How to Calculate the Amount of Your Package Bank Account Claim
Want to know how much you could claim right now? Calculating how much you could claim is simple - if you have been mis-sold a package bank account you should get back the fees you paid, plus interest. Our packaged bank account calculator will be online soon, so in the meantime follow the steps below to calculate what you might be owed, plus read some additional points to remember.
Steps to Calculate How Much You Could Claim
How Much Have You Been Paying?
Check your bank statements to see how much you have been paying. Ensure that you check all the way back to when you began paying these charges. It could be the case that the amounts have changed over time, or that you have added or removed additional ‘services’.
How Long Have You Been Paying This Amount? Again, check your bank statements. Check as far back as you feel necessary to ensure you were not paying fees prior to that statement. Check the number of payments you have made as well as the length of time you have been paying the charges.
How Much Interest Should You Receive?
You should receive what is known as “judicial Interest” on your successful claim. This is a flat rate of 8%. The rare is based on the assumption that you would have earned interest on the money that has been taken from you by the bank. The interest is calculated at a flat 8% - you don’t receive interest on the interest you would have gotten for the previous year.
EXAMPLE 1:
- You reclaim £100 for three years’ worth of fees.
- The interest on the first years’ fees would be £8. If interest was charged on this interest, the second year would be calculated as 8% of £108, and the second year award would be £108.64
- This is not the case when you receive compensation for a mis sold account. The flat interest would give you a straight £8 each year.
Claiming for Expenses
As part of your claim, you can also ask that the bank be found liable for the expenses of pursuing your claim. This prevents you from being any further out of pocket. Here's another example generated by our packaged bank account claims calculator.
EXAMPLE 2: Mrs. Smith was mis sold a package bank account. After checking her bank statements, she seen had been paying £15 a month for 4 years. She had made 48 payments in that time.
Mrs. Smith’s claim could be calculated as such; £15 x 48 = £720.
The interest would be calculated at 8% per year. Mrs. Smith made 12 payments each year and her interest would be calculated as follows; £15 x 12 = 180
8% of £180 = £14.40.
£14.40 would be added for each of the years she has been paying the fees. So, Mrs. Smith’s final claim would be: The fees she has paid (£720) + Interest for each year (£14.40 x 4) = £777.60
Contact Kangaroodle for Expert Advice
For further information and guidance, or to begin your claim today, give us a call here at Kangaroodle. Our package bank account claim experts can help you calculate how much you could get back and take you through the process of making a claim - we work on a no win no fee agreement for packaged accounts.
