Just found this website today. Some great stories on here and some very helpful members by the looks of it. Just today I sent off my first letter to the RBS claiming back £2892 plus £506.43 interest. Was I wrong to claim the interest at this early stage? I read a comment along those lines that if the bank offer settlement then I cannot claim the interest. Just seeking reassurance really that I've followed the correct procedure to maximise my claim. Anyone.....

You can only claim the statutory 8% interest, once you file the claim at the County Court (or MCOL). Therefore we leave it out until this point.

However, you can claim contracual interest from the start.

So if the banks start settling before a claim is filed, the only way you will get interest is by claiming the contractural rate, not the statutory 8% under the County Courts Act.

Which rate are you claiming?

Well I presume I'm claiming the statutory 8%. I'm merely following the steps as outlined on money saving expert. I completed the interest calculator and it provided with the figure of £500 odd. Have I gone about it right then?

No.

You should not claim the statutory interest at this point. Statutory interest can only be claimed when filing at court.

If the bank offer you full settlement without the 8% before you file at court, you will have to accept. If they don't make an offer, once you have filed your claim, the 8% can and should be claimed in full.

does it matter that I've put the interest on the letter? Or will they just ignore it?

They'll just ignore it. However, it does prove to them that you are unsure of what your doing.

Not having a go, but have a good look through the FAQs and Step by Step guide. I know theres alot to rummage through, but it will save costly mistakes later.

If your unsure of something, just ask.

No, it doesn't matter, as in it doesn't cancel your claim or anything like that... It does show that you don't really understand how it all works, though, which can be potentially risky, should the bank decide to push back. However, the good news is that you are early on in your proceedings, so it's all fixable.

In your next letter, make sure you use the template on this forum, which states that you will be claiming the 8% when you file claim, so that the bank can see you have got back on your feet.

In all honesty, there is always the possibility that they would pay the 8% now, but the point is you are not entitled to it, so you have to decide on whether you want to do it the chancey way, or the correct way. ;-)

Cheers for your help. Not sure how I went wrong as I was only following the step by step on moneysavingexpert. I'll stick with this site from now on. Thanks again...

just been back on to moneysavingexpert and looking at the step by step process and it says this:

Charge interest on top

If you won via the courts, you would be entitled to add 8% interest (not compounded) on top from the date you were ‘first deprived’ of the money (i.e. the date of each charge). Therefore you may want to ask for the interest as part of the initial claim. It's important to understand that you are not legally entitled to interest unless you win in court, yet all prior letters are a tool of negotiation; think of it a bit like haggling.

confused?!?!?!?!

Not sure how I went wrong as I was only following the step by step on moneysavingexpert. ..

That's where you went wrong. ;-)

oh well, like I said I didn't know this site existed.

You CAN however claim interest that YOU'VE been charged, if your charges took you overdrawn....

ok the bank's 14 days are up today to respond to my initial request for repayment so I'll check my post tonight then send the next correspondance off tommorrow. Last time I dropped a bit of a clanger by claiming the 8% interest. Some of you pointed out I'm not entitled to it yet. This time I've used the template on here for my LBA. My question is: Should I just remove the Interest column from the last schedule I sent them? Should I leave it as my new letter states that I'll be claiming it IF it goes to court?

anyone help please? just wondering if I should hide the interest column on the schedule I'm sending them now? As you can see from above I made an error initially and included the 8% on the advice of moneysavingexpert. I'm sending it off today. Cheers....

oh and one more question please. on the spreadsheet to I have to put in a description of the charge? Will the date and amount do? cheers......anyone?

sorry another question to anyone who can help please... Should I post letter recorded delivery? Does it really matter?? thanks....

1 delete the interest from the SS

2 put the discription - eg... charges as notified

3 recorded is always recomended - you need the proof!

cheers noclue. much appreciated.

Well just an update of my situation. I was all set to file my claim online when I got home last week and they'd sent a letter through saying they'll refund ALL charges which was nearly £3k. Just want to thank those on here for the help and I'll make a donation to the site.