Computers do make mistakes - when programmed or operated incorrectly. Without even being aware of it, indivdiuals and businesses can be overcharged substantially for overdrafts, mortgages or loans, and on many other types of lease or hire arrangement.
This can happen simply because someone keys in a '5%' instead of '3%' on your interest rates - or forgets to enter anything, and the computer defaults to an 'unauthorised' 29%.
No-one can normally check whether they have been overcharged. Customers do not usually have the information, the financial knowledge, or the time.
Some companies now advertise their services to recalculate bank or mortgage statements to find such errors. Details are typed into a computer which then works out the payment due at agreed interest rates. Any differences between this figure and the amount actually charged are then highlighted.
These companies either charge a fee, or are paid on a 'contingency' or 'conditional' arrangement where the company takes a percentage of any error found.
The argument 'Even 50% is more than I could have recovered without help' may be true. But there are serious hazards in relying on an unknown firm to carry out a calculation and recovery working on the basis of a percentage fee on recovery. (More information available if required)
Professional Fees can always be recovered as part of a claim. Costs incurred in identifying and proving an error are recoverable. Where an overcharge is agreed, the cost of checking the account is effectively zero. (Don't forget to have the account re-checked for additional charges resulting from the original error.)
So does your account need to be checked? Did you -
OR -are you being pursued for a large amount by a financial institution?
If the answer to any of these is 'Yes' - think about getting your figures checked.
NABC will review members photocopy or 'faxed bank or building society statements (do not send originals please), and vet them WITHOUT CHARGE for a potential error.
Where there seems to be a potential problem, we will indicate the cost of preparing a full independent report. There is no obligation and no charge for this service beyond the basic NABC annual membership.
NABC will provide a summary 'health check' report on up to 5 years of commercial accounts for a flat fee of £250 - or £100 per year of statements submitted, whichever is the less. Where errors are identified, additional detailed reports will be available to support a claim for recovery.
Quotations will be provided in advance if any additional costs are involved. If you wish to take advantage of either offer, please send photocopy statements (NOT ORIGINALS) to NABC, stating the terms applying to the account - i.e. 'interest 4% over base; overdraft limit £10,000' - and the applicable dates.
getting your accounts checked |
errors and recoveries |
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