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I have had all my statements sent me as requested and totalled up charges ie returned direct debits,unauthorized overdraft fees etc and it comes to £1676.00 from 26/01/01 to 21/11/05,i am stuck on what i do with dr interest (what is this and do i add it on)i have read and read this forum and no good with figures and just cant work out the 8% interest should i just ask for the £1676 and leave it at that


:confused::oops: yes i know im thick lol

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hi paulnali


you are confusing the different types of interest. "dr interest" is the interest you have been charged by the bank for being overdrawn. in order to reclaim the dr interest you would need to use the advanced spreadsheet in the library to work out how much of the overdraft was caused by the penalty charges. so it would not be correct the reclaim all of the dr interest unless all of your overdraft was attributable to the penalties. if you are going to claim this back you need to include it in your prelim and LBA letters.


the 8% interest is the statutory interest that you add on to your total claim for penalty charges and overdraft interest when you raise your court claim. both spreadsheets (simple or advanced) calculate this 8% for you and will produce a figure to include in your claim. you do not mention this 8% interest in any of the letters you send the bank before raising your court claim.


after issuing your court claim you are entitled to carry on adding 8% interest until the day that the bank settles your claim. to work this out you take the total amount claimed (excluding the 8% interest) and multiply it by 0.00022. this gives you a daily rate and you multiply this by the relevant number of days. so for instance if you issue your claim on 1st April and the bank settles your claim on 20th April you will add an extra 19 days of interest to the settlement figure.

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