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Interest Spreadsheet


Amy1471
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  • 1 month later...

Hi,

 

I am just starting to enter my financial data into the very useful spreadsheet I downloaded from here to apply for a refund from First Direct. However, still finding it a little taxing and want to make sure I get this right. Can I just check that this is correct?

 

1) Enter in charges and amount of interest charged by the bank during that particular month (entering any interest free overdrafts amounts I may have held at the time and on which interest cannot be applied)

 

2) This calculates the interest that is accounted for just by the unlawful bank charges.

 

3) From this total amount, either

 

i) Using their current unlawful borrowing interest rates apply this to this to the total figure and state you are claiming 'contractual interest rates'

OR

ii) Wait to see if the case goes to the county court and then apply an 8% interest from the date the case was brought forward.

 

Oooh, think that's what I've understood so far.

 

klb1

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