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Basic Guide To Calculating INTEREST on Claim


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Hi. Firstly I would like to thank the authors of this site and the administrators. It’s proven invaluable as an information source, providing guidance and support throughout the recovery procedure thus far.

 

I previously sent a letter to Barclays requesting 6 years of bank statements, which were swiftly issued.

 

I calculated £335 in bank charges for the duration of the 6 years.

 

At this stage I had browsed many threads, but was still unsure of the procedure by which interest should be calculated with any accuracy. By using the forum interest calculator, the sum totalled £881 with interest.

However in fear of having mis-calculated the interest (I understand the forum calculator is set to %8, which is only recoverable once a claim has gone to court), and not wishing to appear a novice, I decided to only ask for recovery of the £335.

 

I have now received a letter offering payment of £130 in full settlement of my £335 claim. Of course, I have no intention of accepting this offer, and now with restored confidence, I wish to also calculate my interest effectively and add this to the total amount.

 

Please can someone advise me on how to calculate these interest charges effectively? I would be eternally grateful.

 

I am aware that this may delay the recovery procedure and require I write another prelim letter stating the new amount, however I am in no hurry to resolve the issue, especially if it means I can more than double the amount recoverable. I am willing to go to court and I am now determined to succeed.

 

Thanks a million!

 

:D

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Go to the templates library where you will find the Vampiress spreadsheets for calculating interest. Most people use the simple english (unless they are in Scotland). There is a more complicated one but in your case with £335, I wouldn't think it was worth it. You only add in the 8% interest when you file your court claim.

 

Take some time to read the FAQs and threads on this site.

 

Spotty

[sIGPIC][/sIGPIC]Statement request 4th May

Prelim Letter sent 24th May

LBA 7th June

Thanks but no thanks letter sent 22 June

MCOL 22nd June

Claim acknowledged 26 June

AQ sent 2nd August

17 Nov Court Date Set for 29 Jan 2007

Settled in full 12/12/06

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