Reclaiming interest charged on credit card

[Joh7n]

I am about to make a preliminary request to Halifax Visa to return all the late payment fees they've taken from me over the past six years. However, it occurs to me that, since these fees are put straight onto my credit card balance, the interest I'll ultimately pay on them is probably greater than the fee itself. This interest is really another bank charge and has nothing to do with the statutory 8% interest I can claim back through the courts.

 

In other words, I need to claim the late payment fees AND interest at twenty something percent just to get back to where I would have been if they hadn't made the charges in the first place. And then I need to claim 8% on the whole amount because that's how much I'm been out of pocket. So it's interest on the interest. Is that right?

 

There are various Excel interest calculators in the library and these are all excellent, but they seem to be designed for bank accounts, not credit cards. I can't be the first person who has wanted to claw back the interest charged on credit card fees but I can't find an easy way to calculate it. How has everyone else worked out what the credit card company owes them?

 

Thanks,

 

John

[mechs]

How has everyone else worked out what the credit card company owes them?

 

Thanks,

 

John

 

hiya again, John, waiting with bated breath for response to this one!!!

 

Alan

[halidebt]

Hiya,

 

I've replied to Mech's thread about this one. Seems I'm in the same position.

 

Good luck!