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  1. They had been charging me interest of 29% for over a year. So the refund was the difference between this interest rate and the interest rate they should have been charging
  2. Yes it was a business account. it was for all outstanding charges on the account. needless to say they said they don't want me as a customer any more and are closing all my accounts forthwith - nice
  3. There is hope. Thanks to support from groups like this I have just had unfair bank interest charges of £11,000 refunded to me by Barclays. I had been charged an extortionate 29% interest on an overdraft for over a year. I followed a formal procedure by making a complaint to the Financial Ombudsman Service. Over a period of months this pressure had a big influence in pressuring Barclays to offer settlement. Thanks to websites like this I was able to summon psychological courage to fight the bank. The work of all the volunteers on this site is invaluable - a big thank you to all your advice and help. To all those still fighting - keep up the pressure. Examples like mine show that perserverance does pay off.
  4. What's an S.A.R. - how do I go about it? Thanks
  5. Thanks No I never recieved a copy of the letter I should have received in November 2006. They are not denying the rate of 7.25% offered originally but seem to be pursuing me solely on the grounds of an administrative error. It's like I've slipped through the system and the computer says no I'll just wait now and see how things develop. National Debt Line were extremely helpful and gave me reassurance that they cannot strongarm me into paying a debt I dispute. Thank god for websites like these. Thanks
  6. I have a business overdraft with Barclays which went unsecured in about May 2006 - amount £52,000. It was agreed with the relationship manager that I would be charged 7.25% on the amount. A facility letter confirming this was aparently sent to me in November 2006. I NEVER RECIEVED THIS LETTER. Because I didn't sign and return the letter I never received, the interest rate jumped to a penal 29% without my knowledge. The first I heard of this was when I received a quarterly statement in about February 2007. I then contacted my relationship manager who assured me it was an administrative error. Throughout the coming months I pestered several relationship managers - they all seemed to move to new jobs in the meantime. Fortunately I was able to pay off £58,000 in about August 2007. I thought that was a fair return for the time the loan was unsecured. However because of the 29% interest rate the outstanding balance on the account had increased beyond this. In the end I was advised in October 2007 that the matter was being refered to a 'group area director. I was contact by the group area director who said that he had carried out a 'forensic analysis' of the case. He concluded that 'mistakes had been made by both sides' and offered to refund me half of the balance on the account - then standing at about £9500. I turned this offer down as I was being asked to pay interest on interest and the offer was totally in the banks favour. All I wanted was for the bank to honour it's original verbal agreement and charge me 7.25% since the loan became unsecured in May 2006 - I have no problem paying a fair rate of interest. When I turned the offer from the bank down I then made a formal complaint to the Financial Ombudsman in December and the 8 weeks statutory period during which they hear representation from the bank is ongoing. In the meantime I recently received a Termination Notice on the account threatening me with Court Action if I didn't pay the balance in full. This made me nervous so I contacted Consumer Direct, CLS Direct and National Debt Line all of whom were very helpful. So now I'm at an impasse with the bank and don't know what to do. I have recently written to them by registered post saying I dipute the amount they claim I owe. So any feedback would be appreciated. What shall I do now? What are my options?
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