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Penalty Interest


BANKRIPOFF77
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Hi, Can anyone confirm if it ok to claim back any interest charges such as 'unauthorised overdraft interest' (which is applied at a much higher 'penalty' rate) as well as the charges for letters etc?

Also, as I complained to the bank (Lloyds) around 3 years ago, which culminated in an approach to the Ombudsman, can my claim for unfair charges go back 3 years past the statutory 6 years? The Ombudsman's decision was not acted upon.

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Hi BankRipOff

 

Welcome to the CAG forum.

 

Penalty overdraft interest........., you can either fill in the spreadsheet to calculate what proportion of your o/d interest was caused by charges and is reclaimable, OR...you can try to claim contractual interest against all the charges. The latter is unproven in court as yet, but some people have had some success, adding on over 20% interest to their charges, however, if you do go for this, you have to request it from first letter and you cannot claim 8% statutory interest at court stage.

 

I personally cant advise which is the best option but if you do lots of reading up, you should be able to form an opinion.:)

 

Your complaint to the ombudsman will not affect your claim and you should proceed as normal. If you have statements further back than 6yrs or can get them, then reclaim as far back as you can. You'll need to do some reading up on the Statute of Limitations Act 1980 to get to grips with your rights. We are basing our right to claim further back on the basis that the banks have 'concealed' the true nature of their charges.

 

Start a thread in the LLoyds forum next and keep us posted.

 

Good luck:)

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Thanks Kate. The point I was making re the 6 years is that as I have already informed them of a claim against unfair charges, does the clock start from then and not now when I initiate a new potentially legal claim?

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Guest louis wu

Hello,

 

The six year statute you refer to begins from the moment you FIRST discussed the issue with your bank.

 

Regards

 

Louis

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Its actually 6 years back from the date the Court claim is issued.

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Any advice or opinion is offered informally & without liability. Use your own judgment and if in doubt seek advice of a qualified and insured professional.

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Guest louis wu

I stand corrected.

 

For what its worth, though, my claim was from the six years prior to my DPA SAR's request, which I believe most people do, and like others, my dates were not questioned.

 

But, yes, GaryH is correct (as is always the case:) )

 

Louis

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FWIW, for ages I used to think it was from the date you first contacted them too - its a common misconception.:)

Please remember to DONATE! Help CAG keep up the fight!

 

 

Any advice or opinion is offered informally & without liability. Use your own judgment and if in doubt seek advice of a qualified and insured professional.

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Thread moved to Lloyds forum.

 

 

 

 

 

I am not a legal expert my advice is given without prejudice and is purely my opinion only. If you are in doubt please seek professional advice.

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