Whiskas v Nationwide

[whiskas]

Hi there...I'm new to this forum. Only discovered yesterday the fact that I can re-claim my bank charges and after hours spent pouring over this website I have decided to go for it. Nothing ventured nothing gained eh! Am just setting off to the post office now to post my letter requesting 6 years worth of statements from Nationwide. I have no idea what my charges will amount to but last month alone they were £34! Anyway just wanted to say Hi and what a fantastic and informative forum this is.

Just one question...I currently have a £1430 overdraft which I am reducing every month by £60, do you think when I open a 'parachute account' I have much chance of getting such a big overdraft? I earn £19k a year so surely that will stand me in good stead? It's just I have heard nationwide close accounts after they have paid up so wanna be prepared. cheers.

[Josamolly]

Hi and welcome to the forum Whiskas.

I would suggest you open a parachute account first, whcih gives you an option in case they call in your OD.

The first thing you need to do is find your relevant banks forum and start your own thread in there.

http://www.consumeractiongroup.co.uk/forum/nationwide/

The process that you will follow is relatively easy but IS NOT a get rich quick scheme. Spend time reading the FAQ pages as this will stop you making mistakes along the way, and is the most important part. Read as many threads as your eyes will allow, you will gain invaluable knowledge which will give you the confidence you need. This is a SELF HELP site and won’t do the work involved for you. However, everything you need is on here somewhere.

This site is all about EMPOWERMENT and you will gain the confidence that you will need. The excellent A-Z guide compiled by Michael is a fantastic source of information.

But remember, this isn’t a game. You are taking on large institutions which MAY lead to court, but you do need to be prepared.

Everyone is very friendly and keen to help. Dave and Bankfodder have done a great job in producing the site, and all the moderators, helpers and current users really are a very nice bunch.

Please also understand that any advice that you receive is normally based on experience and expert advice should be sought if needed.

I have put some useful links onto the thread that you can refer to when needed.

Good luck. See you at the other end……

Some useful links..

FAQ's

Step by Step Guide

If you wish to make a Donation

A-Z Guide

Making Posts

Start a thread

Letter Template Library

Rejection Of Settlement / Good Will Gestures

Interest Spreadsheets

Contractual Spreadsheet

Court N1 Form

Court Bundle

Preparing a Court Bundle

Bank Contact Details

Moneyclaim Online

AQ Guide to Completion

Court Fees

Data Protection non Compliance

Witness Statements for Court Bundle

Banking Code Website

Limitations Act

Fast Track Costs

Scottish Procedure

Scotland Forum

[happyolddog]

Hi Whiskas,

 

Welcome to the forum.

 

You seem to be up to speed with it all.

Here are a few links that might help you;

Read these for a guide and a bit of inspiration;

http://www.consumeractiongroup.co.uk/forum/nationwide-successes/

Then start a thread via this link;

http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=46

 

Also please read these and use the template letters.

[whiskas]

Thanks so much. Wow there isn't a shortage of reading material! Reading the success stories really give me confidence I can do it too. It's just a question of persistence and not letting the bank intimidate me. I am going to take it all the way and if I have to send the bailiffs into the branch to collect my cash I will do it! Does anyone know the general success rate? Is it pretty much a dead cert you will give some if not all your cash back with most banks providing you follow the procedure? I can't seem to find any reference to anyone that's lost. Thanks so much for the welcome, have sent letter off now recorded delivery to my bank. Can't wait to get the statements as I have no idea how much (or little) I am looking at. Good luck to everyone.

[Josamolly]

success rate is around 100%....

[whiskas]

Hi, just started this procedure today, have posted off request for statements, can't wait to get cracking!

Just wondered if doing this will affect credit rating? Any ideas anyone?

Hoping to re-mortgage in December 07 and don't want this to prevent me. I can't imagine how it could but you never know. ANy thoughts appreciated.

[whiskas]

Hi, I have started the ball rolling today to re-claim my bank charges against Nationwide (sent of letter requesting statements of charges). Just wondering if completing this process will affect my credit rating? Hoping to re-mortgage later on in the year and don't want this to put a spanner in the works! Can't see how it can but you never know!

Any ideas?

[livelylad]

Hi, just started this procedure today, have posted off request for statements, can't wait to get cracking!

Just wondered if doing this will affect credit rating? Any ideas anyone?

Hoping to re-mortgage in December 07 and don't want this to prevent me. I can't imagine how it could but you never know. ANy thoughts appreciated.

 

 

No it will not affect your credit rating.

[indebtstudent]

Not really, any details re the charges (unpaid?) will already appear on your credit rating. Depending on your situation you may be able to get the default removed, particularly if it is soley relating to charges.

[whiskas]

Hi, I currenlty have an overdraft of £1400 and need to open a parachute account, I need this kind of overdraft facility (just in case Nationwide decide to ask me to repay theirs prior to settlement). I earn £19k a year so it shouldn't be a problem should it? Which bank? Cheers for any advice.

[BADMOTHER]

I think any bank of your choice would offer you an overdraft, depending on your credit rating! I would be looking for 1 with the biggest "no fee" overdraft. Also they are all talking about charging for a current account now. First Direct have already started charging if you don't meet the requirements i.e. pay in less than £1500 a month or don't have one of their other products (loan,cc, etc). I went for a parachute account with Citibank with a fee free £500 overdraft, well that was a month ago, they said the account has been approved but I still haven't had the welcome pack etc. In the meantime I have already succesfully claimed against FD and didn,t need the account anyway. I would do a bit of searching for one that suits your needs! Good Luck:)

[121o121]

The account you are accpepted for and overdraft given (if any) will depend on your credit history.

 

In my opinion, I doubt any bank will give you a £1400 overdraft straightaway as a new customer. But again that depends on how good your credit is.

 

If credit history is a problem, many banks offer a basic account such as the NatWest Step account or the Halifax Card Cash, although these accounts do not offer facilities such as cheque books or an overdraft.

[whiskas]

Hi there, just need some advice please:

 

I have received my 6 years worth of statements and am about to prepare my preliminary letter. My claim only amounts to 775.00 but I am claiming anyway as that money will really help out. The thing is...the more I read about adding the interest the more I am confused.

 

I keep seeing 8% quoted then 24.9%...which one can you claim and what is the difference? I appreciate there is stacks of info on the site but to be honest I am utterly confused.

 

So, would I just ask for my 775.00 + 8%

Do you ask for the interest in the preliminary letter? I have read conflicting advice on this.

 

Can anyone help me with this as I am going round in circles. Thanks so much in advance.

[Bigmac versus]

The 8% is judicial interest and should not be mentioned in either the prelim or lba or in the spreadsheets, this only gets claimed when you file at court and only if they dont offer full settlement before filing.

 

If you are to claim for contractual interest then this needs to be mentioned in both the prelim and the lba but beware of this as they will almost certainly defend this claim and you would need to fully understand the reasons for claiming this.

 

Hope this clarifies it for you, good luck.

[Guest Mumofthreeboys]

24.9% would probably be contractual interest, which frankly you need to do a lot of reading up about before claiming.

 

You are much better off claiming your charges plus 8% (which is added only when you file a claim at court).

[whiskas]

Thanks for that. I think I will go for the 8%. So is it 8% of the total amount or 8% x 6 (6 years)?

Thanks again

[Trojan1401]

You do not add interest on at this point. Just send LBA for the £775.

 

You add the interest on when ( if ) you need to file.

[Varangian3]

Whiskas

 

Find the right spreadsheet in the bank templates library

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

 

The spreadsheet automatically calculates the 8% interest for you, you just enter all the details of dates and charges. If the charge goes back nearly 6 years then that's 48% extra due back to you. This is only fair, because the bank has been 'looking after your money' all that time since they took it without your permission, and they would charge you interest for every day that you looked after their money!

 

However, you don't include this 8% interest in the figure you ask back from them, nor do you send the 8% calculations with the spreadsheet details that go with the Preliminary Letter and the Letter Before Action. The 8% only becomes part of the claim if they don't settle early and you make an application to the court.

 

Have a go at this and it should become clearer. If you need more help then, reply to this thread and ask us. Good luck with it.

 

Varangian Guard

[whiskas]

Thank you Thank you Thank you!!! I understand now. I won't be even mentioning interest in my preliminary letter now but understand how to work it out when/if I need to.

 

The spreadsheet is excellent - will start filling it in now.

Thanks again, what a great forum this is!

[rightfullymine]

hi whiskers,

 

its really hard when you are faced with the spreadsheet, knowing what to do and actually doing it!!!

 

took me ages i know and with loads of help from guys on here.. they were more or less taking me through step by step - maybe check out my thread and you can see for yourself could maybe answer some underlying questions you may have.. they were of great help to me and got me through..

there is always someone on here that will help if they can its always worth asking at any time day or night ~

you never know who might be out there!!

good luck

[whiskas]

Hi I am trying to find a parachute account in case Nationwide close mine when I make my claim. It's not a huge claim but I want to be ready if they do. The thing is my current overdraft is £1300 which I am currently reducing by £60 a month (at nationwide's request). It's unlikely I will find a parachute account who will offer this amount overdraft. What have you done in this situation? I presume my "winnings" will have to cover the overdraft (only claiming £750.00) and then at least I will have a new account with a smaller overdraft. A bit confuzzled. Anyone found a bank that will offer a reasonable size one?

[rightfullymine]

HEY DONT WORRY WHISKERS,,,

GO TO NAT WEST.. i opened an account there in 10 mins.. easy!!!

i got a step account, all i needed to show them was 2 statements from bank account,(i couldnt use mine as nationwide always address me as MR not MRS) so you can also show passport, utility bill, driving licence.. THATS IT!!

step account is basic account with a hole in the wall card,,

BRILLIANT!!

if i have been of any help please add to my reputation point by clicking middle icon bottom left Thank You

[whiskas]

Thanks for that. I was more concerned about overdrafts...I have quite a big one at the moment which I am up to the limit with and am worried I won't be able to get an equally big one when I swap accounts.

[rightfullymine]

i think you usally have to have an account for an amount of time before they offer you an overdraft.. but i found nat west to be really approachable and in these days of bank hardship im sure they will be wanting your custom.. go to nat west and say what you are wanting.. you never know~ you might get it !! good luck

[lori1]

hi whiskas, i also found it very easy to open an account with the halifax, so you have a couple of options, although maybe it's safer keeping it under your bed:eek: best of luck x