Why is no one claiming the contractual rate of interest???

[Mindzai]

Minor recap... Use Authourised interest rate or Unauthorised rate?

 

Can I get that figure from terms and conditions on Wooliches website?

 

Ta Guys / Gals

 

That's really your call. My advice would be unauthorised as logically it seems more appropriate. Yes that figure will be on their site somewhere, although I had a very quick look but couldn't see it. Have a hunt around, it will be there.

 

Edit Mindsai do I D/L the Prog on your sig and then choose a proramme out of it or what???

 

The link in my sig is an Excel spreadsheet. To use it you will need to have microsoft Excel installed - just save it to your computer then open with Excel. Later tonight I will be updating the spreadsheet to a version that also works with OpenOffice for those that dont have Excel as this is free to download.

[Paintball]

Dear Bong

Yes, you are right! I'm not sure what rate to charge as I don't know the Coop's unauthorised o/d rate. I think, on reflection, that I will charge contractual unauthorised rate - 29% unless someone corrects me on that ...

 

Dear Lovely Kind Mindzai

Yes, I will try using your spreadsheet (which I have only learned about today from the link you kindly supplied) and include the contractual unauthorised rate at 29%. I'll also PM you if I get really stuck ...

 

 

However, as I've already sent my prelim for 4879.00 adding a whopping whatever to this will take me well over the Small Claims Court £5000 limit - Hmmm!! Should I send an additional letter advising them that further to my letter of 20 Jan I am claiming interest on the amount owed and include revised Schedule?

 

 

Cheers to all who help

 

P

[Guest bong]

woolwich is here -you have to open the site map (its in tiny print at the bottom left of the home page) then go to current account then open the rates and charges link Welcome to Woolwich

[Mindzai]

Dear Bong

Yes, you are right! I'm not sure what rate to charge as I don't know the Co-Op's unauthorised o/d rate. I think, on reflection, that I will charge contractual unauthorised rate - 29% unless someone corrects me on that ...

 

Only use that rate if you know it is Co-Ops unauthorised rate. For the contractual interest argument to have any validity, you MUST use a rate that is explicitly specified as applying to your account. If you make up a rate, even if it is a close approximation, it is not contractual interest and you therefore have no legal basis for charging it.

 

You really need to find their rate and use that and only that. I'm sure someone will be able to dig it out from their site

 

Maybe it would be handy to have a set of links to all the bank's various interest rate pages.

[Guest bong]

paintball co-ops authorised and unauthorised rates are in this link

The Co-operative Bank : Account Charges

auth 19.56% EAR unauth 29.9% EAR

 

 

 

However, as I've already sent my prelim for 4879.00 adding a whopping whatever to this will take me well over the Small Claims Court £5000 limit - Hmmm!! Should I send an additional letter advising them that further to my letter of 20 Jan I am claiming interest on the amount owed and include revised Schedule?

 

 

when you send your LBA tell them that you're now claiming interest at unauthorised rate (don't put the alternatives) and include back up schedule

[Glenn UK]

For the Co-op go here

The Co-operative Bank : Credit Cards

 

Select the appropirate account and when you get there click on 'summary box' it gives you all the charges and interest rates relevant to a particualr kind of credit card account.

 

oops is this a CC or bak account, if its a bank account from that page click on personal products, then find your bank account and look for summary box.

 

for futrue ref when trying to find out the charges for an account 'summary boxes' shuold be provided by all banks/ccc as its not an industry standard to help consumers compare products

 

HTH

 

Glenn

[HowdyDoody]

Thank you all ever so much. I'm on track now - and it feels good.

 

I'm still not sure why i use the current rates of interest as they were different at the time - but am happy to do this as it works out to my advantage.

 

Less than quarter of an hour until the weekend now too!!! Have a good one guys!!

 

HD

[Delboy01]

Got it Bong Woolwich 15.6% Auth 27.5% Non Auth Thnx

 

Mindsai, I will have to wait for your Office friendly S/S as I dont have Excel , Ta

[Paintball]

I looked at that then went to the Coop's own site and found this:

 

Unauthorised overdraft charges - 2.21% per month, 29.9% EAR

 

I still find it difficult to get my head around filling in the spreadsheet and adding 29.9% to EACH charge. Is this right?

 

P

[bill-k]

I've just got back here and read up the last day's posts. Blimey, it's been busy, here. Well done everybody, as you seem to have managed to get Painball, Howdy and Delboy back on track. I hope you all got some clicks !!

 

I shall have to make myself scarce a bit more often, as it seemed to do the trick. [tail between legs, whining]

 

Paintball, I repeat my apology earlier, for sounding insulting in a post.

 

I also repeat my offer to all here who are not sure of their spready figures to post a couple of lines (the earliest) for someone to check here. I will if I'm about, but others may, too. We need to know the amount and date of each penalty, plus the interest rate claimed.

 

I'll get back to my snooze now, then.

[Mindzai]

I looked at that then went to the Co-Op's own site and found this:

 

Unauthorised overdraft charges - 2.21% per month, 29.9% EAR

 

I still find it difficult to get my head around filling in the spreadsheet and adding 29.9% to EACH charge. Is this right?

 

P

 

Yes, however you don't need to actually do this yourself, that is what the spreadsheets do for you. 29.9% is added to each charge, but it all happens behind the scenes. You just feed in your charges and the dates, and a breakdown of interest owed on each charge is produced.

[redsonja]

Mindzai. I downloaded open office and looked at your spreadsheet but notice it is only for bank accounts. Do you have one for Credit Cards?

[markj]

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!

[Mindzai]

Mindsai, I will have to wait for your Office friendly S/S as I dont have Excel , Ta

 

A new version has been uploaded, and I have tested it with all recent versions of Excel, namely 97, 2000, 2003 and 2007, and also OpenOffice 2.

 

Download v1.9 here.

 

Mindzai. I downloaded open office and looked at your spreadsheet but notice it is only for bank accounts. Do you have one for Credit Cards?

 

I dont at the moment, although I really should get one done because a few people have asked. I will make a priority for this weekend.

 

BTW you will need to use 1.9 with OpenOffice, 1.8 and earlier wont work properly with it. Link is just above this text

 

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!

 

Again the above linked sheet may be of use. It calculates 8% and contractual together. It doesnt allow for 2 different contractual rates together, I think doing so would over-complicate it, but you can always use one sheet for 8% and contractual unauthorised then a second instance for authorised. This is exactly what I did when filing my claim.

 

It accepts annual rate, but has a monthly rate > annual rate converter if you only have monthly. No maths required!

[Guest bong]

I'm still not sure why i use the current rates of interest as they were different at the time

 

to quote Bill on this, as it made sense to me, if you were claiming statutory interest you wouldn't use the rate that was applied 6 years ago.

[markj]

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.

[redsonja]

Thanks Mindzai. Great job!

 

Bill - k. I will post a few lines for Vamps S/S No 16. If you could have a quick look this would be great. It may also help others who want to use the spreadsheet.

 

Date Plty Int on interest Stat Amt pd Remain Bank int

chg plty Charged Bal sub mth Bal on plty

 

4.4.02 £15 £48.33 £13.90 £612 £0 £612 £0.34

5.7.02 £15 £43.74 £13.52 £660.69 £49.27 £611.42 £0.66

26.7.02 £15 £42.74 £16.02 £821.36 £0.00 £821.36 £0.88

 

Interest on bank plty

£1.10

£1.93

£2.50

 

Does this look ok to you? APR used is 29.9%

 

Thanks in advance

 

Oh blimey, Its all squashed together when posted. Hope you can understand what I mean. This is for my partners storecard.

[bill-k]

Thanks Mindzai. Great job!

 

Bill - k. I will post a few lines for Vamps S/S No 16. If you could have a quick look this would be great. It may also help others who want to use the spreadsheet.

 

Date Plty Int on interest Stat Amt pd Remain Bank int

chg plty Charged Bal sub mth Bal on plty

 

4.4.02 £15 £48.33 £13.90 £612 £0 £612 £0.34

5.7.02 £15 £43.74 £13.52 £660.69 £49.27 £611.42 £0.66

26.7.02 £15 £42.74 £16.02 £821.36 £0.00 £821.36 £0.88

 

Interest on bank plty

£1.10

£1.93

£2.50

 

Does this look ok to you? APR used is 29.9%

 

Thanks in advance

 

Oh blimey, Its all squashed together when posted. Hope you can understand what I mean. This is for my partners storecard.

 

Yeah - that looks fine, all figures agree with mine, RedSonja. Any results on Mindzai's sheet will show lower figures, as it uses a different method of calculating the interest (in case anybody's wondering !)

[redsonja]

BIG THANKS Bill. Phew!!!! (wipes brow!) Appreciate your help.

I didn't think I had filled it in wrong initially but that little black cloud of doubt always pops in at some point during something new.

 

Onwards I go!!!!!

 

:D

[Mindzai]

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.

 

 

You can highlight all the data, copy, paste into the new sheet. Should be a couple of clicks max

 

As for the download - it should be working.

 

Have a click here: http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

If someone else wouldnt mind, could they please have a go so I know its not my end?

[Glenn UK]

it works and so does the downloaded sheet

 

did you know that a 1.00 charge in jan 1900 at abbeys rates would be worth a nine figues sum now?

 

jeeze i wonder if thers anyone around who has an account that old?

 

glenn

[bill-k]

If someone else wouldnt mind, could they please have a go so I know its not my end?

It's working OK here, Mindzai. All 4 pages look OK. Wall-to-wall & ten feet tall, as they used to say. 10-4 !!

[e28bigalbexley]

It Works:D

[Mindzai]

Thanks

[bill-k]

did you know that a 1.00 charge in jan 1900 at abbeys rates would be worth a nine figues sum now?

jeeze i wonder if thers anyone around who has an account that old?

glenn

I have a recurring nightmare that someone, somewhere, will find a load of stuff in their gran's attic, and claim max contractual on one of those "lost" accounts. The bank collapses like Baring's and the rest of us get zilch. :o

 

In this respect, I think time is still possibly of the essence !!!