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Due to a lot of queries regarding interest I have designed spreadsheets that attempt to calculate a fair claim.
Please ask in this thread if you have any problems with it, and either myself, or someone else will try to help you.
These spreadsheets are freely given to help you. Please consider a donationto the site if you decide to use them so that we may continue to help you.
Some spreadsheets can now be downloaded, using the links below.
Please choose the spreadsheet relevant to your claim - there are different versions depending on if you are in England or Scotland, which spreadsheet package you use, and also whether you are claiming for a bank account or credit card.
Once again, I've read through the threads but don't see anyone else with the same question.
Like many other people, I recieved copies of statements from 17/03/00 - 19/09/01. From 19/09/01 - 10/04/06 I recieved 'statement entries' which just detailed any charges/fees that had been levied against my account.
I have internet banking but am only able to look back until 07/03 so am unable to correctly fill in the spreadsheet kindly provided by Vampiress. I understand that I need to input what my account balance was at the time? Do I have to go back to Lloyds to request copy statements so that I can get this information?
I have an interest-free overdraft facility, where the agreed limit has varied between £1000 and £1750. How should I account for this on the sheet?
Should I:
use the balance as stated? This then puts the interest calculation off, since it is not charged on the whole balance.
add whatever the limit is to the balance? This would be preferable for reading, as I can note the limit alongside, though would depend on whether the sheet calculates credit interest too.
if the balance is between the limit and nil, consider the balance as nil? This produces correct calculations (since if the balance is in this range I neither pay nor receive interest)
The spreadsheet is not designed to deal with the particular situation you are describing, although it seems you are able to 'fudge' it.
As the interest-free figure is not static throughout the time period, you will need to amend every account balance figure you enter on the spreadsheet. You need to deduct the interest-free amount from the true balance on each date, thereby reducing an overdrawn balance or increasing a positive balance.
NB. The spreadsheet does not initially deal with interest receivable from the banks. Any interest on amounts they have unlawfully deducted is dealt with in the 8% calculation and is only claimable when taken to court.
I will add your point to my list of amendments for future updates.
As the interest-free figure is not static throughout the time period, you will need to amend every account balance figure you enter on the spreadsheet. You need to deduct the interest-free amount from the true balance on each date, thereby reducing an overdrawn balance or increasing a positive balance.
For now, since the interest column isn't populated when a zero or positive balance is entered, I have entered -0.01 to allow the entire interest charge to be added.
The spreadsheet does not initially deal with interest receivable from the banks. Any interest on amounts they have unlawfully deducted is dealt with in the 8% calculation and is only claimable when taken to court.
I have adjusted this to reflect my banks' unauthorised lending rates, which I should be able to claim before going to court (after all, they have effectively borrowed my money, all I am doing is calling it in - like them, I'm entitled to charge interest on that loan).
We'll see where that point goes, but I've established that taking the interest-free balance into account, the amount of excess interest has increased 600%
Yes, there is a new argument about charging the bank a commercial rate in your initial request and the notes need to be updated to reflect this.
To do so, just change the 8% to another rate of interest.
The argument is being discussed in another thread if anyone wants to discuss it further. Let's keep this thread for the actual workings of the spreadsheet.
There are some good points here. You're all creating work for me. Lol. I'll try to get an update done by the end of next weekend. Wishful thinking.
If the spreadsheet file format weren't so inconvenient, I'd try fixing some of those things myself.
Do you not have access to Excel? If not there is an alternative spreadsheet for use with Open Office. That said, this is only a clone of the original Excel one - calculating the charges, the dates since 'offence' and the 8% APR element.
I won't make any promises, but if you would like me to have a go at converting Vamp's spreadsheet to Open Office I'll give it a shot!
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All advice and opinions given by Spiceskull are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Do you not have access to Excel? If not there is an alternative spreadsheet for use with Open Office. That said, this is only a clone of the original Excel one - calculating the charges, the dates since 'offence' and the 8% APR element.
No, I meant the internal format was inconvenient. If I make some improvement, and Vampiress wants to incorporate those changes in the master copy, she would have to repeat whatever I've done manually. In collaborative programming projects, which tends to use plain text, all I'd need to do is send a diff, which lets other people make the changes automagically.
Incidentally, my spreadsheet of choice is Gnumeric, which (like OpenOffice.org) will handle Excel files with only the required disdain. ;-)
Have tried using the spreadsheet but as my account is in credit at the date the interest is applied it shows zero. is this correct?
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Have tried using the spreadsheet but as my account is in credit at the date the interest is applied it shows zero. is this correct?
That's one of the bugs of the spreadsheet. It is only designed to give an estimate. The balance you enter represents an average balance of the month. For you this spreadsheet doesn't work. I'm sorry.
I'll have to look at dealing with this problem. Try entering an average balance of the month for the moment.
For the life of my account I have so far had either no overdraft or a 0% interest one. I moved from a kiddie account to a student account to a graduate account. I've a suspicion that part of my overdraft wasn't actually 0% (fag packet maths on interest charges - bearing in mind I exceeded my non-overdraft a bit,) but nothing, anywhere, seems to support my theory so I am left having to assume that the entire overdraft is interest free.
So, it seems to me that the interest I've paid is likely to be £0 more than it ought to have been - I'd only have paid interest on monies borrowed in excess of my agreed limit. It seems reasonable that interest charges would apply to this.
Would this mean that I should leave the second sheet empty, and include no mentions of interest charged when I make my initial claim to the bank? Naturally I shall be filling in the third (8%) sheet when the dreaded moment comes, but I can't see any way in which the second applies..
Just wanted to check, this isn't my usual line of work after all! (though if anyone has a business that has computers that want fixing I'll be glad to help
Anything but direct and unsubstantiated insults regarding my appearence are gratefully accepted..
You are absolutely correct, have understood completely, and applying the solution you suggest is spot on. Well done, and great to see such wonderful understanding of the workings and application of the spreadsheet. I'm touched.
A request for comments direct and without insult were unnecessary. I truly mean every word.
Seriously, you have it 'summed' up - pardon the pun.
Hi I just wanted to say thanks for the new and improved spreadsheet! I'm only just getting round to claiming at court and was getting a bit daunted, math is not my best subject! It is very easy to use.
I've just used the new spreadsheet and added almost 10% to my wife's basic claim. What I ended up doing was to use the lowest balance in the preceeding month as the balance, especially as in many months there was a credit balance at the date the interest was deducted. If I didn't do this I ended up with no interest to claim back in that month even though I was being charged interest (if you see what I mean). I'm sure that my method doesn't skew that figures too much - it is only an estimate based on the data available (and without access to a mainframe data centre ).
Also the way HFX charge their interest is not (usually) for the current month, but the one preceeding it. I took this into account when I calculated the balance to use.
Anyway, thanks for the spreadsheet - I was wondering the best way to claim this related loss back.
Cheers.
Jeep (The Wife & I)
Halifax joint a/c (£3800 charges + £40 interest on charges over 11 years) - paid in full 23/06/06
Halifax joint a/c new charges £1100 - LBA sent 02/08/06
Halifax 2nd a/c (£1500 charges + £150 interest on charges) - partial payment received 13/07/06 (no s69 interest) - AQ filed 07/08/06 - Court awarded 50% of s69 interest (Bank didn't turn up!)
Halifax Visa (#1) Data Protection Act sent - statements arrived - £350 so far
Halifax Visa (#2) Data Protection Act sent - refunded £170 DONATE - Support this site, it supported you! Follow the route: FAQs > Template Library > Parachute Account > Bank Forums > Spreadsheet All advice given in good faith and without prejudice or liability, to be taken at your own risk!
Thanks for the spreadsheet. However, there remains a question to which, I suspect, I am not the only one seeking an answer.
What's more, I have trawled all around the site and while I do not doubt it's out there somewhere, I'm buggered if I can find it!
Anyway, it's a simple question - at least, it is if you know the answer...
From where does the second lot of interest, ie the one you claim only if things go as far as court, derive? And, more to the point, why is it only applicable if things go that far?
Like I say, I'm sure there's a (relatively) straight-forward answer but I'm a journalist not an accountant or a legal expert and I'm blowed if I can work it out.
Spreadsheet with interest
I have designed spreadsheets that attempt to calculate a fair claim.
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Originally Posted by Vampiress
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