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Common misconceptions
Kurt_Hamster
Posts: 791 Forumite
1) Asking for statements
Some people think they can write to their bank and ask for 6 years worth of statements and just pay £10.
This is just not the case. Any individual is allowed to ask for data pertaining to themselves. The Data Collector has to provide that data on request. You cannot stipulate how you want that data. For example, you can ask for a list of charges made on your account for 6 years. You cannot just ask for 6 years worth of statements, If you do the bank are entitled to make a per statement charge at whatever their normal rate is.
What you also have to do is make it clear that you are asking for a Subject Access Request as per the Data Protection Act 1998. You can't just send a one line letter asking for 6 years of statements.
So what you have to do is give the bank a choice, You want the list or if it is easier for them statements are an acceptable alternative.
Personally though I think the templates available here and elsewhere are giving the banks an opt out of providing useful data. What they should be asking for is not just a list of charges, but all data on you, including any logs or notations made on your record. If the bank choose to send you statements the should do so in addition to all the extra data.
2) Claiming Interest
There are 2 different sorts of interest you can claim for. Statutory interest and contractual interest. I'm just going to mention the former here.
When you write to the bank in letters 1 and 2 (2 being the LBA) and ask for a particular sum of money, you can't just add on 8% of that amount. The reason you can't just add a specific interest amount on is because you don't know how much it is yet plus the fact that you aren't entitled to it yet. At this point all you are doing is showing the bank that you know you can add interest on and giving them a reason for settling early (not that it will work these days). Statutory interest is something the court awards and is not an automatic entitlement, you have to ask the court for it after giving good reason why you should have it.
The reason you don't know how much it is yet is partly because the court hasn't awarded it to you yet and partly because the interest amount is based on the date range from the day the charge to the day you issue the claim at court.
Some people think they can write to their bank and ask for 6 years worth of statements and just pay £10.
This is just not the case. Any individual is allowed to ask for data pertaining to themselves. The Data Collector has to provide that data on request. You cannot stipulate how you want that data. For example, you can ask for a list of charges made on your account for 6 years. You cannot just ask for 6 years worth of statements, If you do the bank are entitled to make a per statement charge at whatever their normal rate is.
What you also have to do is make it clear that you are asking for a Subject Access Request as per the Data Protection Act 1998. You can't just send a one line letter asking for 6 years of statements.
So what you have to do is give the bank a choice, You want the list or if it is easier for them statements are an acceptable alternative.
Personally though I think the templates available here and elsewhere are giving the banks an opt out of providing useful data. What they should be asking for is not just a list of charges, but all data on you, including any logs or notations made on your record. If the bank choose to send you statements the should do so in addition to all the extra data.
2) Claiming Interest
There are 2 different sorts of interest you can claim for. Statutory interest and contractual interest. I'm just going to mention the former here.
When you write to the bank in letters 1 and 2 (2 being the LBA) and ask for a particular sum of money, you can't just add on 8% of that amount. The reason you can't just add a specific interest amount on is because you don't know how much it is yet plus the fact that you aren't entitled to it yet. At this point all you are doing is showing the bank that you know you can add interest on and giving them a reason for settling early (not that it will work these days). Statutory interest is something the court awards and is not an automatic entitlement, you have to ask the court for it after giving good reason why you should have it.
The reason you don't know how much it is yet is partly because the court hasn't awarded it to you yet and partly because the interest amount is based on the date range from the day the charge to the day you issue the claim at court.
Hamsters have no tact and diplomacy, nor do they want any.
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3) That I know all the answers, I don't but I do know where they are!
4) That I don't have a life outside of here, I do
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5) Interest amount.
When working out the statutory interest you don't just add up the total amount of charges being claimed for then work out 8% of that.
The 8% interest is worked out as a daily interest amount per day per charge. Each individual charge needs to have the interest rate worked out. There is a calculator as part of Martin's article for working it out. There are several spreadsheets available from CAG, penaltycharges.co.uk and several others.
If you want to know what the actual calculation is, it is...
Charge * 0.022 / 100 * Days = Interest AmountHamsters have no tact and diplomacy, nor do they want any.0 -
6) It's easy to get my charges back.
It used to be, it's a bit more involved now.
In the past a couple of strongly worded letters threatening to take the bank to court was all it took to get your money back.
Now there are 10s of 1000s of people making claims the banks are making it as hard as possible using an "assault course" methodology to try and get as many claimants to drop out along the way.
These days (although there are exceptions, especially those with low amounts of claim) they only way you will get your money back is to either start a court claim (along with all the homework, form filling, fee paying and stress that comes with it) or make a claim via the Financial Ombudsman.
Do not start a court claim until you know what you are doing. read up on the court procedures relating to Small Claims. Don't issue your claim then scratch your head about what to do next. The bank will most likely take it to the last minute you can so you will need to know the procedures that you are going to have to endure.Hamsters have no tact and diplomacy, nor do they want any.0 -
7.) That all the newbies coming on this board will read this (and the Reclaim Help Thread) carefully, act accordingly and won't ask a question for the 500th time.Reclaimed thanks to this site:
£175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH0 -
8) That some forum helpers think you should read the entire forum before asking a question ?
I agree it is exasperating when the same question is asked in a thread time and again when the answer is usually to be found on the first page of the thread but this forum can be a huge place to find a particular answer to a particular question and it is sometimes easier to just start a new thread. All thanks are due to the board guides for merging these to the proper threads and/or posting links to the answers required.
However, I've seen some downright snotty and condescending replies to some questions in the last few days and frankly, I am not impressed. It can hardly do the site's reputation any good. If you dont want to answer a question for the 100th time or whatever then dont post, its that simple.
Given that this post is directly under Beate's I must clarify that I dont consider her snotty or condescending, quite the opposite, and note it is simply exasperation that she is expressing.0 -
9) It's a misconception that one has to read the whole forum.
The search engine on vBulletin forums work effectively. All one has to do is input a search term appropriate to your query and then read the resultant posts.
As for the snotty and condescending allegations, I have no illusions as to whom Twinkly is referring. It is an opinion based on subjective thought processes.
If one answers questions that have been answered time and time again all that teaches the questioner to do is ask more questions.
If one brings to the questioner's attention that ultimately they have done a silly thing and then point them at a source of information that can educate them more thoroughly then you have taught them how to do their own research.
Also pointing out that someone has done a silly thing also informs other people who were about to do the same thing and maybe prevents them from doing a silly thing too.Hamsters have no tact and diplomacy, nor do they want any.0 -
Kurt_Hamster wrote: »9) As for the snotty and condescending allegations, I have no illusions as to whom Twinkly is referring.
If the cap fits. It fits a few.
I am not here to rate people intelligence levels or technical skills. I prefer to point people who are lost in the right direction if not the exact spot, not infer they are an idiot because they didnt know where to go or what to do in the first place, for whatever reason.
Each to their own.0 -
I work for an online dating agency and we have a very similar 'issue' with people asking questions which can be quickly answered by searching our website FAQ section.
Although adding threads to the top of forums like 'FAQ - read this first!!' do help, people on forums tend to post questions because they expect that they will get a useful response from someone because it is, after all, a 'further help' forum.
The experts on this site have been very helpful to me and have a great deal of knowledge, so it would be shame to tell people to 'read the fine manual' every time a simple question is asked.
Just my 2 pence.0 -
If the cap fits. It fits a few.
I am not here to rate people intelligence levels or technical skills. I prefer to point people who are lost in the right direction if not the exact spot, not infer they are an idiot because they didnt know where to go or what to do in the first place, for whatever reason.
Each to their own.
Inferences are subjective.
Pointing out a lack of common-sense is objective. One can either feel criticised and have learned nothing or one can take the point on board and be educated.
As you say, each to their own.Hamsters have no tact and diplomacy, nor do they want any.0 -
A little bit off topic and apologies if it is elsewhere - Is that right that I can get details of all of the notations on my credit card account under the DPA 1998?What they should be asking for is not just a list of charges, but all data on you, including any logs or notations made on your record0
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