how do i work out how much they owe me?

[danandsteph]

Can anyone help me im getting a bit confused, i have just received my statements and worked out that they owe me £879 in charges but the on the letter i need to send its telling me to put in the interest as well. What interest is this and how do i work it out?
Someone please help as this money would be very handy for christmas.

[Michael Browne]

There are 2 instances of interest you can claim:

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the total interest figure.

Vampiress has a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

This is the interest referred to in the preliminary and LBA letters.


2. Section 69 8% interest on your claim, but only when you submit a claim at court. Don't add this interest before moneyclaim

[danandsteph]

So do i just ask for the charges back then? and not bother with the interest

[Michael Browne]

Unless the majority of your charges date from 5-6 years ago it's not going to be a fortune, but you are entitled to it.

You could always give the Advanced s/s a go and see how you get on and if not just claim the charges.