) No.2 £120 19-12-06
HSBC (Ac) No.2 £650 29-12-06
LTSB (Business) £1700 13-2-07
RBS (Ac) £4500 + Default Removal 17-3-07
Barclays (Bus) Warrant of Execution 10-3-07 not used yet
ONGOING CASES
Egg (CC) N1 Filed £1300 + Default Removal Judgment Order 9/1/07 In my Favour
Barclays Business loan & 2 accs. S.A.R N1 filed Judgment in Default isued 15/2/07
Secondly, I was charged twice in the same period and on the left hand side of the form (which I haven't shown you) are the relevant dates of said offence, that is why I've noted them twice. How else could I have recorded them?
The first sheet in the spreadsheet gives notes explaining how to use the sheet and states that you cannot put multiple charges for one month - you would need to total them for that month and put it down as one charge and one lot of interest.
As for it reclaiming all the interest, I can only assume that your total charges for that month was more than the amount you were overdrawn by.
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Yes, I paid in the money towards the end of July to effectively pay off my O/D and give me an end point whereby I can then claim the charges and interest to.
;) if i have helped in anyway then please! click the scales ↑
Posts
372
Re: Advanced excel spreadsheet query.
don't worry about that you think the interest you are claiming back seems excesive as the ball is in the banks court (pardon the pun) to choose a formula of working out the interest due to you, otherwise they just pay up, as they will not want to produce this formula for all of us to use.
SETTLED CASES
LTSB (CC) £20 21-8-06
HSBC (CC) £600 19-10-06
HSBC (Ac) No.1 £1900 25-10-06
RBS (CC) £900 25-10-06
Smile (Ac) £1300 17-11-06
A&L (Ac) No.1 £400 23-11-06
A&L (Mortgage ERC) £3900 4-12-06
LTSB (Ac) £200 13-12-06
A&L (Ac) No.2 £120 19-12-06
HSBC (Ac) No.2 £650 29-12-06
LTSB (Business) £1700 13-2-07
RBS (Ac) £4500 + Default Removal 17-3-07
Barclays (Bus) Warrant of Execution 10-3-07 not used yet
ONGOING CASES
Egg (CC) N1 Filed £1300 + Default Removal Judgment Order 9/1/07 In my Favour
Barclays Business loan & 2 accs. S.A.R N1 filed Judgment in Default isued 15/2/07
Hi,
I'm just about to send off my prelim. letter to HSBC. I've completed and printed off (ready to send) my schedule of charges, (excel advanced spreadsheet) which includes a little bit of interest, but I've just read a thread that says you do not include the interest at this stage, only the actual penalty charges.
So to say I'm confused is somewhat of an under statement.
The more posts I read the less clear it becomes!
The bank will see interest on the schedule but I won't mention it in the letter.
Is that right?
No interest at this stage, unless it is interest charged to you because of the charges or contractual interest.
If this is the 8% statutory interest, then you do not add it until you actually file claim.
iGroup (GE Money) - AoS Filed late, defence late, amended defence also late despite extra time requested and granted. Vanquis - Claim issued, no AoS or Defence received
Hi,
The interest on the penalties is all tied up with the O/D interest all in one bundle! How I understand it is, the spreadsheet separates out these 2 charges. So do I mention this at the prelim. stage. After all they've calculated interest on the whole O/D amount, including on the penalty charges.
I really am struggling to understand this.
I sent off my preliminary letter on th 14-09-06 and haven't even had a reply. So I'm about to send my lba. My claim is only for £200, but it's better off in my pocket than there's.
Questions
about penalty charges.
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Originally Posted by Strikeback
