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Hallo and 8% interest


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Hi,

 

This is my first post!!!!

 

I am now at the stage with the Abbey of filling in my claim form to go to court. I'm in the middle of working out the 8% interest on the very useful template (thank you!) but I am unsure as to whether I should be including the interest that the bank charged me originally. Interest on interest!

 

Please can somebody help me.

 

Many thanks to all who have and still do put in so many hours of their free time to support the rest of us.

 

Lucy

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Guest louis wu

Hello,

 

The overdraft interest that the bank have charged you is reclaimable, provided it the unlawful charges that have caused you to be overdrawn.

 

There is a spreadsheet, but it is complicated (I will rephrase that, its not complicated but I don't know how to use it), but basically this is the rule.

 

If on a specific date, you are £1000 over your O/D limit, and that £1000 is made up entirely of charges, then YES you claim it back. If only £500 is charges, then you claim half the interest back.

 

So, it needs a bit of lateral thinking and estimating, but if the spreadsheet is not for you, then you can still work out an estimation (I erred on the side of caution and estimated a lower amount to avoid it being questioned)

 

When you have all the interest, put it in the usual spreadsheet and work out a further 8% interest on that.

 

Sorry its a long winded explanation, buts thats the way I done it. Post again if you need further details.

 

Louis

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Thanks Louis for your reply.

 

I originally went three pounds overdrawn - with no overdraft facility - and since then have been continually in an overdraft situation. I now do have an overdraft thanks to the Abbey's charges!! So I think that qualifies me to claim all their interest charges eh!

 

Right now on to the Claim Form.....:)

 

Thanks again,

Lucy

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