Charged £650 for going £42 overdrawn! Now fighting back!

[Sexyeyes83]

Hi,

 

I have an account with the nationwide, but have not used in in about 5 years.

Received a letter at my mothers address from a debt collector asking for me to get in touch regarding a debt with Nationwide.

 

To cut it short, I phoned the Nationwide and asked them to send me all my statements out before I even thoguht about paying the £312 the say is outstanding. Was a bit of a battle but managed to get them for free.

 

I had received a few letters in the past stating my account was overdrawn, so made payments to clear it off. Appears the money I paid in was only clearing the bank charges.

 

Even though I changed my address, the still posted the letter to my parents address! When I phoned the debt collectors to tell them the account was in dispute they asked for my new address. Told them to get it from Nationwide as they have it. Was advised "Its illegal not to provide details to a debt colelction agency!" They ended up putting the phone down on me because I wouldnt give in!

 

Reading through the statements, I went overdrawn once by £42.79 in 2001.

 

 

Money Withdrawn Since 2001 - £170

Money Paid Into Account Since 2001 - £494.69

 

Unauthorised Overdraft Fees Since 2001 - £555.00

Interest Charged Since 2001 - £95.01

 

So im being charged £650.01 for going overdrawn by £42! How disgusting is that!

 

Going to start sending the letters out whent he post office opens. My partner hs already claimed back charges from his bank, but this was a bit of a surprise for me!

 

Just a quick question though, On each statement where they have charged an unauthorised fee, there is an amount of interest that has also been charged underneath. Can this also be claimed back along with the 8% (when it gets to court stage)? Ive put it through the spreadsheet (like to be organsied!) and worked it all out, just checking that its fine to claim that also.

 

Thanks

[Guest NATTIE]

Firstly Welcome to the CAG, the interest you can claim back is the interest on the charges, some members have done that and WON. Good Luck and Merry Christmas to you

[Sexyeyes83]

Firstly Welcome to the CAG, the interest you can claim back is the interest on the charges, some members have done that and WON. Good Luck and Merry Christmas to you

 

Hi,

 

Thanks for your reply

 

Its the actual interest the bank has charged me each month along with the bank charges I was wondering about.

 

Ive added it upto be £95.01 as well as the £555 in bank charges.

[Guest NATTIE]

Well, I have seen your thread on MSE as well, and I would say that legitimate interest you cannot claim, ie if you had an overdraft and used it then that part you cannot claim however, if all of it is interest on the charges then claim the lot.

[Sexyeyes83]

Well, I have seen your thread on MSE as well, and I would say that legitimate interest you cannot claim, ie if you had an overdraft and used it then that part you cannot claim however, if all of it is interest on the charges then claim the lot.

 

Thanks for your reply.

 

The interest has been charged because I went £42 into an unauthorised overdraft. The interest then kept on increasing as the bank charges were added.

[Guest NATTIE]

then claim it back

[powerful_rogue]

That is shocking!!!!!

 

Best of luck to you

[Sexyeyes83]

Just spoke to the Nationwide on the phone. Very unhelpful and advised it was my fault for going £42 overdrawn. Due to this they stated they are justified in charging me £650!!!

 

Wasnt getting anywhere, so just asked them to mark the account up as in dispute. Even this was hard work!

 

My first letter has been typed up asking for the charges to be refunded. This will be posted 1st class recorded tomorrow.

 

Ive altered this part slightly-

 

 

What I require

I calculate that you have taken £555.00 in the form of unauthorised overdraft fees and also £95.01 in the form of interest charged. This brings the total to £650.01

 

I have enclosed a schedule of the charges levied on my account.

 

I also request you advise Fredricksons, to whom you have passed the debt, that the account is currently in dispute.

 

Just time to sit and wait now!

[Sexyeyes83]

I also forgot to mention! Apparently there was an overdraft on the account. Because the account wasnt being used they took it away, thus leaving me £42 in an unauthorised overdraft!

 

I stated I received nothing in the post telling me about this, otherwise I would have gone in and paid the £42 before the overdraft was removed. She then had the cheek to say "It is your account, you should have gone into the branch and checked!"

 

So by Nationwide removing my overdraft, they left me overdrawn and they think its JUSTIFIED to charge me £650 in charges and interest!

 

Disgusting! I really hope this one goes to court!

[Guest Battleaxe]

It wont go to Court and you will get your money back. I know it rankles when the person on the other end od the line is so smug. Don't forget to claim compound contractual interest, that will make the pay day even sweeter.

[Sexyeyes83]

It wont go to Court and you will get your money back. I know it rankles when the person on the other end od the line is so smug. Don't forget to claim compound contractual interest, that will make the pay day even sweeter.

 

 

Thanks for your reply

 

Its annoying when your on the phone, but give it some time and i'll have the money back :grin:

 

Don't forget to claim compound contractual interest

Could you point me in the direction of where to have a read up on this please? Is this different to the interest they have charged me that im also claiming back?

 

Thanks

[Sexyeyes83]

Ive had a search of the forum regarding compound contractual interest and now my heads in a bit of a spin!

 

Im claiming back the £555 in bank charges and also the £95.01 they have added in interest. Total of £650.

 

Im presuming I then get the current unauthorised overdraft rate Nationwide have and do something with that! If anyone can help me out on this part it would be greatly appreciated. Would really like to get the letter out in the post tomorrow.

 

The other thing id just like to query, Nationwide are saying im £312 overdrawn. This is all made up of bank charges and interest. Am I right in thinking if they do pay out, they will just deduct £312 from the final figure. I dont need to lower what im claiming for?

[Guest Battleaxe]

They will give a cheque for the full amount and then it is up to you how you repay the figure owed to them.

 

have you looked at Vampiresses spreadsheets and worked out the contractual compound interest. this could be a nice bonus for you.

[Sexyeyes83]

They will give a cheque for the full amount and then it is up to you how you repay the figure owed to them.

 

have you looked at Vampiresses spreadsheets and worked out the contractual compound interest. this could be a nice bonus for you.

 

Ive had a look and also looking through posts regarding contractual compound interest. I must admit that I think im slightly lost!

 

Ive been charged £555 in bank charges and also £95.01 in interest. Ivetaken this from my statements.

 

Is the contractual compound interest different to the interest they have charged me on my statements, or just another way of working it out?

 

Ive put it into one of the spreadsheets used to calcalate the 8% when you file the court claim. Is it as simple as changing the figure from 8% to 24% which Nationwide charge for an unauthorised overdraft? All my bank charges are for an unauthorised overdraft.

 

The other part im slightly confused on is I still have £312 of bank charges outstanding. As I havent paid this I cant claim contractual compound interest on that amount. How would I work the figure out?

 

Im sorry for all the questions. I feel confident and up to speed on all other parts of the process, its just the contractual compound interest thats confusing me!

[MilkTrayMan]

Hi Sexyeyes83!

 

Could you point me in the direction of where to have a read up on this please? Is this different to the interest they have charged me that im also claiming back?

 

Thanks

 

If U have a quick look @ the following link (post #19), it may help U to understand a little bit better?

 

http://www.consumeractiongroup.co.uk/forum/general/54212-do-i-have-accept.html

 

There are several other links within the above link that will interest U as well I hope.

U may also want to reconsider using Daily Compounded Contractual % Interest (24.9%) INSTEAD of the s69 Statutory Interest @ 8%.

Hope this helps U?!

[JonCris]

Sexy 1st If you paid any penalty charges your charging THEM interest for them using YOUR money & on those charges you didn't pay your simply recovering the interest they HAVE charged. 2nd typical DCA claiming it's illegal to refuse to tell them your address! absolute unmitigated rubbish. Tell them to shove it! & that you will report them to OFT for what is, by claiming they have legal rights which they don't, a clear breach of the OFT guidelines

[Sexyeyes83]

Hi Sexyeyes83!

 

 

 

If U have a quick look @ the following link (post #19), it may help U to understand a little bit better?

 

http://www.consumeractiongroup.co.uk/forum/general/54212-do-i-have-accept.html

 

There are several other links within the above link that will interest U as well I hope.

U may also want to reconsider using Daily Compounded Contractual % Interest (24.9%) INSTEAD of the s69 Statutory Interest @ 8%.

 

Hope this helps U?!

 

Hiya,

 

Thanks for that! Ive had a good read and think ive got the jist of it now!

 

Just to confirm, I can write in the letter im claiming back the bank charges, the interest charged on the bank charges and also the 24.9% compounded contractual interest.

 

Ive filled in one of the spreadsheets with all the details to try and work out the compounded contractual interest, but it dosent look correct.

 

Would someone be able to have a quick look and tell me where abouts ive gone wrong please. Took me an hour to fill in!

 

Its uploaded HERE

 

Any help really is greatly appreciated.

[Sexyeyes83]

Sexy 1st If you paid any penalty charges your charging THEM interest for them using YOUR money & on those charges you didn't pay your simply recovering the interest they HAVE charged. 2nd typical DCA claiming it's illegal to refuse to tell them your address! absolute unmitigated rubbish. Tell them to shove it! & that you will report them to OFT for what is, by claiming they have legal rights which they don't, a clear breach of the OFT guidelines

 

Hi Jon,

 

Thanks for your reply

 

I was really shocked at first when she told me that! I did have a good laugh when I got off the phone though!

I phoned the Nationwide back up straight away and informed them of the DCA attitude, they wernt too impressed!

[JonCris]

Yeah but they won't do anything about them. When you find the time put your complaint in writing.

[MilkTrayMan]

Hiya,

 

Thanks for that! Ive had a good read and think ive got the jist of it now!

 

Just to confirm, I can write in the letter im claiming back the bank charges, the interest charged on the bank charges and also the 24.9% compounded contractual interest.

 

Ive filled in one of the spreadsheets with all the details to try and work out the compounded contractual interest, but it dosent look correct.

 

Would someone be able to have a quick look and tell me where abouts ive gone wrong please. Took me an hour to fill in!

 

Its uploaded HERE

 

Any help really is greatly appreciated.

 

Hi again Sexyeyes83!

 

COL 1/ Have had a quick look @ your figures and assume that U have accidently entered the Day/Month the wrong way round???...lol

 

COL 2/ U have to enter what the actual Charges are for.

 

COL 3/ Enter the Charge amount.

 

COL 4/ No need to enter anything cos the spreadsheet adds up automatically!

 

COL 5+/ No need to enter anything unless U are Claiming the interest on any interest associated on the Charges that have been deducted.

 

Finally just click on the Compound Interest (Daily) button and it should give U a sum of.....£927.80.....+ This figure is increasing by 33p per Day!!!

 

Hope this helps?!

 

P.S. No need to put down that U've had your account from 1900 either!...lol

[MilkTrayMan]

Hi Sexyeyes!

My total figure hasn't taken into consideration any Interest on Associated Interest...

It's just based on the ACTUAL Charges themselves!...lol

BEST OF LUCK!

[Sexyeyes83]

Hi again Sexyeyes83!

 

COL 1/ Have had a quick look @ your figures and assume that U have accidently entered the Day/Month the wrong way round???...lol

 

COL 2/ U have to enter what the actual Charges are for.

 

COL 3/ Enter the Charge amount.

 

COL 4/ No need to enter anything cos the spreadsheet adds up automatically!

 

COL 5+/ No need to enter anything unless U are Claiming the interest on any interest associated on the Charges that have been deducted.

 

Finally just click on the Compound Interest (Daily) button and it should give U a sum of.....£927.80.....+ This figure is increasing by 33p per Day!!!

 

Hope this helps?!

 

P.S. No need to put down that U've had your account from 1900 either!...lol

 

I will get there in the end!

 

I'll go through and alter all the dates, didnt realise you had to put them in the American way round!

 

The section "Account balance at interest date" - Im presuming thats the date on which the bank took out the charge and interest, but the balance before hand.

 

EG - 11/12/2206 - Balance -£30

 

12/12/2006 - Bank Chage £20

12/12/2006 - Interest Charge £2

12/12/2006 - Balance - -£52

 

In the spreadsheet I would put in the balance of -£30

 

Another query! When I click on "Interest Daily" - All the columns have £0.00 in them apart from the one that says penalty. Even the compound interest is empty. Is that right or something ive done wrong!

 

Im really sorry people. I just wish there was an idiots guide for working out compound interest! What section do I need to look at, monthly or daily as they both give different figures!

 

Would be nice to claim the extra from Natiowide because of all the inconvience, but might work out easier to put in a normal claim

[Sexyeyes83]

Hi Sexyeyes!

 

My total figure hasn't taken into consideration any Interest on Associated Interest...

It's just based on the ACTUAL Charges themselves!...lol

 

BEST OF LUCK!

 

 

:o Now i really am lost! lol

[MilkTrayMan]

Hi Sexyeyes83!

Have PM'd U

[Sexyeyes83]

Hi Sexyeyes83!

 

Have PM'd U

 

Hi MilkTrayMan,

 

Thanks for your PM

 

Ive found a new spreadsheet to work out the interest and its come out at £992.53 (Including Bank Charges).

 

Regarding the interest Nationwide have charged me on the bank charges - Do I:

 

1)Add the £95.01 onto the total

2)Put that into the spreadsheet also

3)Forget about it!

 

I know your probably very busy, and I really appreciate your help. Would you be able to have a quick look at the spreadsheet and check it all appears in order. I want to try and post the letter off to Nationwide on Tuesday.

 

Spreadsheet

 

Thanks

 

Sabrina