HELP!!!Trying to work out value of my claim including 8% interest.

[karinata]

Hi all
I am filling out form N1 and wondering is it VITAL to get all the figures ABSOLUTELY correct at this stage, I am having a bit of difficulty if anyone can advise ....
My ppi was £2021.33
interest to date £1819.77
Total = £ 3841.10

So....from that ....worked out that the monthly figure i was paying was £64.01
so...put this through the bank charges calculator to get the 8% stat.interest....which came out at £1026.93

Now on the printout from the calculator page it shows my "charge value " in the first column as £4416.69 .....shouldnt this be the same as the figure highlighted above?...(my total of £3841.10)
Have I done something wrong.....it is so confusing!
PLEASE ! Can anyone help.....I am meant to hand from N1 in at my local court tomorrow

[old_andrew2007]

bump

[Bog]

How many months was the loan over and what was the interest rate?

How have arrived at your 'Interest to date' figure?

Have just added 8% to the total? The calculator will work it out daily.

If you give me some more info, I will try to help.

[karinata]

Thanks Bog, I think i have found out where the problem was....
dont know if this makes sense...
Loan over 16yrs...still active and nearly 6 yrs into the loan...variable rate
Loan amount 18k and 2021.33 added for ppi at start.
in working out the equivelent "monthly rate" I was told to calcuate by taking cost of ppi + interest to date £2021.33 + £1819.77 = £3841.10 and divide by 60 to reach this figure...ie..£64.01,
so it was £64.01 I put through the calculator on each payment date, but on the calculator I should have stopped putting in the charge of £64.01 on the 60th month....ie, July 2007...I think at that point the figures add up, but I had kept adding the £64.01 to date....when I should not have added the charge but just the interest.
Dont know if that makes sense to you ....but I think thats where the mistake lies.
Do the figure have to be absolutely spot on or is there room for minor differences ....do you know?

[Bog]

I'm not an expert, but I dont think they have to be to the penny, just close. By the time it gets to court, the daily interest would have increased anyway.

The problem is that most loan companies give you the least amount of info possible, which makes calculating the true figure difficult. IMHO, It's the responsibilty of the lender to provide the correct figures.

I think on the day of court (if it gets that far!), I would try to have the figures as close as possible.