Question about Interest

chump

Hi there,

I am helping my brother reclaim his bank charges with Woolwich (now Barclays).

We are at the stage where we have threatend court action.

He is claiming £4800 and they have just offered £3400).

We are proceeding with court action as my brother wants to get the full amount. (my decision would be different though!)

When we wrote the original letter asking for his charges to be refunded we sent the template letter that didn't account for any Interest. I think at the time I remember seeing a thread that said that Interest can be calculated at a later date.

I will be seeing him this weekend to submit an MCOL claim online. I just want to be prepared and want to know if I should calculate his interest owed and add it to the claim?

I appreciate any help anyone can give us.

Regards
Marc
:beer:

Stephen_Leak

Yes, now is the time to calculate the 8% per year statutory interest on the charges.

Use the Interest Calculator in Martin’s article. Also calculate the daily interest for use from the date you file your claim until the date it is awarded.

Don't forget that uou are not legally entitled to the interest, unless it is awarded by a judge.

Please read Martin’s article and the Reclaim Bank Charges Help thread.<O:p</O:p

chump

just noticed this in the step by step. sorry for asking.

just noticed aswell it's 8% per annum for each charge! Wow...some of the older one's have accrued some GOOD interest

Thanks

chump

sorry but just realised that on his statments his charges are listed as:

Date Incurred
Date Applied

Which date do i use to calculate the interest??? There is up to 3 weeks between each dates for some charges.

Thanks
Marc

Stephen_Leak

chump wrote: »

sorry but just realised that on his statments his charges are listed as:

Date Incurred
Date Applied

Which date do i use to calculate the interest??? There is up to 3 weeks between each dates for some charges.

Thanks
Marc

Use the date incurred. The date applied is probably the date of the statement they appeared on.

Stephen_Leak

chump wrote: »

just noticed this in the step by step. sorry for asking.

just noticed aswell it's 8% per annum for each charge! Wow...some of the older one's have accrued some GOOD interest

Thanks

No problem. We'd much rather you ask and get this critical step of the claim right first time, than not ask, make a "pigs ear" of things and then have to pay £35 to amend the claim later.

chump

Stephen_Leak wrote: »

Use the date incurred. The date applied is probably the date of the statement they appeared on.

thanks but the Date Applied column doesn't appear to relate to Statement Dates. For instance:

Type: UC
Date Incurred: 22/05/07
Date Applied: 13/06/07
Charge Amount: £35


Type: UC
Date Incurred: 21/05/07
Date Applied: 12/06/07
Charge Amount: £35

Leads me to believe that the Date Applied column is what i should be working from? The Date Inccured is when the charge occured and the Date Applied is when the actual charge was levied to the account?

Does this sound feasible? I really don't want to !!!! up this step!

Thanks
Marc

chump

sorry to dig this up...but i could REALLY do with a definitive answer before I file the MCOL claim tomorrow. I just don't want to mess the claim up by incorrectly calculating the interest from the wrong dates.

Help??

Thanks
Marc

lindilou39

You take it from the date you where deprived of the money. i.e when they took the charge out..


Lin

LozBingley

Stephen_Leak wrote: »

Use the date incurred. The date applied is probably the date of the statement they appeared on.

I'd disagree with Stephen here, you need to be using the Date Applied as thats the date you have had the money taken out of or charged to the accounts so thats the date that it was unlawfully taken from your brother