Which Interest rate to apply?

[Leanne F]

I am at the point of filing my claim with MCOL, I have seen mentioned claiming the interest at the rate they have been charging it to me (29.9%) but not sure if this is where/ when I add this, or is it the 8%?

 

And is adding the 29.9% as sure fire, or is it a gamble?

 

I wouls appriciate your help,

 

Regards Leanne.

[ukaviator]

Hi Leanne

 

If you claim the 29.9% you can't claim the 8%. The judge, if it goes that far, will decide whether the 29.9% is acceptable to him or her on the day. If not then the 8% could be added instaed. The bank probably will pay up so go for the 29.9% in your particulars wording. Did you add 29.9% to each charge?. .

 

Uk

[Leanne F]

Cheers.

I used aspreadsheet so it calculated it all for me, I believe it adds the 29.9% to each charge? Came out with a whopping £178 interest over the last 3 and a half years!

[ukaviator]

Good..That makes a big difference. Are you ok with the particulars wording?.

 

Uk

[Leanne F]

Im not really sure, I have just won my claim with Lloyds, so have a tidgy bit of experience, but felt I was fumbling though a bit at times! Can I find the particualrs help in the templates?

 

Thanks for your help!

[Leanne F]

I have just found it, thanks! I have sent them a schedule of charges but not with the interest added, do I need to do this first?

[ukaviator]

This should fit.

 

Claimant has a Credit Card account

xxxxxxxxxxxx with the Defendant opened

xx ago,conducted on their

standard terms and conditions.Claimant is

claiming the return of £xxx taken by

Defendant in the form of overlimit and late

payment charges. The Defendant's charges

are a disproportionate penalty and therefore

unenforceable as they are contrary to

common law.They are also invalid under the

Unfair Contracts Terms Act 1977 s.4 and

under the Unfair Terms in Consumer

Contracts Regulations 1999.Para.8 and

sch.2.1.e.In the event that the charges are

not a penalty they are unreasonable within

the meaning of the Supply of Goods and

Services Act 1982 s.15.Defendant has

declined justification of charges despite

repeated requests.The claimant claims

interest from date to date

of £xxxx at the Contractual Compounded

rate of xx.x%.Total of £xxx.xx

Also a daily rate of £xxx.x

Hope this helps

Uk