Santander refund of incorrect interest applied to overdraft

[johnnyjoeflyer]

Hi I have just received a letter with cheque attached from Santander stating that 'while reviewing my closed business account they have noticed they applied the wrong interest to the unauthorised overdraft on a business account between 2009 to 2014.'

 

Now this account was closed after being paid in full in 2014, but what they have refunded is the difference between the wrong interest and the correct interest and then have applied interest to that as accrued to current date.

 

While this is OK, my question is

 

would I be entitled to compensation on this error as well as any charges on the account that were applied.

 

The additional interest that I had to pay off at the time certainly delayed the settlement due to the extra interest added by them and this was at a time of hardship

 

. I did not have use of that money for use by my family as it was paid to Santander, and it prolonged the time that it was reflected on my credit report.

 

My thoughts are to request copy statements from them for the time period noted and details of charges applied so that I can check what they are referring to,

 

details of how they have calculated the refund,

have they included the amount of interest applied to the incorrect interest,

along with a request for compensation for the hardship stress and lack of use incurred by their error.

 

Any thoughts and additional suggestions on this would be appreciated along with what level of compensation would be reasonable to expect/ request.

 

Thanks in advance for your thoughts and comments

Edited November 27, 2015 by Andyorch
Paras

[dx100uk]

I would suspect they restructured the account to do this.

If they have then unless it showed you to be in credit or thus below any other penalty level they would have included said penalty charges too

 

Because you deprived of the use of this money

I suspect they have added 8% stat int already

 

Dx