Banking news
Higher interest when reclaiming penalty charges
29 March, 2007
Claiming back penalty charges seems to be at the top of everyone’s agenda, and now Brits can claim back interest at a higher rate thanks to a new no win, no fee service
Whilst most people attempting to claim back the extortionate amounts they have been charged will recoup additional interest at the 8 per cent statutory rate, this company – Charge Claims – have been able to claim interest from the top five banks at a rate up to 29.9 per cent.
This then would mean that claimants would possibly be able to claim £200 for an initial £40 charge made for going into their overdraft.
Charge Claims’ director, Amy Vickers, says “Our service is for consumers who have incurred these unfair bank charges, but do not want the hassle of reclaiming the charges themselves. Many people follow the advice provided on websites without realising that they can achieve a higher level of compensation by using a claims management company.
“With identity fraud now a real worry, another aspect that people should consider is that many claim management companies don’t offer the same safeguards that Charge Claims guarantees when it comes to sensitive financial data.”
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