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Daily Interest


wood1e
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My claim has been stayed by the courts and i understand that i can charge interest on my claim at 8% per day until judgement.

 

1) is this sum correct:

 

3120.54 X 0.00022 = 0.6865188p (round up to 69p per day)??

 

2) When does this interest start to apply?

 

3) How long can i keep adding it on for?

 

Thanks for your help..

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The calculation that you have done is correct :) depending on whether

1 you are just claiming charges or

2 charges + the proportion of interest that was incurred as a direct result of the charges

then the answer may or may not be correct

If 1 then you should only have charges X 0.00022

If 2 then its charges + interest X 0.00022

 

if you used the spreadsheet from on here then the 8% interest is automatically worked out for you

 

Although you can only claim this once you apply to court it actually is calculated from the day each charge was incurred

 

The interest continues being added untill settlement :)

 

 

Hope thats clear

 

saint

Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie)

 

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I am claiming for charges + lost interest as a result.

 

I put each of the charges into the calculator on Money saving expert and it worked out the 8% interest for each charge depending on how long ago the charge was. My claim to the court is for a total of £3120.54 (this is for both charges and interest)

 

I thought that I could also apply 8% interest on the whole amount until the court made a ruling.

 

So would that mean i can add 8% from the the day it went to the county court upto the ruling - which looks like it will be January time??

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The 8% is added up to the date of settlement.

 

 

 

 

 

I am not a legal expert my advice is given without prejudice and is purely my opinion only. If you are in doubt please seek professional advice.

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when working out the daily rate you cant claim 8% of the interest lost (as you put it ) if you did you would be getting charges + 8% int and wanting the 8% int on top :)

 

Although the spreadsheets work out the 8% int for you to work out the daily rate you need to remove the interest from it (As strictly speaking until you made a claim to the court you were not entitled to claim the 8%)

Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie)

 

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I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and site team who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do.

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I do know that they can only charge you 3 times a month if not there braking banking laws. I was told this by a financial advisor of Barclays!!!

The Reclaimers - I would sue 500 hundred times and i would sue 500 more just to be the man who sued 1000 times just to get back the money he is owed.

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they can only charge you 3 referal fees but along with those they can charge the unpaids out charges as well

Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie)

 

"How do I...?" A Dummies' Guide to this Forum

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Please Donate if you can - help CAG help others

 

I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and site team who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do.

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