Interest charges?

[moneyinmypocket]

Hi

My Court issue date for the Abbey was 1st Feb, deemed served on the 14th Feb.

Ive just read that you should be charging daily interest since you filed with the Court but i'm not sure if i'm working it out right.

My claim was for £967.50 charges + £495.53 interest + £120 costs.

Do I work the daily charge on the total amount? Or just the charges? And from what date the 1st Feb or the 14th?

Thanks for all your help

Moneyinmypocket

[Lula]

total multiplied by 0.00022 give you the daily rate

[moneyinmypocket]

Hi Lula

I know the amount but need to know what date & what total?

 

Sorry if I sound a bit thick but want to get it right lol

 

Money

[Lula]

sorry, the date you take it from is the date that you filed at court and the total is the charges plus any interest including S69 or contractual

 

hope this helps

[moneyinmypocket]

Thanks Lula - that's great!

 

Money

[blackbear]

hi, i went to court today to file my n1 to be told i cant claim 8% on all charges,only from last charge date till today,so im losing 5 years worth of interest,they refused to take it as judge will not allow it.how can that be right ?any help greatly appreciated !!!!! many thanks. :confused:

[moneyinmypocket]

Hi Blackbear

I can't understand that as my local court didn't refuse mine - maybe start a new thread with a relevant header and someone with a bit more knowledge may be able to tell you what to do.

Sorry can't be anymore help!

Money

[Lula]

that is clearly wrong, I took this from the mcol website and it says that you can claim the s69 interest from the date that it became owing to you, i would a) print it out from the mcol website direct and b) start you own thread so that we can see where you are up to. Hope this helps

 

 

To work out the amount of interest you are owed up to the date you start the claim, you first need to work out the daily rate of interest. Using a calculator do the following:

0.00022 x the amount of your claim.

This gives you the daily rate of interest.

You then need to work out the amount of interest you are owed up to the date you issue your claim. Count how many days have passed since the money became owed to you and multiply that number by the daily rate of interest.

For example,

If you are owed £1,000, the rate of interest would be as follows:

0.00022 x 1,000 = 0.22

So the daily rate of interest is 22p.

If the debt became owed to you on 7 March and you are filling in the claim form on 26 April, 50 days have passed.

So, 50 x 0.22 = 11.

You can add £11 to the amount you are claiming.

The total figure for interest and the amount you are claiming must be entered in the 'Amount claimed' box in the bottom right-hand corner of the claim form. The fee you will have to pay to issue your claim will be based on this figure. Please note the rate of interest depends on the type of claim that you wish to make. If you are unsure you should seek legal advice before issuing your claim. For free legal information help and advice contact the Community Legal Service on 0845 345 4345

[blackbear]

hi, sorry money for hijacking ur thread,

 

 

blackbear.x

[moneyinmypocket]

No worries mate - we're all here for the same reason

[Frankey]

Hi - feeling a bit unsure as the hard copy NI particulars of claim says

 

charges + OD interest times 0.00022 for daily rate

 

but this thread says it would be charges + overdraft interest ( I am not claiming for OD interest) + 8 % s.69 interest times 0.00022 for daily rate

 

is it the former or latter - just don't want to get it wrong thanks Fran

[sparkydawg]

Hey. I only calculated the daily interest for the charges. I will have a look around and see if i can find a few threads to confirm this!!

 

Sparky

[Frankey]

sorry, the date you take it from is the date that you filed at court and the total is the charges plus any interest including S69 or contractual

 

hope this helps

 

this is Lula's advice Fran