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How do you calculate contractual interest?


Sparkers24
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Can anyone explain, step by step what information I need to calculate contractual interest and how to do it?

 

I have the statements, all the dates for the charges, but do not know how to go about getting contractual interest.

 

How do I find the interest rate and work it out??

 

This would be very helpful as I want to include the interest, which I believe I am entitled to but Natwest only offered a full refund without interest. I would assume I cannot go for claiming statutory interest (which I can calculate) when I have already been offered a full refund.

 

I would be really grateful for any help as I have no idea what to do. Thank you

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Cannot help you with contractual interest. there is no sound basis in law for claiming it.

It was appealed in the Mercantile courts a few weeks ago and the case was lost.

As the Mercantile court is one of the higher courts, it has set a precedent which you will find diffcult to argue against.

 

Regards, Rooster.

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Unless you have filed a court claim requesting the 8% statutory interest on top (which can only be claimed at court filing stage), It is in your best interest to accept any full repayment offer if it's in response to your Prelim or Letter before action.

 

However, If you are adamant on reclaiming interest, contractual etc, then you must resubmit a new schedule of charges to reflect this - along with a new Prelim letter at the same time.

 

Contractual Interest spreadsheets and info are located in the Bank Templates Library.

 

 

 

Jordy :)

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