A Bit confused!!

[amieharrison]

Hi, great site by the way thanks so much. :grin:

 

I am starting a case against LTSB. I have sent my initial Data Protection Act letter and have promptly rec'd information back.

 

The thing is I'm not really sure how to work out how much I am claiming for. You see my account is overdrawn and has been for quite a while (due to a business venture gone wrong)!!!

 

Do I just claim for returned DD's, SO's, cheques etc and not the charges for exceeding the over draft limit. I know that I cannot reclaim overdraft interest as this is a charge for the service.

 

I did read the FAQ's I just confuse easily!! Sorry.

 

Thanks again.

Amie

[lee6370]

You can claim for all those charges plus those for exceeding your overdraft.

 

As far as overdraft interest you can claim some of it, since some of it will have been applied to the charges.

 

e.g. overdraft is £100, of which £30 is a charge.

 

Interest is £10, however if they hadn't applied the charge the interest would have been £7, so you can claim back the £3.00.

 

Hope that helps.

[amieharrison]

Thats great thanks. I am still in overdraft so working out percentage of charges etc is probs going to be pretty difficult :o? last year alone we were paying something like £2 - 300 per month in unpaid direct debit charges, while the overdraft was slowly getting higher and higher.

 

Do you think its worth leaving the overdraft interest in case I get it wrong and they just laugh in my face?

 

Thanks.

[d.s.wilson]

lee3670

 

thanks for the advice

 

when you say "e.g. overdraft is £100, of which £30 is a charge", do we take the the total amount of overdraft after the overdraft excess charge and the interest is added to work out the correct amount of interest?

[reload]

Hi Amie, and welcome to the club

 

Personally, I would leave the overdraft interest - to me, it's a lot of effort to work out for not much reward. That said, there is a spreadsheet Vampiress made to help you work out the overdraft interest - more info available here. Quite a few other people will say different, as they've found it to be worth several hundred pounds - I guess it all depends on whether you've been in an overdraft for a long time and/or how long ago and/or what the amounts were.

 

You CAN claim for Overdraft Excess Fees - as these are only charged for going over your overdraft limit. What you cannot claim for are Overdraft Usage Fees, or as previously mentioned the interest on overdraft funds that were not penalty fees.

 

d.s.wilson - I have to admit that sentence really confused me

 

Trying to read it correctly is giving me a headache, but I believe you're asking if you use the total of charge + interest to work out the interest you reclaim?

 

What I believe lee6370 is saying is that you should use a percentage comparison to work out the amount of interest reclaimable from your monthly statements.

 

EG: £100 o/d, £30 of charges = 30% of your o/d is penalties.

£10 interest charged on the £100 o/d, therefore 30% of your o/d interest is reclaimable.

[amieharrison]

Thanks for that, made things a lot clearer :D .

 

I think I am just going to leave the overdraft interest it seems like too much of a headache for what I am going to get back.

 

Thanks again for the advice, I'll keep you posted...

 

AmieHarrison

[d.s.wilson]

reload, sorry to confuse you - have worked it out now! will have a look at hoy much is owed in interest to see if its worth chasing. thank you

[amieharrison]

let me know how you get on d.s.wilson. I'm just gonna go for charges, hope I'm not been stupid!!!