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Working out the overdraft interest


davesherman
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I'm in the process of a Barclays claim and just about to send the second letter (Preliminary approach for repayment) but I'm a bit confused by the section headed 'What I require'

 

What I require

I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX .

I enclose a schedule of the charges which I am claiming with this letter

 

 

How do I work out the overdraft interest which has been incurred just by the charges?!? My total amount in charges that I'm claiming is £710 but it is spread over all 6 years so surely the amount of interest they charged me would've changed ni that time?

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Probably it's not worth the hastle to work out your overdraft interest.

 

The only way to do it is to track back through your statements and work it out. First find any "Overdraft Interest" entries. Then, for each one, try to identify the accounting period this related to, it'll be between about 6 weeks before till about 2 weeks before the interest was charged. Then look at how much was the maximum you were overdrawn by in that period, and compare it to the running total your unlawful charges amounted to at that time. If the charges were more than the overdraft then you wouldn't have been overdrawn if they hadn't applied the charges; so logically if the charges are reclaimable, so would the overdraft interest. If the charges are less than the overdraft, but more than zero, then you can only reclaim part of the overdraft interest - how much would br really difficult to work out accurately so you'd probably have to estimate the proportion.

 

Like I say, you have to decide if it's worth the hastle to go after Overdraft Interest.

Victimnomore

By day, quiet unassuming bank customer - but, by night, .. .. .. .. ..

Barclays Case1

14/03/07 **WON** FULL settlement £3358.39

Barclays Case2

08/09/08 Prelim: please give me my £187.91 back.

Halifax Case1

14/03/07 **WON** Refunded £728 (including £54 costs)

Halifax Case2

08/09/08 Prelim: please give me my £268.24 back.

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I included it in my own claim because, when I looked at in detail, I got quite a shock. Despite racking up more than £2,400 in charges in the last six years I discovered that without the charges (including those prior to my six year claim period) I have NOT been truly overdrawn for at least six and a half years!!

 

So I was very lucky, the calculation turned out to be easy for me - ALL overdraft interest on my account for the last six years is in my claim.

Victimnomore

By day, quiet unassuming bank customer - but, by night, .. .. .. .. ..

Barclays Case1

14/03/07 **WON** FULL settlement £3358.39

Barclays Case2

08/09/08 Prelim: please give me my £187.91 back.

Halifax Case1

14/03/07 **WON** Refunded £728 (including £54 costs)

Halifax Case2

08/09/08 Prelim: please give me my £268.24 back.

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