Business Finance Issues

What Amount Are You Entitled To Be Reclaiming In Bank Fees? Background To Reclaiming Bank Charges

In brief, you can reclaim your bank fees you have incurred within the previous 6 years. This includes unfair charges for going overdrawn, letters informing you about bounced cheques and failed direct debits and similar. If the action was likely to have only cost the bank a low amount and they have charged you a lot more, then there’s a chance of a reclaim. If these charges have caused you to be debited with further charges or interest, then you will also have a case there.

Further to this, you can reclaim for interest on the amount you are reclaiming - the interest you would have been credited on the money had it been in your account.

But how should you calculate how much the bank has charged you?

First, if you can refer to your bank statements for the past 6 years then you just need to go through them. If you haven’t kept them all, if you are registered for online banking (or can register) then you may be able to determine the unfair charges from there.

Finally, if all of these are not possible then you have to request the information from your bank. Asking for copies of back statements can prove quite costly (and these charges DO NOT count as unfair!!!). But if you know exact dates of charges, then this might be not too expensive. But the final way is to write to the bank, quoting the Data Protection Act 1998, requesting them to tell you for all charges on the account:

• what the offence was

• the date of the offence / charge

• the amount of the charge

The bank has, by law, only 40 working days to get back to you. But it is allowed to charge you a fee not more than £10, so it is worth while including in this letter the full £10 fee made payable to the bank.

If your bank tries to send you a copy of your statements they can try to charge you for that. To stop this, be sure that you tell the bank you are using the Data Protection Act 1998 to get a list of all charges.

Expenses

You can also reclaim expenses incurred in making your reclaim, although this can be best left in case the reclaim gets as far as the court stage and then used as a bargaining tool to stop that. Simply put, if the bank knows that you will accept repayment now, or repayment plus costs if they don’t accept that, then there’s a financial benefit to them to settle.

Reasonable costs include court costs and a case has also included costs of preparing the case. To include this, document a record of how much time you spend preparing your case then include a charge at £9.25 per hour (the legal entitlement).

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If you are planning to refinance your home mortgage loan, selecting the right type of mortgage could save you thousands of dollars. Basically, there are two types of mortgage loans to choose from, and it would depend on your financial needs and tolerance for risk. The following are several easy tips that will help you with home loan refinance.

Mortgage refinance loans can come in two varieties: loans with fixed interest rates and those with adjustable interest rates. Fixed Rate Mortgages come with term lengths of ten to fifty years and have payments based on an interest rate that will not change for the duration of the loan.

Adjustable Rate Mortgages, on the other hand, are based on a specific financial index and include the mortgage lenders margin. There is another type of mortgage known as hybrid loans; however, hybrid mortgages are really just a combination of the Fixed Rate and Adjustable Rate Mortgages.

The adjustable rate mortgage’s interest rate will have to change whenever the lender resets your loan. The lender will use the financial index your loan is tied to plus their own margin when they reset your interest rate and payment amount. The most common index that is used by the lenders is the one-year treasury note. Adjustable rate mortgages have the advantage of lower initial payments, but then these loans have more risk for the borrowers once the lender begins adjusting the loan.

Homeowners who understand the risks associated with Adjustable Rate Mortgage Refinance Loans will be able to save thousands of dollars when refinancing their mortgage loans. You shouldn’t write off Adjustable Rate Mortgages because someone told you that you’ll have a payment shock when the lender begins adjusting your loan.

There are several advantages to accepting an adjustable mortgage, and as for starters, a low rate mortgage allows buyers to purchase pricier homes, while maintaining an affordable monthly payment. Moreover, because of record low rates, home buyers who obtain an adjustable rate mortgage can enjoy falling rates without having to refinance their mortgage. Thus, they avoid the closing costs and other fees.

Adjustable rate mortgages would definitely suit individuals who plan on moving in a few years. Some individuals do enjoy the stability of living in a place for many years. So in this case, fixed rate refinancing would be the best choice, but if somehow you prefer the flexibility of moving every three to five years, then you can save some money with an adjustable rate.

Luckily, home mortgage loans can be refinanced whenever you feel like it and some lenders even suggest allowing the loan to mature at least 12 months. But if you detect a market trend change, a smart move would be refinancing shortly after purchasing your home. Those contemplating refinancing have got to be prepared to pay additional closing fees. You can contact your current lender and inquire more of prepayment penalties regarding your mortgage refinance loans.

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