Jump to content


Estimating the reclaim of interest unlawfully charged


Tilerdon
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 5476 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I've read many of the postings regarding the reclaim of interest and am generally bemused.i'm using the England - Advanced - Excel spreadsheet for Bank accounts.My account has swung quite widely from credit balance to well overdrawn often well in excess of overdraft limit but often on the date the interest period ends I am in credit so the spreadsheet gives zero penalty interest.I'd like advice on how to produce a plausible estimate for the overdrawn balance to useI started by working out the average daily overdrawn balance by multiplying only overdrawn balances by the number of days at each balance, summing them and dividing by the total number of overdrawn days. It produces a reasonable figure i believe but its an awful lot of work for 6 years of transactions.I note that the higher the overdrawn balance figure you include the lower the penalty interest figure becomes.Does anyone have a method that produces an acceptable result that is less work than this

Link to post
Share on other sites

Well I took the bull by the horns and i've sent off my first 2 claims - both to Natwest. I modified the advanced spreadsheet to enter the highest and lowest overdrawn balance figures and calcualted the average. This looked ok for older transactions because the total of unlawful charges was below the average but as the total built up I could see that I would be reclaiming all the interest charged in a period even when for some days I was overdrawn by more than the total of the previous charges. So I then just used the highest overdrawn figure (all these being day end figures, not intermediate figures within a day) but I did a further mod to the spreadsheet to add the sum of the previous interest calculated on the penalties to the total of penalties to date that goes to calcualte the proportion of the interest charge which applies to penalties. I was happy with the figures produced, if the bank isn't then they can provide me with their calculation of the figure. I hope this helps. Sorry for the lack of formatting, the editor wont let me use any of the controls

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...