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early days and confused already!!


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I hope im posting this in the right place (sorry if im not!!) but im getting a bit lost looking around this site.

Im a bit confused about what interest (if any) to mention in my initial letter. If anyone could help i'd be extremely gratefull.

I received all my statements back a few days ago and have spent ages working out - days since offence, 8% interest etc. But now im seeing contractual interest mentioned!! What is contractual interest?

Im finding the whole process really confusing but im a poor nurse so ill soldier on.

Please help!!!



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Hi Devonbob


Contracual Interest is charging them the same rate as they charged you. Though forget it, a legal precedent was set a few weeks ago and the likelyhood of winning it are very limited on bank accounts.


You are entitled to claim back the portion of Overdraft interest that you have been charged as a direct result of bank charges. It depends which spreadsheet you have used as to whether it will have been calculated. A lot of people find its too confusing to work out and don't bother claiming it.


So, on your initial letter you ask for all charges back + Overdraft interest (if you are claiming it). DO NOT ask for 8% interest at this stage as this only gets added when you file at court. Hope this helps, any questions just ask away.



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Hi Bob, and welcome.

If you're feeling a bit overloaded, spend some time on http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

where you'll find step-by-step instructions, and loads of advice for new claimants. If you understand the whole process, it'll make the individual steps much easier for you!


Best of luck with your claim: if you have any questions (no matter how dumb you might think they are) post them here, and you'll get a quick answer.



Barclays (2 accounts) WON

Lloyds TSB (Daughter's) WON


Cohen's: WON (discontinued)

DLC: Given up, gone away.

Eversheds: Trying!

Equidebt: In default

Intrum J: Return to OC

iQor: Stopped paying.

Link: In default.

ScotCall: Return to OC

Thames: Stopped paying.



I am NOT a legal or financial expert. There are many CAG members and staff who are better qualified. Please do not make major decisions based on my advice alone.

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