Just Starting!

[patricia atkinson]

Hello there, I'm just reading all I can before starting my claim. Luckily I kept all my bank statements, ( the only sensible thing I've done financially ever!) Anyway fingers crossed. I think I am owed about £4500, this is without interest. I'm finding the interest thing a bit baffling. Can anyone help?

[martin2006]

all i can suggest is keep reading the FAQS. Knowledge is power.

 

as far as i can make out the interest is 8% compounded. there is a spreadsheet template available.

 

Happy hunting

[Nurselayer]

There is often confusion about interest. There is the interest that your bank charged you on the unlawful fees, and there is the interest that you can claim in court against your bank for holding the unlawful fees.

 

The first is the amount of overdraft interest that your bank charged on the unlawful fees that they applied to your account. The rate that this was charged at will vary however I believe that there is a spreadsheet by Vampiress which details how to calculate this. This amount should be included in your initial claim and letters to your bank.

 

The second is the amount allowed by the courts on money held and I believe that this is calculated at 8% compounded. This should only be included when you are making your court claim. Again Vampiress has done a spreadsheet showing how to calculate this.

 

Personally I chose not to claim the former from my bank as I didn't really understand how to calculate it myself and I did not believe it to be a significant amount, however I will definitely be claiming the second if my case is not settled before I issue court proceedings.

[Ollie-Bollie]

Personally I chose not to claim the former from my bank as I didn't really understand how to calculate it myself and I did not believe it to be a significant amount, however I will definitely be claiming the second if my case is not settled before I issue court proceedings.

 

We also took this route. Even though our interest might have been a not insignificant amount we decided that if we couldn't be accurate (in case it did go to court) then we would forgo it. We are currently claiming £1134.00 plus 8% interest - our 14 days is nearly up so will be issuing a claim via MCOL (Money Claim on Line), As previously advised keep reading the FAQ's we took days and still refer to them all the time. Good Luck!!

[patricia atkinson]

Thanks for all help. I am about to send in my first claim letter. Am I right in leaving off the 8% interest (I think I read this somewhere), and add it after the first 14 days are up? I am also asisting my daughters in their claims, unfortunately they've inherited their mothers financial accumen.

[martin2006]

dont include 8% till you issue money claim through courts

for now send prelim request for refund and give 14 day deadline as per template

[patricia atkinson]

Thanks. Does anyone know if I can claim Unarranged borrowing fees of £14 per period, usually added monthly by Natwest. I've completed my two daughters preliminary requests, posting tomorrow!

[gettin'evil]

Hi

 

I asked exactly the same question last week and the answer was yes!

 

Good luck. Keep to the tried and trusted routes and you will succeed (she said hopefully!)