Why let your bank keep your money? Calculating your charges claim

[enoughisenough]

Think laterally!

[Bookworm]

Incidentally though I can tell you from the horses mouth that they want s. 69 looked at given where interest rates are at the mo. So my overall point is that they'll look very carefully at anything that will skew things their way.

 

Cheers. EIE.

Whoever "they" are, they should think carefully... Because if you start looking at rehauling set court rates, then let's not forget that the LIP rate has been set at £9.25 / hour since the 70's and is even more badly out of date than the s.69. Any idea what that would work as at today's rates?

[HSBCrusher]

Which Horse is this?

indeed.

 

It is to be noted that despite interest rates falling to historic lows, interest charged by banks has not been reduced, and CC charges have gone up.

[tedney]

interesting thread, subbing to read later

[Stubie]

indeed.

 

It is to be noted that despite interest rates falling to historic lows, interest charged by banks has not been reduced, and CC charges have gone up.

 

Why would the CCCs think they have a right to a reduced s69 interest rate? Interest rates are low now, granted, but this rate covers the period from when the charge was applied. For their logic to hold water, they would have to argue that the interest rate was unreasonable since the time of the charge to which the interest relates, was applied.

 

All you would need, to counter such a claim, is the BoE rate movement during the relevant period. Notwithstanding the quote above which is also highly relevant, although I think you meant CC interest rather than charges which came down in 2006 and have been static since (I'm sure you know this :grin:)

[HSBCrusher]

yes, interest charges gawd, I thought booky was bad for picking holes

[Stubie]

Sorry (whispered)

[the_shadow]

Sorry (whispered)

 

haha pedant ;-D

 

S.

[Stubie]

haha pedant ;-D

 

S.

 

You think I'm bad, I'll introduce you to the OH

[Notty]

Sorry if this is an obvious question I am asking but I want to make sure I get it right for the claim form. When I originally claimed back my bank charges I had two accounts. I just added the two lots of charges together for my claim form. There was an overdraft on one account. I realise I can claim back the interest on the account with the overdraft but as I was charged on the second account and this obviously took me overdrawn is there interest to claim? As I have said I reclaimed the charges and 8% interest up to the day of the claim on this account with no overdraft. On my statements for this account it just says about the charge but nothing about any overdrawn charge. Just thought I would double check because I intend to claim back every single penny. Also would the court consider a hardship case for this type of claim and is that an easy thing to acheive?

[BankFodder]

If you have suffered charges and if you are overdrawn on any account then I would say that you have the right to reclaim any interest which you have paid on that overdraft - to the extent that the overdraft is covered by the charges total.

What you are doing is excercising your own right to combine accounts - also known as the right of set-off.

Banks enjoy the right to set-off the balance from one account against another and I owuld say that on the same basis, you have the same right.

 

So, if you have one account which is presently in the black but which has suffered charges in the past - and you have a second account which is overdrawn - even if the overdraft is agreed and the account has suffered no charges, then you should consider that the bank's overall position is that they are in debt to you and you should claim back the interest which is being taken from you on the overdrawn account.

You would argue that you would not be overdrawn on the second account had they not unlawfully taken charges from you on the first account.

 

Similarly, don't forget to claim back any interest which you have paid on consolidation loans - to the extent that the loan was used to cover a charges-related debt.

[Notty]

Thanks Bankfodder. So if for example I was charged £30 charges on the first month (which I have alredy claimed back in 2003) on the account without an overdraft, what part of the £30 is interest that I can claim back. Or can you if I have already claimed the charges back. If you see what I mean.

[Stubie]

Hi Notty,

 

The £30 is the charge, the interest should be recorded elsewhere on your statement as a debit.

[Notty]

I know what you mean Stubie but I cant find it on the statement. On this 2nd account with no overdraft facility they have just taken the charge but there is no record of interest charged for being overdrawn. That is what is confusing me. As I have already claimed charges on this account if there isnt interest for being overdrawn then there isnt anything to claim is there? Sorry its so confusing. On the first account although I have claimed back the charges (up to 2006) there is an overdraft so more straightforward for claiming the interest.

[Stubie]

Its not like a bank not to milk an overdraft for all its worth but if there is no interest then they didn't charge you for it. They have to itemise the interest on your statement.

 

Are you saying they have never charged you interest on this account or just on one occasion?

[Notty]

Not sure Stubie I have only checked one month but will go through the others later. What would you think if they hadnt charged me on all of them? Would it perhaps have something to do with the other account?

[Stubie]

Not sure Stubie I have only checked one month but will go through the others later. What would you think if they hadnt charged me on all of them? Would it perhaps have something to do with the other account?

 

Hi Notty,

 

I wouldn't have thought so, they keep accounts seperate, normally.

 

If they have swept all the interest up into a single account then as long as you claim the interest on the other account, where appropriate, then you will have it covered.

 

I'm with Halifax and they debit inyterest and notify me on each statement. I would expect that RBOS would be the same as they are part of the same group.

 

Try trawling through the RBOS section of this site and see if anyone has had a similar problem. There may be something there.

 

Sorry its a bit vague but I am genuinely surprised that it isn't clearly stated on the statement.

 

One thought, interest is charged monthly in arrears, by HFX, so the interest on an OD would show up on your next statement. Try looking at the next month. Usually these sort of transactions are done on a single day in every month.

 

Hope this helps

[freethemice]

Good thread though I suspect some people are complicating this with other motives in mind. I fooloshly thought the 8% was towards the interest costs.

Have to dig all the statements out again now.

My claim is with Halifax over the last 4 years and was £1900 with the 8% so it will be nice to see that rise.

They have also missed deadlines for subject access requests to see my original contract and terms and conditions.

Do I take 2 paths with the subject access requests and charges claim or could I wrap it up in one claim?

[AA99]

Good thread though I suspect some people are complicating this with other motives in mind. I fooloshly thought the 8% was towards the interest costs.

Have to dig all the statements out again now.

My claim is with Halifax over the last 4 years and was £1900 with the 8% so it will be nice to see that rise.

They have also missed deadlines for subject access requests to see my original contract and terms and conditions.

Do I take 2 paths with the subject access requests and charges claim or could I wrap it up in one claim?

 

I am in exactly the same boat as you, and apparently my £4500 total with 8% could rise to £12-15000 I am still having problems uploading all my existing data on to the new spreadsheets so if you have a laymans step by step that's really quick and easy, let us know. I am in the meantime going to get my +8% claim in.

 

If you've paid £10 for an SAR, then I would report them (online) to the Information Commissioners Office. They'll get it for you

[Sunshine54]

hi I did ask this question so time ago but can't find the answer

 

I've claimed my bank charges and received the letter re 'got it but don't go to court as we'll immediately request a stay until ) response

 

Do I need to start the court action in order to rack up the 8% or will I get that as I've sent the formal claim to the Bank with all the supporting info?

 

many thanks in advance for your response

[enoughisenough]

As I saw it the idea was to go, as bankfodder suggests, for cci. I myself have always balked at the idea because I don't do numbers. But if numbers mean that I can get x instead of y then why not. That's what the banks do.

 

Also, in respect of anyone thinking anything else, I have only one agenda. Justice for all who have been screwed. And I have been screwed for tens of thousands going back almost 25 years.

[landy_alert]

I thought it was all about overdraft interest, not CCI?

[enoughisenough]

Ok I'm giving up with this. If you or any others want to read back through the posts go ahead. If you do you will find it was suggested by a more experienced cagger than myself that the 8% might be at risk after our esteemed lordships give their "speech" as they call it.

 

I merely followed up that it might be a risk and have got slaughtered for it. If anyone doubts my commitment to the general good they can always check out my postings. The horses mouth by the way was a black horse's sols mouth. If that's still too obscure go back to the drawing board. We are meant to be assisting not impugning each other. The thread started by bankfodder was CCI and how to claim and unless bankfodder says otherwise that's how I see it.

[landy_alert]

 

Calculating your overdraft interest is a bit fiddly while your overdraft is comprised both of legitimate debt as well as charges and related interest. You have to spend time identifying the portion of the interest which relates to the charges.

However, once you get to the point that your overdraft is composed wholly of charges and related interest – then it gets very easy. At the point that the entire overdraft is comprised of charges, it then became true to say that you are not really in the red at all because of all of the money is yours – taken by the bank. At that point, whether you are within your limit or outside of the limit, all of the interest which is levied against you by your bank is levied against you unlawfully and you should be reclaim it.

quote]

 

Hi enoughisenough:)

 

Apologies if you think I was having a go at you (I can assure you I wasn't), but how I read BankFodder's post (quote above) he was talking about Overdraft Interest - but maybe I'm the one in the wrong here and he was referring to CCI - if so my apologies to both you and BF. Unfortunately the whole matter is very confusing and as a novice myself I wouldn't dare to call into question those more experienced and knowledgeable than myself - that wasn't my intention at all!

 

Regards,

 

Landy x

[enoughisenough]

Not you specifically but I ran with something I saw on this thread. I'm fighting a double repo so for me this thread Is a diversion of attention I can't afford at the moment. Unsubscribing...but may be around later on in the year. Or not.