Calculating interest - HOW???

[sapphire001]

I've seen people metnion here and there that they've claimed charges pls interest from credit card companies but i cant find any info on how you calculate the interest due ... can anyone help me please?

Thanks

[MadMat]

There are spreadsheets you can download that will help you calculate the 8% interest.

They are in the bank templates library section

Also - make sure you read the FAQs thoroughly, as you need to add on the interest at the correct stage, not in your first letter!

Mat

[Darwin]

Originally Posted by sapphire001

I've seen people metnion here and there that they've claimed charges pls interest from credit card companies but i cant find any info on how you calculate the interest due ... can anyone help me please?

Thanks

Are you talking about the 8% or the interest charged on penalties ?

[sapphire001]

Are you talking about the 8% or the interest charged on penalties ?

The interest charged on penalties.

I would imagine that as I'm paying interest on my balance, which includes £250+ in unauthorised charges, I'm entitled to claim that part of the interest back, but i've no idea of working out how much. I've downloaded the spreadsheet for Excel for credit cards but it's identical to the bank one.

[ukaviator]

Hi Team.

You can only charge the 8% at the Moneyclaim stage. If the charges are on a credit card, find out what the APR is or was at the time of the charges and claim back the Contractual Rate Of Interest.This could be from say 16% to 29%.Add that to your initial claim as they have charged you that rate in the first place.This is also Compounded over the months / years the charges were taken.Ask for the Compounded Rate first. If it goes to the Moneyclaim stage,then you can only claim one or the other,not both. Contractual / compounded first on initial contact.Judge may order, they usually pay before that stage,contractual rate on your claim.If he or she does'nt then 8% will be added at that stage.Either way you win something.

Hope this helps


Good Hunting . Ukaviator