Confused-clarification please

[pjdudley69]

I've just received all my statements and calculated the charges, in preparation for sending the prelim. request for refund. However, reading the template letter I noted the following:

 

"What I require

I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX "

 

I was under the impression, from reading around the forum, that we couldn't claim for any interest unless it was the 8% when/if it went to small claims court.

 

Could someone please clarify the position on this, and if I do claim the overdraft interest, how do I differentiate between interest on the charges, and normal overdraft interest.

 

Thanks in advance

 

Pam

[Overdrawn]

This has been discussed quite a few times already, the most recent thread is here:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?t=4714&highlight=interest

 

Good Luck with your claim x

[Spiceskull]

Hi Pam,

 

You can claim for everything on your statements that is not a justifiable service fee:

 

Claim:

• Penalty Charges applied to your account. This is for exceeding overdrafts, referral/representation of DD’s and SO’s, cancellation of DD’s and SO’s, card misuse charges…the list is long!
  
• Interest charged to your account for any of the above
  
• When the interest is applied to the penalty charges, then this interest should be included
  
• If your transaction history identifies what interest is applied for what reason, then be honest about the amount you request
  
• If the interest is not itemised, then claim for ‘Interest Charges,’ and the onus will be on the bank to demonstrate the proportion they are entitled to
  

 

Don't Claim:

• Agreed fees, such as £5 monthly overdraft arrangement fee
  
• Any concept of costs or time at this time
  
• Interest other than that which appears on your statements
  
• Interest at 8% APR (that comes when you raise your claim at court)
  

[pjdudley69]

Thanks for that, it was really helpful. I'm all ready to send off my letter now.

 

Because I couldn't differentiate between normal OD interest, and interest on charges, I've just had to go through the statements and add up the interest in the summaries where it shows what charges are to be taken off. It's only £19.91, so it can't be too much over the top - I'm sure that YB will tell me what is legitimate interest and what isn't.

[pjdudley69]

This topic was closed on 08 March 2019.

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