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nortie

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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 0.0
  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 compoun
  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
  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 fi
  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 s
  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
  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
  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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