About to take the plunge

[ALG]

Hiya all

This is the first time that I am doing anything like this. But I feel so passionate about this issue that I decided to stop moaning as I have done for years about extortionate bank charges and start to put words into action, and thanks to you guys I now know this will become a reality.

 

I am about to take the plunge, I have already started to fill in the Prelimnary letter, I have read and digested FAQs for two nights, but, still I haven't a clue how to workout the overdraft interest, please help me someone, anyone!!

 

I am feeling very anxious about this but it is about time we stood our grounds, for far too long banks have been a thorn in our sides, now its time to pull them out and reveal them for what they truly are. (edit) who have been (edit) .

 

This site is tremendous.

 

CAG YOU ROCK

 

[MODERATED: Libelous comments removed]

[joneshousehold]

Hi and welcome on board. Well done for taking the plunge and for reading up about it before acting. The site is now huge and reading up alone is a big task. This whole thing is daunting and it can put many people of but everyone has a huge support team behind them in their claim. Don't forget that one day a claim may go to court and you will need to be sure you have done everything right and be prepared to take that extra step to succeed (although I am still sceptical that they ever will!)

 

Anyway to answer your question about overdraft interest, this is a difficult one to calculate. There is a spreadsheet available but this is for the 8% statutory interest allowed when claims are in court. When I made our claims I butchered the spreadsheet by altering the interest rate to the overdraft rate charged by my bank. I found the rate on the website. The formula on the spreadsheet needs part of it altering. I didn't know the factor as used in the spreadsheet so I adjusted it to take a % (by dividing by 100 and multiplying by the relevent % and put all that in brackets). It seems to work because the figure was reasonable compared to the statutory interest figure.

 

The thing you must remember is if you haven't had an overdrawn balance all the time there will not be any overdraft interest for a while. But with Nationwide they do pay about 4% on credit balances and a high rate if you go over the authorised overdraft limit. I took the view that the overdraft rate was an average of all 3 and claimed anyway. So far they are offering to pay it back but I suspect they haven't bothered to check the figures.

 

Sorry this is a long reply but have a look at the spreadsheet and if you are still stuck post again and I will look at the calculations in more detail on mine.

[ALG]

Hi joneshousehold,

 

Thanks for your reply and encouragement. I feel ever so embarrassed but I have to admit that I still don't understand how to work out the interest. However having read through more of the FAQs I found that some have made their claims for the total charges alone, as it became too complicated trying to work out their interest. I will also take this route as I really don't want to mess this up and end up not being taken seriously by the bank as I know they will be scrutinizing every step we take.

 

Another thing that cropped up was that when I rang up to ask for my statements I was told that I would have to pay £5 for each statement, when I inquired when this had come into action I was told about a month ago. Luckily I went through my files and found statements dating back to Jan 2002, from this I calculated that they owe me £1722.

 

I have also read that there may be a possibility that the bank may close my account, has this happened to anyone as yet? Are they allowed to close your account for such reason i.e. them stealing money from you!!!! This is unbelieveable.

[callumsgran]

hi, if you write the prelim letter quoting dpa you will only have to pay £10 for all your statements, send cheque or p.o with it. also open another a/c somewhere as they may well close your account ok? good luck

[ALG]

hi, if you write the prelim letter quoting dpa you will only have to pay £10 for all your statements, send cheque or p.o with it. also open another a/c somewhere as they may well close your account ok? good luck

 

Thanks for that I will go and get that sorted, however I have been with Nationwide for sooooooo many years that I wouldn't know where to start when it comes to choosing a bank or is it a case that they are all as bad as each other????

[callumsgran]

ive gone with the co-op cashminder which gives you online banking and a visa electron card. they are quite strict in the first few months tho, you mustn't bounce any dd's or they threaten to close your account. nat west step account not too bad either but limited online banking. hope this helps? p.s you can apply online for step account

[ALG]

ive gone with the co-op cashminder which gives you online banking and a visa electron card. they are quite strict in the first few months tho, you mustn't bounce any dd's or they threaten to close your account. nat west step account not too bad either but limited online banking. hope this helps? p.s you can apply online for step account

 

Thanks for your quick and useful response , I will look into these two straight away.

 

The encouragement and support from this site is great. I wiil definately be making a donation to this site when I get my money back, its well worth it.

 

Once again thanks:)

[callumsgran]

you're welcome

[oooeee]

Hi there,

don't know if this helps but the interest charges for my unauthorised overdrafts (their fault as the only time i was allowed to go overdrawn was when they took bank charges out) were detailed on my statements alongside the returned dd's and overdraft fees. perhaps they are on yours and you have missed them?

sending prelim letter today claiming £1778.55

[ALG]

Hiya:)

 

Thanks for that, I have just realised that the interest charges are actually right there on my statement. Oh well too late now as like you I posted my prelim letter today. I'm a bit sad about not adding that sum to my prelim letter because I don't want them to get away with not even a penny.

 

Anyhow here goes, we are now on a mission, no turning back.

 

Good luck, keep me informed every step of the way.

[ALG]

I have just recieved the following letter from Ms Sarah Watson of Nationwide...

 

Thank you for your letter of 10 June 2006, about charges incurred on your FlexAccount.

We appreciate the time you've taken to get in touch with us about this issue, and are grateful for the opportunity to explain the rationale behind our charging policy. We are aware there has been a lot of speculation about fees and charges in the media and that the Office of Fair Trading has issued a directive regarding credit cards.

As you know if we allow items to be paid and it means you exceed your agreed overdraft or we have to return an item unpaid on your account then we will make a charge in accordance with the terms and conditions. Details of our tariffs are contained within our 'FlexAccount Interest Rates and Charges' leaflet, freely available in branches and provided when opening an account and agreed to by yourself when you sign in acceptance of these terms when signing the application forms.

Nationwide believes it is open and transparent about charges and members are pre-notified prior to charges being debited via their monthly statements. If, at any time, we make changes to the tariff, account holders are always informed. We hope that you will feel that you can abide by the terms and conditions of the account but if you cannot, then regrettably it may be appropriate for you to consider alternative banking arrangements.

I hope that this has helped to clarify our position and you will appreciate why I am unable to refund any charges on your account. If you have any further queries don't hesitate to call me. My contact number is 01793 712507.

I must make you aware The Nationwide Group uses the Financial Services Authority rules when dealing with customers' concerns. I've enclosed a leaflet that explains our Internal Complaints Procedure should you not be happy with my reply.

Yours sincerely

 

Sarah Watson

Team Manager

Member Account Servicing

What do I do if I'm still unhappy?

The Nationwide Group uses the Financial Services Authority rules when dealing with customers' concerns. Under their guidelines, you may consider the following course of action if you're not satisfied with my response.

1. Our Member Service Department can review your concerns. I will be glad to refer it

for you. If you decide to go ahead with this option, please contact me.

2. If you are still not satisfied, you may then approach the Financial Ombudsman Service

for an impartial, independent assessment of the situation.

If you don't come back to us within the next 56 days, I will close our file.

 

 

At first I felt a bit anxious, but as I read through the other messages and discovered how far others have gone in claiming back what has been (edit) from them alongside, having seen a similar STANDARD letter from Ms Watson to another of Nationwide's many victims I began to feel a little more confident in what I know I must do.

 

I am now ready to move on to the next level, but before I do so could someone confirm whether the next letter to be sent is the 'letter before action' template?

 

As warned by others I have already opened a NatWest Step Account which was recommended by a loyal supporter of CAG and I am currently looking into a Lloyds account.

 

On a seperate note, when I sent my first message it was purely through trial and error, yes I admit that I am a novice at all this, and due to this I have been trying to work out how to send this message for well over an hour, I ended up doing so by entering 'Post Reply' Hence I don't know where this message may end up. If you do come across it please tell me how to send new messages correctly. HELP!

 

Moderated: edit .. please do not post comments that may be seen as libelous , this is for the protection of the site.

[joneshousehold]

As you have realised this is a very standard reply from Sarah Watson so I would go ahead and issue the letter before action.

[ALG]

As you have realised this is a very standard reply from Sarah Watson so I would go ahead and issue the letter before action.

 

Thanks for that, much appreciated. From reading through the numorous messages I find that you are truly supportive and encourage many who feel as I do, NERVOUS!!! This in turn has help others in their pursuit.

 

How has things been going for you? Please keep me informed.

 

Anyway as the saying goes 'Their is strength in numbers' which to me is what this site is all about. So here goes.....!!!!

[joneshousehold]

Thanks for your kind words.

 

We are a bit in limbo at the moment as they have repaid (woo hoo) but said they will close the account (boo hiss). However we are still in court awaiting confirmation there is no default notice against us and we have said we will complain about our treatment to the Ombudsman so that will cost them more in Ombudsman's fees. Still deciding whether to challenge the closure.

 

This site is truly brilliant in being supportive. I like to think I have returned the support of others to people like you. In time you will be doing the same. Good luck with the claim for now. Anything that gets at Nationwide is reward enough for me!

[ALG]

I am in the process of making a claim but I am stuck at the 'Particulars of Claim' section, is there any standard templates that I can use to fill in this section? or does anyone have any ideas as to what I can put into this section, after the last reply from Nationwide I am desperate to make a claim. Also does what is the solicitors cost? And does the claim include any issues under the Human Rights Act?

 

To be honest I am beginning to panic, nerves, etc.....

[dolly]

ALG, Calm Down !!!

 

There is a guide to completing the moneyclaim form here.

 

Solicitors cost is £0.00 (unless you are planning to hire one!) and the human rights act thing is No.

[oooeee]

hi there, i used the templates in the library section on my claim. i did mine hard copy cos i didn't have to pay the court fees cos i'm on benefits. keep at it it will be worth it in the end. i sent my prelim letter on the same day as you and i've just got some of my money back already. keep at it!!!

[ALG]

Hi Dolly and Oooeee

 

Thanks for your quick responses I am now going to continue with my claim. You guys are truly an encouragement especially at a time like this because from what I have gathered many have given up at this stage, but with such solid support there will be no stopping me.

 

Congratulations to you both on the recovery of your money

[dolly]

You go and get your money back - and you will, we all have Any more help you need just ask.

[ALG]

Hi guys

 

I have gone and made a bit of a boo boo with my online Money claim. Having successfully submitted my claim I have found to my horror that I have omitted to add the layout of my calculations.

 

I have sent an email to them explaining the situation and duly supplied them with my calculations, i.e. charges deducted and 8% interest.

 

Was I correct in doing so?

 

I am really upset with myself as I am serious about this claim and I want to be taken serious, but then I go and mess up at the last hurdle:cry:

[dolly]

I don't quite get what you mean - you have omitted the layout of your calculations? Do you mean that you haven't included the spreadsheet with how you got to the total figures?

 

If that is what you mean and you have filed online then don't worry about it. There is nowhere online to supply these details. As long as you have put the total figures you are claiming in the boxes it'll be fine. If it is something else RING the courts ASAP, before 10am this morning.

 

Will be around this morning if you have any questions....just off to do shopping for a while (yes, at 7am....can't sleep!)

 

Don't worry

[ALG]

I don't quite get what you mean - you have omitted the layout of your calculations? Do you mean that you haven't included the spreadsheet with how you got to the total figures?

 

If that is what you mean and you have filed online then don't worry about it. There is nowhere online to supply these details. As long as you have put the total figures you are claiming in the boxes it'll be fine. If it is something else RING the courts ASAP, before 10am this morning.

 

Will be around this morning if you have any questions....just off to do shopping for a while (yes, at 7am....can't sleep!)

 

Don't worry

 

Ahh Dolly

 

Thanks for that, I have put the total figures in the boxes, but for some reason I thought that I had to provide calculations i.e. total amount of charges and 8% interest fee in the 'Particulars of Claim' section.

[dolly]

Ok...in the particulars of claim section what exactly did you write? You don't have to explain HOW you got to the figures, but it needs to be something along the lines of what is in the template (in the Library section) plus that you are claiming the interest.

[ALG]

Ok...in the particulars of claim section what exactly did you write? You don't have to explain HOW you got to the figures, but it needs to be something along the lines of what is in the template (in the Library section) plus that you are claiming the interest.

 

This is what I wrote in the particulars of claim section I hope it is correct

 

 

I have had a contract with the defendant

 

bank since 1988, which is conducted on

their standard terms and conditions. I am

claiming the return of money taken by the

defendant in the way of charges over the

last 4 years plus the interest levied on

those charges. The bank's charges are a

disproportionate penalty and therefore

unenforceable as they are contrary to

common law. Further, as a disproportionate

penalty they are invalid under the Unfair

(Contracts) Terms Act 1977 s.4 and under

the Unfair Terms in Consumer Contracts

Regulations 1999. Para.8 and sch.2(1)(e).

In the event that the charges are not a

penalty then they are unreasonable within

the meaning of the Supply of Goods and

Services Act 1982 s.15.

I have repeatedly asked the bank to justify

their charges and refund monies but they

have declined to do so.

[dolly]

OK.....you have missed the bit off completely about claiming the interest. That was in the moneyclaim form that said you must include if you want to claim it back. This might cause some problems. You can change the form but it will cost you an extra £35 (I think that is right) which is not reclaimable back from Nationwide.

 

I don't know how much your interest is but I bet it is more than £35? Iwould ring Moneyclaim in the morning and tell them you need to amend ithe claim otherwise I reckon that Nationwide will pick it up and question your figures (as they won't tally up with the charges). And they will get away with not paying your interest.

 

This is what you needed to have in there:

 

I also claim interest under section 69 of

the County Courts Act 1984 at the rate of

8% a year from xx/xx/20xx to xx/xx/20xx of

£xx.xx and also interest at the same rate

up to the date of judgment or earlier

payment at a daily rate of £0.xx.

To get that last figure you need to multiply the total of the charges (excluding costs and interest) by 0.00022.

 

Ring the courts first thing otherwise you will miss out.