Loans to pay off overdrafts & cards ???

[gizmo111]

Yes I have included interest on loans on my 2 Nat west claims

 

http://www.consumeractiongroup.co.uk/forum/natwest-bank/11431-nat-west-3-claims.html

 

and

 

http://www.consumeractiongroup.co.uk/forum/natwest-bank/41199-nat-west-2nd-claim.html

[gizmo111]

Gizmo. Read your thread and sounds like they are using the loan portion of claim as a stalling tactic. I gather this has been made doubly difficult due to the Joint account issues. Myaccount is just my own, but My thinking now is that I put in the standard claim for charges on that account over period, and then a second claim later for the interest on the loan axccount once first resolved? I wonder if this would be possible and work ?

 

No loans were just in my name and the 2nd claim the account was put into my sole name and the new loan paid the od and charges. They will pay the charges abut argue about the interest as in theory they will not have to disclose their charging regime on a part settled claim. I would claim for whole lot together as I think that putting a 2nd claim in for interest only wil lbe even more complicated. At least if we all do the same thing then they will start to deal with us uniformly.

I putthe interest in the spreadsheet same way as I did o/draft interest and claimed for lot - and I won't be happy until I get it.

I am going to contact them end of week - as I still have a big fat cheque and can't cash it!

[gizmo111]

They had then had some ideas about working on a spreadsheet to help in working out reclaiming loans due to charges.

 

 

I just worked out the charges at the time, the interest on the loan, and apportioned the interest.

 

eg if the loan was £10,000 with interest of £2000 and the charges in the loan were £4500 then £2000/10,000 X £4500 =£900 - being the figure you should reclaim due to charges.

 

I have had my claim paid in full. But bear in mind this was on a bank loan with the bank I was claiming from - if you are talking about consolidation loans to pay off other debts then you will need a much more sophisticated calculation and proof that the reason you took the loan was to pay off debts that were made up of charges. Internal bank borrowing is usually easy to prove as the reason for the laon would be something like 'refinance borrowing with this bank' and a lot easier to prove the purpose of than a third party loan.

 

eg if the loan was £10,000 with interest of £2000 and the charges in the loan were £4500 then £2000/10,000 X £4500 =£900 - being the figure you should reclaim due to charges.

[gizmo111]

Ok PM, will try that! Am being dumb, too much Mother's Day wine!!

 

lol I can relate to that - and the dodgy breakfast:)

[gizmo111]

I can't see any pitfalls in taking the loan.

I would cut the cards up and when you get the charges refund put it in a ISA and keep it as an emergency fund for when the car breaks down etc.