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interest..still confused??


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Hi all, I have read the FAQ, but still don't understand the interest bit. My total charges come to £1961.50, I have calculated it using daily interest 0.00022, gives me 0.4315, I assume that is £43?? (always crap at maths!!) So on my prelim. approach for payment letter I will ask for 1961.50 plus £43 interest?? When the interest is calculated at %8 apr it comes to £314, which I believe you claim at the court stage. What if hsbc write back to me saying they will refund my 1961.50 plus the £43, how do you reclaim the rest of the £314? Afterall, you've only asked for charges plus daily interest. Why does the £1961.50 and the £314 not go together on the same letter?

 

Also, a little off the subject, I am planning to hit barclaycard and Mastercard also, but I hear that B'card will only send you statements from 2004, as they say the rest is on Microfiche so therefore is not accessible..anyone know anything about this?

Have a good day

thanks

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Hi... as far as I can gather you only try and claim the portion of interest that the bank has charged you, that relates to charges...

there is a spreadsheet that attempts to give a fair estimate...you enter your charges and your interest ...

 

the 0.022 thing is daily interest claimed every day once court claim has begun..

HSBC

09th June 2006 - Data Protection Act Request

21st June 2006 - Acknowledgement from HSBC

30th June 2006 - 33 letters arrive - 6yrs statements

01st July 2006 - Preliminary request for £2868.24.

12th July 2006 - HSBC offered me £1995, I declined.

17th July 2006 - LBA sent, now £2970

01st August 2006 - MCOL for £3778 (inc 8% + fees)

08th August 2006 - HSBC defending ....

31st August 2006 - SETTLED IN FULL - Wooooooohoooooo.

Halifax

09th June 2006- Data Protection Act Request

22nd June 2006 - Acknowledgement from Halifax

08th July 2006 6yrs statements arrive.

10th July 2006 - Preliminary request for £1393.08.

21st July 2006 - Halifax offered £115, I declined..

24th July 2006 - LBA sent, now £1421.

08th August 2006 - MCOL for £1822 (inc 8% and fees)

16th August 2006 - SETTLED IN FULL - woooohoooo

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Hi all, I have read the FAQ, but still don't understand the interest bit. My total charges come to £1961.50, I have calculated it using daily interest 0.00022, gives me 0.4315, I assume that is £43?? (always crap at maths!!) So on my prelim. approach for payment letter I will ask for 1961.50 plus £43 interest?? When the interest is calculated at %8 apr it comes to £314, which I believe you claim at the court stage. What if hsbc write back to me saying they will refund my 1961.50 plus the £43, how do you reclaim the rest of the £314? Afterall, you've only asked for charges plus daily interest. Why does the £1961.50 and the £314 not go together on the same letter?

 

Also, a little off the subject, I am planning to hit barclaycard and Mastercard also, but I hear that B'card will only send you statements from 2004, as they say the rest is on Microfiche so therefore is not accessible..anyone know anything about this?

Have a good day

thanks

 

the daily rate of interest is only applicable if you are submitting a court claim, dont make any mention of it at this stage, its a representation of your 8% interest broken down into days, i know they aren't exactly the same

if you re-read the faq section it states that you take your claim amount, (not including interest) and multiply it by 0.00022 , thats your daily interest, which you put on your court claim form, if you're not sure about the process, please go through the faq's again, thanks

HSBC- £4995, settled payment in full

if you found this post helpful, please click the scales (top right of post), ta ;)

 

if you're not sure what to do?, Read the FAQ's

Unsure about what to claim, or confused about overdraft interest? Charges explanation

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