Bank Charges Nerds Required

MSE_Martin

Hi BC Nerds....

As you'll see there's a new forum, and a big new article (going up tomorrow). In the past many have found difficulty in getting all the info in one place - and while CAG is great, for many scared by the court cases and for whom this is a nightmare of uncertainty - its been difficult to find the info.

Thus I've spent a couple of weeks working on the definitive article, the MSE team have been great helping with template letters and building the new calculator, I've sought info and advice from some eminent sources and hope to have compiled a guide that is easy to use, with everything you need, and all the full info in one place.

So what do I need BC nerds for?

There are two things reall....

A. Have a I missed any tricks, this new article (going up tue 12 Nov) is 5000 words in total and should be all emcompassing. While balance is needed so that its easy to understand, I hope its all there. Yet maybe there's some trick missing, a word or two that could be better in the letters, something else that will help people? If there is, please let me know by replying with your suggestion to the article in this thread.

This is slightly different from the article discussion link - which will have lots of questions from people reclaiming in it - this is to help me keep the article up to date and a good resource to help people.

B. To help answer questions. My suspicion is now we have a board dedicated to bank charges it is likely to become big. I hope if you're a BC nerd you'll be around to help support other consumers going through the process.

Thanks in advance for all your help and support

Martin

MSE_Martin

Just to say the new article is now up and running - any feedback, suggestions?

Edinburghlass_2

I think the main area for expertise that will be needed is for those users who are with a debt management company as seen in this thread....

http://forums.moneysavingexpert.com/showthread.html?t=299081

fabianne

I will try and help as I have been going through the process since the summer and have just filed a Court claim.
I am claiming for a business account where the charges have been a main reason for closing my business down.
I can only draw from my own experiences of the process following the guidelines set down on the CAG site,spending many hours ploughing through all the research and forums and advice I got on there. I can offer a sympathetic ear,as it can be a bit overwhelming and frightening.
The main thing to remember is that this money is yours to claim back-the banks have acted unlawfully.
Good Luck!

fabianne

Good article..
but do we get working spreadsheets too?
Before Court without interest would be handy to send with the Prelim and LBA letter templates.
Also a spreadsheet with interest applied to use at the Court stage?
Just a thought and I stand corrected if these are available-just haven't seen them anywhere here yet and I found them very useful.

Sweetrevenge

Martin et al, :A well done with the amended article, I've been wishing for this for some time and it looks like my prayers have been answered. :beer:

One small but possibly very important note of caution - :think: please check with experts, but I'm pretty sure from the research I've done that your article needs amending URGENTLY to state the following:

Statutory interest should not be detailed in your initial schedule of charges nor asked for at the preliminary request stage as it is interest that only a court can award (hence the name statutory, as it is an arbitrary figure applied by the courts to small claims). It is appropriate to include the calculation in later stages, i.e. once the initial request has failed to get the response required, and the request for reimbursement actually becomes a CLAIM through the courts.

I agree with you about encouraging people to reclaim any interest which would in all likelihood be paid before the court door opened in any case, and there have been examples of people getting back their charges PLUS the proportion of the interest charged by the bank each month on charges applied that month PLUS simple or compounded CONTRACTUAL interest at either the authorised or unauthorised rate applied by the bank to the account. This CAN be asked for at the intitial states, unlike the statutory interest, and has been successful in cases I've seen so far - sometimes at 29% ish :T .

I may be missing a trick here, perhaps what you are saying is "claim some interest, there's no bank gonna risk going into the court to keep it from you?" In which case please feel free to ignore me 'cos I'll give way to a tactic/advice like that willingly!!


IMHO questions about what can be claimed re interest (such as simple contractual, compound contractual, and authorised/unauthorised rates) is the single most confusing and most asked about question on the CAG/BAG forums. It is complicated and it needs setting out in a very clear way so that there is no confusion. It probably needs someone to draw up a flowchart with the decision making process and answers (yes/no) included but I confess I feel faint at the idea of trying to produce something myself!

Please check on the above, if I've got it wrong FANTASTIC, however if I'm right there could be some red faces amongst claimants - and no-one wants to risk making a mess of something this serious.


best wishes

Red_Panda_2

Hi, thanks for the fab article; let’s hope it helps a lot of people.

I am in agreement with Sweetrevenge above though - I have claimed against HSBC and now onto Nationwide for my partner which has got to the MCOL stage. I am also under the impression that the 8% statuary interest cannot be added until you file through the MCOL site. There is a section which you have to add to the particulars of your claim:

The claimant claims interest under section
69 of the County Courts Act 1984 at the
rate of 8% a year from {date when
the money became owed to you} to
of ££ and also interest at the same
rate up to the date of judgment or earlier
payment at a daily rate of {enter the daily
rate of interest}.

There is a lot of confusion at CAG about the statutory interest and overdraft interest which you can claim from the beginning; this would be great to be explained in more detail.

MSE_Martin

Dear Sweet Revenge and Red Panda

You are quite right statutory interest can only be claimed at the court stage legally. The aim of these letters and article - based on advice - is to ask for the interest anyway. While you have no right to it - it is part of the negotiating point and you may as well ask for it.

I hope the letters state that effectively they dont say "you owe me" but say "as a court will give me i'm asking for"

I am more than open to change this - if those who've been through it think it wont be helpful. It's open to opinions - pls reread the letter and see if the point is going across properly.

Im not preciious on this, its a collective response we need - and I will take all help or info that I can!

Martin

Lizzy

Hi

I will help where I can.

I have claimed off Halifax (bank charges)

Claiming from Barclays (bank charges)

Have claimed Mortgage Charges from Birmingham Midshires (late payment charges etc)

Also claiming a ERC (Early Redemption Charge (mortgage)) from Birmingham Midshires.

Lizzy

cazziebo

Sent new template letter with print outs from calculator today - let you know how I get on

Cazzie

cazziebo

The new template letter for letter befoe action doesn't specify a 14 day period before court action - should it?