My Old friend confusion

[Henrik]

Hi,

Once again thanks to all those who have helped me up to now, I feel confident about my claim now having followed the excellent step by step instructions up to now.

I am going through the online claims procedure on the http://www.moneyclaim.gov.uk

website at the moment and am a little puzzled by the wording concerning interest of some of the text on a prompt that was offered on the form.

The wording is as follows...

" 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 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}."

 

My problem is with the last six words of the text, what is the "daily rate of interest" of the claim?

I'm fine with the APR part of the claim because the spreadsheet I found on here makes that part of it very simple, but I'm a little confused as to what the daily rate of interest signifies (I thought the APR covered this) and how to go about calculating it (or do I just enter "8%) .

Thank you for any help any of you can give me with this as I'm sure I'm coming across as a bit of a fool but I really don't want to get things wrong at this stage. Cheers.

H

[Michael Browne]

Daily rate is just your charges (without 8% interest) x0.00022

 

eg £495 x 0.00022=£0.11p

[enaid]

Hi Henrik, it is that 0.00222% figure but I am not sure if I have the right amounts of noughts there, so some one else will put you right I am sure.Sorry if it's not much help!

[enaid]

See there you go an expert, but I wasn't far out was I :o

[Henrik]

Thanks for that planetkennedy, I'm hoping there may be other replies too which may clarify your concerns because my own claim is going over £5000 now and I'm unsure about a limit. I was advised on another thread that I could pretty much claim whatever I thought. Very confusing, thanks for your help its much appreciated. Thanks to Michael Browne and enaid for your help also, hoping my next post will involve an offer of some sort. Good luck to all of you with your own efforts.

H

[Guest louis wu]

The £5000 limit you refer to is for your claim to be put through the small claims track.

 

If you go over that amount, a couple of things can happen.

 

Your claim could be moved to multi/fast tracks, or the judge can use his/her discretion to hear the case in the small claims track (more likely if the claim is just over £5000).

 

Whatever happens, there are examples here on how it works and what to expect. Remember, the banks are very concerned about appearing in court, and to the best of my knowledge, even in multi/fast tracks, no banks have taken their defence right to the court hearing stage.

 

Have a good read, especially in the general forum, where you will find examples of what I have just said.

 

Louis

[mrsfoot]

Thanks for that planetkennedy, I'm hoping there may be other replies too which may clarify your concerns because my own claim is going over £5000 now and I'm unsure about a limit. If it is to stay in the small claims court it needs to be under £5000, however this should not stop you claiming. I was advised on another thread that I could pretty much claim whatever I thought. You cannot just claim whatever you think. Banks will stall at the very least reason, but having wrong figures will bring troubles. Be as precise as possible at all times. Very confusing, thanks for your help its much appreciated. Thanks to Michael Browne and enaid for your help also, hoping my next post will involve an offer of some sort. Good luck to all of you with your own efforts.

H

 

If you have made any mistakes on the amounts claimed then please amend them as soon as possible to prevent problems, good luck

[Guest louis wu]

And just to add, don't expect an offer that quickly, they will make you work, and work hard, for your money.

 

Perhaps it would be wise to spend a little time going back over the entire process, and getting things correct. Have another look here

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

 

as its easy to make mistakes, but not always so easy to correct them, and do you really want to appear before a judge trying to argue a case that has more holes than a swiss cheese.

 

Remember the more you know now, the easier it is later.

 

louis

[Henrik]

Thanks mrsfoot and Louis, Yeah I think I was being a little presumptious there to be honest.

I can see that I need to be careful at this point. I've just found a good link in the library section

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/34887-5-money-claim-line.html

 

I think this will help as well as all your excellent advice.

Thanks for all of your help its really very helpful knowing that people are helping each other in this fashion and we're not all at the mercy of these ogres.

All the best with your own actions

H