Thread: query about interest...

Originally Posted by dizzydolly

Hi, i need help again! I am just sending in the preliminary letter and the spreadsheet of charges to the bank, and have a query about the interest i can claim for? Nearly every month when i am overdrawn i have a charge of 'Interest to 12 July' (for example) and can range from 79p to £8.59. Can i include this interest on spreadsheet? NO, but see below

Also, on the letter, it says ''i calculate you have taken £XXXX plus £XXXX interest; total £XXXX''. What is this interest? This is overdraft interest that can be DIRECTLY ATTRIBUTED to penalty charges Is it the aforementioned monthly interest yes, or does it refer to the 8% contractural interest which i understand you leave off for now No, and yes you do leave it off?

Hope this makes sense and hope somebody can clear it up for me!

Thanks

First off....you really shouldn't split your threads up, makes it hard to keep up. I'm sure I've covered this before in your main thread, or somebody has, or maybe it's just that the same questions get asked over and over and over and......

The entry INT TO A/C xxxxxxxx is your monthly overdraft interest repayment. It is comprised of both authorised and unauthorised (if you went over-limit) interest attracted by your overdraft.

But because your overdraft will be mainly used for normal day to day things you can only claim back the portion of the INT charge that can be DIRECTLY ATTRIBUTED to penalty charges.

The advanced spreadsheet will calculate this if you give it enough information, but it is a minefield and IMHO not worth the risk of getting it wrong for what will probably be quite a small gain.