6 Year Rule for claims?

[roydosan]

Is it possible to claim for charges that go back beyond six years? If not can I claim for the interest that has accrued in the time since they were charged?

[caro]

There has been a great deal of discussion about how to interpret the 6 year rule. It is important that you read the FAQ's and familiarise yourself with the tried and tested method of reclaiming bank charges, but you may find this thread interesting too.

 

Welcome to the forum by the way.http://www.consumeractiongroup.co.uk/forum/general/3598-do-you-have-charges.html

[roydosan]

I've looked at it and I can see that the six year rule is open to interpretation but what I'm confused about is the interest. I paid the fees in 1999 and since then have been paying interest on them (I've never managed to clear the balance). Now assuming, for the sake of argument, that the six year rule is correct could I claim for the interest paid on those fees for the past six years?

[roydosan]

Sorry I forgot to include this: After seven years of compounded interest the cost of the fines has risen from £18 to about £67 at a rate of 18% p.a.

[caro]

If or when you have all the information that you need going back to 1999, I suggest that you use Vampiress’ spreadsheet to calculate the charges, (it's in the bank templates library) as that one also adds the interest on the charges that you have paid. In my own case, I found that apart from a bit at the beginning, the calculation meant that I am claiming nearly all of the interest that I paid. Make sure you do not use the wrong spreadsheet, as there is another one for when you reach the court stage and can add on an additional 8%, but not until then. Do not raise the point with the bank that you are going back over 6 years. If they raise the issue you can deal with it then, but it seems that the banks are not raising the issue, especially when it is not a much longer time.