Charging banks daily interest on unfair interest on overdraft

Vikki1980

I'm in the process of writing a letter to my bank for a refund on unfair interest charges on my overdraft going back 6 years.

I have been informed by a PPI company that I would be entitled to charge a daily interest rate for the length of time they've had my money not just an 8% statutory rate.

So the interest of £1860 will equate to a grand total of 108512 days they have had my money, and according to a site I found online that calculates interest owed on overdue invoices I could charge £4958.99 in interest if I applied a daily rate of 0.0457.

Do you know if this is correct.

Thanks

dunstonh

I'm in the process of writing a letter to my bank for a refund on unfair interest charges on my overdraft going back 6 years.

Well that is destined for failure before it even starts. You should never use the word unfair as it allows the banks to effectively auto reject quoting the bank charges case they won.

I have been informed by a PPI company that I would be entitled to charge a daily interest rate for the length of time they've had my money not just an 8% statutory rate.

What is a PPI company doing talking to you about so called unfair interest?

Do you know if this is correct.

No. Its a pipedream as there is no such thing as unfair interest.