new claimant for natwest charges

[GuidoT]

Claim form here:

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/681-4-particulars-claim-n1.html

 

Find local couty court here:

http://www.hmcourts-service.gov.uk/HMCSCourtFinder/

[alfitw]

hi there...HELP...i have to submit court claim now but have not a clue re:working out interest. i,ve gone to the template but ain't gota clue how to do it or what programme to open it on!? would anybody be kind enough to work out 8% interest for me on £3,352 charges & £654.64 in overdraft interest...a total of £4,006.64. mucho grasias x ps...i need to get this done tonight...or shall i not bother with asking for the 8%?

[Michael Browne]

It's impossible for anyone towork out s 69 8% interest with just two figures. The 8% is calculated on each chargevfrom the dtae of that chrage, which is why you need to use a spreadsheet. Given that you haven't done so, do I take it that the £654.64 is your total overdraft interest, rather than just the overdraft interest caused by your charges?

[Highroller]

Hiya ALFITW,

 

8% is £320.52p

 

 

(How I work it out.......well 10% of £4,006-65 is £400.67

 

a fifth of that figure will be 2% and deduct the 2% froim the 10% to get 8%.

divide£400-67 by 5 ...equals £80.52.

£400-67 less £80-52 equals £320-55.)

 

Good luck!!!

[alfitw]

hi...the interest is the total interest that has been added to the account at the end of each statement...is this the right way to do it:confused:

[Highroller]

Oh dear!! Yes.....I confused matters. Sorry. Think this is a spread sheet job. Perhaps Mr. Browne can work it out for you?

[Michael Browne]

is

this the right way to do it

 

No, this is the right way.

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the total interest figure.

 

Vampiress has a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

 

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

 

This is the interest referred to in the preliminary and LBA letters.

[alfitw]

hmmm...so the overdraft interest i,ve added up may be an incorrect figure...how do i work out if it's right or not cos it is over £600? what should i do now...because i've suggested that i'll charge interest on top of my claim in my LBA, will i look a bit daft when it's not included in the court claim. :o ps...you guys are really helpful

[Michael Browne]

Use the Advanced s/s here:

Spreadsheet with interest

6. Interest calculation spreadsheets

Or if you haven't got Excel:

Spreadsheet : Alternative to Excel

Free alternative to Excel