Hi.

I've read as much of the forum as my patience (and pocket) will allow. Now I'm ready to bleed my cash back from the RBS.

I have all my bank statements and have used the 'lady with the teeth's' wonderful spreadsheet to calculate a total - about a thousand pounds in charges.

I intend the following:

1. To claim for five year's charges (the maximum allowed in Scotland, as far as I can tell).

2. To split my claim into less-than-£750 actions, thus keeping it in the small claims court.

3. To claim A) Charges B) Interest paid on Charges C) Contractual Interest on Charges and Interest. As I understand it I can claim all three in my preliminary letter, and can further add statutory interest if/when I lodge a claim with the court.

4. As I understand it, contractual interest would be in the region of 30%, at unauthorised overdraft rate, and would raise my total claimed to about £1800.

It would be incredibly reassuring if anyone could confirm that I'm correct in claiming interest and contractual interest at the first approach - and if so, that 30% is a reasonable figure.

Thanks in advance...

I can't wait to donate! And buy some whisky...

mfp.

used the 'lady with the teeth's' wonderful spreadsheet to calculate a total .

PMSL

As I understand it, contractual interest would be in the region of 30%, at unauthorised overdraft rate, and would raise my total claimed to about £1800.

 

It would be incredibly reassuring if anyone could confirm that I'm correct in claiming interest and contractual interest at the first approach - and if so, that 30% is a reasonable figure.

If you are claiming contractual interest then yes you do claim from the start, along with any interest paid on charges as calculated by your spreadsheet. As for the rate of interest you use, then that's up to you to decide which one to go for - some use authorised as a safer, part tested option and & some unauthorised, based on the theory that they have taken your money without permission. As far as I'm aware the latter is a fairly new theory here and I'm not sure if there are any reported successes as yet (praps someone will be along to confirm this)

if you do a forum search on 'contractual interest' then there are loads of threads on the subject which may make things a little clearer on your options

Hope this helps - Good luck!

chezt,

thanks for replying...

Yeah, I really think I'm looking for someone to pat me on the back and say, 'Go kill!'... so thanks for the confirmation about the interest.

As to the rate: I'm aware that a lot of folks on the forum advise caution - perhaps I'll drop it to the agreed overdraft rate.

Cheers,

mfp.

That's ok

Another option is to go for the higher unauthorised rate then if/when it goes to court you can request authorised as an alternative with 8% statutory as an alternative to that - then it's up to the judge to decide - makes you look reasonable of course.

Remember though this only a choice for the judge, not the bank - once u decide what ur going for with the bank then stick to it.

The RBS rate is 29.84%

Please watch what you say.

good luck

livelylad: thanks - and no offence meant... to anybody, whatever they do for a goddamn living...

chezt: ta for the luck...

mfp

If u do things by the book I'm sure u won't need it!

Here we go.

Prelim letter sent away today... first claim for:

Charges = £330.00

Interest on charges = £6.16

Contractual Interest = £369.24

Total = £705.40

Bugger me...

mfp.

Prelim Letter sent 27th November.

Letter Before Action sent 13th December.

Still no answer to either letter...