Lloyds Tsb Overdraft Int. Charges

[Kiacelt]

Hi

I Have Just Received My List Of Bank Charges, But How Do I

Calculate The Amount Of Overdraft Interest Charges I Can Claim, At The Time I Had An Agreed Overdraft With Them.

Thanks

[Doz]

Hi Kiacelt.

Try this link. it has various spreadsheets for what you may need.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

[Kiacelt]

Hi

The Spreadsheets Are Good, But Don't Actually Help

As I'm Confused About This. As I Had An Agreed Overdraft,

I Will Have Had To Pay Some Interest On That,surely, So How Do I Know What Interest Has Come From Charges. The Bank Sent A

List Of Charges Not Statements.

[Doz]

I got exactly the same,just listed charges. Can i ask how much your claim is for if you don't mind?

Also trying to calculate interest can be very tricky, i was for me so i just went for the 8% at court stage which will obviously happen.

[Kiacelt]

Charges Before Overdraft Int. Is £2210 They Listed Overdraft Int. But I Think That Was For My £1000 Agreed O/draft Aswell.

[Gooders]

Kiaclet,

 

It is my understanding, and please someone correct me if im wrong, that you cannot claim back the charges whilst you remained within your agreed overdraft. What you can claim is any Overdraft Interest that you incurred due to them applying charges onto your account. eg:

 

Agreed overdraft: £1000

Account Balance: -£999

D/D etc stopped therefore chgarge of £35

New Account Balance: -£1034

Unathorised Overdraft interest applied as due to their charges you have gone beyond your agreed overdraft.

 

You are able to claim this interest back as it was purely due to their charge that you went beyond your limit. By choosing to use your agreed overdraft (and incurring the laid out charges) you take the hit for the charges incurred.

 

I used mindzai's spreadsheet which allows you to seperate these charges and has a section which will automatically calculate the charges incurred past your agreed overdraft.

 

Try this link and I hope you find it useful

 

http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html?highlight=mindzai

 

Gooders

[Doz]

This is where i got lost. As far as i know you can only claim back the interest as a direct result of the charges which made you over your agreed limit in the first place.

This is why i personally went for the easier option as it wouldn't have made alot of difference form cliaming the 8% to the contractual interest.

I have heard also that lloyds make it very difficult for you if you claim o/d interest but people have won and there is more work involved in this.

Sorry i can't be of any more help to you.

 

My claim is for £847 and after filing MCOL it is now £1145 so about £278 has gone on top. So you would probably have more than double interest what mine is as your claim is for alot more.

 

Which ever you decide good luck.

[lancasterchelsea]

I am claiming TSB/business 1995 to 1998/compunded.

 

Every month I had charges etc for exceeding o/d and got clobbered with extra interest.

If you use the spreadsheets, they proportionally split the interest reclaimed between the od and the running total total of charges interest etc. BUT the tip of the overdraft is much more expensive (at unauthorised rate)... so the charges have caused more of the interest but they should come off the top at the higher rate.

I am creating a spreadsheet to work out the unauthorised interest and put this as a charge. Then you can apply the spreadsheet.

In other words the interest claimed should be higher because the charges have caused a higher rate (2% rather than 0.84%)