Surreyzone vs. Natwest - working out charges and interest

[surreyzone]

I would love to pointed in the right direction on charges and interest. I have already seen the downloadable spreadsheets but am getting in a twist.

[Guest NATTIE]

Welcome to the CAG. Have you worked out the charges yet?

[surreyzone]

How nice to see you "Natweststaffmember"

 

To be honest I have not managed to fathom what to do!?! I feel I need to persevere with Advanced spread sheet since a large part of my claim will be due to being O/D quite heavily. I have neglected chasing private banking and I am now wondering whether my o/d limit has been kept to its old level - which will mean I have been paying off larger amounts monthly by way of salary and div's, but based on non-salary linked increased borrowing limit. The last O/D limit I can see is for £4,200 in statements from 2000. it's approx 29% beyond the limit as you know. In the last few years I have been going O/D (quite heavily in some cases) and paying it off monthly - sometimes going in credit or just staying slightly under water.

 

I can see some "paid referral fees" which are charges levied in lieu of letters sent to me (correct me if I get anything wrong by all means). Also, "unarranged borrowing fees." Is this simply a charge for going beyond the (credit zone) limit? The first such charge has been deducted (under 'date' in statements) on 30th Nov 2000. This is for £14. it simply says " UNARRGD BORROW FEE 2ND OCT - 5 NOV £14 PER PERIOD" Does this mean that if I go over the O/D limit within 2nd Oct - 5th Nov (regargless of how much or how many times) the fee is £14:00?

 

I have seen all manner of threads on interest. I have seen that the 8% (court interest) is not to be added when approaching the bank to request money back in the first instance.

 

What am I actually looking to charge Natwest though? I can see from statements in 2000 that the rate for borrowing up to £4,200 is 16.99% PA. (my credit zone rate - at this time) When exceeding this level the excess was charged at the unarranged borrowing rate (then) 29.5%. What exactly should I be claiming back? Is it the interest charged to my account at the difference between 16.99% and 29.5% on borrowings in excess of my credit zone?

 

Agreed that £25-30 per letter is a nonsense. I add these charges to the spread sheet (the first reason I registered was because of these charges - but started to read other stories/threads) but interest on these £25 charges should accumulate at what level in my claim? I see that I accrue interest from the date it was deducted from my account to the date of the court claim? (or is it the date of my first approach to the bank?) - Arggh... !!!

 

Another area that starts to get tricky is where the accumulation of all those charges (with added interest at x) leaves my C/A with a growing negative cash drag of charges. Presumably themselve contributing to the undebtedness and O/D position either more frequently or by greater cash amount.

 

Am I over complicating things here? Also, the advanced spread sheet is not tooting it all up for some reason. HELP! please...

 

Surreyzone

 

Interestingly, I recall challenging Natwest staff (from time to time) re "paid ref fees" and I see 19th Dec 2000 "RFND:PAID REFERRAL FEE" and £25 put back into my account. How do I account for this in my spread sheet? Shall I ignore it and focus on the charges and fees? (How un-gentlemenly).

 

I am litigeous by nature and more than happy with whatever they decide tp throw at me. I think it's the calcs part that is going to undo me! I also read another example of someone getting back their full claim plus 600%. How? Was it Natwest simply not wanting their day in court?

[Guest NATTIE]

Ok, my expertise is not in the spreadsheets so apologies. Paid referral Fees is the bank paying an item when the account is over £26 over any agreed or unagreed overdraft. It is claimable of course and I am sure other will advise on spreadsheets.

[surreyzone]

Thanks for the speedy response and happy new year. Back to work tomorrow.