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What is the interest


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Hi

 

I've just started my claim, I've tallied up all the charges and have used one of the CAG templates.

 

My query is what is the standard rate of interest to charge, is it 8%? Secondly, do I add that percentage to the total or do I have to go back through each charge and calculate interest from the date the charge was made?

 

Does that make sense? Sorry sums are not my strong point.

 

I also wanted to ask if anyone's had a dealings with business accounts? I have personal, joint and my business account with Lloyds (I'm self employed) I'm not claiming back any charges from my business account but I'm a little concerned that they may want to close all of my accounts which would be quite a pain)

 

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Not sure on the business account front but if you go into the templates on this site you will find a spreadssheet that does all of the calcs for you, as long as you have the date the charge was levied, the amount and the type of charge.

PPMAN159

 

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Hi Camilla,

 

There is frequently some confusion on interest.

 

Firstly the 8% you mention is section 69 interest and can only be applied once you file your claim at court.

 

It is possible to claim back interest at Prelim and Letterbefore Action stages but again only that interest you were charged on the charges that were levied on your account.

 

The maths on this is a bit of a headache and many (myself included) don't bother.

 

The spreadsheets are here

 

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

 

Best of luck and post a thread in the forum of the bank you are claiming off. call it "camillamaria v bank name".

 

Regards

 

BB

Any advise offered is my own opinion, and if in doubt, always seek clarification.

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hi can anybody help????

we have sent a letter to our bank lloyds tsb we got one today saying that we could not claim bank charges back as they wre not default charges?? this is a quote from their letter (this doesnt apply to your charges as these were for dealing with your request to go over your agreed overdraft limit. they are not default charges because you havnt broken your agreement. they are our prices for the services we provide in these situations. unquote i am confused

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Blackknight,

 

It would be best for you to start a thread in the Lloyds forum as the you will get help from people who have claimed and won from this bank.

 

This link will take you straight to the new thread ion Lloyds .

 

http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=11

 

Best of luck, and don't panic, the banks are not going to fall over themselves to givre you back you oney, but they will give it back if you follow the process here

 

Best of luck

 

BB

Any advise offered is my own opinion, and if in doubt, always seek clarification.

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