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Adding compensation to MCOL form

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10 years 11 months ago #922 by carriegee
Adding compensation to MCOL form was created by carriegee
The form only has a field for the claim amount and daily rate of interest. Do I therefore add the £40 compensation to the claim amount? If so, do I need to clarify this by stating it on the statement.

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10 years 11 months ago #928 by Safe_UK
Replied by Safe_UK on topic Re: Adding compensation to MCOL form
Hi Caroline,

Keep it as simple as possible so we suggest add the charges to the original debt amount. Include it on the statement and if you want to be really thorough raise an invoice for the costs & interest (NO VAT!)

Hope that helps :)

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10 years 11 months ago #929 by carriegee
Replied by carriegee on topic Re: Adding compensation to MCOL form
Thanks - I have already sent the breakdown on a late payment statement, so was referring to the statement declaration on the MCOL site. The calculator on this Pay on Time site adds interest to the original debt then adds the compensation whereas the MCOL fields only ask for the original amount then the interest, which obviously adds up differently and I'm concerned about appearing inaccurate.

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10 years 11 months ago #932 by Safe_UK
Replied by Safe_UK on topic Re: Adding compensation to MCOL form
Hi Caroline,

Thanks for the clarification. In that instance we would suggest including the charges with the original debt amount and adding the interest separately.

It is a bit of an oversight on the MCOL system that it doesn't easily allow for the addition of costs and interest.

Good luck

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