Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
2 March, 2007 - Sent letter to my branch requesting statements of the past 6 years. Did not send payment to cover the cost.
30 March, 2007 - Received statements in the post. No charge debited from my account (yet).
I am getting ready to submit the schedule of claim for charges. I have been able to list all the charges (i.e. referral charge, unarranged borrowing, charges for unpaid items, etc). These charges amount to £696.
However, I have spent the last several hours reading the FAQs and different threads and I am still confused about calculating the overdraft interest amount. My statements have a monthly charge titled INTEREST and it varies. I know I can only claim the interest charged when I was in an unauthorized overdraft. The interest is one monthly sum. How do I break it down so I know the amount to claim for those months when I was in unauthorized overdraft? Can someone explain how to calculate this?
I am confused at what the term INTEREST refers to. I have downloaded Mindzai's spreadsheet but I am still unsure if the interest I wish to claim is compound interest or the 8%?? Or is this something else entirely?
EXAMPLE:
My statement of April 2001 reads:
YOUR INTEREST RATE FOR BORROWING UP TO £1,550 ON THIS ACCOUNT IS 14.99% PA. THIS IS YOUR CREDIT ZONE RATE. SHOULD YOUR OVERDRAFT EXCEED THIS LEVEL THE EXCESS WILL BE CHARGED AT OUR UNARRANGED BORROWING RATE, CURRENTLY 29.5% PA. YOUR CREDIT INTEREST RATE IS 0.25% GROSS PA.
THE FOLLOWING CHARGES/INTEREST FOR 5 MAR 2001 TO 1 APR 2001 WILL BE APPLIED TO THIS ACCOUNT ON 30 APR 2001.
DEBIT INTEREST: £11.60
This is confusing to me (the non-mathematically minded) so I was considering not claiming any charges for overdraft interest. Is this wise?
I would appreciate any help... and sorry if this has been asked before (I really did check everything I could before I posted this question).
HI, there is a debate on trying to recover interest, in my opinion it is a lot of fuss and perhaps people should be content to get the charges back and should it go to court the 8% also.
You do not include the s69 8% in the request for repayment, this only comes in to play when you have to file a claim in the county court or MCOL.
It also seems that some of the helpers on contractual interest have jumped ship so to speak.
You would make your life much easier by using the simple spread sheet which shows the 8% from date of the first charge.
Just my own opinion.
Mortgage Late Fees Claim Kensington 09
RBS S.A.R - Full settlement of £1,500 19/01/07. BOS-14K Sold to DCA- No CCA so no pay.
Loyds-TSB Pre-Lim Ltd Co business account. AMEX sold to CapQuest-then sold back to Amex.
Latest:Fought SD for 36K wonwith costs..
Mortgae Charges Claims
GE Money charges: Suspended Hearing March 2010
Kensington: Claim Issued March 2011
GE Money Home Lending: Defending Repo April 2011
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Any help or advice is offered as just that, help and advice without any liability. If in doubt consult a legal expert or CAB.
Just to clarify, if I don't want to claim contractual interest, I don't need to fill out the right hand column in the spreadsheets (Mindzai's and the Advanced one in the bank templates library, titled "Total Interest on Penalties"). I just need to send the list of my charges and forget about the INTEREST charges on my statement. Is this correct?
If my claim goes to court, then I will claim the s69 8% statutory interest, which is found on the Simple spreadsheet in the bank templates library and also in Mindzai's spreadsheet. Correct?
I will send my letter to the address below, as per livelylad's post:
Nat West are getting away with thousands and thousands of pounds by intimidating people into accepting offers of charges and no interest. You are entitled to claim back the interest that they charged you. As long as you include this in your initial claim. Admittedly they will fight the interest part of your claim, but if you end up in court they will still have to disclose the true costs of their charges. which we all know they have not and will not do this. http://www.consumeractiongroup.co.uk...-claiming.html
Just a personal opinion here, but if it were me, and I was starting this process all over again, I would be going for CONTRACTUAL. As it happens I now cant change, but as yet, they have have yet to stand in a court room and give full Breakdown of their charges, so I just dont see it happening in the near future. I know its a bit more complicated to work out, but worth it, I believe................ Just a personal observation though......... All the best, whatever you decided. Fendy xxxx
NATWEST BANK CLAIM - £16,100.00 WON
ABBEY BANK - £5500.00 WON
CAPITAL ONE VISA - £1800.00 WON
HUBBYS CAPITAL ONE VISA £2012.00 WON
TOTAL WON TO DATE: £25,400
************************* ************************
NATWEST BANK -CLAIM 2 PRE 6 YEARS- ONGOING
ABBEY BANK -CLAIM 2 PRE 6 YEARS - ONGOING
YORKSHIRE BANK - AT SAR STATUS
HALIFAX CREDIT CARD - AT SAR STATUS
PLENTY MORE TO START LATER.
STRENGTH IS SOMETHING YOU CHOOSE IN LIFE, ITS A CONSCIOUS CHOICE YOU MAKE, YOU ARE NOT BORN WITH IT. YOU LEARN IT.
STRENGTH, YOURE NOT BORN WITH IT, YOU LEARN IT DUE TO WHAT LIFE DOES TO YOU.
Referring to the step-by-step instructions, it says:
Having received either a summary of charges, or copy statements, and calculated your charges (plus any overdraft interest which you can show was caused solely by those charges - not general overdraft interest), enter them into one of our spreadsheets in the Library.
My question is how do I specifically calculate this overdraft interest? Do I use the right hand column in the spreadsheet (either the one by Mindzai or the Advanced one in the templates library)?
By calculating the overdraft interest and submitting it with my claim, does this mean I am claiming contractual interest?
And if I don't wish to claim contractual interest, then I should just submit the left hand column detailing the charges?
Any help would be greatly appreciated, as I am still not clear on the difference between contractural interest and calculating overdraft interest charges that appear on my statements.
I think we all have to take a step back here. The bank are paying out a lot at the moment albeit, outside of timescales but paying out. Each individual that claims must choose if they want to go for contractual interest based on reciprocity or 8%(court would award) or simply the charges back which previously they had not thought they would get at all. You as the person who's claim it is must decide which route you want to follow and we as either claimants, helpers, knowledgeable people will support you which ever route you decide.
I will try to explain your 3 options as best as possible.
1) Claim your charges only;
2) Claim your charges PLUS what is known as contractual interest. This is the interest you are charged on any amount outside your agreed credit zone limit. That means, if you have a £600 overdraft, you can claim the interest charged on the amount you are OVER the £600 by. This can be quite tricky which is why I didn't bother! It is also likely to cause delays in reclaiming your money so you really have to weigh up the benefits.
3) Claim your charges and if (and only if) it gets to court stage you can choose to add 8% to your claim which the courts will award under section 69 of the relevant act!
Hope that makes things clear and best of luck with your claim.
Laura
Natwest Bank Plc owe me £1,227.48
06/03/07 - Prelim Sent
16/03/07 - Claim authorised, in full, via telephone...
28/03/07 - Full offer received in writing - YAY
29/03/07 - Offer accepted!
Bank of Scotland Mastercard owe me £497.00
11/03/07 - Complaint telephone call logged
29/03/07 - 50% offer received...
As Nattie quite rightly says the choice is yours, but Nat West unfortunately don't give you a choice.It was their unlawful charges that put you in this position in the first place.
No probs Stormbringer - it can be confusing so glad I could help!!
Natwest Bank Plc owe me £1,227.48
06/03/07 - Prelim Sent
16/03/07 - Claim authorised, in full, via telephone...
28/03/07 - Full offer received in writing - YAY
29/03/07 - Offer accepted!
Bank of Scotland Mastercard owe me £497.00
11/03/07 - Complaint telephone call logged
29/03/07 - 50% offer received...
Update: I sent the preliminary letter to Natwest in Borehamwood by recorded delivery on 4 April and obtained confirmation through Royal Mail's website that they received it on 5 April. To date, I have not received any reply. I wasn't sure if the 14 days included weekends and bank holidays but even calculating those days as of 5 April, it is now 14 days. For my own information, how are the 14 days calculated?
I am getting ready to send the letter before action (LBA) and have had a look at the template in the Library. I have a question about the Default Notice. I'm not sure I have this on my credit record... how do I find out for sure?
Check your credit file (e.g., with experian) to see if they've placed a default notice against you. If they have, ask for it to be removed - if they haven't, just delete this part from the letter.
Hi Stormbringer: Natwest are quite good however, after the lba it is best to call them on 0800 015 4212 and ask if your refund is there on their computer. They usually say "yes, did you not get our letter bla bla, they didn't send it but ask around the time the LBA runs out.
Mortgage Late Fees Claim Kensington 09
RBS S.A.R - Full settlement of £1,500 19/01/07. BOS-14K Sold to DCA- No CCA so no pay.
Loyds-TSB Pre-Lim Ltd Co business account. AMEX sold to CapQuest-then sold back to Amex.
Latest:Fought SD for 36K wonwith costs..
Mortgae Charges Claims
GE Money charges: Suspended Hearing March 2010
Kensington: Claim Issued March 2011
GE Money Home Lending: Defending Repo April 2011
Donate to keep this site open
Any help or advice is offered as just that, help and advice without any liability. If in doubt consult a legal expert or CAB.
I called the number Nevos posted. The first time I was cut off when I was being transferred (after I told them I was enquiring about my refund for unlawful bank charges... coincidence?). The second time I called, the customer service agent started shouting at me because I didn't have my PIN number (they don't need it... they can ask me other security questions, like they did the first time I called). Shouting... what lovely customer service. So I asked her to transfer me to someone else. He told me I had to call the same number I had just called (I have no idea where I was transferred). He also said to make sure I press "1" for Complaints when I called. I didn't want to call back yet another 3rd time, so I asked him to transfer me directly. I was put on hold for over 20 minutes after which I hung up. So now I am starting a claim via MCOL. I will keep you posted.
If you do decide to call back, call the same number, then press Option 1 then Option 1 again. This gets you directly through to the team dealing with bank charge refunds. I have not been asked for my PIN number at all.You may be lucky and only have to wait a few mins, I've called a couple of times, once, straight through, second time, 15 mins. Just depends how many of us are on a money back crusade at the time....or if the boss is in and we can phone from work or not.
Stormbringer vs NatWest ###won###
. Did not send payment to cover the cost.
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DUE TO WHAT LIFE DOES TO YOU. 
