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I am just away to start court proceddings against rbos in Scotland.
I need to add the 8% onto every charge for the last 5 years.
Do i simply find out a daily rate of interest and multiply that by the amount of days since i was charged up until my claim date??
I have seen the spreadsheets but want to know i can do it this way??
If i can ..do i divide 8% by 365 to get a daily rate??
Thanks for the reply.. My overall total is 1055 which gives me a daily rate of 23p. Do i then multiply this by the amount of days since the first charge OR work out how many days on each charge and do them individually.
Hi, im a bit lost on this too , i have charges from Capital One totalling £660 starting from april 04, ive tried the spreadsheets in the templates library but cant work them out correctly. The annual rate they were charging was 26.9%, i put this into the spreadsheets along with balances, dates e.t.c and it showed i should claim £960 in total, im not sure if this is wrong. Im so confused as the first charge goes back to april 04 and in between months i had paid balance of in full, and then later on had charges again. Have you had any joy, please someone help meeeeeeeeeeee!!!!!!!!!!!!
HI, let me see if i can explain this for you. I got confused too but dont worry.
Use this calculation in order to get a correct figure.
Have each chagre set out individually on your charge spreadsheet
Count how many days the charge has been outstanding for...eg charge from 01/01/06 would be o/s for 373 days
If that charge was for £35 then you would do the following calculation:
35 (charge in pounds) x 0.00022 (daily interest rate value) x 373 (days since offence) = £2.87 for the charge.
You only need to show interest for up to the day you file court papers. Any interest due after that will be automatically calculated by the bank when they settle or you can give them a new figure.
If you want the daily interest rate it is simply 35 (charge in pounds) x 0.00022 (daily interest rate) = 0.0077p per day
Hope this helps some way, if still unsure post me your thread and i can check the figures for you
Good luck
All advice is based on my experiences. I am NOT qualified and as such cannot be held responsible for any mistakes. If in doubt...get professional help.
If you like what i have said then make me a star!!
Here are some threads to do with claiming contractual interest, if that is what you intend to do. You need to be very sure about what you are doing, set up a thread in RBS so that you can get some help if you need it......I'm totally dumb when it comes to scottish Courts so you'll have to make sure that it's claimable....it should be hey?
Doesn't the spreadsheet in the library work this out automatically?
And then apply the 8% to your total claim for charges from the date you issue the proceedings to the date of settlement - so when the bank offer to settle calculate the interest to that date and include it in the amount you will accept in setlement.
Do i still charge them interest from the day they applied the charge to me, even though i paid the balance of in full on some months, my charges total £660 starting from april 04 and the last charge was in sep 06 and my monthly rate on the statement varied from 2.228 to 2.248, i tried the spreadsheet, do you think £960 sounds right?, They have also charged me £74 since ocotober but on the new reduced charge of £12 each, do you include that as well, many thanks
hi have moved your posts here and started a thread for you.
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I went to the sheriff court today and handed in my summary cause. Was informed from the clerk that the 8% was only to be added from the date the summary cause was handed in (today!). I pointed out that i thought she was incorrect and explained what i have done re the 8%. She said it will have to be looked at by a sheriff and if he says it is ok then it will go through with the added 8%. When i mentioned that lots of other claimants in Scotland have been doing this and adding on the interest her reply was " not every court is the same, we do things here that other courts dont do and vice versa" when i pointed out that surely the law of the land is just that and if i am entitled to claim this in one part of the country i should be allowed to claim it in another she just shrugged her shoulders !
Anyone else encountered problems like this???
The law on interest in Scotland differs from that down south. Firstly, the law relating to interst on claims in England and Wales is governed by the County Courts Act 1984. In Scotland the rules are largely based on the common law.
Interest on contractual claims in Scotland can only run from the date of service of the summons on the defender (also known as the date of citation). The principle behind this restriction being, that until you raise a court action, the defender is not aware that you have a claim against them, for you are required to state in your summons the factual and legal basis upon which your claim rests, thereby giving the defender notice of why you should be entitled to the sums you seek. If the defender does not then settle the matter with you and you succeed, you should be entitled to interest on the sum for their delay in paying you what you demanded in judicial proceedings and which has, by your success, been found to be due to you. This has been criticised by, amongst others, the Scottish law Commission, but remains the law.
This may seem daft, when a pursuer may have been in negotiations with the defender for payment of the sum for some time. Letters and phone calls may have made it clear to the defender at an earlier stage that you have a claim and its amount is £x. Nevertheless, the law is as stated.
In relation to other types of claim, such as personal injury, it is settled that a claimant has a right to claim interest on the sum sought from the date of the accident, although it is not settled that this will always be granted.
In relation to claims for repetition (bank charge claims are claims for repetition - claims for repayment of money paid to a party but which, for whatever reason, were not properly payable), the law is unclear whether interest can be claimed from the date the erroneous payment was made, or simply from the date of citation. Some suggest the former, and on principle this may seem correct, although it is by no means certain that this will be the case, as it also seems right that interest should be payable on contractual claims at a date earlier than citation, but that is the rule that governs contractual claims.
On the sheriff courts, one must remember that while "the law" is simply that, it is only ever definitively stated when pronounced by a court from which there is no appeal. In Scotland (and England and Wales), that court is the House of Lords. Decisions of the sheriff on the law are found to be incorrect as many times as they are found to be correct. Different sheriffs will come to different conclusions depending on the argument that is laid before them. In this respect, having a decent lawyer who knows what he is talking about may, and often does, make all the difference.
The sheriff clerk deputes are often very knowledgable about procedure and sometimes the substantive law itself, but it is always the sheriff who will make the determination of what the law is in any particular case and how it relates to the facts presented to him. The law, in this respect, is very rarely certain, but then that is what makes the practice a fascinating challenge.
Hi guys,
I have a basic question on completion of the Form1/1b.
This involves the name and address of the defender.
The branch where in the town I bank does not have a court. The most convenient for me is in another town and county in Scotland.
Do I therefore put the name and address as the Royal Bank of Scotland head office in St.Andrew Square and then in Part 7, I have included the line" the defender has a branch in (name of town where court sits) therefore is under the jurisdiction of this court.
It seems to make sense to me but others seem to put their branch address on the forms.
Any advice please?
With reference to interest, I have calculated it on a daily basis from when the charges were applied to the date the forms will be submitted, at a rate of 8%.
Really does not matter, as the Royal Bank has branches in each sheriffdom in Scotland. The important point for you is to ensure you raise your action in the court which is most convenient to you for the purposes of lodging and attendance.
Your entries are perfectly acceptable and appropriate.
8% interest for court
and multiply that by the amount of days since i was charged up until my claim date??
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