Difference between revisions of "Guide to reclaiming bank charges"

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If the bank doesn't comply within the 40 days, you can send a further letter giving 7 days, and then apply to court. There are details how to proceed with this in the [[Templates library]].
 
If the bank doesn't comply within the 40 days, you can send a further letter giving 7 days, and then apply to court. There are details how to proceed with this in the [[Templates library]].
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==What Interest Do I Claim?==
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There are different methods to claim interest on your refund.
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1) Overdraft Interest paid by you on the charges
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This is the amount of interest the bank charged you for being overdrawn. You can only claim the proportion of interest charged on your charges, as opposed to any charged on spending. The Advanced spreadsheet will help calculate this amount. The Overdraft Interest figures should be included within your Preliminary letters to the bank.
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2) Statutory Interest under section 69 of the County Court Act.
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This is the standard interest applicable to your claim. It is awarded at the discretion of the court and should not be added to your claim until you file the claim with the court. The current rate is 8% PA. You can claim this on TOP of the Overdraft interest (1).
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3) Contractual Interest
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There are a lot of discussions on the methods and reasoning behind applying contractual interest to a claim. However, this should ONLY be considered if you fully understand the legal arguments, and be warned that you would be increasing the chances of having to justify your claim in court.

Revision as of 09:42, 31 May 2007

Introduction

This guide will help you to recover YOUR MONEY, which has been unlawfully taken from your account.


If you are having doubts about claiming YOUR MONEY back then look at the Survey Results - to date the Banks have paid out over £11 million to 7748 people across the UK (and that Is ONLY those who have taken the trouble to complete the Survey - it is probably three times that figure or more).

We would like to expand this winners club so if you would like to become a member just follow the steps in here.


IMPORTANT: Read 'Things you really need to know', before commencing.



Preparation

Remember When Your Mother Used To Say

"Forewarned Is Forearmed" Well - It's True.

Make sure you read all the FREQUENTLY ASKED QUESTIONS and understand what you are about to do. This may seem a little horrific to begin with but don't let yourself be put off by this.


We are all your friends now and we have all been in the same boat (read some of our threads - this will also help you).


Also study the letters in THE LIBRARY to familiarise yourself with them.

Reading the TUTORIALS is a must - If you want to be fully prepared!!!


Step 1 - Getting your list of charges.

Send the Subject Access Request letter asking for a list of charges made on your account for the past 6 years (or for the time you have had the account if less than 6 years).



We try not to use the phrase "copy statements" since these are not technically covered by the Data Protection Act. The Data Protection Act covers your transaction records. Banks, however, find it much easier to supply you with copy statements. Earlier information may be supllied on Microfiche printouts.



Remember


The data should be supplied within 40 calender days, ONLY complain to the Information Commissioners Office if the 40 days has expired and not before.

If the bank doesn't comply within the 40 days, you can send a further letter giving 7 days, and then apply to court. There are details how to proceed with this in the Templates library.

What Interest Do I Claim?

There are different methods to claim interest on your refund.

1) Overdraft Interest paid by you on the charges This is the amount of interest the bank charged you for being overdrawn. You can only claim the proportion of interest charged on your charges, as opposed to any charged on spending. The Advanced spreadsheet will help calculate this amount. The Overdraft Interest figures should be included within your Preliminary letters to the bank.

2) Statutory Interest under section 69 of the County Court Act. This is the standard interest applicable to your claim. It is awarded at the discretion of the court and should not be added to your claim until you file the claim with the court. The current rate is 8% PA. You can claim this on TOP of the Overdraft interest (1).

3) Contractual Interest

There are a lot of discussions on the methods and reasoning behind applying contractual interest to a claim. However, this should ONLY be considered if you fully understand the legal arguments, and be warned that you would be increasing the chances of having to justify your claim in court.