Going for interest big risk???

dwarfer

Hi, I am currently on stage 1 so there's no pressure on me yet, I sent the first letter yesterday asking for £360 but have recently discovered another £35 fee in my online statements so will add this onto my next letter after they refuse... I hope this is OK.

My question is this:

I would like to ask what the extra risk is of demanding interest is (totalling £85).

I've heard no one has lost yet, but many will settle without interest, but I'm trying to get mine back, my defence is that 'I would never have been in debt if they charged me these fees in the first place and the interest is for my trouble and O/D interest they have charged me since'

When it comes to small courts I will add the above statement, but overall what is my extra likelyhood of getting rejected if I demand interest, surely the courts have to take that into account.

Total charges: £395 +Interest £85

Thanks, hope someone can help me on this matter.


oh ps... i only asked them for fees since 2002 as the online banking doesnt show further statements

nickmack

dwarfer wrote: »

I would like to ask what the extra risk is of demanding interest is (totalling £85).

The risk is that if you hold out for interest after the bank have offered you the full amount and it then goes to court, the judge will not look favourably on you. The courts are very busy with these type of claims and it may well be seen as an abuse of process.

So, just to reiterate, you are not entitled to interest before you file a court claim, it should be used as a bargaining tool to get the bank to pay up.

dwarfer

nickmack wrote: »

The risk is that if you hold out for interest after the bank have offered you the full amount and it then goes to court, the judge will not look favourably on you. The courts are very busy with these type of claims and it may well be seen as an abuse of process.

So, just to reiterate, you are not entitled to interest before you file a court claim, it should be used as a bargaining tool to get the bank to pay up.

ok thanks, ive heard banks offer them the full amount excluding interest where its under £1000, hope they'll do that then.

cheers! great advice.

Beate

Once you file a claim you are entitled to interest and don't have to give extra defence on why you think you should get it. Just stick to the particulars of claim everyone here uses when filing a claim. There is a whole thread about the MCOL (monecyclaim online) stage.

You can add charges up until you file your claim. If you have been with the bank longer than 2002, you can ask them for statements up to 6 years back and they are entitled to provide this information under the Data Protection Act for £10. Worth it if you think there were a lot of charges that year - not worth if if you think you have caught the majority of charges in your online statements going back to 2002.

Mr_hacktoff

Hi folks, I have been offered £730 and refused it on moral grounds that there was no breakdown as to how they arived at this sum.(hellifax)
I have a letter saying that they did not get the filled form back accepting their bribe and should phone them within 2 weeks.
I am in poverty as usual, and my dosh is one call away (maybe) (slightly salivating), do any of you have any advice for me before I make this call?
I didn't get a list of charges history, so am going in blind as to how much exactly they owe me. Can I demand this on the phone? Online?(never used online banking).
And of course, should I go for interest? How much? My mortgage is with them remember.
I will give it a couple of days so any replies are apr.

(I suggested in my letter that it is like a game show, take the money or open the box. Plastic, Tacky and dodgy. This is a Bank for godness sake.)
thanks in advance
Mr hacktoff

Beate

It is not advisable at all to claim for a sum you can't prove, and you don't seem to have followed the templates on this site either.
They have to supply you with a list of charges within 40 days of you asking, if they haven't done that, let the Information Commissioner know.
Interest can only ever be used as a bargaining tool with the banks and you only become entitled to it once you file a court claim, and you can never arrive at the correct interest figure without knowing which charge occured when.
So please follow the proper procedures.