Spreadsheet with interest

[Semi]

just had a look at the sheet, just leave that box it is a reference title to let the company know what this document is. its the title basically. just fill the date period below.

 

good luck ^^

[vmac]

Thanks very much - I'm sending my 14 day letter on Monday - obviously not asking for interest at this stage, but it's a useful document to send with the charges etc. Thanks again - time is very much appreciated. VM

[vmac]

Thanks very much - I'm sending my 14 day letter on Monday - obviously not asking for interest at this stage, but it's a useful document to send with the charges etc. Thanks again - time is very much appreciated. VM

 

While you're there, Chezt, Semi .. I wonder if you clarify an issue regarding interest: On my Lloyds charges sheets, i get something like this : O/Draft interest - x amount / O/draft excess - x amount SO, to clarify, is it only the excess fee that I can include in my refund request ?

Many thanks, VM

[rosygraham]

Rosy, tell me exactly what stage you are at and then I,ll advise you what to do,

Leech

I am at the stage of completing Moneyclaim online and I had thought that I could only claim the interest that I had quoted in my 2 letters to the bank, but I now understand that I can add interest up to the present. However the annoying thing that seems to prevent me from completing the Moneyclaim form now is that I'm not sure of the date when I opened the account. Does it matter if I just say September 2004 and it turns out to be October 2004?

[chezt]

I am at the stage of completing Moneyclaim online and I had thought that I could only claim the interest that I had quoted in my 2 letters to the bank, but I now understand that I can add interest up to the present. However the annoying thing that seems to prevent me from completing the Moneyclaim form now is that I'm not sure of the date when I opened the account. Does it matter if I just say September 2004 and it turns out to be October 2004?

 

On mine I just put the year as there is no way I could remember .... actually may have got the year wrong too but I don't think it's too important

[chezt]

Thanks very much - I'm sending my 14 day letter on Monday - obviously not asking for interest at this stage, but it's a useful document to send with the charges etc. Thanks again - time is very much appreciated. VM

 

Do you mean the 8% statutory interest? If you are claiming any other interest you must mention this from the outset

 

While you're there, Chezt, Semi .. I wonder if you clarify an issue regarding interest: On my Lloyds charges sheets, i get something like this : O/Draft interest - x amount / O/draft excess - x amount SO, to clarify, is it only the excess fee that I can include in my refund request ?

Many thanks, VM

 

I don't really understand this Q .... Are you referring to your statements here or your spreadsheet?

[vmac]

Hi C , I'm referring to statements - basically, there's always two charges relating to interest - o/draft interest (which I'm accepting as standard, i.e the cost of having the facility) and then o/draft excess which obviously is a punitive and unlawful charge. I've completed my letter and deducted all the standard o/draft interest and kept the total sum to include all charges, inc. o/draft excess charges. Does this make more sense ? Thanks for your assistance, much appreciated. VM

[chezt]

Hi C , I'm referring to statements - basically, there's always two charges relating to interest - o/draft interest (which I'm accepting as standard, i.e the cost of having the facility) and then o/draft excess which obviously is a punitive and unlawful charge. I've completed my letter and deducted all the standard o/draft interest and kept the total sum to include all charges, inc. o/draft excess charges. Does this make more sense ? Thanks for your assistance, much appreciated. VM

 

It might make more sense if I banked with Lloyds!

 

So they charge you two lots of interest then??? Presumably authorised & Un-authorised rates?

 

I'm just tryna get this clear in my head as you should be able to even claim back some of the standard overdraft interest as some of this will be charged on the charges IYKWIM?

[Semi]

my experience may differ as my halifax statements went a little like this.

 

Late Fee £25

Interest £8.21

Interest £1.24

 

it shows 2 lots of interest on each month.

 

I personally added these together.

 

Is this what you are referring too?

[chezt]

my experience may differ as my halifax statements went a little like this.

 

Late Fee £25

Interest £8.21

Interest £1.24

 

it shows 2 lots of interest on each month.

 

I personally added these together.

 

Is this what you are referring too?

 

Yes that's what I would do too Semi & decide on which rate of interest to go for

 

That's why I asked the above Q vmac so if they are two rates of charged interest then there's your answer .... well it's wot me n semi would do anyway! (As I said before you can also claim back a portion of the std o/d interest too)

[Semi]

weird thing is i only started getting double interest ammounts from 8th Nov 2005.

 

not sure why...

 

Sem.

[chezt]

weird thing is i only started getting double interest ammounts from 8th Nov 2005.

 

not sure why...

 

Sem.

 

Did they have a change in T&C's perhaps which stated they would do this? How did they treat it before?

[Semi]

Yeah must have changed the T&C's, i vaguely remember something some time ago lol. didnt read it tho.

 

On my statements before that date i was charged a Single ammount of interest.

 

I only claimed for the Penalty Charge's (No interest) as i was every 5 minutes in and out of my Overdraft, and didn't have the time to do all the workings for interest.

 

Anyhow, i need some sleep lol. Speak Soon.

 

Night.

 

Sem * ZzZzzz...

[chezt]

I never read them either! :o As long as you were happy with what u claimed that's all that counts

 

Have a good rest ... I'm off to bed too now as we technially 'lose' an hour tonight!!

[vmac]

It might make more sense if I banked with Lloyds!

 

So they charge you two lots of interest then??? Presumably authorised & Un-authorised rates?

 

I'm just tryna get this clear in my head as you should be able to even claim back some of the standard overdraft interest as some of this will be charged on the charges IYKWIM?

 

Yes, that's more or less it - Having an agreed o/d means you will always pay SOME interest, of course and that 'charge' comes at the end of every month along with any other charges. I think it was better to go in with an under-estimaterather than over .. If it's over, it gives them more room to reject and imply i don't know what I'm doing! I'm claiming all the charges including o/d excess charges but NOT o/d interest.

 

Many thanks for you help,

VM

[vmac]

It might make more sense if I banked with Lloyds!

 

So they charge you two lots of interest then??? Presumably authorised & Un-authorised rates?

 

I'm just tryna get this clear in my head as you should be able to even claim back some of the standard overdraft interest as some of this will be charged on the charges IYKWIM?

 

yep, i do know exactly what you mean, by the way!

This would be extremely tricky to work out .. which is why I've left it off for the time being .. since most of the period I'm claiming for I've had an agreed o/d. Anyway, I am grateful, once again. It's so nice to feel the support out there!

[vmac]

Yeah must have changed the T&C's, i vaguely remember something some time ago lol. didnt read it tho.

 

On my statements before that date i was charged a Single ammount of interest.

 

I only claimed for the Penalty Charge's (No interest) as i was every 5 minutes in and out of my Overdraft, and didn't have the time to do all the workings for interest.

 

Anyhow, i need some sleep lol. Speak Soon.

 

Night.

 

Sem * ZzZzzz...

 

Yes, Semi, that's what I've stuck to aswell,

 

Cheers,

 

VM

[sprockandjoel]

Im trying fill in my claims spreadsheet but do not understand what cleared transaction means. Does this simply mean when you are charged for going over your agreed overdaft limit?????

[vmac]

Im trying fill in my claims spreadsheet but do not understand what cleared transaction means. Does this simply mean when you are charged for going over your agreed overdaft limit?????

 

Don't worry , obviously you don't incur a charge for a cleared transaction! I suspect it's just an example, for instance, you're more likely to insert 'returned cheque / standing order' etc. etc. in this space.

I'm happy to corrected by anyone who knows better however!

VM

[chezt]

Im trying fill in my claims spreadsheet but do not understand what cleared transaction means. Does this simply mean when you are charged for going over your agreed overdaft limit?????

 

 

I'm sure I've incurred charges for cleared transactions before ... basically they clear it rather than returning it & charge you a lesser/lower charge for the priveledge ... 'cos the banks are really thoughtfull & kind like that!

 

Include cleared transactions as well as returned cheques etc on your schedule ... they are stil unlawful charges

[chezt]

yep, i do know exactly what you mean, by the way!

This would be extremely tricky to work out .. which is why I've left it off for the time being .. since most of the period I'm claiming for I've had an agreed o/d. Anyway, I am grateful, once again. It's so nice to feel the support out there!

 

So does this mean you are claiming back the charges + interest paid on them? If yes then you still need to claim back the portion of which is authorised as well as the excess ... it's all interest at the end of the day & a portion of it will be what has been incurred due to the unlawful charges.

 

If it were me I woud add both the interest figures together for the monthly interest charge. It would be tricky to work out splitting the two which is why I would add them together ... don't worry too much about your calculations being accurate as the spready should do enough for you ... the arguement is greater than the calculations here & provided you can show that as a lay person you have attempted to provide as accurate enough calculations as you can then it's really up to the bank & their vast resources to prove or re-calculate otherwise.

 

Hope this makes sense?

[vmac]

Hi C,

 

No, I've left the overdraft interest off - this is standard interest on having the the facility. For instance, there are a couple of months where I incur NO charges and still pay the interest on the overdraft. While it might be exorbitant, it is not a punitive or unlawful charge but one set by the Bank of England. For the amount I'm claiming (a large-ish sum) I'm including all other charges including overdraft excess fees .. which are set by the bank itself and do come under the unlawful and punitive charges.

 

One needs to be clear even in the first instance - From all my reading, I gather more & more that where the customer presents a wildly inaccurate figure, the banks have more scope to prevaricate. I have decided, since I'm leaving off the standard interest (not to be confused with the overall interest on the final sum for which the spreadsheet is for), to only agree to a full refund. Any attempt at offering me a partial 'good will' settlement will result in my own rejection and court action. Cheers, VM

 

 

So does this mean you are claiming back the charges + interest paid on them? If yes then you still need to claim back the portion of which is authorised as well as the excess ... it's all interest at the end of the day & a portion of it will be what has been incurred due to the unlawful charges.

 

If it were me I woud add both the interest figures together for the monthly interest charge. It would be tricky to work out splitting the two which is why I would add them together ... don't worry too much about your calculations being accurate as the spready should do enough for you ... the arguement is greater than the calculations here & provided you can show that as a lay person you have attempted to provide as accurate enough calculations as you can then it's really up to the bank & their vast resources to prove or re-calculate otherwise.

 

Hope this makes sense?

[vmac]

Oh and and Lloyds does split the two incidentally:

o/draft interest - x

o/draft excess - x

unoaid standing order - x

etc. etc.

[Tarnished]

I am having trouble trying to figure out how to calculate overdraft interest, or even trying to figure out these spread sheets, what am I looking for and what am I doing?

 

As a side note I did not include overdraft interest in my preliminary approach letter, does this then mean that I cannot include them in the next step?

[vmac]

Hello Tarnished,

Panic not - I have now sent my '14 day letter'. I am claiming for a large-ish sum and I have left out overdraft interest.

 

It is my understanding that standard interest paid on an agreed overdraft facility, while it may be excessive, it does not come under the unlawful charges banner.

 

However, some argue that a customer who has gone over their limit as a result of a charge(s), will of course be paying more interest than they would had they not been charged. While this is correct, it is also slightly ambiguous and is likely to lead to errors and over-estimates.

 

In my view, it is best to claim for charges only, whick will include fees / charges which constitute an overdraft excess.

 

The spreadsheets are useful when calculating interest on the overall sum and I gather too (also from my research), should only be threatened in the final stages and then presented in court papers.

 

Is this any help ?

 

VM

 

I am having trouble trying to figure out how to calculate overdraft interest, or even trying to figure out these spread sheets, what am I looking for and what am I doing?

 

As a side note I did not include overdraft interest in my preliminary approach letter, does this then mean that I cannot include them in the next step?