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Confused On This Interest Stuff N1 Form


Rory Breaker
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Giving me a headache but i dont want to get it wrong !

Basically my charges add up £554.43 so how do i fill in the xxxxx's below ?

Charges £xxx.xx

Overdraft Interest £xxx.xx

Interest under s.69 County Courts Act 1984 £xxx.xx

Court Fee £xx.xx

 

TOTAL £ xx.xx

 

Plus interest pursuant to S.69 County Courts Act 1984 from date of issue to date of judgement/settlement at £xx.xx per day [(enter daily rate here - (CHARGES+OD interest)x 0.00022 = pence per day)] OR at such rate and for such periods as the court deems just.

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Charges £554.43

Overdraft Interest £x - The amount of overdraft interest caused solely by the charges above. Some of the more advanced spreadsheets linked through the template library can help you to determine this, otherwise don't claim it...

Interest under s.69 County Courts Act 1984 £x - See the calculation below

Court Fee £x -Depends upon the value of your claim (charges plus s69 interest total)

Calculation.....

Charges x 0.00022

So in your case 554.43 x 0.00022 = £0.12p

..

.

 

Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

 

 

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Hope this does not confuse you further but if you look through my thread you will see lots of the things you are doing...my mistakes and corrections etc!

 

Have you used one of the spreadsheets?

 

I have sent my N1 and used the advanced spreadsheet.

 

I have just had my first offer :-)

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/89696-new-starter-big-topic.html

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Hiya Rory, maybe this will help to get your head around things, it was written by another member during a final claim negotiation when DG solicitors were being particularly thick for people working with fully qulaified accountants and was sent in the form reproduced below

 

I will be eternaly gratefull to steve for writing the play school explanation of overdraft interest.

 

Dear xxxxxx

 

Thank you for getting back to me. I am sorry your client is still unwilling to negotiate. From what you have said though, it looks as though your client is still confused as to what I am claiming.

 

Perhaps if I could break it down with an example this may help?

 

e.g.

 

If I was overdrawn then I would expect to be charged interest on my overdrawn balance - for the purposes of this example I'll use a rate of 20%.

 

If I was £100 overdrawn then I would therefore expect to be charged £20 interest over the course of the year. This is NOT the interest I am claiming.

 

If, however, I had incurred a penalty charge of £30 for exceeding my overdraft limit for example, my balance then becomes £130 overdrawn. At the same rate of 20% interest, I then incur an interest charge of £26, £6 of which is purely down to the penalty charge that has been made to my account.

 

That £6 is the "Interest on penalties" you refer to that is shown on my Schedule of Claim for Charges. The "Interest on penalties" on that Schedule is NOT an attempt for me to charge your client on the money owed to me. It is purely me claiming back the additional interest I have already paid out as a direct result of the unfair charges.

 

I hope that example makes my claim a bit clearer for you and your client. Please bear in mind that the figures used in my example were only for the purposes of the example and are in no way intended to reflect the figures used in my claim.

 

 

Amazing what a sence of humour can do

 

pete

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