PPI, Credit Card & Bank Charge Claims >> Charges QnA

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How do you calculate interest on penalty charges?

14 October 2009

Challengeyour.com has an in-house audit team. Using 

spreadsheets, interest is calculated on a daily basis

from when the charge occured. The rate of interest we 

aopt is 8% per Annum which is the statutory rate of

interest.

For example, if a client is debited in November 2003 £25, 

within interest recoverable, we would look to return to

you £36.42