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pattacake
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Guest ian cognito

it alreay does it lateralus, interst on charges, 8% and contractual all on seperate worksheets ready to send whichever you need, clever lad that Mindzai!

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i'm sure you know the s/s link is working again now.

pattacake - i saw your post on another thread and answered you there - but i'm putting it here as well to help......

 

 

hang on pattacake. you aren't saying you are adding up all of the interest debits on your statements and putting them directly on to your claim - that would be incorrect and the bank will throw them right back in your face.

here is the bit about overdraft interest from the description of charges thread:

Overdraft interest

 

This is the single most confusing part of most peoples claim, and one of the most frequently asked questions

 

overdraft interest is applied to your whole overdraft, however if some of your overdraft is made up from (unlawfull) charges,

then a proportion of the interest has been wrongly applied and is therefore reclaimable

 

Example

 

you have a £400 overdraft, you purchase something that day for £200 so now you are -£200 on your current account balance, but on the same day £200 of charges are placed on your account, which means that your current account balance is now -£400 and the bank will charge interest on the whole £400, but as we are contesting that these charges are unlawfull, then the interest should not be placed on the whole amount, only on the amount that you have actually spent,

therefore in this example you can claim back 50% of the interest, however these calculations have to be done daily to truly reflect the amount which can be reclaimed,

 

Dont worry, Vampiress has made a spreadsheet that will calculate this for you, you can find it here, but please read the instructions that come with it;

 

my advice on this is - if you don't understand this description - then don't try to claim o/d interest.

 

here is why- the advanced s/s must be used to calculate what portion of each interest debit is reclaimable - the s/s will pick up some, all or none of each interest entry depending on your balance at the time of the charge - if you are in negative balance it will pick up some or all of the interest - if you are in positive balance it will pick up none of that entry. the s/s does all the calculation but you must at least understand why - else you would have no chance defending your claim of it to the bank or its solicitors.

 

so, again - don't just plonk those interest charges onto your claim list - that will totally mess up your claim and could result in failure. so please do it right.

 

this is why a lot of peeps don't do the o/d interest - because it looks complicated - it is but the s/s does it for you but it still has to be done correctly.

 

i'm going to copy this onto your thread so that you will see it before you make an error.

 

 

if you have questions or want a simplified step by step to doing the o/d interest - let me know.

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Hi Keep getting an error on the interest on penalties box on Mindz sheet,anyone else with same problem, it is just leaving either ////in box or nothing and says error in top tab area, hope this makes sense, been trying for a few hours and getting rather tired.

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