Interest

[hayleylg]

Hi,

 

Have had no response to PL ans so am about tosend LBA but need to work out my interest??? Have looked around the site but can't find any info on how to do this. Can anyone point me in the right direction.

 

Thanks in advance

[Michael Browne]

There are 2 instances of interest you can claim:

 

1.When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However, if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back, but it's tricky to separate out from the total interest figure.

 

Vampiress has a spreadsheet, (the advanced one), in the bank templates library, which attempts to calculate this

 

It's quite complex and unless your claim is large may not amount to that much, so for simplicity's sake, some people don't bother

 

This is the interest referred to in the preliminary and LBA letters.

 

2. Section 69 8% interest on your claim, but only when you submit a claim at court. Don't add this interest before moneyclaim

[lateralus]

hi hayley, try reading my post on this thread and see if it helps:

HONEYGIE sees you HSBC!

 

give it a go and get back if you don't get it. i'm a real technophobe so it's written that way! good luck.

as michael says, it's for the overdraft interest first if that's what you are looking for - then the 8% which is added on at mcol stage.

[hayleylg]

Thankyou for your fast response. I will hang fire with the interest then- sounds tricky and i want to get the LBA in the post tomorrow

 

Thanks