unlawful / unreasonable bank INTEREST

[profjohnsmalley]

so many of us are getting to grips with the banks' unlawful charge regime : how many of us have tried to get back, the unreasonable / unlawful / excessive BANK INTEREST so often charged ?

I have a friend who was mulcted of almost gbp 1 k in charges, but almost 3 k in interest, all over a 4-year period : interest was charged at up to 28.50 % : he was only in authorised ( later withdrawn ) o/draft of gbp 5.5 k, incl charges & interest.

is anyone else feeling ready to take on the banks ?

john smalley

[LuggerBugs]

Re: unlawful / unreasonable bank INTEREST

Sounds like a test of the UTCCR required to see what the outcome would be here.

But it would take a braver man than me to risk it on a 28% interest rate.

[Glenn UK]

Re: unlawful / unreasonable bank INTEREST

I am not sure what you mean about being ready to take the banks on.

Assuming you reclaim the charges then the interest should be part of the claim FWIW

I have made several claims prior to the test case and always claimed the charges, an amount for interest i paid on this charges plus an amount of interest i charged them.

If the charges are deemd unfair then the interest charged on those similalry becomes unfair and reclaimable imho.

Glenn

[LuggerBugs]

Re: unlawful / unreasonable bank INTEREST

I assume he means the interest rate on an authorised overdraft, but please do confirm or clarify Prof.

[Glenn UK]

Re: unlawful / unreasonable bank INTEREST

As far as i am concerned, and this is what i claimed back, is the interest charged at whatever rate you had paid it is what you claim back. It is the sum thats critical not the rate at which they charged it in other words you are reclaiming what you have paid.

if you mean reclaiming charges, the interest you have paid (at whatever rate) and then adding UO interest on top its difficult to do and may not actually succeed.

however, if it doesn't get to court then you may get paid it, i did on a couple of occasions.

On the claims where i got to allocation hearings the judge struck out the interest charged at that rate as there is no simple basis for claiming it.

However, in my claim against abbey (stayed) I did ask for an account of profits (Jeeze seems so long ago i was in court) and the judge allowed it on the basis i needed t come up with a convincing argument and then the claim was stayed.

My feeling is it would get thrown out but thats presuming that it went to court again for a further hearing of any type.

JMHO

Glenn