Me vs Natwest (help needed)

[marts_uk]

Hi im just about to send my preliminary letter but i dont know what amount i need to put down for interest? I have £527 in charges, can someone please tell me how i calculate the interest for this, or do i just look through my statements and add whatever interest is taken each month? cheers

[Michael Browne]

There are 2 instances of interest you can claim:

 

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the general overdraft interest figure.

 

There is a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

 

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

 

This is the interest referred to in the preliminary and LBA letters.

 

2. Section 69 8% interest on your claim, but only when you submit a claim at court. Don't add this interest before filing a claim at court

 

For s69 8% interest use the Simple S/S here:

 

http://www.consumeractiongroup.c o....eadsheets.html

 

 

When entering your charges, don’t delete anything first. Just overwrite the existing examples: type of charge, amount and date.

 

If you delete all the existing examples, you will also delete all the formulas for calculating the 8% interest.

 

Once you have entered all your info onto the sheet, all you need then do is to delete what info is not yours.

 

The days since and 8% will be calculated automatically

 

Save it (for use later at court), then delete /hide the last 2 columns (8% bits) and print out as your schedule of charges.

 

http://maps.google.co.uk/maps?q=CO10+0US&oe=utf-8&client=firefox-a&ie=UTF8&hl=en&ll=52.06785,0.764599&spn=0.001186,0.001883&t=k&z=19

Edited August 26, 2009 by Michael Browne