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What do all these charges mean?


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Greetings All. Sorry if this has been covered before, but I wonder if anyone could help clear-up what these charges mean. I sent the first letter to Smile, asking for a list of all charges applied to my account (as per several example letters on websites such as this). I included a cheque for £10 and was very happy to see that Smile returned the cheque - no charge for this service :)

 

However, the list of charges that they sent to me is, well, just a little confusing. Each column of charges has a heading that fails to adequately explain what the charges are for and there is nothing I can see on their website that explains these headings.

 

The headings are as follows: Commission; Credit Interest; Debit Interest; Tax On Credit Interest. I think 'Commission' is fairly straight-forward. That's £710 I'm claiming back straight away. But what do the others mean and can I claim them all back?

 

Thanks, and sorry for being so stupid when it comes to financial jargon.

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Hi there,

 

I have just got around £1900 back from smile(guess whos smiling now) so here goes!

 

Right, you need to add up the commission total and the Fees total and thats what your entitled too.

 

If you go to the templates section and download the excel spreadsheet for charges you can then fill it in with both of these charges.

Fees and Commission.

 

The spreadsheet will then calculate contractual interest for you which you can also try and claim.

 

You are not entitled to anything else.

 

Then get the LBA template (first one) and fill it in and then send that off with your excel spreadsheet.

 

It is a mundane task filling in the spreadsheet but worthwhile.

Hope this helps.

Any other questions let me know!:)

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Hi porcupine, thanks for the advice and congratulations on getting your money back! I don't know whether Smile has tried to be deliberately confusing but naturally apart from 'Commission' I can't really tell from the papers they sent what's a 'fee' and what isn't. There are two different sorts of interest charges levied against my account - Debit Interest and Credit Interest. To my simple and ignorant mind it seems as though they've charged me for money I've had as well as money I haven't had. One of those columns comes to quite a lot of money, but as I don't know whether or not it's a fee, I can't really claim it back.

 

On a related note, I sent a secure message to Smile asking, in very clear and simple terms, if they would clear-up for me what such terms as 'Debit Interest', 'Credit Interest' and 'Tax on Credit Interest'. That was three days ago. Still waiting for the reply.

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you cannot reclaim any interest they have charged you, you could however, charge them contractural interest at their overdraft rate, but thats a bit diff & debatable.

 

there is a thread entitled 'why is no-one claiming contractural interest' or close to that, do a search & have a read

 

good luck & we are all with you

 

dx100uk:D

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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firstly let me apologise for my ignorance as im sure my questions will already have been answered elsewhere. today received a list of charges, i have £1535 commission, £19.99 credit interest, 180.57 debit interest, 140 fees and 4.97 tax on credit interest.

 

what out of these can i claim? so far i have entered 1535 commission and 140 fees onto the excel spreadsheet, that has also calculated 506.92 in interest at 8%, can i also claim this too?

 

many thanks and apologies once again!

 

paul.

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don't hi-jack other peoples threads...start one of your own under the named bank forum.

 

please, you really do need to do some reading

this is not a get rich quick scheme, it is a self help forum.

you need to follow & know what/why you are doing things else it will go pooch.

 

NOTHING listed on their statements with the word INTEREST associated with it can be claimed, they are not CHARGES or FEES which the OFT made the advice against in terms of level of charging.

 

however you can reclaim the overdraft interest but only the amount that is a direct result of a charge making you overdrawn. There is a spreadsheet in Vamps' chambers which will calculate this for you.

 

You can only claim the 8% statutory interest once you enter the MCOL stage of your claim [moneyclaim on-line].

 

please read the step-by-step instructions which are available.

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31460-example-step-step-instructions.html

dx100uk;)

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I would not recommend that you claim contractual interest as there is no basis for it in law, although some people have been lucky and got away with it.

 

Debit interest is the interest you have been charged when overdrawn.

Credit interest is what smile pay you when you are in credit.

Tax on credit interest is the tax you pay on credit interest if you are a tax payer.

 

You can claim the interest on the part of your overdraft that is made up of charges, and the advanced spreadsheet in the link below will work that out for you. It's called advanced, but that only means the calculations already in it are advanced, but all you need to do is take the information from your statements and put it in the sheet.

 

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

 

I hope that helps.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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don't hi-jack other peoples threads...start one of your own under the named bank forum.

 

please, you really do need to do some reading

this is not a get rich quick scheme, it is a self help forum.

you need to follow & know what/why you are doing things else it will go pooch.

 

NOTHING listed on their statements with the word INTEREST associated with it can be claimed, they are not CHARGES or FEES which the OFT made the advice against in terms of level of charging.

 

however you can reclaim the overdraft interest but only the amount that is a direct result of a charge making you overdrawn. There is a spreadsheet in Vamps' chambers which will calculate this for you.

 

You can only claim the 8% statutory interest once you enter the MCOL stage of your claim [moneyclaim on-line].

 

please read the step-by-step instructions which are available.

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31460-example-step-step-instructions.html

dx100uk;)

 

 

thanks for your help, and the tone of your reply!

 

i HAVE read, i just wanted to make double sure as i had read on other threads that people had tried to claim interest too and wanted to check which type of interest i could claim. is that ok with you mate??? i realised my mistake and started a seperate thread, forgive me for not being an expert on internet forums.

 

thanks once again.

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