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  1. Hi ims21 Just so I don't look a fool going back to FOS, can you confirm that the compound interest calculation spreadsheet, FosCISheet v101.xls, is from the FOS? I want to ask them why they think the CCC's figures are fair when calculated using their own spreadsheet, they seem much smaller. Obviously I don't want to say this if the spreadsheet is not a genuine FOS one. Cheers
  2. I can certainly accept a regulatory based award if it involves compound interest. The CCC's current (apparently fair and reasonable) offer doesn't - and it's the FOS who say it's fair. Will take turbo legal advice on whether to proceed. Probably worth giving up 25% on a 'no win, no fee' solicitor. Thanks again. Will let you know how I do.
  3. OK- will do this - but I would argue that until they repay the amount owed, the interest keeps clocking up. Just like it would if I owed them. A contract should be fair on two sides, not just one. Thanks for your help on this. To court then?
  4. I have created four spreadsheets. No 1 covers the period for which neither the CCC or I have statements, BUT we both accept the card start date (October 1994) and we both accept that by July 1999, PPI premiums had reached £38.71 - the first "actual" figure we have. The CCC have conveniently disregarded this almost five years of PPI payments as 'missing'. I propose that we take the first known amount (£38.71 in July 1999) and divide it by the number of 'missing' months, i.e. October 1994 to June 1999 inclusive, i.e. 56 months. £38.71 / 56 = 0.69p. So I then propose to start at 0.00 in month one, adding 0.69 every month for 56 months until we get to the actual figures kicking in. I can't think of a fairer way to estimate the 'missing' months - and I certainly don't think it's fair or reasonable to acknowledge their existence but to discount them totally because we don't have 'real' figures. This spreadsheet attracts 17.66% interest (the contractual rate as informed by the CCC) up to today's date, because they haven't repaid it yet. BTW the account was only finally closed in Summer 2011, not 2008 as I said last night in dreamy stupor. My final balancing payment was made at the end of April 2011. No. 2 covers the period of actual figures from July 1999 to the start of my debt management plan in September 2002. This also attracts the interest rate of 17.66% and is claimed to today's date, as it hasn't yet been paid. No. 3 covers the time during my debt management plan when the CCC continued to charge PPI, apart from on a handful of months. I have applied an interest rate of 4% to this spreadsheet because I believe interest was being charged but at a reduced rate to reflect the DMP (!). This too is claimed to today's date. And finally No. 4 covers the period after the DMP had finished, when the whole £12k original debt had been repaid but during which the CCC demanded a further £6450 in unpaid PPI and interest from during the DMP. I have associated an 8% interest rate for this, as the account would have been well into credit if the PPI had not been applied, and indeed those payments should never have been made in the first place. Does this sound logical? I then totalled the totals from each of the four spreadsheets, and get to then figure of £32666. Hope this makes sense!
  5. Hi ims21 and others OK - so the two methods are different... but how come the FOS Compound Interest Spreadsheet exists if they (the FOS) are not going to award compound interest? Is this actually their spreadsheet (FosCISheet v101.xls)? You see, I'm confused. You say damages in restitution can only be awarded by a court - I get that. But this spreadsheet is supposed to calculate compound interest on "the regulatory method". It doesn't ask about full account balance - it just asks for the rate of interest, charge made and calculated the number of months elapsed and does the compound interest calculation. Isn't that what I said earlier? No mention of running balances. It shows £38 in July 1999 at 17.66% APR as now owing £365.79. So, do FOS use this, or not? And if so, I wonder why they are not using it on my account - because if they were, they wouldn't say that the CCC's offer of £0.00 tax on £38 from July 1999 is 'fair and reasonable". It could be that the whole thing hasn't yet 'clicked' in my mind, but I cannot understand why the FOS thinks the CCC's offer of £10,080 is fair and reasonable. Under calculations using their own spreadsheet, I get the figure to £32,666 - so the CCC are a bit out. Sorry if I keep banging on about the compound interest, but it's because I think it's the crux of the matter. The 8% simple when the account was in credit is actually a small amount in comparison. Thank you for your help and patience. Best wishes, Neil
  6. So - here's a question. Why is the account balance so important? Is it not as simple as: I pay PPI premium of £38 in July 1999. Card interest rate is 17.66% APR. So they owe me compound interest on £38 at 17.66% for every month until they repay it. If they LENT me £38 at 17.66% APR compounded monthly, in July 1999, and I repaid nothing, how much would I owe today? Surely those amounts should be identical - and if not, why not? I understand that account balance is eventually important when calculating when 8% simple comes into play, but surely the compound interest due on the PPI element just needs the premium paid, the card interest rate and the dates incurred and settled?
  7. Hello all, And STILL it continues. Credit card company has returned with their figures which state that they apparently owe me no - that's £0.00 - interest on an undisputed £38.71 dating back to July 1999. The FOS adjudicator says those figures are "fair and reasonable", but guess what? I don't agree. So, I guess I need to head to court. I have just run a compound interest calculation on my figures, showing (without adding 8% S69 interest) a total close to £32,000... a staggering amount. Their best offer is £10,080. My next step is to find a really knowledgeable legal firm who can a) check the details for errors, and b) give me some idea of cost. In your experience, do you get to court and they settle, or does it go all the way? Cheers for your continued support. Nortie
  8. Hello all, So, the latest developments (yes, it's STILL not sorted) are as follows; After being asked to sign a F&F agreement without knowing what the amount was (which I refused to do), I was told my case would 'fast-track' to an ombudsman for a final decision. Fast forward 18 months and I'm contacted again by ANOTHER adjudicator (the third on may case so far) who believes my case needs resolving (!). He says my lender has offered to settle for just short of £9k. By my calculation, that's less than the amount of PPI paid, without adding any interest back to 1994. I sent my calculations to Adjudicator No. 3, and he is awaiting my lender's calculations for comparison, and so far he's received nothing from them - unsurprisingly. The longer they delay, the more interest is payable, so I can wait.
  9. #31# before the number on a mobile will withold your number!
  10. Sorry guys, but read the T&Cs. Whether it be 39.9% APR or 49.9% APR, that means A LOT OF MONEY IN INTEREST (shouted so even the dimmest can hear it). So either use it sparingly and pay it off every month, or don't have one. I really believe it's that simple. If you apply for one, expect to be HAMMERED in charges. It says so - plain and simple - in the APR rate. You don't want that, or think it's not fair? Don't get this card. Mine is currently empty, and my charges are zero.
  11. I'm sure it is possible... I still don't seem to have cracked it yet; I seem to be getting wild variations on some of the calculations compared with the EGALegal calculator, which is sometimes bang-on with my spreadsheet. You already showed me how to get the same figure (or very near) for February 1997 to Dec 2010, however if I paid £61.95 on 17th Jun 2002 (also at 18.9%), my spreadsheet says the interest due on 17th December 2010 should be £211.81, but EGALegal says £250.29...
  12. Hi Smoothound I have figures from 1999 onwards, but my card also started in 1994. The first actual figure I have is for £38.71 in July 1999. (At 65p per £100, the terms of the PPI, that represents a credit card debt of almost £6000) I have a start date for my card - 17th October 1994 - so, discounting the first month, I make that 55 months of "missing" figures. So to approximate the PPI payments for those missing months, I divided £38.71 between those missing 55 months, giving (approximately) 67p per month. So I have added 67p every month for 55 months, eventually getting me to £38.71 on a sliding incremented scale from £0 on 17th October 1994. Whether this will prompt my card company to magically find those missing figures remains to be seen. I guess they'll only "find" them if it is to their advantage. I too am having further spreadsheet problems... I wish there was a simple, definitive way of calculating compound interest via a spreadsheet; the CAG advanced one doesn't compound the interest, and let's be honest, the EGALegal way is tedious over 194 months! Will let you know if I find a reliable way...
  13. Hi Smoothound I have been sent T&Cs for the account by MBNA (actually not the original ones, but the current ones... naughty) however, it states the standard interest rate as 18.9%, so that's what I'm using. Barclaycard interest rates for this period are substantially higher: (found on the net) Date Set Barclaycard Classic Visa APR 1 Dec 2001 17.9 with rates from 11.9 1 Aug 2001 18.9 1 Sep 2000 19.4 1 May 1999 19.9 1 Mar 1999 20.9 1 Jan 1999 21.4 1 Jul 1997 22.9 1 Apr 1996 22.3 1 Jan 1996 22.6 1 Mar 1995 22.9 1 Dec 1993 21.9 1 Jan 1993 22.9 1 Nov 1992 24.9 1 Oct 1992 28.5 1 Sep 1992 27.8 1 Jun 1992 28.5 1 May 1992 24.6 1 Oct 1990 24.6 1 Jun 1990 24.6 1 May 1990 29.8 1 Jun 1989 26.8
  14. Thank you for putting my mind at rest - and for your patient guidance. It IS a lot of money, but they've been fleecing me for years, so I won't shed a tear putting the claim in. More when I get it - and thank you all again.
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