I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total owed.
I am trying to do a letter of complaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
Originally posted by fiestaI'd do it the same way that revenue services do it. Compound interest on a monthly basis. I'm no expert on the legalities, but if the IRS or revenue commissioners can do it, why not the private individual?
I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total o ...[text shortened]... omplaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
Originally posted by fiestathey could also be liable for any bounced checks etc... write them a bill and send it to them.
I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total o ...[text shortened]... omplaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
Originally posted by fiestahttp://www.payontime.co.uk/calculator/contractual.html
I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total o ...[text shortened]... omplaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
You can calculate what the buggers owe you by using this calculator.
I'd suggest using an interest rate of about 8% as being reasonable.
Originally posted by adramforallIf you can show that you have been paying a credit card balance then there is a case for charging 14 to 18% interest (which is what CC companies charge on overdue balances). It all depends on the amount due compared to the CC balance.
http://www.payontime.co.uk/calculator/contractual.html
You can calculate what the buggers owe you by using this calculator.
I'd suggest using an interest rate of about 8% as being reasonable.
Originally posted by fiestaWhat interest rate are you thinking of using, though? If you can, see what interest rate this company charges to customers. It's usually relatively high, but since it's exactly their own, they'll have a harder time arguing against it.
I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total o ...[text shortened]... omplaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
Actually, I'd use exactly the method they use for compounding interest on customers who are late.
Originally posted by fiestaHire a lawyer and tell him to find a way to pay himself. He'll manage to get you more money.
I am owed some money by a large company who have admitted liablilty for debiting money out of my bank account for some time, question is they are now offering me the amount back, but I would like to claim interest on this amount but would I claim interest like say a credit card would calculate it i.e month on month or would I just add it on to the sum total o ...[text shortened]... omplaint and want to make sure this is done correctly ,so any help would be greatly appreciated.
Originally posted by PalynkaFirstly can i say thanks for all your replies... Ok it's a large utility company that has been debiting £45.00 per month from my bank account .. it was picked up on when I went into my overdraft facility,and called my bank to see what had come out .. they have been debiting it since I was told originally 2005, on contacting the utility company they have admitted liablilty and confirmed they have been debiting it since 2002 ....yes I know i should have checked my statements thoroughly, but it's a lesson well learned ... the issue now lies with the bank who I cancelled the direct debit with in 2005 and they carried on letting the utility company debit after the the account was closed, but also the utility company as I stopped paying to them in May 2002, and they have debited the money since even thoug they had my final reading in 2005 ...so in total the utility company have said it's a massive error on their part and have offered me the full £45.00 x 68 months.... however I wanted to charge them interest and compound like a credit card or loan company would do... is this unrealistic to work on a month on month as if i just ask for 8% interest its coming in at £244.00. I have also been made aware of some direct debit legislation,where companies have to refund the money immediately if the error is with them ..would love to chance my arm and try month on month interest...is this worth a shot?
What interest rate are you thinking of using, though? If you can, see what interest rate this company charges to customers. It's usually relatively high, but since it's exactly their own, they'll have a harder time arguing against it.
Actually, I'd use exactly the method they use for compounding interest on customers who are late.
Originally posted by fiestaCan you name the utility company? PM me if you prefer.
Firstly can i say thanks for all your replies... Ok it's a large utility company that has been debiting £45.00 per month from my bank account .. it was picked up on when I went into my overdraft facility,and called my bank to see what had come out .. they have been debiting it since I was told originally 2005, on contacting the utility company they have admi th them ..would love to chance my arm and try month on month interest...is this worth a shot?
Don't forget to add interest from the last debit they made up until today (and mention that it adds up until the day they pay).
Edit 2: If they removed you £45 pounds every month for 68 months, then 8% a year should give you around £800 of interest alone at the end.
Monthly interest rate 1.08^(1/12) = 1.00643
1 45 0 45.29
2 45 90.87
3 45 136.74
4 45 182.91
5 45 229.38
6 45 276.15
7 45 323.21
8 45 370.58
9 45 418.25
10 45 466.24
11 45 514.52
12 45 563.12
13 45 612.04
14 45 661.26
15 45 710.81
16 45 760.67
17 45 810.86
18 45 861.36
19 45 912.19
20 45 963.35
21 45 1014.84
22 45 1066.66
23 45 1118.81
24 45 1171.3
25 45 1224.13
26 45 1277.29
27 45 1330.8
28 45 1384.65
29 45 1438.85
30 45 1493.4
31 45 1548.29
32 45 1603.55
33 45 1659.15
34 45 1715.12
35 45 1771.44
36 45 1828.13
37 45 1885.18
38 45 1942.6
39 45 2000.39
40 45 2058.55
41 45 2117.08
42 45 2175.99
43 45 2235.28
44 45 2294.95
45 45 2355.01
46 45 2415.45
47 45 2476.28
48 45 2537.5
49 45 2599.12
50 45 2661.13
51 45 2723.54
52 45 2786.36
53 45 2849.57
54 45 2913.2
55 45 2977.23
56 45 3041.68
57 45 3106.54
58 45 3171.81
59 45 3237.51
60 45 3303.63
61 45 3370.17
62 45 3437.15
63 45 3504.55
64 45 3572.39
65 45 3640.66
66 45 3709.38
67 45 3778.53
68 45 3848.13
Last value is 1 month after last debit.
Exactly at last debit = 3778.53+45
Just the 45*68 = 3060
Edit - If I'm doing things right. 😛
Edit - 8% a year sounds quite high, though. If it's overdraft interest rates you're using, maybe that's not the best rate. Try seeing how much they use a year when their customers are late.