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Claiming statutory interest upfront


shahsanj
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I am considering claiming charges that were made 3-4 years ago, and the 8% statutory interest amounts to about a quarter of the actual charges. If I follow the recommendation to initially claim sans the 8% interest, then if I am offered a settlement, then would I have really lost out on the statutory interest? Should I claim the statutory interest upfront and see what happens? Charges: £5.9k, Interest: £1.3k. Thanks for any advice!

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Were you overdrawn ? If so, you can reclaim the interest they levied on the charges element of the overdraft. Regards, Mad Nick

PS Please can you open a thread in your Bank sub-forum and put all your posts on there, rather than a new post in General for every question you've got.

Abbey £8370 settled 17 Apr 07

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I sent my first letter away 2 days ago. I did ask for charges and interest in it although I know I can not legitimately claim it til I file. I did this because basically my interest is for £600.00. If they were to settle before me doing MCOL they save over £700. If not I claim for it. The ball is in their court. I don,t understand why they don't want to save this money. I would be quite happy just to get my charges refunded but this is a personal decision I made.

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There is a further issue to doing it this way.....the banks could offer you no settlements and let it go to court then apply for your claim to be strucken out because you don't know what you are doing.

 

It is very difficult to look beyond the pound signs at times but have a bit of sense. You are only allowed to include this AS A RESULT OF GOING TO COURT, so how can you claim for it before that??

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Hi there im pretty new to this site and am about to start a claim i have read about the stat interest but myt husband told me i should be putting contractual interest on, do you know what this?

 

Please do let me know, thanks

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T4FF,

Point taken re asking for the interest. I had used info from another site but now sticking to this site only. Should I now in my LBA(which I,m sure I'm going to have to send!) just ask for the charges only, and don't refer to the interest again untill last line ie I shall begin a claim against you for the full amount plus interest. Will this be ok do you think?

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Hi tiatia,

 

Yes that's fine. Juust leave out mention of statutory interest until the last line.

 

Lucid :)

Mindzai & Lucid vs Lloyds TSB

*Won unconditionally with contractual interest (29.85% compounded)

Lucid's Account - £749.62 * Joint Account - £2019.64 * Mindzai's Account - £595.65

*All settled in full - 6/2/07

*Hearings - 7/2/07

*Prelims sent - 9/8/06

_______

GOT A COURT DATE? A guide to the later stages

 

[sIGPIC][/sIGPIC]

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Hi there im pretty new to this site and am about to start a claim i have read about the stat interest but myt husband told me i should be putting contractual interest on, do you know what this?

 

Please do let me know, thanks

If you are pretty new I would advise you to look around a little longer. There is plenty of information about contractual interest - the more important bits are in the GENERAL forum. If you have no idea about what it is, then you need to do a lot of bookwork - no summary any of us can give you will be enough for you to go out and claim contractual interest.

 

Contractual interest is not a proven line of attack and you need to have a very good understanding of what you are doing to proceed with a claim including this. I'm not trying to be unhelpful it would just be unfair of me to give you a brief overview and leave you with the impression that it is as easy as claiming charges and statuatory.

 

If you aren't sure what to do, stick with statutory.

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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T4FF,

Point taken re asking for the interest. I had used info from another site but now sticking to this site only. Should I now in my LBA(which I,m sure I'm going to have to send!) just ask for the charges only, and don't refer to the interest again untill last line ie I shall begin a claim against you for the full amount plus interest. Will this be ok do you think?

Following on from what Lucid said, you shouldn't need to "put" anything into your LBA if you use the LBA from this site. The template is pretty inclusive and can be used as it is without any need to amend it ;)

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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T4FF,

 

tiatia has quoted the last line of the LBA template letter, so they aren't suggesting adding anything in. :)

 

Lucid :)

Mindzai & Lucid vs Lloyds TSB

*Won unconditionally with contractual interest (29.85% compounded)

Lucid's Account - £749.62 * Joint Account - £2019.64 * Mindzai's Account - £595.65

*All settled in full - 6/2/07

*Hearings - 7/2/07

*Prelims sent - 9/8/06

_______

GOT A COURT DATE? A guide to the later stages

 

[sIGPIC][/sIGPIC]

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I thought it looked familiar lol :D

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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