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I've been lurking on this wonderful forum for a couple of months now reading up on as much as possible whilst familiarising myself with knowledge through the conversatoins being carried out here - phew. I'm kinda stuck now but here's where I'm at:
I sent my SAR's letter mid December and received all my statements first week in January.
I'm now in the middle of completing Mindzai's easy-to-follow spreadsheet and looking to claim contractual compound interest at 29.84%. I have a Royalties Premier account.
I selected Minzai's contractual daily rate sheet as the correct spreadsheet for this but after having completed all cells, the calculations are telling me for the period from May 2004 until present charged at an interest daily rate of 0.07% (29.84% annually):
Total Penalty Amount Total Compound Interest
£1917 £719
Total Combined charge and interest
£2,636
Is this right as it seems a little low in comparision to other people's calculations for contractual compound interest even though I'm only claiming for just over 2 and a half years. Could one of you lovely maestros of Mind's spreadsheet let me know if i'm on the right track!!!
Also, the column that says Date Of Interest, do I insert the date the Interest charge was Withdrawn or do I insert the period of the date the Interest relates to:
ie. INT TO 21 APR A/C £10.94 7 May 2004
(do I insert the date as 21 April OR 7 May???)
Finally, the cell that says SCHEDULE OF CLAIM FOR CHARGES: FROM: is this supposed to be blank as I thought it would have automatically put the date of my very first charge or does it only do this if you complete the Charges & Interest spreadsheet?
Sorry to ask such spastic questions but I promise, I have read through the FAQ's and pretty much all threads under RBOS for more info on filling out these spreadsheets but couldn't see anything relating.
Sorry marcelle. Know I was supposed to look at this for you.
I've had a look now, not sure what copy you are using, it may be an outdated one. This one definately enters a date in the FROM.
Your interest question - you should enter the date the interest is charged for i.e. the period it is being applied to not the date you charge it.
Finally, the compound interest one - bit difficult to say without seeing your spreadsheet filled up. Depends on how far back you are going with your charges. If they are only recent, then this might be ok. If you have charges going back 6 years, this does seem a little low. If I had claimed contractual for my £2.7k claim I would have had and extra £3k+ on my claim.
Perhaps you should transfer your data across to the one I've linked and see what result you get there.
If my post has been useful, tip my scales and let me know
I can now see that the amount is correct (even though it doesn't seem much) because I am only claiming from May 2004 which makes it over 2 and a half years of compound interest.
Will be sending my preliminary letter off with my spreadsheet and await their response.
OK, before I send my prelim. off, I decided to check through a few more times to make sure all my figures were correct. It's just dawned on me that as a Royalties Premier account holder (well I actually cancelled last week as I never ever used their special thingies connected to it - waste of my money!), I know that it's £15 per month now but was it £15 per month back in 2003 because examining my statements, I had a few CHG to A/C XXX calculated at £10 or £14.40.
Does anyone know when the rate increased?
I want to make sure that I squeeze as much as my money back from them as possible.
Received a letter this morning from Sandy Watt offering me most of the amount in my claim as Full and final settlement (excluding some, but not all of the contractual compound interest). I will accept this payment as partial settlement only and try to get the remaining money in interest.
My question is, do the banks agree to credit your account knowing full well you will be claiming back the rest in court or do they reject your partial acceptance, don't credit your account leaving you to pursue the full amount in court?
After much deliberating, umming and ah'ing and well as looking at the state of my finances, I have decided to settle with RBS. They did not offer my full settlement, which included contractual compounded interest totalling £3,200, but they did offer £2,900. I was prepared to take it to court stage for my full wack but I'm sick of eating pease pudding every day!!! Having said that, I will be claiming from Halifax now -when the statements finally arrve - and will see that through to the bitter end.
Thanks T4ff.... you've been especially helpful throughout my ordeal and learnt loads from you. Don't actually feel as good as if I'd have gone the whole hog but will make up for that with Halifax (God help them!)
OK, when the money gets deposited, how do i make a payment to this fantastic site? And, will the title of this be changed to Settled?
marcelle vs RBoS
's letter mid December and received all my statements first week in January.
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