Calculating Interest!!!

Billyo_3

Has anyone screwed up their interest calculation when reclaiming bank charges? I have filed with the small claims court and have now recieved a letter demanding to know how I calculated the interest. I keep getting different answers from the calculator on this site. I am concerned now that the case will be thrown out of court as a result. Anyone else done this?
Billyo

Edinburghlass_2

What exactly did the letter say then we can perhaps help.

Billyo_3

The letter is from Lloyds TSB solicitor, it asks for details on how the interest was calculated, as they believe there is a discrepancy; it requests further details on when and how the charges were made, and for my bank account details! I have replied with all the info requested and stated that I have checked my calculation and found it to be incorrect and suggested a correct total. Can you help ease my troubled mind? I'm worried I've blown it and if it does go to court it'll be thrown out for my mess up!

Edinburghlass_2

What exactly is the mistake you think you made with your calculations?

Billyo_3

calculated 8% interest from total sum, not month by month!

guardian2020

hi Billyo i did excactly the same mate also mine has gone to court...with 8% on the total amount....woops lol...nationwide is defending the claim to but at the mo i have not sorted the interest thing as i was told on here to let it ride see what happens...best i can says is...go thro the charges one by one and re-calculate the interest..get someone to double check it then ring the court tell them you made a genuine mistake and send in the new interest claim in triplicate..hopefully the court wont look badly on us after all we are only human and all make mistakes (just ask the banks)..thats what i intend to do...just recalculate and send a letter saying sorry lol best of luck to you x