RWKSHAW V NatWest

[rwkshaw]

Post Deleted

[Michael Browne]

Sounds good, there must be a catch.......oh yes you'd still owe the bank £11,700......but wait, you could use the money you'd claimed back from them to pay that, leaving you with..........

[rwkshaw]

Deleted

[Rooster-UK]

Hi Rwkshaw.

 

It looks as though you are thinking of trying to con the bank into paying you for setting up a [problem].

The CAG does not and never will condone any sort of illegal activity. If we did then we would leave ourselves open to the full weight of the law and we would lose all credibilty.

The CAG is highly respected because of the standards that we adhere to and we do not tolerate anything that would jeopardise our reputation.

 

Having said that, think again. If you were to be awarded the charges back, unless you have paid in that amount of cash, you would be in debt to ther bank and they would be entitled to deduct what you woe from the claim.

So you would not gain from that.

Also, over £5000 the case would be allocated to fast-track and you could be liable for the bank's costs, including solicitors charges.

 

Think again.

 

Regards, Rooster.

[Rooster-UK]

In other words, every refused DD would incur a debit on your account of £39. Your account would be in the red to the tune of £39 for every time a DD was refused.

Each time it happened, the bank would take £39 from your account. You have no cash in your account? OK then it's overdraft i.e., you owe the bank.

So you claim. The bank pays out, but deducts all the £39s that you owe it.

You get.....nothing.

[Janet-M]

The CAG is highly respected because of the standards that we adhere to and we do not tolerate anything that would jeopardise our reputation.

 

Thread closed

[rwkshaw]

Please accept my apologies if this information is here somewhere, but I cannot seem to find a definitive answer..

 

 

I have been through the lengthy process of receiving my statements - 5 requests as the branch did not accept my SAR and told me they could only go back to Oct 2002.. I called telephone banking, they sent me the statements from when my account was opened, but kindly omitted 1 statement with 3 charges on it... Any, got all the info now, I have done the interest calculations and listed all the charges (£1550 approx)

 

My question is this...

 

Am I better physically taking my claim to my local branch and handing it in personally, or do I need to post it to head office...

 

Kind regards

 

Rich

[rwkshaw]

After having read through what seems like the autobiography of the banking world on here.. I am even more confused than before.

 

I have calculated my charges at £1332 with interest of £251.25 for a period of just under 5 years..

 

eg. - £30 Charge - 06/03/02 - £11.94 Interest - £41.94 Total

 

Now then,

 

By using this interest calculator am I right in thinking that this would be the 8% interest claim..

 

Also, I am reading about higher levels of interest claimed, should I be claiming higher interest rates???

 

I have a simple step account, with NO authorised overdraft and all my charges relate to standing orders or direct debits...

 

Please, someone help.. My head is cabbaged with figures and rates..

 

Thanks,

 

Rich

[Michael Browne]

By using this interest calculator am I right in thinking that this would be the 8% interest claim..

Yes this is Section 69 8% interest on your claim, but you can only claim this once you submit a claim at court. Don't add this interest before moneyclaim

 

Also, I am reading about higher levels of interest claimed, should I be claiming higher interest rates???

Only once you have thoroughly researched the issue and are confident that you understand exactly what you are doing. It's not for the faint-hearted

[rwkshaw]

Thanks for the info, however.. I'm still not clear on what figures I should put on my initial claim letter to the bank..

 

Do I just claim for £1332 (The amount of charges) or should I be claiming for interest that the bank would charge me for borrowing £1332 as well??

[Michael Browne]

When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the total interest figure.

 

Vampiress has a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

 

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

 

This is the interest referred to in the preliminary and LBA letters.

[lee in wales]

use either borehamwood or bishopsgate address

[Guest NATTIE]

Just an aside, the branch are talking about post migration ie when rbs comp system took over from the natwest plc system which is Oct 2002 but they can order further back than that.

[Bicester1]

If you want to claim for any interest at all IMHO I would strongly suggest that you ask for the charges and contractual interest from the outset

 

Nat West have started offering refund of charges, in some cases, by return. You can't THEN ask for interest as well, BUT you can't ask for s69 until you file your claim with the court. SO if they offer you a refund of the charges at the prelim stage you are then a bit stuck! ASK for contractual and it gives YOU the flexibility to negotiate, accept s69 at 8%, or hang out for court!

 

See my previous posts on this subject.

 

Bicester1

[mtdn197jx]

Use Borehamwood

[rwkshaw]

So I gather the compound interest is the 8 per cent one???

 

I have complete a spreadsheet and if someone could check my calculations and confirm I have used the right one I would greatly appreciate it..

 

2 examples I have done are as follows..

 

Charge £30 Date 06/03/2002 Interest £11.94 Total £41.94

Charge £38 Date 21/09/2006 Interest £1.30 Total £39.30

 

 

Thanks.. If I have used the right one I will be posting it off on Monday

[izzabella]

can someone please help me?

First sorry for any grammar mistakes but english is not my first language.can you claim back charges even if the account has been closed by the bank?and if the account is closed how do you get a copy of your statements?

[Michael Browne]

can you claim back charges even if the account has been closed by the bank

Yes

 

and if the account is closed how do you get a copy of your statements?

Send a DPA SAR with the a/c no + £10 fee

 

1. Data Protection Act, Subject Access Request letter - List of charges

[The cobbett slayer]

So I gather the compound interest is the 8 per cent one???

 

I have complete a spreadsheet and if someone could check my calculations and confirm I have used the right one I would greatly appreciate it..

 

2 examples I have done are as follows..

 

Charge £30 Date 06/03/2002 Interest £11.94 Total £41.94

Charge £38 Date 21/09/2006 Interest £1.30 Total £39.30

 

 

Thanks.. If I have used the right one I will be posting it off on Monday

 

Looks ok. Have you included in the spreadsheet what the charge was for e.g. Card Misuse?

[rwkshaw]

Looks ok. Have you included in the spreadsheet what the charge was for e.g. Card Misuse?

 

No I haven't...

 

All charges relate to either missed DD or SO

 

On reading the step by step guides, it says NOT to include the 8 percent at the 1st letter stage, but someone on here has said to include it from the start...

 

I'm not the dullest lightbulb in the box but the more info I get, the more confused I am...

 

Black and White....

 

I have written a letter (not posted yet) that says I want my money back and I am claiming £1332 charges PLUS £251.25 interest which is what the court would award..

 

Is this the right way to start the claim off? or do I only ask for the charges back at this stage and then add the interest later??

 

Also, what are these other percent rates everyone is going on about??

 

All this is bringing back haunting memories of my maths class in school..

[The cobbett slayer]

Sorry, I hadn't spotted that.

 

You can't claim the 8% until you actually issue court proceedings so your first approach is for just the amount they have taken in charges. If you include the S.69 interest at this stage you could come unstuck.

 

The other figures being talked about are contractual interest and I'm not an expert on that so I'll leave that for someone else to answer but if you want to have a look see here

 

http://www.consumeractiongroup.co.uk/forum/general/18313-why-no-one-claiming.html

[Bicester1]

Hi

 

I think I am following cobbettslayer about this morning!

 

CS is quite right you can't claim s69 interest which is 8% until you actually file your claim. BUT see my post here

 

http://www.consumeractiongroup.co.uk/forum/natwest-bank/64780-nat-west-new-tactics.html?highlight=Bicester1

 

which explains why people need to claim contractual interest from the outset.

 

Hope this helps.

 

Bicester1

[rwkshaw]

Right,

 

After lots of excellent advice from everyone on this site, I have decided to go for CI from the offset..

 

I rang the bank today and was told that their monthly unauthorised borrowing rate was at 2.19% (29.69%APR) so this is what I have entered in the spreadsheet..

 

£1332.00 Charges £1279.63 CI Total of £2611.63

 

I am now in the process of composing the Prelim letter and was wondering if anyone has a Prelim including CI notification or can give me the correct wording I need to add as it only covers charges and interest that the bank has charged me for being overdrawn at the end of the month.

 

Regards

 

Rich

[posh23]

I adapted the one on this site to include CI, this is the wording I sent. I have just received an offer of the charges only with no interest, so I would imagine the same will happen to you to. I am sending off another letter on Monday, which you will see if you look on my thread, in case that is also of use to you in a week or two:

 

8 February 2007

 

NatWest Customer Relations

Freepost NAT12685

Borehamwood

Hertfordshire

WD6 1BR

 

Dear Sirs

 

(edit)

 

please do not post our templates on the main forum , you may of course post a link to them in the libary

[rwkshaw]

Thanks very much for that...

 

Letter - Completed

 

Spreadsheet with details of charge reason - Completed (incase they ask for this to drag it out longer )

 

Spreadsheet with calculated CI - Completed

 

Put in envelope - Completed

 

Send Recorded Delivery - Doing 26/02/07