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Hi People. I have just received 6 years of statements, but have no idea how I calculate the interest. Obviously some of the interest is legal, so how would I seperate the both? Am I right in what I am saying or is it a lot simpler than I am stating? Please help.

Thank You.:???:

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Hi Pats, there are 2 types of interest that you can claim at prelim and LBA stage:

 

1. Overdraft interest

If charges made you overdrawn/go over your overdraft, you will have been charged interest on any unauthorised borrowing. You can claim back interest on this (but not normal overdraft interest - this is a service charge for having the overdraft)

2. Contractual interest

Really complicated - after 4 months on this site I still can't get my head round it, but you'll find threads on this throughout the various forum.

 

You need to download the spreadsheets that calculate the above types of interest (have a look here http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html). Personally, I've claimed back charges only and I'll add on the s69 8% interest that can be awarded by the courts if I get to the court stage. However, the choice is yours! Have a look at the various spreadsheets to find the right one for you.

 

Good luck, hedgey xxx :p

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Hi People. I have just received 6 years of statements, but have no idea how I calculate the interest. Obviously some of the interest is legal, so how would I seperate the both? Am I right in what I am saying or is it a lot simpler than I am stating? Please help.

Thank You.:???:

 

Info here too pats. http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/25457-guide-reclaiming-bank-charges.html?garpg=4FAQs have lots of stuff you really need to study to get everything right Varangian

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A person is only as big as the dream they dare to live.

 

 

Good things come to he who waits

 

 

Its your money taken unlawfully from your account and you have a legal right to claim it back.

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I am trying to get myself acquainted with the spreadsheets in order to claim penalty and interest charges, but they are more than a little perplexing. Any advice as to how I should tackle it? I am hopless at calculations/maths etc. Keep it simple please.

Thanks:confused:

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