What was the interest rate in Nat West in 2003

PaulDesmond

I was given an agreed overdraft limit of £250. The bank as a gesture of good will increased this to £500 then £750 then £1,000


I was unemployed and this was morally wrong. They even gave me a credit card. I am currently claiming all interest and charges on the credit card with the FOS.


If I new what the inters rate was for example in 2004 I could subtract on a spread sheet the interest pertaining to the agreed £250.


I can't ask the bank for this information. Maybe if there was a website that told you what the UK interest rate for a given month and year this may help.


I have the spread sheet done it is this last bit I need to work out.

dunstonh

I am currently claiming all interest and charges on the credit card with the FOS.

On what basis is your complaint?

If I new what the inters rate was for example in 2004 I could subtract on a spread sheet the interest pertaining to the agreed £250.

You dont need to know. You have made your complaint. its now with the FOS who will likely reject (you may win but the odds are way against you as "morally wrong" does not mean wrong). If they uphold, then interest is not normally refunded. You may get some charges returned plus 8% simple interest.

PaulDesmond

No I have not made my claim. I made a claim against Nat West credit card services as I should not have been given a credit card.


The banking side is a totally separate issue. I am making to claims one against the bank and one against the credit card side.


Martin Lewis on TV stated that you could go back further than 6 years. The CAB said that if it is over 6 years the FOS is the way to go as you can't take a legal case after 6 years.


The FOS state that I could have a case.

Nearlyold

If you still have statements showing interest charged could you not simply do a pro-rata calculation eg Amount Overdrawn for a charging period say £456, interest charged Y, interest charged on £250 is Y divided by 456 x 250 =Z. Therefore interest rate for the period is Z/250x100.

PaulDesmond

I could but this would be messy as the sums of OD are up and down all the time and so is the monthly interest. Subtracting an interest value for £250 across the whole spread sheet would be better.


The total interest over 6 years comes to £541.08


I would be happy with a reasonable proportion of this at the discretion of the FOS obviously.

Nearlyold

You only need to do it over one month to work out the interest rate, just choose the month where the average amount overdrawn is easiest to calculate

PaulDesmond

Why are people claiming back PPI? If they were miss sold the banks have done nothing wrong.


"morally wrong" does not mean wrong.


I went into my bank and a manager took me to one side. You have been with us over a year now. Would you like to upgrade your bank account to a premier bank account?
I got £250 overdraft a credit card and the following
Discount on car insurance: I don’t drive.
Cheep holidays: I am unemployed.
Discount on hotel accommodation: I am unemployed.
Discount on Home insurance: I rent from a private landlord fully furnished.

I later discovered that I was being charged £9 per month this increased to £10 and then to £12. When I queried this I was informed that this was the charge for having a premier bank account. By this point I was well into my credit card and overdraft limit. I was stuffed. I could not get out of this because I was unemployed and could not pay it back.
Was I miss sold. He never told me about the £9

dunstonh

The FOS state that I could have a case.

That is part of the automatic script that the FOS given everyone that phone them. Everyone gets told that whether they have a case of not. The people on the phones are not the one making the assessments.

I made a claim against Nat West credit card services as I should not have been given a credit card.

You know that the odds of success on complaints like this are extremely low. Unless you have a mental illness that the bank was aware of, these types of complaints rarely succeed. They can succeed so I am not putting you off. Just really making you aware that you are going against the odds and preparing you for this. The FOS have ruled on cases of unaffordable lending but it is usually making a decision decades after the event where little or no evidence exists. The main ones that succeed are linked to mental illness.

The main issue you have is that the decisions the FOS have made have all been on people that still have the debt outstanding. Decisions that have gone with the consumer have seen:
- re-scheduling the lending onto affordable terms;
- providing an interest-free period or a lower interest rate;
- writing-off some of the lending;
- exceptionally, writing-off all the lending.

If you no longer have the debt with them, there is nothing for them to adjust or write off.

As for charges, the FOS no longer accept complaints about "unfair" charges. This is published on their website. This follows the court case about unfair charges which the banks won.

Martin Lewis on TV stated that you could go back further than 6 years. The CAB said that if it is over 6 years the FOS is the way to go as you can't take a legal case after 6 years.

Both are right and wrong at the same time.

Data protection laws require firms to destroy data that is no longer required after a reasonable period of time. The regulator recommended 6 years but its a guidance only. Some keep records for longer. So, that is one reference to where 6 years could be an issue.

Another is the timebar rules on how long you have to raise a complaint. You have 6 years from the date of the event (typically the purchase of the product) OR 3 years from being reasonably aware of an issue to raise a complaint. Whichever gives you the longer. After this, the firm can refuse to even consider your complaint (even if you had grounds at the time). The FOS wont overrule a timebar unless if feels the timebar was incorrectly applied.

So, 6 years could be an issue. However, it may not be an issue.

Why are people claiming back PPI? If they were miss sold the banks have done nothing wrong.

Dont mix up actual wrongdoing with what you think it is, which is a moral decision. PPI complaints exist because of actual wrongdoing. Your complaint is not about actual wrongdoing.

Mersey_2

PD - you may have been mis-sols a packaged bank account rather than PPI.


Dunstonh is largely right - most claims don't succeed, but certainly worth the FOS looking into it and asking NatWest to reconsider.

Don't worry about attempting to calculate your losses. You don't need to. You're not issuing a Claim Form in the County Court against the bank. The bank will calculate any losses plus the statutory 8% pa interest owed if you succeed in your claim for redress.


If you haven't already, you can complain to NatWest by email: [EMAIL="customer.relations@natwest.com"]customer.relations@natwest.com[/EMAIL]


It may take them a few weeks to investigate, but as you know if you remain dissatisfied with their final written response, you can refer the complaint to the FOS within 6 months of their letter.

[Deleted User]

PaulDesmond wrote: »

Martin Lewis on TV stated that you could go back further than 6 years.

Odd the way so many people are quoting Martin Lewis on the forum these days. Some in almost every post they make…
I realise his connection to this site (which he sold some time back to Money Supermarket) but still...

Mersey_2

Possibly because his show on ITV gets 3 million viewers?


We saw a dozen PPI Qs on here within 2 hours of it on Friday night.