Claiming Interest Confusion!

SUGARSPICE

Hi All

Please,please,please can somebody help me with the claiming interest part.

1.When I was at the beginning of claiming my money back I did an example of what the interest would be on Martins calculator but now Eg: I put in my charge amount & the date it now comes up as more interest than last time.Does this mean I will be claiming more interest than If I was going to do the claiming for interest part back then?

2.Is this the right way of finding out how much interest Im to claim as Ive been reading up on different ways to do it? Could someone please give me an example?

3.When typing out the Particulars Of Claim it states that you insert the date of First charge to the date of Last charge but if I do this doesnt it mean that I cant claim up until judgement day as stated in a the last letter I sent, because Ive only actually stated a first & last & nothing after this ?

Even though the MCOL will let Capital One know that Ive filed for Court would it be ok to let them know myself by writing a letter to let them know?

Much Appreciated if someone could get back to me to let me know the answers as Cap One have given me 4 weeks which is til the end of this week to send back a settlement form for less than half of my money (which they do know Im not accepting).

Thanks In Advance

GarethR

SUGARSPICE wrote: »

Hi All

Please,please,please can somebody help me with the claiming interest part.

1.When I was at the beginning of claiming my money back I did an example of what the interest would be on Martins calculator but now Eg: I put in my charge amount & the date it now comes up as more interest than last time.Does this mean I will be claiming more interest than If I was going to do the claiming for interest part back then?

2.Is this the right way of finding out how much interest Im to claim as Ive been reading up on different ways to do it? Could someone please give me an example?

3.When typing out the Particulars Of Claim it states that you insert the date of First charge to the date of Last charge but if I do this doesnt it mean that I cant claim up until judgement day as stated in a the last letter I sent, because Ive only actually stated a first & last & nothing after this ?

Even though the MCOL will let Capital One know that Ive filed for Court would it be ok to let them know myself by writing a letter to let them know?

Much Appreciated if someone could get back to me to let me know the answers as Cap One have given me 4 weeks which is til the end of this week to send back a settlement form for less than half of my money (which they do know Im not accepting).

Thanks In Advance

So would I be right in thinking that you have already done the calculations & sent them to Cap 1? Did you not save this when you did it?

Im a little confused as to what you have done but using the calculator is the way forward, you have to enter each & every amount + date then click the button to get the interest, then add it to the sheet. Obviously the further on from the date you were charged the higher the interest will be, e.g if you did it in April then interest would be more in June than then due to the time that has passed in between. I would just start from scratch using the calculator & make sure you save it this time but if you have already sent the info to the MCOL Im not sure what you could do other than ring them

Sorry I cant help any more

sharon_currie

You shouldn't have added any intrest at that stage it gets added at the judical rate of 8 percent rer annum once it goes to court and i guess it will as you have made a mistake if I were you I would resend the letters again without the interest as if it goes to court it will be in there favor as this will be classed as an error on your behalf.
You can also get lots of help from www.penaltycharges.co.uk or if you dont fancy going to court you can go to the financial ombudsman where you send them all the relevent paper work you sent the bank and they do it all for you and its all free
www.financial-ombudsman.org.uk and download a claim form onto your pc. Fill it in and post it off to them recorded delivery and you will have a reply from them within 7 days stating that they are gathering all info from bank what losse's ect they occured when you went over to gain the charges


good luck if you need any help send me an email


Wullie

Stephen_Leak

SUGARSPICE wrote: »

Hi All

Please,please,please can somebody help me with the claiming interest part.

1.When I was at the beginning of claiming my money back I did an example of what the interest would be on Martins calculator but now Eg: I put in my charge amount & the date it now comes up as more interest than last time.Does this mean I will be claiming more interest than If I was going to do the claiming for interest part back then?

2.Is this the right way of finding out how much interest Im to claim as Ive been reading up on different ways to do it? Could someone please give me an example?

3.When typing out the Particulars Of Claim it states that you insert the date of First charge to the date of Last charge but if I do this doesnt it mean that I cant claim up until judgement day as stated in a the last letter I sent, because Ive only actually stated a first & last & nothing after this ?

Even though the MCOL will let Capital One know that Ive filed for Court would it be ok to let them know myself by writing a letter to let them know?

Much Appreciated if someone could get back to me to let me know the answers as Cap One have given me 4 weeks which is til the end of this week to send back a settlement form for less than half of my money (which they do know Im not accepting).

Thanks In Advance

The figures for interest will be different now, because they are calculated to today's date.

You aren’t legally entitled to the 8% per year statutory interest on the charges unless it is awarded by a judge. However, it can be a very useful bargaining chip when negotiating a settlement.<O:p</O:p

You will need to recalculate your interest on the day you file your court claim. I order to claim the daily interest from the date you file your court claim to "judgement day", you also need to put the paragraph about this in the Particulars of Claim.

The bank will find out that you've filed a court claim when MCOL serve it on them.

Please read the Reclaim Bank Charges Help thread.<O:p</O:p

Beate

sharon_currie wrote: »

You shouldn't have added any intrest at that stage it gets added at the judical rate of 8 percent rer annum once it goes to court and i guess it will as you have made a mistake if I were you I would resend the letters again without the interest as if it goes to court it will be in there favor as this will be classed as an error on your behalf.

Wrong. Martin points out in his article, that, although you are not legally entitled to interest before you file a court claim, it is perfectly alright to mention it in the first letters as a bargaining tool. You do not need to resend any letters.Stephen Leak has given you sound advice, best to read up on particulars of claim and daily rate of interest etc. in the Reclaim Bank Charges Help Thread.

sharon_currie

wrong I followed martains advice and it was wrong in scotland. I went to www.penaltycharges.co.uk and they helped fix the problems so if its scottish law I would go by what I said or go to the website and ask a moderator they will back me up




Wullie

Beate

And where does sugarspice mention that he/she is from Scotland?

sharon_currie

Beate wrote: »

Wrong. Martin points out in his article, that, although you are not legally entitled to interest before you file a court claim, it is perfectly alright to mention it in the first letters as a bargaining tool. You do not need to resend any letters.Stephen Leak has given you sound advice, best to read up on particulars of claim and daily rate of interest etc. in the Reclaim Bank Charges Help Thread.

This is from pentaltycharge.co.uk form



YES MY CHARGES TOTALED 899.00 AND i PUT ON LETTER TO REFUND
1076.28 TO MY ACC WITHIN 14 DAYS
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<HR style="COLOR: #766300" SIZE=1><!-- / icon and title --><!-- message -->hi again, i'm not entirely sure what you should do. my initial thinking would be to start over again using letters from this site just incase the bank finds a flaw and then you lose by a technicality. another 2 weeks of waiting surely won't be too bad considering you probably waited years already! as i'm assuming that you already of your 5 years of statements, so you would just be sending them the LBA.
one of the mods will be able to advise you better, i know that i would want to play it safe to ensure i get my money, but its your call.
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Take her advice as she won me 3grand with her advice

Beate

Okay, I don't know much about Scottish law. However, the OP failed to mention that in his/her original post, so there was no way I would have been able to know. Martin's advice is correct for everyone in England.

SUGARSPICE

Gareth,Sharon & Stephen No I havent done the calculations & sent a copy to Cap One.I only stated that I will be claiming full amount & interest plus court fees up to the date of judgement if they didnt pay up in the last letter I had sent them.It was just to see an example of what the interest was at that time.

Stephen Where you say about the 8% per annum if it gets to court & I win,Do I need to work out how much I was charged each year of the six years & add 8% to each year then put this down on the MCOL?

Thank You Very Much For Your Replies.

Stephen_Leak

SUGARSPICE wrote: »

Gareth,Sharon & Stephen No I havent done the calculations & sent a copy to Cap One.I only stated that I will be claiming full amount & interest plus court fees up to the date of judgement if they didnt pay up in the last letter I had sent them.It was just to see an example of what the interest was at that time.

Stephen Where you say about the 8% per annum if it gets to court & I win,Do I need to work out how much I was charged each year of the six years & add 8% to each year then put this down on the MCOL?

Thank You Very Much For Your Replies.

Firstly, you work out the interest again, using Martin's calculator, on each individual charge, from the date it was raised until the date of your court claim. You then use this figure on your Money Claim Online form.

Secondly, you also work out the daily rate interest, so the judge can use it to work out the interest from the date of your claim to the date of the hearing. The simple formula for this is on the Reclaim Bank Charges Help thread.