Help Req with OD Intrest and claim

[billgates]

INTEREST DATEINTEREST CHARGEDACCOUNT BALANCE AT INTEREST DATEINTEREST FREE OVERDRAFT (ENTER AS +)INTEREST ON PENALTIES515.5326/08/20022.27-61.141,000.000.0026/09/20022.26-562.731,000.000.0026/10/20025.08-594.471,000.000.0026/11/200210.23-1,237.611,500.000.0026/12/200212.75-1,056.821,500.000.0026/01/200315.39-1,303.581,500.000.0026/02/200315.97-1,440.901,500.000.0026/03/200316.58-1,945.621,500.0016.58

 

OD Limit = £1000

 

above is a snippit of my spreadsheet. Could someone please tell me if this is correct. i'm a little confused on the intrest on penalties!!!

 

Many thanks in advance

[givememymoney]

LOL as much as I would love to help it is gonna be pretty tough to decipher that!!!

 

Can you try formatting it again?

[VeryTrying]

What is the total of your charges, and what appears to be the total of the relevant overdraft interest? If the interest isn't a great deal, I'd really advise that you don't bother. To successfully argue a claim for overdraft interest, you do need to understand what you are doing. Even a small error gives them enough scope to start arguing and wasing time.

 

....... and I'm speaking from experience!

 

.

[billgates]

Sorry

 

total charges = £4383

Interst Charges £890.40

 

cheers

[VeryTrying]

Hmmm, that's a worthwhile sum. Might be worth thinking further about.

 

I can't help with the spreadsheet, but it seems you have some letter Os, in there rather than numerical ZEROS.

[billgates]

totally confused now. read through the stickies and it appears i cannot claim for intrest on OD. Do i just go for charges. Would like to have shown spreadsheet but not an option. Would appreciate any further assistance on this .

 

Rgds

 

 

bill

[lateralus]

are you using the advanced spreadsheet to calculate the o/d interest.

here's the basics - mark everything on your statements with DR next to it.

put it into the advanced s /s on the "charges and interest" tab like this:

oldest charges first, charges to the left (call them exactly as hsbc calls them) and interest charges to the right and also take the balance from the line on the statement just before the interest debit - forget that column about the o/d limit (it's for interest free o/d's which is unusual).

if it is doing it correctly the running total on the left is adding line by line adding the whole charge but on the right it will only be picking up some, or all or even none (if you were in + territory with the balance when the int. was charged) so it may not go up for a few lines - then it will add bits and eventually you get a running total on both sides.

when you do your letter it says i calculate you have taken from me xxxx in charges (left side) and xxx in overdraft interest (right side) giving a total of xxxx.xx. and that is what you are claiming back.

now, you do it again on the "8% tab" - chronilogical order oldest first, including interest charges as per your first s/s and it will calculate the number of days since the charge and give you a total for the 8% interest which you use at the claim stage.

 

this second s/s gives you a lovely neat list of charges to include with the first two letters - just cover over or fold back the 8% interest column until you need it for your claim.

 

i hope this has helped a little.

 

yes, you can claim for overdraft interest but it absolutely must be done correctly. need to go but for another step by step - see honeygie's thread post number 26 for another explanation - but it's nearly the same as i wrote that one too.

 

here's a bit from the descrip. of charges thread and i say this:

if you can read it and understand it then you can ask for it back.

 

Overdraft interest

 

This is the single most confusing part of most peoples claim, and one of the most frequently asked questions

 

overdraft interest is applied to your whole overdraft, however if some of your overdraft is made up from (unlawfull) charges,

then a proportion of the interest has been wrongly applied and is therefore reclaimable

 

Example

 

you have a £400 overdraft, you purchase something that day for £200 so now you are -£200 on your current account balance, but on the same day £200 of charges are placed on your account, which means that your current account balance is now -£400 and the bank will charge interest on the whole £400, but as we are contesting that these charges are unlawfull, then the interest should not be placed on the whole amount, only on the amount that you have actually spent,

therefore in this example you can claim back 50% of the interest, however these calculations have to be done daily to truly reflect the amount which can be reclaimed,

 

Dont worry, Vampiress has made a spreadsheet that will calculate this for you, you can find it here, but please read the instructions that come with it;

 

good luck

[billgates]

I very much appreciate all the help, however i have done exactly what you have said, and all that appears to be happening is towards the end it reclaims all the intrest back.... ie if i was chardged 31.58 in intrest the figure in the intrest on penalties is £31.58... is this correct, since what i have read is not the case..??? i have tried a new ss and exactly the same..

 

Rgds

[gizmo111]

If your whole overdrawn balance was charges then yes this would be right.

[HSBCrusher]

If you get charged say £100 per month in charges, and your overdraft is £1000, then in 10 months all of that overdraft is made up of charges. Therefore all the interest charged on that overdraft is on charges. (Its slightly more complicated than that of course, but thats the general way it works)

 

Crusher

[billgates]

Soory People, i just do not want to get this wrong, and i am not convinced my calculations are correct.

 

If your whole overdrawn balance was charges then yes this would be right.Today 08:06

Thanks gizmo111,

 

The whole od balance was not charges

 

e.g i spent say £1200 on bills taking me £1200 od. I was then charged £22.52 intrest + £100 total charges. Final od £1322.52. The complex ss then claims back interst of £22.52. This happens in nearly all my interst charges

[charlie10]

I am really lost with the OD interest charges so the £11.00 etc that they charge me each month on my £1000 OD limit i cant claim back? shall i just leave that of when i send my letter off monday?

[Guest bong]

billgates I've sent you a PM with my email addy, if you don't mind emailing me your spreadie I'll take a look for you

[Castlebest]

Bill, there’s an offer you can’t refuse, Bong is the goddess of interest claims

pete

[lateralus]

yes, billgates, aside from being the richest man in the world - you now have influential friends - you are in good hands with bong - treat him gently bong!

[pinkduchess]

Re: post no. 8

this was happening to me but I then realised I had to leave column J blank(INTEREST FREE OVERDRAFT). You only fill this column in if your overdraft was interest free - which most aren't

 

from looking at your figures (with difficulty) in post 1 its looks like you have included a 500.00 overdraft figure each time

[billgates]

Bong.......Many many Thanks.

 

 

thanks 2 u, spreadie is complete and ready to sent. I gather i'm best sending this direct to head office and not to my local branch..

 

Charges £4558

 

+

 

Interst on Penalties £791.09

 

I will keep you updates in Billgates v HSBC:)

[Guest bong]

I've checked over billgates' spreadsheet and since early 2004 his entire overdraft balance has been made up of penalty charges which is why all the overdraft interest is coming up as reclaimable. He hadn't put any data in column J, the extract from the spreadie hadn't reproduced properly in post no.1.

 

His total overdraft interest reclaimable figure is over £700 which demonstrates that it is worth checking out before people write it off as not worth the time or effort calculating. DG sols will dispute his entitlement to claim it back (unless they have taken note of the explanations I've recently given them to help them understand this) but they are WRONG and don't let that deter you from making a claim for it.

[Guest bong]

sorry billgates, I was writing my reply while you were posting yours:)

[Guest bong]

yeah, I'd send it direct to head office in Leeds.

[lateralus]

bong, i was helping someone yesterday and was tempted to include your sentence from your long post the other day as it is worded so well - didn't actually do it as i didn't know if i should mess with the template wording.

so, if someone is doing the o/d interest - it's ok to throw in:

The claimant’s claim for overdraft interest has been meticulously calculated and double checked to ensure that it only ever relates to the cumulative charges within the overdrawn balance of account at the point that the overdraft interest was debited

and tell them you said so (LOL)....

would that be appropriate as it would show an understanding right from the beginning in the letters.????

[billgates]

Not yet sealed envelope...

 

Any thoughts please.

[lateralus]

separate issue, bg - just asking bong's advice -

if she's ok'd your stuff - send away!

[Guest bong]

Hi Lats, how you doing my friend?

 

Which letters are you referring to, the prelim or LBA? I think I would save something like that for if and when they first dispute that the overdraft interest is reclaimable, so you wouldn't be changing the templates, unless you mean the rejection of offer templates. Can't see any harm in recommending people to put that in if that's the letter you mean. Will be interesting to see if it actually gets them to review their policy, I'm not so sure that this is an attempt to wriggle out of paying it, like I used to think, I really believe now that they haven't grasped the concept, yet. How can top bods in the bank and a group of solicitors not get it? It defies belief.

[lateralus]

no, i actually was thinking in the prelim/lba where it says i calculate you have charges me xxxx in charges and xxx in overdraft interest - right there i thought if you show you know why you are claiming it - maybe, just maybe they won't question it when they get around to looking at offers.

this is a relatively new (about a month - i'd say) tactic where they are "at a loss" as to why anyone would think of reclaiming the o/d charges.

then we go through the - have you done it correctly - and usually they have - so we just reject their offer and wait. you are right - though - if we haven't used it by then - maybe it should go in that letter - but crusher (sorry if it wasn't you crush - somebody, i think crusher, said - don't get into it - just reject, hold tight and they will offer).

we have a BIG number of people (about 20 that i know of) filed their aq, dg hasn't filed theirs, courts keep giving extra time and it's stalling, i've come up with a nudging letter for dg in my "when you've filed your aq" thread - and in some cases - where resolution is needed - for whatever reason - i'm encouraging an offer of what would work from the claimant in the nudging letter. it must be so discouraging to wait and wait and when they finally get an offer - they are stalling on usually "a couple of older charges and their "at a loss" statement about o/d int. - even questioning the 8% interest in some.

someone yesterday had a call from a paul at dg (well that's a new one to me and he made an offer on the phone which is unusual) and someone else said that the bank has opened a whole office to look at these claims - so maybe.... more people on it - but people who don't know what overdraft interest is. what think you. i know i already said it - but congrats on the moral/material victory. very well deserved - you know you are ace in my book.