Calculating interest for Bank Charges...>???

[penntopaper]

I have started my claim back for bank charges from Barclays The Evil Ones plc.

 

They have offered me HALF the money in their initial opening gambit.

 

I now wish to reply and state that if they do not give me the full refund then I will be taking them to court and claiming not only for my initial claim but also for the interest on the money they owe.

 

A couple of questions...

 

1. is there a template for this follow-up letter? I want it to say all the right things like my first letter did

 

2. where is the form for calculating interest? Apparently there is a spreadsheet somewhere but I can't find it - can anyone offer a link?

 

3. Is this going to work>???? I am SO skint, I'm really worried about turning down the £280 they have offered me...but i really NEED the full £590 - what if i end up with nada??

 

Yours hopefully

 

One Who Wishes She Had Opened an Account with Another Bank;)

[LEECHTHEBREACH]

give me a couple of minutes and i will give you the forum addresses

[penntopaper]

brilliant - thank you so much.

[julie1961]

i had a bit of trouble with the spread sheets but found someone had put on how to work it out. You work out the amount of days from when the charge was incurred, so say it was 2500 days since that charge came out & it was £25, to work out the interest for that one charge it 0.00022 x 25 x 2500 = £13.75.

there is a site which works out the days for you so your don't have to sit counting days. I made my own sheet & put that in with my claim.

just put on the date of the charge, what is was for or charges as notified, the amount of days since charged & the amount of interest. When you have done all that just put the total at the bottom.

[LEECHTHEBREACH]

I think you need to read the FAQ,s througherly

the second letter is called an LBA-letter before action

it is at http:http://www.consumeractiongroup.co.uk/forum/banktemplates-library

/92-3-letter-before-action.html

 

the interest calculator is at

http://www.consumeractiongroup.co.uk/chargeinterest.php

you have to do every calculation seperately

i did my own calculation seperately and charged them 0.79% per month,like what they were charging me,i used my own calculator

You will get the full amount,do not cave in,follow the procedures to the letter!

You need to spend a lot of time on the forum to get the jist! good luck

[julie1961]

To work out the amount of days you can go to www.time&date.com

[julie1961]

Sorry its timeanddate.com

[LEECHTHEBREACH]

Sorry i do not think that 8% is enough,they were charging me 0.79% per month,so that is what i have charged Barclays,it took me ages to do it but it was over a 6 year period,and i calculated it to £349.55

[julie1961]

From what I can gather the court will only allow you to claim the 8%.

[penntopaper]

Wow - thanks guys. I would really like to look at that templaate for the letter before action - but it's not working. Could you try it again? I can't work out how to do it. Sorry!

 

The numbers the numbers!!! You are right, I need to read the FAQ. Are you both with Barclays? Have you had to go to court?

 

I really really don't want to go to court because I haven't got any money to pay upfront for stuff.

 

Do you think the letter before action will work?

[julie1961]

I am with Halifax, I put my court papers in last Friday, as it was over £1,000 I had to pay £120 but at least I will get that back with the rest. I phoned the court this morning to see if papers had been served but due to the many claims they said they were behind but it should be done by Tuesday.

I know it seems daunting but once you get the hang of it you will be fine.

Go to FAQ's in the bank action group section & follow the steps from there as it has the links to letters and everything you need. I found it easier to print the letters off & then type them out myself.

[julie1961]

3. Letter before action - Consumer version - asking for it back

[date]

 

Quote:

[your address]

 

 

 

[their address]

 

 

 

LETTER BEFORE ACTION

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: xxxxxxxxx

 

 

I am very disappointed that you have failed to respond to my letter of the [XXDATEXX].

I now understand that the regime of 'fees' which you have been applying to my account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent Consumer regulations.

 

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

 

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 am enclosing a copy of the schedule of the charges which I am claiming. I have already sent you a copy of this in my original letter of the [XXDATE OF FIRST LETTERXX]

 

Additionally you have entered a default notice against my credit record. This default occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.

 

In addition to full payment of the sum mentioned above I require that you remove the default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.

 

I require repayment in full of this money and removal of the default notice. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest plus a claim under ss.7 and 13 of the Data Protection Act 1998 plus my costs and without further notice.

 

Furthermore, I shall submit a Consumer Credit Act 1974 complaint to the OFT upon the basis that you have failed to comply with the OFT's direction of 5 April 2006 and are therefore not a 'fit and proper person' to hold a consumer credit licence under the 1974 Act. If you do not understand what this means then seek advice from your legal department.

 

 

 

 

 

 

 

Yours faithfully,

 

 

 

 

 

[name]

 

Red - if you have a default notice issue as well - which has been caused by the charges. Otherwise to not include this part.

 

Blue - only include this if you intend to do it. Don't make empty threats

Don't for get to enclose a copy of the charges you are claiming for

[penntopaper]

Brilliant - oh thank you so much. I am still giong to read through the FAQ's though. I see a long night ahead of me.

 

I am just so not financially minded - I think I was hoping they would just refund me first time round. this happened to my cousin, he was with HSBC and he got over a thousand pounds back just by writing the initial letter.

 

Still, if you reckon I can do it, then this encourages me to think it is manageable.

 

thanks so much

 

(sure I will be back with more q's at some point soon!!!)

[LEECHTHEBREACH]

Julie,you are getting mixed up now.The 8% is what you add on when you put the court papers in,before that in your preliminary letter or your LBA,you are working out what they owe you.So if they have charged you 0.79% per month then you are entitled to get the same rate back,because that is the amount you are out of pocket for

[julie1961]

Oh I didn't know that, I just added up my charges & then when filling in my court papers added the 8%. I didn't get any other charges.

[LEECHTHEBREACH]

well you may be able to amend the court papers,have a word with them,or ask a moderator,or post a question on your thread

good luck

[nightwalker]

you have to do every calculation seperately

i did my own calculation seperately and charged them 0.79% per month,like what they were charging me,i used my own calculator

You will get the full amount,do not cave in,follow the procedures to the letter!

 

every calculation ..that would take forever..calculting each charge and interest charge from date of charge to present day .....arrrrrrhhhhso if i have six years of statements and there were no charges for first 2 years

u take it from there

[blacksheep1979]

erm you do realise the last post was over 6 months ago?

[nightwalker]

yes i knew that .iam just clarifying that ive understood it rite

[nightwalker]

so iam as i understand it ..you work out the interest accumulated on each charge from the date incurred to present date -ie refferal and do the same for overdraft interest as well .then add the charges plus calulated interest due and thats what they owe you.

 

when putting in court papers you then add a further 8% onto top of that from date filed to hearing which is about 14 - 28 days (calculated on total figure )

[nightwalker]

the interest calulator is i abit off works out 50p less and is 0.0002 not 0.00022.also. date is only upto 2006??????????

 

is thier an update version ....

[bankbeater]

Is there?

 

Also, do I understand this correctly?

You calculate 0.00022 x [fee] x [days] = interest for that fee

 

Is it the day you sent SAR which you charge 'til or another date?

 

Does the 8% charge only come into play when submitting to court?

When does the 8% charge run from and to?

[nightwalker]

Is there?

 

Also, do I understand this correctly?

You calculate 0.00022 x [fee] x [days] = interest for that fee

 

yes that is correct .

 

Is it the day you sent SAR which you charge 'til or another date? i belive its the day on which you first get a charge to present day

 

Does the 8% charge only come into play when submitting to court?

When does the 8% charge run from and to?

 

yes the 8%court charge you only add when issuing court claim .and is charged on each fee from date of charge to present day.

[JenniBee8]

Forgive me for being stupid, but does interest accumulate on EVERY single charge or just the ones that make you go into your overdraft? I'm confused and may have to work out my own interest soon

[nightwalker]

yes every single charge that makes you go over your overdraft ..if you didnt go over your overdraft you would get a charge therefore no interest ..

 

although overdraft interest is interest for having an overdraft if that makes sense