Claiming Interest

[jackbauer01]

I've had a look around, but cannot see a thread that answers my question.

 

Using the Advanced Excel spreadsheet, I wish to claim for the Interest Charged on my penalties.

 

When putting my figures in, it seems to allow me to claim more back on different dates for the same amount of interest charged with the same overdrawn balance.

 

For example:

 

On the 27th March 2003 I was charged £2.36 interest. My account balance at the time was -£402.24, and the spreasheet allows me to claim back 0.59p.

 

However, if I put...

 

On the 27th March 2007 I was charged £2.36 interest. My account balance at the time was -£402.24, the spreadsheet allows me to claim back £2.36.

 

Why the difference?

 

I have tried to put in 12 fictional charge amounts of the same value as a test and run the interest charged the same for 12 months with the same overdrawn balance, in attempt to understand a pattern and it seems the amount I can claim back goes up in 8p's with each month.

 

Can anyone explain how this works before I send my prelim. letter off?

 

Thanks

 

Jack Bauer

 

[lucid]

Hi Jack,

 

As time goes on and you are given more charges by the bank, it is likely that more of the overdraft interest will exist as a consequence of those charges. This is how the spreadsheet works it out.

 

Lucid

[jackbauer01]

Thank you. So it looks to add an increased percentage, in my example an 8p increase, for every month that goes by.