Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)

+ Reply to Thread
Results 1 to 9 of 9
  1. #1
    Basic Account Holder TheDude1 Novitiate TheDude1's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Apr 2009
    Posts : 240 (0.11 post per day)

    Default Miscalculated Interest (APR) on Credit Card

    Hi

    I've added everything up from all statements.... is something wrong here or have I missed something?

    Total Purchases Made:
    2545.44

    Total Charges:
    297.50 (late fees etc)

    TOTAL 2842.94

    Total Interest Charged:
    933.05

    The card was on different interest rates:
    monthly 1.385 - APR 17.9%
    monthly 1.527 - APR 19.9%
    monthly 2.210 - APR 30.0%

    When I calculate the percentage of "2842.94" to get "933.05", the percentage is 32.82%... Which is a rather high percentage. So overall for my purchases I have been charged 32.82% on top.

    I've not seen any claims regarding over-calculated interest, so I'm probably wrong here but thought it was worth a post.

    Follows
    0
    Following
    0

  2. #2
    Royalties Account Holder
    Help the CAG!!
    Download our toolbar
    sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci's Avatar



    Follow Real_CAG on Twitter
    Cagger since : May 2006
    Posts : 15,983 (4.95 post per day)

    Blog Entries
    1

    Default Re: Miscalculated Interest (APR) on Credit Card

    How long as the card been open?


  3. #3
    Basic Account Holder TheDude1 Novitiate TheDude1's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Apr 2009
    Posts : 240 (0.11 post per day)

    Default Re: Miscalculated Interest (APR) on Credit Card

    Hi mate

    2005: Credit Card account opened.
    2005 - 2008: Account Active
    2008: Account closed and sold to a DCA.
    2011: Judgment (CCJ)

    Cheers


  4. #4
    Royalties Account Holder
    Help the CAG!!
    Download our toolbar
    sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci's Avatar



    Follow Real_CAG on Twitter
    Cagger since : May 2006
    Posts : 15,983 (4.95 post per day)

    Blog Entries
    1

    Default Re: Miscalculated Interest (APR) on Credit Card

    Did you calculate the interest from when the account was opened + compound the interest charges?


  5. #5
    Basic Account Holder TheDude1 Novitiate TheDude1's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Apr 2009
    Posts : 240 (0.11 post per day)

    Default Re: Miscalculated Interest (APR) on Credit Card

    Quote Originally Posted by sequenci View Post
    Did you calculate the interest from when the account was opened + compound the interest charges?
    Hi, I just added it all up from the statements (manually) and did the calculations from the results.
    Tomorrow I will use that very good spreadsheet (CISheet v101.xls)

    I posted this thread with regards to the interest they charged me on my purchases, as according to my calculations sometimes I nail the fiquire bang on but other calculations are coming up short... I estimate that they have over-calculated the interest by roughly 80, but I've not seen anyone bring this up on CAGicon.

    I've not seen a claim against mis-calculation of interest, though I did read an article earlier where the author estimates billions of 's have been reaped by the banks via over-calculation of interest.

    Cheers

    Follows
    0
    Following
    0

  6. #6
    Royalties Account Holder
    Help the CAG!!
    Download our toolbar
    sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci Authoritative sequenci's Avatar



    Follow Real_CAG on Twitter
    Cagger since : May 2006
    Posts : 15,983 (4.95 post per day)

    Blog Entries
    1

    Default Re: Miscalculated Interest (APR) on Credit Card

    Sounds like you're on the right track. Remember that interest accrues on interest with these things..


  7. #7
    Basic Account Holder TheDude1 Novitiate TheDude1's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Apr 2009
    Posts : 240 (0.11 post per day)

    Default Re: Miscalculated Interest (APR) on Credit Card

    Hi, thanks for the help!

    I still can't get the fiquire they have achieved.

    Statement Balance (inc interest)
    =1,708.73

    Actual PURCHASES (not inc interest)
    =1453.13

    Statement Interest Charged
    =237.92

    Compound Interest
    =17.68

    TOTAL INTEREST CHARGED
    =255.60
    Having tried a few combinations, the closest I can get to the interest charged is this:
    1453.13 minus 17.68 = 1435.45
    17.9% of 1435.45 = 256.94

    I have a headache now!


  8. #8
    Site Team The Consumer Action Group ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21 Highly authoritative ims21's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Feb 2011
    Posts : 25,654 (17.18 post per day)

    Default Re: Miscalculated Interest (APR) on Credit Card

    You will have to analyse this month by month rather than adding up the total for the account.

    Also remember that interest is charged on interest and that interest is charged on late payment fees and over limit fees.

    Also remember that credit cards have interest charges applied with relevance to a charging period and from the date purchases were made.

    You'll also need to know which items are paid off first when you make a payment to the account

    You'll have a lot of work to do on this exercise.

    ims

    If I have helped you please leave me a message by clicking my star

    1. Single Premium PPI Q&A Read Here
    2. Reclaim mis-sold PPI Read Here
    3. Reclaim Loan & Credit Card Charges Read Here
    4. The CAG Interest Tutorial Read Here
    5. Feel Bullied by Creditors or Debt Collectors? Read Here
    6. Staying Calm About Debt Read Here
    7. Thinking of a Full & Final Settlement? Read Here

    How To Upload Documents To Cag Instructions


    I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE



    Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

    If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon


    If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

    my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary


    PLEASE HELP US TO KEEP THIS SITE RUNNING
    EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

    Follows
    0
    Following
    0

  9. #9
    Basic Account Holder TheDude1 Novitiate TheDude1's Avatar



    Follow Real_CAG on Twitter
    Cagger since : Apr 2009
    Posts : 240 (0.11 post per day)

    Default Re: Miscalculated Interest (APR) on Credit Card

    Hi ims, thanks for dropping by!
    Thanks for the info,

    Yeah, I already spent 4 hours inputting it all into the spreadsheet!

    Alot more complicated than I thought and I don't think I have the brain capacity to carry on!
    I very much doubt they miscalculated it, so I'll let it drop.

    Thanks again for your time



Reclaim the Right Ltd. - reg.05783665 in the UK reg. office:- 923 Finchley Road London NW11 7PE