26 Jan 2016

A question about : Charging banks daily interest on unfair interest on overdraft

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 Ј1860 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 Ј4958.99 in interest if I applied a daily rate of 0.0457.

Do you know if this is correct.

Thanks

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    Category: 
    Reclaim Bank & Credit Card Charges
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