Interest made on my money

Roberteo

I paid a £500 excess to get my car back after being repaired and it is taking months to get the insurance claim sorted as the driver who caused the accident run off.

My question is, when I finally do get it back, am I in my rights to ask for the interest made on my £500 while they have kept it?

If anyone knows that would be a great help.

mattymoo

Not sure I understand this. If the other driver ran off, who are you claiming the £500 off? Was he traced after the accident? Have his insurers (assuming he had insurance) admitted he is at fault for the accident?

You are entitled to interest but you generally need to issue legal procedings to recover it. It is applied at the court rate from date of accident iirc.

enola-alone

Roberteo,

You would only be entitled to interest on the money if it was subject to court proceedings. ie. if you had won a court claim against the other party for recovery of the same. Even then, it is at the discretion of the District Judge hearing the claim.

Hope that helps,

Enola