Hi, when I input data into the spreadsheet calculator v102 available through CAG, the spreadsheet shows the value for the 8% interest at the end of any month that the reconstructed account would be in credit. But only a value relating to statutory interest for that month

The spreadsheet seems to do nothing other i.e. it only gives that months value, adding this to the total for statutory interest at the top of the spreadsheet. It does not factor this value into the accruing redress, which is correct but it also does not include 8% per year until the date the claim is settled.

Surely if on 30th January 2000, for example, the reconstructed balance is showing £2000 in credit then the calculation for statutory interest relating to that monthly event would be:

£2000*((8%/365 maybe 366 in a leap year?) * days between 30th January 2000 and settlement date 18th May 2017, for example).

And this would be the calculation, allowing for the varying initial date and days till settlement date, that would apply to each month where the account is in credit due the the reconstructed account.

I cannot see how the v102 spreadsheet deals with this, it seems to simply total the statutory interest for each month - this doesn't make sense, does it?

Any help would be great as I am a bit stuck at the moment.

Many thanks,

Philip

Following thread may be of assistance...

http://www.consumeractiongroup.co.uk/forum/showthread.php?424212-Halifax-Credit-Card-PPI-reclaim-Upheld-but-offer-lower-than-expected&

Regards

Andy

that's because you should be using the running sheet.

whats the ppi in relation too?

Hi dx100uk,

The PPI is related to a Royal Bank of Scotland Mint credit card, I registered this as a complaint with the FOS back in 2015 but they apparently did not receive the supporting information that I sent to them at the time. They are happy to continue and process this claim in spite of the delay since first registering the claim with them

The same thing happened with a claim against Barclaycard, as the 2 claims were submitted to the FOS at the same time.

However, they have now received the information relating to the Barclaycard claim relating to PPI mis-sold in 1994. I am just in the process of writing a covering letter to the FOS in relation to this RBS claim and I am updating accordingly.

Just a bit of background , if it helps.

Could you point me to the 'running sheet' please?

sorry I already thought you had the spreadsheets link as you were using one...

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011