Interest reclaim advice

[tobciocc]

Hi All

I'm about to send a preliminary reclaim charges letter, so I need to work out exactly how much to reclaim. Basically I have a few hundred pounds of charges all listed on my Subject Access Request, how much interest should I add from the day the charge was put on my account.

Many thanks in advance

Toby

[GlasweJen]

8% but you don't add it until it gets to the court stage.

[tobciocc]

Ok, so just the charges on my account and the charges I have paid should be listed. Is that right? many thanks for your help.

[GlasweJen]

Yup, only when you go to file your N1 do you add the interest, there's a spreadsheet in the library here that will do it for you.

[tobciocc]

I noticed in the template letter for 'asking for money back' it says include a schedule of charges. Should that be a photocopy of the relevant bits of the Subject Access Request or just a list of dates and amounts.

many thanks
Toby.

[GlasweJen]

a list with the date, the amount of charge and the reason the bank give for taking. I just wrote "charges as notified" because that's what appears on my statement.

[tobciocc]

I noticed in one of my replies from SLC regarding me reclaiming money I have actually paid them, they reckon the payments I made were towards Arrears rather than charges. Surely this is rubbish as they just took the payments off the total loan amount. Hence should I include this in the moneyclaim as well as the charges on my account. I intend to do this on tuesday as thats when the 14 days are up on my 'letter before action'.

[tobciocc]

Cam someone advise me please, I'm filling in my moneyclaim and have added 8% to the charges on my account. Can I also add this 8% to the charges I'm claiming that I've already paid the SLC.

Cheers
Tobciocc

[noomill060]

You can add 8% to the amount you want back.

Actually, the interest is calculated at 8% per year, from the date each charge was applied, not by adding 8% to the total.

For instance, say you were charged £20 on December 5 2002, using this

Blake Lapthorn Tarlo Lyons - simple interest calculator


For example: say you were charged £20 on 5 December 2001

enter £20 as the principal

8% as the interest

05/12/01 as the "interest from" date and todays date as the "interest to" date.

This gives you a figure of £29.81.

This is the amount you claim for this individual charge.

You do this for each charge and add up what you get.

This is what you would be claiming for in this case.

[noomill060]

And yes, you can do this for charge you have already paid.

SLC will give you this back in a cheque as you have already paid it.

Unpaid charges/ interest levied will be removed from your arrears.