Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
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    Yamaha Novitiate



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    Default Interest, schminterest!

    I know I am incredibly thick when it comes to money matters but I cannot get my head round what interest I can claim. Filled in spreadsheet for charges eg. unpaid DDicon, cheques, etc. and each entry gives an 8% interest figure. Is this what I claim and enter into the preliminary letter or is this the interest that I can claim later if it goes to court?
    Each month I have two "Charges to (date)" and an interest charge also. Is this the interest amount I should enter in the preliminary letter?
    Sorry if this makes sense to some you on this worthy site - but it means b***** all to me!


  2. #2
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    Default Re: Interest, schminterest!

    you cannot claim interest listed on your statements back
    you cannot claim 8% until you file to court on the MCOL website.
    [for now just delete the interest column - then print the spredsheet & attach to pre-lim letter]

    however, you COULD claim contractural interest on all your charges from date they are taken till date of claim going in.

    there are many threads to read.
    p'haps the best is:
    why is no-one claiming contractural interest [or alike]
    use the search facility

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  3. #3
    bong
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    Default Re: Interest, schminterest!

    you can claim back the overdraft interest relating solely to the overdraft caused by the charges. The complex spreadsheet calculates the interest you can reclaim - you need to enter charges, interest debited and account balance. This is the interest referred to in the prelim letter.


  4. #4
    bong
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    Default Re: Interest, schminterest!

    its the england advanced excel spreadsheet in this thread http://www.consumeractiongroup.co.uk...s.html#post750


  5. #5
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    Yamaha Novitiate



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    Default Re: Interest, schminterest!

    Forgive me, guys but alot of your language goes staight over my head.
    I'll try and make it simpler for me to understand!
    On my first attempt at simple interest the total amount of charges is 4,385 and the "interest" on this is calculated at 8% to be 1.729.35.
    On my second attempt at complex interest the totals read as follows:
    Penalty charged: 1,527.38
    8% on penalties: 454.65
    Interest on penalties: 224.41
    8% on interest on penalties: 58.24

    So, what is the amount of "overdraft interest" entered on the preliminary letter.
    Again I'm sorry if this makes me sound a complete thicko but I ask you to be patient with me!

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  6. #6
    bong
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    Default Re: Interest, schminterest!

    its the 224.41


  7. #7
    bong
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    Default Re: Interest, schminterest!

    why is there such a big difference between the two spreadsheets?

    penalty charges

    1st s/s 4385
    2nd s/s 1527

    8% interest (which you dont claim until court)
    1st s/s 1729
    2nd s/s 512

    ??


  8. #8
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    Default Re: Interest, schminterest!

    Thanks for replying, Bong.
    On the first s/s I entered all charges for unpaid DDs/unpaid cheques and card misuse. Total: 4,385.00
    On the second s/s I entered the monthly charges and interest charges. Total:1,527.38
    Should I be claiming both together? ie. 4,385 + 1,527.38 = 5,912.38


  9. #9
    bong
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    Default Re: Interest, schminterest!

    what do you mean by the monthly charges? are they penalties?

    you should enter everything on the one spready, either the simple one (penalties, 8% interest and no overdraft interest) or the complex one (penalties, 8% and overdraft int).


  10. #10
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    Yamaha Novitiate



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    Default Re: Interest, schminterest!

    Each month there is an entry on my statement which reads eg.
    INT TO 08MAY A/C ********
    CHG TO 08MAY A/C ********

    This is what I mean by 'monthly charge'


  11. #11
    bong
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    Default Re: Interest, schminterest!

    ok then, what sort of account is this, business or personal? are the monthly charges always the same fixed amount and do you know what they're for?


  12. #12
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    Yamaha Novitiate



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    Default Re: Interest, schminterest!

    It's a personal account.
    There are in fact two charges each month: one is for a fixed amount in most cases ie.30. The other is a varying amount, different each month.
    There is no mention what they are for.


  13. #13
    bong
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    Default Re: Interest, schminterest!

    well I can't be sure what the 30 charges are for. see this link here http://www.consumeractiongroup.co.uk...tml#post481507 it might have the answers. was it multiples of 30 up to 90? in which case it would be the referrals penalty charge. the other amount is the monthly overdraft interest.

    so, if you're satisfied that the monthly charges of 30 are reclaimable, choose one of the spreadsheets and enter all charges together (4385 and 1527.38 - are you sure about the 38p? penalty charges are usually round amounts) and if you're using the complex spreadsheet, the overdraft interest in the other column with your account balance, to work out the proportion of overdraft interest you can reclaim.

    does that all make sense?


  14. #14
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    Default Re: Interest, schminterest!

    It may also be worth you read through this

    Stuck with RBSicon charges? Click here!!

    If you have a royalties account, you aren't entitled to claim this charge. If you have loanguard on your overdraft (this could be the varying monthly charges) you aren't able to claim this.

    Have a read through the thread I've comiled above, it helps identify what, if any, of the monthly charges you can claim. Coupled with the link Bong gave you, that should help you determine what you are claiming for.


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  15. #15
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    Default Re: Interest, schminterest!

    So Mr Yamaha! When you win all this, how about paying to give me bike lessons so you can then give me your Yamaha?!!! (your daughter!)


  16. #16
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    Yamaha Novitiate



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    Default Re: Interest, schminterest!

    This is hardly the place for a family conversation! If you're good you can have my Yamaha - so why don't you get bike lessons and a licence a.s.a.p ?



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