foolonthehill v barclays & nationwide

[thefoolonthehill]

i am in the process of claiming back my charges from the above two banks and have a question surrounding the complicated issue of interest.

 

Can someone confirm if my thinking is correct.

 

My unauthorised interest rate is 1.870 per month so if I am £100 over my over draft limit is the amount of interest that I can claim back £1.87.

 

the formula for this is 1.870 / 100 x 100

 

Can anyone confirm if this is correct? I have been looking at statments and doing some sums for about 4 hours and think i have pickled my brain:-o

[Spotted Dog]

Your calculation is correct but you cannot claim this back. You can only claim back the unauthorised interest on the penalty charges. i.e the £30 fees for Unauthorised Overdraft, Paid Referral etc.

 

Most people do not claim back this interest as it is very complex and in most cases does not amount to much. Most people claim back 8% interest on their charges from the date they were introduced during the last 6 year period. You do not claim this 8% interest until you file a court claim.

Have a good read of the FAQs and step by step guide and also look at Vampiress spreadsheets (most people use the simple one)

 

Spotty

[thefoolonthehill]

thanks for this spotty

[thefoolonthehill]

I have sent off my pre lim letter and recieved a reply saying that they recieved my letter on 17/11/06, it also atates they can wait 4 weeks to respond to me.

 

I have heard nothing since then, what should i do now