RBS Intrest - I'm Confused?

[djlennon]

Evening All,

 

I received my statements from my RBS credit card on Saturday and have found there to be £194 worth of charges.

 

I am about to send off the template letter for reclaiming the charges, however I am getting confused.

Do I add the intrest now or only if I need to send the LBA?

 

Cheers,

DJ

[djlennon]

Bump!

[ncf355]

40 minutes past and you bumped?

 

Jeez, some people are impatient!

 

 

Depends

 

 

If you are going for contractual interest, add it now (so put it in your prelim)

 

Just for clarity - contractual is where you charge them the interest they charge you, so you add interest at the %APR that the statement says they charge for cash withdrawals/unauth overdraft (depending on whether were talking an RBS card or bank account??)

 

 

If you are going for section 69 court interest (8%) you only add this at the point you enter your court claim

 

 

 

 

 

 

 

 

 

[djlennon]

I know! Someone once told me that patience is a virtue!

 

Thanks for the response, much appreciated.

 

DJ

[isidore]

ncf did miss one "interest" out though. There is also the interest you are charged on your account on a monthly basis as you are able to claim this back and you can fill this out on the spreadsheet. This interest can be claimed from the first stage.

[ncf355]

Good point well made T4ff!

 

[djlennon]

Thanks, this is for a credit card so the only intrest I can add on from the start is what they were charging monthly?

 

Is that correct?

 

I'm not the brightest!

[isidore]

Thanks, this is for a credit card so the only intrest I can add on from the start is what they were charging monthly?

 

Is that correct?

 

Yes! But ensure you add this on the spreadsheet in the interest columns as it calculates what proportion of the interest is claimable.

[djlennon]

Thanks T4FF,

 

Always nice to meet a fellow Welsh user!

 

Which spreadsheet should I use as there's a few? Or is there a way I can work it out manually?

 

Cheers,

DJ

[isidore]

Even if he's from Cardiff???

 

I have a link to one in this thread here.

 

But that is for bank accounts. There must be a credit card one around but I haven't got my hands on one right now I'm afraid...

 

Think mindzai must have done a CC version, perhaps take alook around his posts?? Will keep an eye out.

[isidore]

This is where the spreadsheet came from, bit of bumph on there about CCs but I haven't the time to read through it myself right now, might be worth a scan DJ?

[djlennon]

Even if he's from Cardiff???

 

 

Yep, I have no problem with people from Cardiff mate,

 

And I especially like the ones who take time out to help me reclaim my charges!!!;-)

 

Speak soon,

DJ

[ncf355]

T4FF,

 

surely should be going for contractual interest at RBS CC cash withdrawal rate, so adding it along with interest charged by them now and quoting it in Prelim letter?

[djlennon]

T4FF,

 

surely should be going for contractual interest at RBS CC cash withdrawal rate, so adding it along with interest charged by them now and quoting it in Prelim letter?

 

Do you mean I should be adding further interest i.e not just the monthly % they were charging?

[ncf355]

Do you mean I should be adding further interest i.e not just the monthly % they were charging?

 

 

 

Yes -

 

 

you need to find out the cash withdrawal APR% they charge you and then calculate interest at that rate from the time they charged you the penalty

 

Others may disagree, but I have done this on all claims bar the very first (and wish I had done it for that!)

 

 

Best of luck (though you wont need luck)

[isidore]

Ncf, when you say "done" does that mean won, or in the middle of?

 

Would be interested in reading through your threads if you have....going to be claiming contractual for the first time with Barclaycard.

[djlennon]

Thanks guys,

 

So just to confirm - I claim the charge and the MONTHLY rate of interest they charge on cash withdrawels, add it all up and send of the first letter?

 

I'm gonna have a crack at the spreadsheet on the weekend so will keep you updated on my progress!

 

Phew, my six year old could have work this out before I did! Lets hope he grows to be brighter than his dad eh!

 

Thanks,

DJ

[djlennon]

Right Guys,

need some more help.

 

I'm struggling with the in-putting on the spreadsheet! where it says interest charged do I put it in as it says on my statement for the monthly cash withdrawel amount i.e 0.087%.:idea:

 

Also it says Account Balance at Interest Date. Do I put in the balance before the interest was added or after?

 

Cheers,

DJ