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Monthly Interest Help


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I rang barclays to cancel my additions acccount 14.50 a month. And was told by the advisor that I would be paying more in interest per month on my overdraft (£1000) than what the additions was costing. Now I think I've been lied to.

 

Last month I paid 14.50 additions fee and about 5 in interest as my acoounts probably somewhere between 500 and 1000 overdrawn.

 

There interest on a normal current account agreed overdraft is 15.6 EAR.

 

How would I work out what the monthly interest would be if say I was £1000 overdrawn all month? Is it cheaper than £19.50? If it is I will be complaining.

 

Cheers

23/02/07 Request for payment sent (hand delivered to my local branch)

08/03/07 Standard Letter from Barlclays saying they are looking in to my complaint received

13/03/07 Letter before action sent (hand delivered to my local branch)

27/03/07 Partial offer of £1255 received

29/03/07 MCOL submitted

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I have two current accounts, each with agreed 500 overdraft, which lately I've been using pretty much continuously. I seem to pay between 5-7 quid per month per account. Don't ask me how they work it out, but it sounds as if it's a borderline case in your account.

 

D.:confused:

Barclays (2 accounts) WON

Lloyds TSB (Daughter's) WON

 

Cohen's: WON (discontinued)

DLC: Given up, gone away.

Eversheds: Trying!

Equidebt: In default

Intrum J: Return to OC

iQor: Stopped paying.

Link: In default.

ScotCall: Return to OC

Thames: Stopped paying.

 

 

I am NOT a legal or financial expert. There are many CAG members and staff who are better qualified. Please do not make major decisions based on my advice alone.

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