Claiming back 8% APR interest

andykb3 · 12th July 2006, 11:03

I've read in several places that in addition to claiming for the actual charges, you should also claim for interest on those charges at a rate of 8%.

I'm just wondering where the figure of 8% comes from>

Is it a generic standard in law, or bank controlled - how is that figure arrived at?

Thanks

Andy

blueskies · 12th July 2006, 11:09

It is set in the County Courts act 1984. You should only claim this when you reach the court stage of your claim.

eyespy · 12th July 2006, 11:11

Take a look at this thread it may help.

Spreadsheet with interest

andykb3 · 12th July 2006, 11:40

Quote:

Originally Posted by blueskies

It is set in the County Courts act 1984. You should only claim this when you reach the court stage of your claim.

OK - I am about to start round 2 (LBA) with one or two of my banks - I think I'll inform them that I will be claiming interest on the charges should I file a claim at the court - I've already used a spreadsheet to calculate the amounts I can claim.

I've got to admit I was surprised at how much I can claim!

Thanks for the clarification

Andy

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