help needed for calculating interest

[sofiya]

hi everyone,

 

i just wanted some advice. I sent a DSAR to YB for a closed current acct back around 20th April received my request on 7th june (like getting blood out of a stone) anyway i went away on holiday so it was on hold.

 

Anyway i wrote to YB and req they forward me the int rate applied to each charge( i enclosed summary table), i then looked up on the net threre tariff of charges for this years whcih is 29.99% ( i think) i told them if they did not fwd the interst rate for unauthorised overdrawn balances i would use the reate of 29.99% so i could calc contractual interest, and to date they have not replied only to give me an update in terms of test case.

 

I have taken a look at the spreadsheet (mona's vampiress) but dont know which sheet to use.

 

currently are very confused and very lost. help!!!!!!!!!!!

[sofiya]

i still have no reply i would really appreciate a bit of clarification & direction,

help !

[caro]

You would probably be better with one of the CAG spreadsheets which is in the Bank Templates Library. I find the advanced excel one the best but you probably shouldn't be claiming contractual interest. http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

[sofiya]

thank you for getting back to me

 

previously i jumped in head 1st without reading the step by step instructions etc i now think that i have a better understanding of recaliming theses bank charges.

 

as stated previously i hold all my statments with YB

 

so i can claim the charges that total YB to £348 i can send a prelim letter (14 days) if no reply a LBA and then proceed to court (at this point i can add 8% int under S69) at this point either the bvank will apply 4 a stay so i will be on hold until outcome of test case or it will proceed.

 

Now when i rang up my local county court they said that all cases 4 bank charges will have a blanket stay, however the chap i spoke to said that i did not have to have the hearing in my local court i caould have it heard anywhere in the country.

 

So i checked out the list for which courts are proceeding etc and figured that teh closest court to me was Northampton County Court, i then rang up and the lady i spoke to confirmed that i could have the hearing in Northampton & it didnt have to be my local CC, she also advised me that i could file on-line( will post address later)

 

now this might be of interest 2 sme 1.

 

anyway getting back to my initial question in terms of contractual interest i would like to pursue this however there are sme points that i need clairified.

 

I knw u can claim bak overdraft interst and knw how that works but not intersted in this 1.

 

i knw you can reclaim contractual int (principle that they charge this rate when you borrow money off of them and theses charges can be classed as "borrowed" as they did not have the right to take in the 1st place so under the principle in mutuality repreocity they shud give the charges bk plus C. Int

 

anyway in terms of contractual interest:

a) The interst rate (contarctual rate) applied is the APR rate?

b) obviously the APr rate can change on a yearly basis so as my charges go back to 2001 how do i knw what the rate was then?

c) i have looked at YB's website & knew that the current extortionate is 29.99%

d) would i apply this rate to ALL the charges i have incurred? or would i need to knw the rate for that particular year?

e) if i need a diff rate 4 each year will i input this on a different spreadshhet each time as you can only input 1 int rate on the spreadsheet?

 

I think that is all 4 now, i do not hold any of my T's & C's as this was an old acct infact it was closed in approx 2004.

 

Would really appreciate a reply as YB has taking me 4 a fool and i feel V. sad:mad:

[caro]

All claims on line are being stayed, and the argument of mutuality and reciprocity has no basis in law. I would suggest that you leave that out. At the moment the chances of getting your case heard anywhere is pretty slim, but it's still a good idea to get your claim in to the bank.

[sofiya]

thank you caro

[Kintra20]

Hi Sofiya,

I was in court yesterday, and the banks late request for a stay was granted. Appears to be the way it is at the mo. see my link Kintra v Yorkshire bank.

 

Would proceed in any case.

 

GOOD LUCK