Why let your bank keep your money? Calculating your charges claim

[bdf3077]

Hi,

 

I have tried to claim back my bank charges but they have told me that all cases are on hold until after the test case, How would i go about claiming the interest on these charges if i cant even get the charges back?

 

many thanks

[thejub]

Thanks to BF and others for all this info. I did not have an overdraft facility on my ANat acc at any point over the six years.. My bank 'charges' add up to near 2K. How do I work out the interest they owe me? - Having trouble understanding all the spreadsheets I have a list of charges and dates etc from my microfiche request, but am unsure what interest to quote (is it bank dependant?), and how to calculate what those charges seized are, including whatever interest I can claim, is worth now. Sorry if I am unclear here; still a newbie to all this. Would really appreciate if someone could point me in the right direction.

[wakieblue]

Subbing

[Rara1974]

Hi, I have tried reading through all the posts on here but it's mind boggling.

 

Here is my case and if anyone can help me I would be most greatful.

 

I, along with many others I am sure, am struggling to keep my head above water at the moment. I am running 2 Barclays bank account both have £500 overdrafts which I am up to the limit on each month as well as a Barclayloan (consolidation). I am paying interest on each overdraft and ppi on each which I pretty sure i neither agreed to or signed for. How can I go about claiming the interest back or at least stopping and claiming back the ppi I have paid.

 

I can probably, with a little rootin around in my paperwork, get my hands on the last 6 years worth of bank statements if this helps.

 

Massive headache all round at the moment and as I say any help greatly appreciated.

 

Or have I missed the boat already.

 

Please help.

[AA99]

Never too late:) Keep reading and subscribing to the threads similar to yours. The letters to start are all in the templates in the library When you're ready post your own thread and you will get the answers.......

[blaufin]

this is all very intresting stuff, i'm going to try and work out how much the little darlings at lloyds have had out of me and see if i can get it back.

[Mistermind]

Valhalla - this is a business account and may not be subject to repayment of charges. The position is unlcear but it seems unlikley at the moment

 

In April 2007 CAGger Kevin Berwick lost a cause celebre appearing before District Judge Cooke, unsuccessfully reclaiming charges and interest from Lloyds TSB. If I remember right Kevin was reclaiming at least on a personal account, possibly on his business account as well.

 

He cited among others the landmark judgment of Dunlop v Garage 1911. There the garage having caused through non-performance some inconvenience to Dunlop, was hit by heavy penalty charges by Dunlop for breach of contract agreement. The judge ruled that charges triggered by breach of contract could only be compensatory, not as a profit-making windfall. Unwisely Kevin denied breach of contract on his part, which did cut off his link with the Dunlop-v-Garage precedent. In the end Judge Cooke did not find sufficient evidence to rule that going overdrawn breached the contract, and therefore the charges were not penalties arising from breach of contract, hence no Dunlop-v-Garage.

 

If a commercial bank reached a prior understanding with a commercial account-holder, that upon going overdrawn without authorisation the latter will pay the former an exhorbitant rate of initerest, the banks will argue that this was by prior agreement service with a fee. Credit cards also have corporate cardholders. I doubt if credit card unlawful charges reclaim is being denied to corporate cardholders, though few would be in this position. I believe the crux is not whether the account is personal, or business (which the Garage was). It is in the text of the T&C justifying

 

Either an exhorbitant and therefore unlawful penalty charge,

Or an exhorbitant but lawful service fee.

 

Solicitors and barristers not to mention judges also charge an exhorbitant fee -- not unlawful if agreed in advance by both parties.

 

The level of service fees is an area the regulator has to date not gone into. The OFT will have its say if or when it wins in the House of Lords and the European Court.

[Ibsys]

This look a bit of a mess to me. What my argument is with Lloyds (amongs other things) is where the Manager authorised items for withdrawal eg fax to the local branch the authorise the wages then charge penalty interest rate @26.4% plus £15 plus put it on the statement as "unauthorised borrowing" which to me is dishonest or...a downright lie. They don't answer any letters and can't keep agreements even when the Ombudsman has made agreement all round.

[Fenris]

Hi all,

 

I've got a claim for around £750 in charges, plus 8% interest currently lodged with the FOS. This is just the charges as I didn't know about these extra interest charges.

 

My overdraft is for £750 and has been this since around 2000 when I opened the account. I've almost always been using the overdraft since then and am almost always skimming the limit. So just thought I'd ask two questions:

 

1) Is it worth my studying for a degree in Advanced Mathamatics in order to try and work out this interest? Or will it end up a lot of work for an extra £20... I mean, I could use the extra cash, don't get me wrong, but it'd be a shame to push out all the useless trivia in my brain in order to work out the brain-aching figures I'd need for £20!

 

2) If I did bother to work out the charges, would I need to submit a new claim with either Barclays or the FOS? My case with the FOS is currently sitting at the waiting response from Barclays stage. Could I just send the FOS another letter saying I'm also claiming this extra interest now?

 

Sorry for the divvy questions but I've tried reading this thread and a haze keeps settling over my brain! I haven't got a clue guv'nor!

 

Edit: Just been going through my statements trying to figure this out. Is it the interest I paid for anything going over my £750 overdraft limit that's a direct result of the unfair charge? For example, back in 2000 I was charged a fee of £25.00 for going over my overdraft limit, which put me further over my limit to the tune of £60. The rate for unautherised overdraft was 2.20%. So it'd be 2.20% of £60 would it? Or just 2.20% of the £25.00 fee?

Edited September 6, 2009 by Fenris
New thought!

[ncf355]

Has to be said that for anyone who doesnt have the time or skills to work out the interest, then a reasonably priced accountant would easily deal with it for them for what should be a small charge in comparison to the amount youre likely to claim

[lickthewallfatboy]

this thread has totally frazzled my brain

[alibobsy]

Hmm not been on the forum properly for quite a while. The wonderful help on here enabled us to deal with our creditors and claim back bank charges.

 

However having read this and other threads I am wondering if we have more charges to claim? We did the initial letter then the LBA, for 6 yrs worth of charges only. The bank offered a "goodwill" payment of the full amount after us turning down a part payment. However we never took court action.

 

I wrote again just before the waiver for a few small charges (about £250), but got the waiver letter in reply.

 

I never asked for the overdraft interest and am thinking about this and the charges prior to the 6 years. Can I claim for these or does my previous claim stop anything further.

 

If I remember rightly I only accepted the settlement as long as I wasn't agreeing to never make another claim, and it was only for that period.

 

My original claim was several years ago now.

 

 

Worth a shot? I have all the statements bar about 1 year from a period where I doubt we had any charges at all (non are on the account for the following 4 years, just when I had our first child.

 

ali x

[srfrench]

Claim the whole lot AND claim the original amount to since they settled as a gesture of goodwill. A gesture of goodwill is just that. It's the equivalent of a verbal "sorry" and not an acknowledgement of a settlement per se' of a debt.

 

[HSBCrusher]

Claim the whole lot AND claim the original amount to since they settled as a gesture of goodwill. A gesture of goodwill is just that. It's the equivalent of a verbal "sorry" and not an acknowledgement of a settlement per se' of a debt.

 

Technically you are correct, but I think there are a few judges who wouldnt agree, which is a shame.

[alibobsy]

Hmmm interesting, may root out the docs they sent at the time and see what it says.

May be worth putting the whole lot in and if they then offer a lower amount, snatching their hands off lol. Like you say I think alot of judges would treat the goodwill payment as a payment against the claim, even if strictly it isn't.

 

ali x

[100mel]

I'm late into this thread - there seem to be a number of spreadsheets - which one might be current for calculating contractual interest. My overdraft charges are essentially interest on the charges created by Abbey themselves and I would like to calculate these properly but am a little confused as to which spreadsheet to use?

 

Can anyone point me in the right direction?

 

Thanks

 

Mel

[Petecag]

I have a query about the calculation of interest for credit card charges.

 

I am using the Complex Credit Card spreadsheet and I can see that the monthly interest is calculated as:

 

Interest Charged x (Penalties Chargeable to Interest / Remaining Balance)

 

I can understand the rest of the spreadsheet but I'm struggling to make sense of this formula.

 

For the Interest Charged, am I supposed to use the APR or the monthly rate? Do I use the Cash Balance Rate or the Standard Balance Rate?

 

Is there a section on the website which explains this calculation in more detail? I hope someone can shed some light or point me in the right direction...

[Martynandemma]

right been reading this most of the day,

 

Think I have the gist of it now

 

So I have a claim sitting at the RBS offices waiting for the test case to finish but I never added the interest.

 

So I send a fresh LBA with the ammended figures being claimed. I can claim for charges, interest on those charges & then add 8% to it when I send it to court.

 

For a separate claim

I had to take out a loan to clear the overdraft about 6 years ago so can I claim the interst charged on that too ? Obviously you cant claim for the loan.

[lexis200]

What's the general thought on claiming back past 6 years now? Do we just do it and cross fingers they won't harp on about 6 years being the limit?

[N.P]

I was under the impression you had 6 years to claim from the point you realised there was a problem. IE, if you realised last week you had money due, then you have 6 years from last week to enter a claim.

 

Also, didn`t the unfair trading regs begin in the mid 80`s? I`m not exactly sure when, but my point is this - if they were brought out it was because traders were obviously playing foul, in which case I would at least try and claim from the birth of the account, as foul play was present before then.

[landy_alert]

Hi Lexis:)

 

I just (finally) got my claim v LTSB into court yesterday and claimed back beyond 6 years. I added a bit to my POC regarding section 32c of the Limitation Act etc etc and hope that will be ok!

 

I intend to aquaint myself with the Kleinwort Benson judgement, because I believe there is a chance when claiming beyond 6 years a hearing will be called to consider it although apparently the precedent is watertight - but hey-ho, I've never done this before so who knows:confused:

 

Regards,

 

Landy x

[lexis200]

Thanks chaps, good to know:)

[car2403]

There's definate cause for bringing s.32© to the Court's attention - if they agree with you, there's no reason to not claim beyond the 6 years of limitation by the Act.

 

HTH.

[AA99]

Good luck, Landy! subbing with great interest:cool:

[enoughisenough]

The limitations act question has already been answered. However as for the consumer protection stuff. I soppise we have the following: the CCA 1974, the UTCA, 1977 the Supply of Goods and Services Act 1982 and the good old UTCCRs 1999. each of the is pretty formidable but what astonishes me is that at DJ level they seem scared of enforcing these, especially the latter. They always refer you, whether as claimant or defendant to the FOS. And strangely as an acquaintance of mine said, his judge referred him to the FSA. The FSA don't even look at individual cases!