Help-so confused!

[shortwoman]

Hi all. I am back again and trying to pursue my claim with the Halifax. I have written many letters to the point where they have agreed to my terms of giving me £1000 instead of my whole claim but have failed to give me the money. I know that they are just trying to play for time. Anyway, I have told them that I am now unwilling to accept this amount and will go for the full amount of my claim, which is £1471 but I am just confused about adding the interest. I have read the court document on 'How to claim' and it speaks about adding daily interest. So I have done the calculation 1471 x 0.00022, which is around 0.32 and have times the amount of days each charge has been owed to me by this amount. The longest date charge is around 1300 days as I am claiming from August 2003 and the amount comes to around £422 but I don't know if this is correct. Also what interest do you add to the amount that you initially claim. Do you add all the charges then times this by 8% or add 8% to each individual charge, then add this to the total amount claimed. I am so confused, please help someone as I really need to do the next set of letters properly and give them time to response before taking court action. thanks

[bankoftoon]

shortwoman

 

don't panic, you are mostly right already

 

you add the interest to each individual charge from the date it was applied to the account up to the present day

 

do this for all charges and you should end up with 5 columns

1 - statement number so even Halifax can find it!

2 - date of the charge

3 - charge description (card misuse etc)

4 - charge amount

5 - interest on that charge

 

then at the botom you will have a total for the charges and a total for the interest - i would mention these seperatly on the letter so they can see it has been properly worked out

 

also only the judge can grant you the interest so 2 accurate seperate amounts is more 'proper' (grammar!!)

 

hope this helps

 

sod:)

[mawwam]

I am struggling with the exact same thing, thanks for this post. the 14 days from LBA is up tomorrow 5th April !

[shortwoman]

Thanks for this but when writing the original letter when requesting my money back, do I just add the 8% to the overall figure. eg. 1471 x 8% and ask for this amount first?

[bankoftoon]

in the letter write the amount you are claiming for PLUS the interest of XXXX

 

then attach the breakdown once they request it

 

helped?

 

sod:)

[shortwoman]

Thanks again for your speedy response, but if I add the interest of the total amount from the date of the charges then this adds up to the huge amount of over £10,000!!!! Can this be right. There is alot of charges!!!

[bankoftoon]

sw

 

that does seem v high:eek:

 

can you post the details on this thread? - obviously not bank details but maybe total amount of charges?

 

there is a calculator at the very beginning of the CAG site btw which is very easy to use

 

sod

[shortwoman]

Unfortunately, it is very difficult to do this as I am not on the internet at home and am currently using the library but most of the charges are for £30, £35 and £39 with the majority being in 2005. It states on the How to claim handbook that, sorry if you look on my first post, I followed their guidelines. Have to be quick as my time will soon be up!

[mawwam]

Unfortunately, it is very difficult to do this as I am not on the internet at home and am currently using the library but most of the charges are for £30, £35 and £39 with the majority being in 2005. It states on the How to claim handbook that, sorry if you look on my first post, I followed their guidelines. Have to be quick as my time will soon be up!

 

Hello Shortwoman,

 

The way I have done it which I believe is correct, but have not yet started with the court proceedings, is to list each charge and date of charge. then how many days from that particular charge up to today. I have then multiplied that charge by 0.00022, and then multiplied by how many days. I found it quiet a lengthy process, doing each charge individually.

 

I'm not sure what the 8% you mention is for ?

 

Example

Date................ Amount. Days.... Interest p/day.. Interest

31-Jul-2003....... £60.00... 1345..... 0.0132.............. £17.75400

26-Aug-2003...... £60.00.. 1318..... 0.0132.............. £17.39760

27-Aug-2003...... £30.00.. 1317..... 0.0066.............. £8.69220

30-Aug-2003...... £60.00.. 1314..... 0.0132.............. £17.34480

10-Sep-2003...... £60.00.. 1303..... 0.0132.............. £17.19960

17-Sep-2003...... £30.00.. 1296..... 0.0066.............. £8.55360

31-Dec-2003...... £30.00.. 1191..... 0.0066.............. £7.86060

 

 

My total charges = £2873.00

My total interest = £397.77

 

If somebody knows if this is correct or not please advise.

 

 

Many thanks

Marc

[bankoftoon]

if you want to you could cut and paste them from a Word document onto this thread and I will work it out for you

 

i have a lot of time on my hands during work for this sort of thing and would be happy to help you get your cash back from the banks

 

up to you - i will be offline till tuesday though

 

sod:)

[bankoftoon]

marc

 

your sums look right to me

 

my original claim was for 1900 or so and the final amount was around 2200

 

which they paid:cool:

 

sod

[mawwam]

if you want to you could cut and paste them from a Word document onto this thread and I will work it out for you sod:)

 

Thanks for offer, tried to cut and paste it from excel spreadsheet, but didn't work very well...! Sorted it now.

 

Marc

[mawwam]

marc

 

your sums look right to me

 

 

Oh good, thanks.. Just got to get to the courts now!

[bankoftoon]

Thanks for offer, tried to cut and paste it from excel spreadsheet, but didn't work very well...! Sorted it now.

 

Marc

 

was talking to shortwoman but nevermind!! LOL:lol:

 

good luck with the claim

 

I hope Halifax are as inept and accommodating as Natwest as you will be rolling in it asap if thats the case

 

bw

 

sod

[mawwam]

was talking to shortwoman but nevermind!! LOL:lol:

 

LOL :lol: Well it was a nice offer anyway !!

[shortwoman]

Hi all, thanks for all responding. Mayb i calculated it all wrong, but i have copied this from the 'How to claim' part of the county court form.

 

Interest

 

You can claim interest on the money the defendant owes you. If you want to claim interest, you must include it in your 'particulars of claim'. Write your claim in the following way:

'The claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year, from [date when the money became owed to you] to [the date you are issuing the claim] of £ [put in the amount] and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of [enter the daily rate of interest].

Working out interest

 

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.

 

 

 

What i have done is 0.00022 x 1471 (as this is the amount of my claim) is 0.323. OOpppsss!!!! I have just re-calculated some of my charges and realised that they are wrong!!! My apologies to all. But it seems that in my original letters to the bank, I need to request the total amount eg. 1471 plus 8% interest which is 117.68, total 1588.68, correct????

[shortwoman]

By the way, quick question for anyone. I am currently repaying a catalogue but they are charging me £75 in administration fees for every month I miss a payment and £12 in interest reduced from £35. I'm am assuming that they cannot do this and want to know how I can get this knocked off my balance.

[bankoftoon]

this sounds correct to me shortwoman

 

sod:)

[bankoftoon]

Hi all, thanks for all responding. Mayb i calculated it all wrong, but i have copied this from the 'How to claim' part of the county court form.

 

Interest

 

You can claim interest on the money the defendant owes you. If you want to claim interest, you must include it in your 'particulars of claim'. Write your claim in the following way:

'The claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year, from [date when the money became owed to you] to [the date you are issuing the claim] of £ [put in the amount] and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of [enter the daily rate of interest].

Working out interest

 

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.

 

 

 

What i have done is 0.00022 x 1471 (as this is the amount of my claim) is 0.323. OOpppsss!!!! I have just re-calculated some of my charges and realised that they are wrong!!! My apologies to all. But it seems that in my original letters to the bank, I need to request the total amount eg. 1471 plus 8% interest which is 117.68, total 1588.68, correct????

 

this sounds correct to me

 

sod

[bankoftoon]

By the way, quick question for anyone. I am currently repaying a catalogue but they are charging me £75 in administration fees for every month I miss a payment and £12 in interest reduced from £35. I'm am assuming that they cannot do this and want to know how I can get this knocked off my balance.

 

 

:o £75

 

this seems er......criminal!

 

I think you should treat them the same as a bank

 

use the templates provided, threaten them with court action and take them to court if neccessary

 

that amount is disgustuing:evil:

 

good luck shortwoman & keep us posted

 

sod:mad:

[emmaf01]

They really do try to squeeze every last pound from us, when we can least afford it, don't they!

[shortwoman]

Thanks a bunch. You response is greatly appreciated. I will take your advise even though it is to reduce the amount as I am paying this off in small amounts.

[emmaf01]

A lot of what I'm doing is just to reduce the amounts. There's no shame in that!

[shortwoman]

Back again and still confused. My first charge is £30. Days past is 1309. I have done the sum 0.323 x 1309 and somehow got 422.807. This cant be correct, but there is no other ansa. However, if I do 0.00022 x 1309 it comes up 0.28798. Am I doing something wrong here???

[bankoftoon]

i make it 37.85

 

£30 charge, 1309 interest at £7.85, total of 37.85....and growing!

 

click here for more

 

http://www.consumeractiongroup.co.uk/chargeinterest.php