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OK today I have finally received all the statements (in dribs and drabs) that I requested, and it has only taken 16 weeks! WOW! - NOT!!!
Anyways, onto stage 2....
I am now preparing my preliminary letter and calculating total amount to claim using the Scottish spreadsheet
Just a quick question about interest charges though plese, i am still a little confused.
I understand that the judicial interest set at 8% is NOT included in my calculation at this stage, however, on my bank statements, there are periodical charges recorded as "interest charges as notified last month" - do i include these charges in the calculation on my spreadsheet? and also, there is a field on the spreadsheet which lets you select your own percentage rate. What should this be set to? What is the recommended value? I dont quite understand this part.
Thanks in advance
Ok, the interest on your statement is overdraft interest which is claimable but only if it has been charges that took you into that overdraft in the first place. Otherwise no you can't claim this. The interest field on the spreadsheet should be 8% as it should be. Hope this helps. Good Luck. Oh and no you don't send in the 8% at this point, only the court stage.
My advice is only my opinion, I am not a legal expert.
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Thank you for clearing that up for me
Im just gonna leave the overdraft interest out of my calculation as im not sure which ones qualify and which dont. Its only a few quid anyway.
OK so preliminary letter and spreadsheet on its way tomorrow then.
Here we go
There's two distinct lots of interest applicable here and you need to get them straight in your mind first.
When you had a charge deducted from your account this lowered your bank balance. Over time the accumulated total of these charges may have driven your account into overdraft, and maybe past your limit. The bank usually charges you interest on the overdraft balance. Some of the interest paid could be due to genuine use of your overdraft, but over time the accumulation of charges will mean that the proportion that is due to charges will be greater, even up to the whole amount. There is a spreadsheet available (see my sig below) that will work out how much of the interest they have charged you is down to the charges. Note that it's the complex version that is required to do this calculation. This interest on charges IS reclaimable as part of your initial claim.
When your claim gets to the stage when you have to issue a summons for repayment of the monies owed you are entitled under Section 69 of the County Courts Act to add interest at 8% to the amounts you are claiming. The spreadsheet will also calculate this amount.
In your initial claim ask for the charges back, plus the calculated interest on those charges. Only when you raise your court paperwork can you claim the extra 8%.
The rate on the spreadsheet is not used to calculate interest on charges as this is done by reference to the interest paid and the accumulated charges by the date of the interest debit.
There is a further option of contractual interest in place of the 8% s69 statutory interest. With this method you can't claim 8% at Moneyclaim stage at all, but you claim for the contractual unauthorised rate from the beginning. This is where you would alter the 8% rate in the third page of the sheet to get the amount calculated. Check the current rates advertised for the rate to use.
Jeep (The Wife & I)
Halifax joint a/c (£3800 charges + £40 interest on charges over 11 years) - paid in full 23/06/06
Halifax joint a/c new charges £1100 - LBA sent 02/08/06
Halifax 2nd a/c (£1500 charges + £150 interest on charges) - partial payment received 13/07/06 (no s69 interest) - AQ filed 07/08/06 - Court awarded 50% of s69 interest (Bank didn't turn up!)
Halifax Visa (#1) Data Protection Act sent - statements arrived - £350 so far
Halifax Visa (#2) Data Protection Act sent - refunded £170 DONATE - Support this site, it supported you! Follow the route: FAQs > Template Library > Parachute Account > Bank Forums > Spreadsheet All advice given in good faith and without prejudice or liability, to be taken at your own risk!
OK so i received a letter back from HBOS.
Just a standard generic letter i believe.
It says that they will contact me regarding this within 4 weeks.
Im guessing i should ignore this and stick to my 14 day deadline as per the prelim letter right?
OK so today i received a letter from HBOS, offering £84 as Full and final settlement. LOL. What a cheek.
I believe i can accept this as a partial payment and continue to claim for the remainder.
How do i do this? or should i just decline the offer and continue as before?
The letter has a form attached saying "....I confirm that I accept the offer of £84.00 from Halifax in full and final settlement...."
Should I simply ammend the wording so that "full and final" becomes "inital and partial" or should I write a seperate letter?
Incidentally, tomorrow will be 14 days since HBOS received my initial letter.
So basically im confused as to whether i should send a letter tomorrow accepting £84 as partial settlement? or if i should ignore it all together and continue by sending my lba?
Help please
Thanks
TD
TURBODIESEL - turbo spinning against - HBOS
charges though plese, i am still a little confused.
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