Overdraft Interest - Help!

[Puzzled30]

Hi

 

First post here so be gentle.

 

I sent a letter to Natwest in March stating that they owe me £202 in charges and £208.47 in overdraft interest (which I was led to believe is the correct thing to do).

 

On Saturday I received a letter from Natwest stating that they are willing to pay me £202 as a good will gesture.

 

I am puzzled as this appears as though they are worried about the charges (therefore paying them back) but think the interest is legal and therefore not paying it back.

 

Now do I carry on asking for the full amount including overdraft interest or do I accept there offer as I don't want to decline there offer if I am wrong with the interest bit.

 

Help much appreciated.

[fendyweather]

So long as you are certain of your calculations on interest. Are you 100% positive youve worked out the overdraft interest correctly. How did do it ? Did you use the spreadsheets in the templates library on here to calculate that overdraft interest figure or not ? And are you sure its overdraft interest you are claiming from them ? Where did you get your figures from for the overdraft interest ?

 

If you are 100% certain you are claiming the right amount, then by all means you dont have to accept their offer. You can continue to fight for the overdraft interest, but you need to be 100% sure of your claim before deciding whether to accept or not. If not sure, post back and explain above so we can help you more. All the best. Fendy xxx

[Puzzled30]

Thanks for the reply.

 

Well the make up of the Natwest statement (which I presume you know) is you get a statement detailing all the payments made during the month then immediately after that they provide you with an interest summary usually one sheet at the end (bare in mind i'm a bit of a geek and I actually have all my original statements from when I first opened the account in 1996 - although that's worked out rather handy) and that is where I got there interest amount from.

 

I just need to know that I am legally entitled to claim that money back.

[fendyweather]

Yes, you are legally entitled to claim that money back, anything for bounced cheques, returned direct debits, clearance fees (i.e. paid cheque when youre account was overdrawn etc.), failed direct debits or standing orders, everything. The only thing you cant claim is interest obviously where it was legitimately charged on your overdraft etc. and any account fees, such as Advantage gold, thats £12 per month and you cant claim that back, unless of course you were mis sold the account, and you can prove it, and claim that back too. But you only need to look at the Natwest success forum to tell you what youre looking to find out. YES, YOU CAN CLAIM THOSE CHARGES AND YES, YOU CAN WIN. MANY THOUSANDS HAVE AND CONTINUE TO DO SO. So dont delay. Read as many of the FAQ's section as you can, and get claiming. Its your money they have taken unlawfully so dont delay. Get your claim started. But you do need to use an accurate itemised spreadsheets. Theres plenty on here in the templates library to use. Depending on whether you want to go for contractual interest, or just claim back interest on the part of the overdraft that went over the limit. Dont delay. Start today. All the best. Fendy xxxxxxx

 

Theres plenty of ultra experienced moderators and site helpers on here to guide you in the right direction if you hit a sticky wicket at any point during the process. There are thousands on here claiming back their unlawfully taken bank charges and all to date, are winning. So dont fear. You can do this, and you can win. Really. All the best. Fendy xxx

[Puzzled30]

Thanks again for reply.

 

Am I right in thinking then that just normal overdraft interest - ie I buy a product and go into my overdraft - cannot be claimed, and only interest paid for going over my overdraft (if you know what I mean) can be.

 

I have read an awful lot of stuff - don't like doing things like this until I know what I am doing but this is the only sticking point.

[WendyB]

Yes, that's right (Ithink!) You can only the claim the bit of the interest that was charged for going over your limit.

 

It can be worked out but personally I thought it was too much hassle and far too complicated for me, so didn't bother. You may find it doesn't amount to very much compared to the time and effort taken in working it out. This is just my humble opinion and I know there are two schools of thought on this, best thing to do is read up and check out other peoples threads then make your mind up which way you want to go.

 

Whatever you decide, you'll get loads of help and support.

[Puzzled30]

Well during my university years the account pretty much operated full time in my overdraft so most of those overdraft fees were due to actually using my account normally. What's the likelyhood - and I know this is a wide question with many possible reasons - of the extra £200 in interest all being due to the fees?

 

Think i'm going to have to check my statements again and in all likelihood this is another win!

[WendyB]

Depends how often, and for how long, you were "over" the overdraft

[Puzzled30]

Thanks all.

 

I will be at home tonight looking again through all my statements.

 

Just to clarify I can ask for overdraft interest on fees that were charged right? I can also ask for any interest charged on fees that took me over my overdraft.

 

I can't charge for overdraft interest that is charged for me using my overdraft?

[hedgey06]

Just to clarify I can ask for overdraft interest on fees that were charged right? Yes - (e.g., those that Fendy's already mentioned).

 

I can also ask for any interest charged on fees that took me over my overdraft. Yes - but you need to work this out really carefully. Make sure you use the correct spreadsheet 6. Interest calculation spreadsheets

 

I can't charge for overdraft interest that is charged for me using my overdraft? Correct!

 

Hi puzzled, have a good read through this link to help you further http://www.consumeractiongroup.c o....tructions.html

Good luck, hedgey xxx