Bill when u are around, I would be very grateful if you would email me the spreadsheet to my email (I emailed you) Many thanks Mark

bank account what is the difference? when it comes to calculating compound interest

Bill is there a simple Excel spreadie somewhere which simply calculates compound interest? Or ideally one which calculates 8% uncompounded court rate and 2 different compounded rates? Many thanks

Thanks Bong

Hi Guys Thanks Bong, does your post mean that there is now a spreadsheet knocking about which calculates S.69, authorised AND unauthorised interest rates? If so where is it, I'd love to use it. Many thanks Mark

Thanks Bill Minzai et al By Jove the penny has finally dropped! Not only did the bank wrongfully take £30 which needs to be compounded to show my actual loss, but to add insult to injury, whilst I was overdrawn interest was wrongfully added to the wrongful charges, giving another head of claim? Complicated isn't it? No wonder we are struggling. Many thanks

Thanks Bill Minzai et al By Jove the penny has finally dropped! Not only did the bank wrongfully take £30 which needs to be compounded to show my actual loss, but to add insult to injury, whilst I was overdrawn interest was wrongfully added to the wrongful charges, giving another head of claim? Complicated isn't it? No wonder we are struggling. Many thanks

Surely compound interest is by it's nature calculating the interest on the interest? Am I being really dumb here? What can I claim in addition to my unlawful penalty charges compounded at the unauthorised overdraft rate?

If we are only claiming on the basis of reciprocity so the bank owes us unauthorised rate on all unlawful charges, surely the only column required in a spready would be one that works out how many pounds (eg 30) for how many days eg (1000) and then compounds interest at eg. 29.9% What am I missing with all the extra columns in the more sophisticated spreadsheets? Thanks for your indulgence.

Bill, Mindzai et al Please excuse my ignorance in trying to work out the spreadsheets! The 8% Statutory interest spready is simple enough, but when it comes to claiming contractual interest (which I believe is a strong legal argument) I don't understand the spreadsheets. I think there are legal grounds for 2 arguments. 1. Simple reciprocity ie when the bank breached contract and charged me £30 it must pay the same unauthorised rate that would be payable under the contract if I breached the terms of the contract ie exceeded my limit 2. Liquidated damages. What did the bank's breach actually cost me? After all this is the basis of our attack on the banks (they are charging more than what they have lost) To work out exactly what I have lost I need to know what rate of interest was applied to each charge and for how long. When I am in credit the bank might even be paying me interest! So my actual loss at that point is my lost bank interest. If I am within my overdraft limit the cost of the ban's breach of contract is the authorised overdraft rate, and for the periods of time I am over my o/d limit, I should claim from the bank at the unauthorised o/d rate. Now this number 2 scenario MIGHT be the one finally favoured by the courts ie to give the claimant liquidated damages, BUT the spreadsheet required to work it out would need a very sophisticated user of spreadsheets! You would have to enter bank balance per period, overdraft limit per period, any interest on credit balances, authorised and unauthorised overdraft rates so that the actual interest charged on £30 here and there could be accurately assessed. Is this feasible? If this is not preactcable, maybe a court would recognise this and accept unauthorised o/d rate interest on the whole lot? It would seem unfair for someone like myself permanently overdrawn who has been paying at least 16% on all the charges (componded daily!) to have to settle for the Court Statutory rate of 8%. It will be very interesting when these issues are finally settled in the High Court (could even go higher!) If someone could make a spreadsheet to do what is described in 2 above, I would certainly be submitting this as my claim, as then reciprocity of contract would not have to be established (one less obstacle) although I am sure that the legal grounds for reciprocity are sound, but a court would presumably have to decide this?

I am trying to use one of Vamp's / Bill's Google spreadsheets. I want to work with it offline so I exported it (numerous times) into XLS format. Excel spreadsheet opens up but everytime then says there is an error and closes down. Anyone any idea how to export into Excel without this happening? Many thanks.

Thanks ever so much. Unfortunately I cannot download it for some reason Mindzai???!!! Any ideas how I can get it? If this one does contractual compound interest and statutory 8%, I will have to enter all my dates and amounts into another spreadsheet doubling the data entry needed. Isn't it fairly simple to use the same data but have an extra column for authorised rate as well as unauthorised, then if it gets to court the District Judge will have 3 figures on one spreadsheet to consider when making an award. Many thanks.

Hi guys Is there an Excel spreadsheet anywhere where I can enter Statutory 8% non-compounded interest, plus unauthorised AND authorised overdraft compounded rates? So that I have figures for all eventualities! ie three columns of interest. Ideally a spreadsheet that would accept either a monthly int rate or an annual int rate, but annual alone would do. Unfortunately I am hopeless with maths and spreadsheets. Any help will be much apprecaited, Ta!