Ive recently complained to NW about a missold overdraft dating back to 2013
during my preparation I requested a SAR , they complied and sent me "everything " that they held.
I thought that my case was a sure fire winner but the bank didn't and I then decided to take it to the ombudsman.
After many emails and phone calls my case seemed to be floundering and whilst looking again at the data NW had sent in my SAR I spotted something which appeared to be a serious error by NW .
The document that I was looking at was a copy of the OVERDRAFT CONFIRMATION LETTER dated 16th July 2013
The attached letter states para 2 THE TOTAL COST OF CREDIT
I firmly believe that the figure of £182.30 ( which it goes on to explain is the cost of maxing out the £4000 overdraft for a full 3 months)
is wrong and I presume that if I am correct it could/should add weight to my denied claim for misspelling.
"this is a calculation we are required to provide and shows the cost over a period of three months based on you drawing the whole overdraft facility in full immediately and keeping it at that level for the whole three months.
The period starts on the date above which is the date the overdraft was agreed.
The cost of credit comprises interest and fees over the period and assumes interest rates and the amount of any fees remain unchanged.
The fees include any Arranged Overdraft Usage Fee and /or account fee payable during the period"
The interest rate on the overdraft is 18.28% and there is a £6 per month arranged overdraft fee.
using the NWs own interest rate calculator I find that the TOTAL COST OF CREDIT should be £200.30
My calculation has been checked by my brother ( a maths teacher )
my son ( an accomplished aerospace engineer)
and my lovely next door neighbour ( a chartered accountant)
and each of these agree with my figure.
Now here is the rub
NW insist that the figure they used ie £182.30 is correct and four different people at the FOS agree.
However and I have told them a million times they are forgetting to add the three payments of £6 each month ( arranged overdraft fee)
Which would make it up to my figure ie £200.30.
Nat Wests reluctance to "see the light" on this point makes me wonder whether this could be a mistake that they have made with thousands of customers and just don't want to have millions of pounds knocked off their balance sheet due to claims of misleading/misselling.
They have dug in and will not admit that my sum is correct and they have also misled the ombudsman who , moreover, is guilty of not being able to do an O level maths sum and who have been lazy and biased dealing with my claim.
Any comments or advice would be very much appreciated. thanks