Help - got my thick head on today and really confused

[Im_getting_frustrated_now]

Hi

 

Got my statements back from the fabulous Lloyds but they only go back to Sept 2001 - However I have located (I know its quite sad actually) my copies of bank statements for 2001+2002!!

 

What I'm really stuck with is the preliminary letter. I have copied the template, totalled my charges and calculated the interest (as I read to do on another post) - I have just been back onto the FAQ and the 'step by step' guide and its says not to include the interest at this point?!?! Have I missed something?

 

Also, is it best to send this letter off to 25 Gresham St, London by RD?

 

[mango22]

Hiya,

 

It depends on the type of interest you are claiming for - contractual of statutory.

 

The statutory interest can only be added when it gets to the court stage. There are speadsheets to help calaulate this. However, the contractual is a bit more complicated in that it is the overdraft interest. This interest is only for the amount that the charge is accountable for.

 

For example, if you have a £200 overdraft and have used £100. A charge is applied taking you to £130. You can only claim for the £30 worth of interest.

 

I hope this makes sense!!

[mango22]

I picked this up off another post - just in case what i said was waffle which does happen getting close to this time of the evening!!!

 

 

 

If, during any month that you incurred charges, you were in an overdraft situation (authorised or not), you will have been charged interest. Part of that interest will refer to the charges incurred. This is reclaimable.

 

However, it can be difficult to extrapolate the element that refers to the charges from the total overdraft interest. Often, it is a relatively small amount and many claimants do not bother with it.

 

On the other hand, if your ‘overdraft’ consisted entirely of unlawful charges, then all the interest would be reclaimable and might be a significant amount. This can happen when an account is ‘dormant’ and racking up only charges.

 

So it all depends on the activity and balances on the account, which only you can measure.

[Im_getting_frustrated_now]

I'm really sorry to sound so thick and useless but I'm still confused! It's been a long hard day!

 

I used the simple spreadsheet to list my charges which automatically calculated the interest. Do I remove this column before printing? If so do I amend the paragraph on the prelim letter to remove the sentence about interest?

[mango22]

At this stage Yes. Do not include it until you have to complete a court claim form (N1).

 

Don't worry. I felt like this when I first started. Just ask if you are stuck.

[nicsussex]

Unless you are claiming contractural interest then leave it out until time comes to submit your claim

[mango22]

Sorry - missed out the other question!!

 

Amend the letter to take out the bit about the interest. That section relates to what would be overdraft interest on your statement. A lot of people don't claim for that as it can be complicated to calculate.

 

NB. That is different to the interest on the spreadsheet. That one is kinda like charging interest them for having your money

[mango22]

Have a read of this guide. I found it really helpful.

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/25457-guide-reclaiming-bank-charges.html

[Im_getting_frustrated_now]

Cheers for that.

 

Will continue tomorrow morning after a long, long sleep!