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Interest nightmare - anyone else had this?!

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Hi there,

 

Greetings to everyone. I've just received my last 5 years' bank statements for a RBS account that I thought had been frozen in May 2004. I've been paying £20 a month on an overdraft of just over £2200 since then, and had thought that the interest had been frozen (I have another account with Barclays, so I use this for my day-to-day banking).

 

When I received my statements I found I have been being charged around £60 a month interest every month, so despite having paid around £600, I have accrued interest of about £1500. I went overdrawn due to charges, although I think these 'only' total about £300. Obviously I wouldn't have agreed with the bank to pay £20 a month had I known I was losing £40 in interest every month!!!

 

Can I claim these interest charges back? I keep hunting around for info on interest charges, but I'm confused about compound interest etc.

 

I intend to speak to my bank tomorrow (not about my intentions of claiming, rather about the fact the interest has been charged).

 

Any advice? Or am I a gonner?

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Guest NATTIE

Yep I think you can claim that back

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