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im stuck interest


dd1985
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dd its best to stick to one thread for your claim, so that peeps can see what advice you've already been given and what stage you're at. From your other thread I noticed that you are just about ready to submit your claim to MCOL. It is too late to claim overdraft interest now, unless you want to go back a stage and send another LBA revising your claim.

 

Overdraft interest can be claimed when it is due to the charges. So if 50% of your overdraft was made up of charges, you could reclaim 50% of the overdraft interest. It is a fluctuating figure and the advanced (complex) spreadsheet works it out for you, but you need to enter the charges, overdraft interest you've paid and your account balance at that date for it to calculate what you can reclaim.

 

If you're wondering how to claim the 8% statutory interest both the simple and complex spreadsheets work this out for you. presumably you have already used one of these to calculate your claim? If so, the total should already be on the spreadsheet for you to refer to.

 

To work out the daily rate of 8% interest, take your total claim for charges and any overdraft interest you may decide to claim (not including the 8% interest) and multiply it by 0.00022

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