steviee999 vs natwest

[steviee999]

hi all

this is my second bite at the cherry,1st time with A&l , i pretty much used which magazines letters that can be a bit vague, and only claimed s69 interest of 8% compound when it went to court(paid in full 15 days after intending to defend).

this time i will use cag's letters and claim interest from the start.

however looking at all other threads,spreadsheets and prelim letter i have tied myself in a knot and would like a bit of advice.

i recieved my statements the other day ,all charges add up to a whisker over 3000 over 6 years. on filling out the prelim letter i notice there is space for interest.

i have taken this to be a contractual interest on an overdraft.

i have checked my statements and the lowest rate over the past 6 years for authorised borrowing is 14.99% .i shall use this rate for my claim.

i have used this in vampiresses simple spreadsheet which brings back a return of about 1500.

am i correct in thinking that i can add this in the prelim letter and letter before action.???

i know that i cannot claim s69 of 8% until court,

but have confused myself .....................sorry i know this is asked a lot

but confirmation(or not) would help me a lot.

 

watch this space..........here we go again.

 

steviee999

[steven4064]

Hi steviee

 

Yes calculate the interest they have charged you on the charges and put it in your prelim. If you end up with effectively a fixed claim, ie charges plus a fixed amout of interest, you can add 8% on top on your court claim, if it gets that far.

 

There are various choices as to how you calcualte interest. They charged you the unauthorised borrowing rate whenever you were over your overdraft limit. Otherwise they charged the authorised borrowing rate. If you want to claim back just what they charged you (which is probably the most justifiable) then you need to do a smoer sophisticated calculation than just using the unauthorised borrrowing rate.

 

Having said that, some people have successfully claimed unaurthorised rate on everything.

 

Steven

 

[steviee999]

hi steven4064

ok thanks for that. i have used the lowest authorised rate that nat west have had over the last six years( that's me being reasonable!)

and i have left it to the standard cag template from vampiress to work out the interest that i believe is worked out daily from the time it was taken.

i presume that is what you mean?

 

thanks for the reply

 

steviee

[steven4064]

hi steven4064

ok thanks for that. i have used the lowest authorised rate that nat west have had over the last six years( that's me being reasonable!)

and i have left it to the standard cag template from vampiress to work out the interest that i believe is worked out daily from the time it was taken.

i presume that is what you mean?

 

thanks for the reply

 

steviee

 

Are you calcualting simple interest or compound. The reason I ask is that there is (was?) a mistake in Vampiress' compound interest spreadsheet. Try checking it with Mindzai's (see bottom of first post on http://www.consumeractiongroup.co.uk/forum/lloydstsb-successes/26172-mindzai-lucid-lloyds-tsb.html)

 

Steven

 

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