Bank charges reclaim - How much interest can I claim?

jibbyjubster

I'm in the process of claiming back from Abbey £1912 in bank charges, dating back to 2002.

I used a 'SAR' to get the bank to send me all my statements.

I have never had an overdraft on this account.

My question is, how do I work out how much interest to claim back, on top of the total charges, and before I enter a Moneyclaim and add another 8%

I cannot use a spreadsheet for the life of me, but wonder if there's an easier way of doing it. I have read that the compound interest can add up to more than the total charges, and do not want to miss out on my money.

I also want the total I enter in my letters to them to be just right to avoid any problems with court etc..

I am happy to spend as much time as it take working out the numbers, but I just have no idea how to start!

Any advice would be really appreciated.
Thank you.

Orford

Claiming compound interest is much more complex than claiming statutory interest and is impossible without using a spreadsheet

My question is, how do I work out how much interest to claim back, on top of the total charges, and before I enter a Moneyclaim and add another 8%

Statutory interest is not just a matter of adding 8% to your total. It is 8% on each separate charge from the date each charge was incurred
Use the calculator here to work it out:
http://www.moneysavingexpert.com/reclaim/bank-charges#calc

jibbyjubster

Oh, I see.
The 8% interest is no problem to work out, and I have done this using the calc, thanks

The compound interest is hurting my brain. I have the complex SS to work it out, but have no idea what rate of interest was in effect from 2002 to date.

I have never had an overdraft, which should make matters easier, but I have no clue how to start. My SAR statements have both ITC And IBD (interest credit and debit) figures. But I cannot for the life of me understand the concept of what interest to charge, and how to decypher this from my microfiche printouts going back to 2002.

Orford

You can't claim a contractual rate of interest and s69 statutory interest, it's one or the other. Section 69(4) of the County Courts Act 1984 effectively prevents you claiming interest under s69 as well as compound interest in restitution.

jibbyjubster

Thanks, that makes alot of sense.

I think the compound interest will be much, much higher. How do I decypher what it is given that I have no overdraft, and I have no idea what the various interest rates were at the time (2002 - 2009)?

I have been trying to work this all out since 9 this morning, and am still no clearer.

Is there a standard rate of interest to use when calculating compound interest in these cases, or does it depend on the bank?

Without an overdraft, they have taken my money that was in credit - can I ask for any reasonable interest rate, or is there guidelines?

I don't want to send off a court claim and look really stupid if it's all wrong

Orford

I have no idea what the various interest rates were at the time (2002 - 2009)?

You can try searching archived web pages here:
http://web.archive.org/web/*/http://www.abbey.com

Widelats

Orford wrote: »

Claiming compound interest is much more complex than claiming statutory interest and is impossible without using a spreadsheet
Statutory interest is not just a matter of adding 8% to your total. It is 8% on each separate charge from the date each charge was incurred
Use the calculator here to work it out:
http://www.moneysavingexpert.com/reclaim/bank-charges#calc

That is brilliant, i have dyscalculia i can not do simple maths but i can copy amounts into boxes! that helped me a lot.

If there is a restitution calculator as well will someone pls let me know, thanks.

natweststaffmember

Widelats wrote: »

That is brilliant, i have dyscalculia i can not do simple maths but i can copy amounts into boxes! that helped me a lot.

If there is a restitution calculator as well will someone pls let me know, thanks.

none exists on any site as it stands today