Interest calculation and new charges

[mikek]

Gongratulations on this website!

 

I have already forwarded the Data subject request to 2 banks. In total I will be claiming from 5 banks for late payment charges and overlimit charges.

 

I have two questions though:

1. In my letters it was impossible to give an accurate amount for the interest accrued. Because of the variable rates and the accounts swifting from being in debit to credit I could not calculate it accurately in all cases but 1. I wrote that I want the interest back without specifying an amount. The interest will not be that high to be honest. Can I use the current interest rate in my calculations? Can I follow up with an addendum specifying the interest? I know I should have waited to complete my claim but I am overlimit and the refunds will bring me back to balance. So I rushed in a way. But I am prepared to go all the way to the court.

 

 

2. I have received notification that new charges will be applied by the end of the month. As I am also over my limit with credit cards, the ovelimit fee will re-occur. I asked them to remove any future charging but no doubt they will not. I also stated that I will be claiming for future similar charges and interest up to the day we reach agreement. Did I do the correct thing? If we reach the court do I need to fix the amount up to the day I file or from my initial letter?

 

Many many thanks

[pmhread]

1) It's ok your doing fine. A lot of people don't even bother claiming the interest because of the complications involved. Don't forget you can claim the 8% when it comes to county court proceedings.

 

2) As long as it's clear in the letters that you will claim for any amounts taken up to and including the date you submit it to court then this will be fine. Just make sure your letters are as up to date as possible when you send them.

[rebel454]

Hi

 

I am totally confused. I have recently received my bank statements from Nat West and also Nationwide. Nat West I have totalled the interest that has been charged to my account for the last 6 yrs which comes to £467.00 the charges are separate and come to £2,388. I was going to add these together to get an accumulating figure. Nationwide have not sent any figure work out for interest and only the figures for excess charges. I was due to go into my internet bank and print of the interest that has been applied to my account since it has been opened. Now I have printed off my letters requesting this money and looking further into the website I am being told to print out a schedule itemising the amount being claimed , and compound interest as opposed to I assume ordinary interest, can any one tell me if my original way of doing things was correct, if not I am totally lost on calculating interest charges, which is a lot of money to loose between these two accounts

 

Rebel454