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Had a read through the FAQ and also the Library but I am still confused as to whether I can claim back overdraft interest payments?

 

The "preliminary approach for payment" letter states:

"I calculate that you have taken £XXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX"

 

Clearly this request is for repayment of interest charged as a result of previous bank charges.

 

ie.

 

£20 in account.

£30 cheque bounces

£30 charge applied

£10 overdrawn (with no agreed OD in place)

£0.xx interest charged.....

 

Am I right, or is it possible to also recover OD interest charged because you have genuinely used your OD facility??

 

Hope this is all clear..........this is my first post on this forum!

"If you owe the bank 100 pounds, you're the one with the problem. But if you owe a million pounds, the bank's the one with the problem."

 

Lord John Maynard First Baron Keynes of Tilton.

 

"If you owe the bank $100, that's your problem; if you owe the bank $100 million, that's the bank's problem".

 

John Paul Getty

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No. You can only claim interest which they have actually taken in respect of overdraft which is attributable to disproportionate penalties.

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No. You can only claim interest which they have actually taken in respect of overdraft which is attributable to disproportionate penalties.

 

Wow, this can get very wordy!!

 

Ok, so I am not going to be claiming as much as I intitial thought!! But what an eye opener.......I really need to get out of my OD.......over 3 years I have paid near £500 in OD interest alone!!

 

It is going to take me a long time to determine what OD interest is legitamate and what is genuine!

"If you owe the bank 100 pounds, you're the one with the problem. But if you owe a million pounds, the bank's the one with the problem."

 

Lord John Maynard First Baron Keynes of Tilton.

 

"If you owe the bank $100, that's your problem; if you owe the bank $100 million, that's the bank's problem".

 

John Paul Getty

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  • 11 months later...
Wow, this can get very wordy!!

 

It is going to take me a long time to determine what OD interest is legitamate and what is genuine!

the spreadsheet does it for you.

Request for statements sent 1/2/07

 

Statements received 10/02/07

 

Prelim emailed and posted 15/02/07

Prelim email received 15/02/2007

Prelim letter signed for 16/02/2007

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  • 12 years later...

This topic was closed on 03/06/19.

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- Consumer Action Group

"If you owe the bank 100 pounds, you're the one with the problem. But if you owe a million pounds, the bank's the one with the problem."

 

Lord John Maynard First Baron Keynes of Tilton.

 

"If you owe the bank $100, that's your problem; if you owe the bank $100 million, that's the bank's problem".

 

John Paul Getty

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