Jump to content

You can now change your notification sounds by going to this link https://www.consumeractiongroup.co.uk/index.php?/&app=soundboard&module=soundboard&controller=managesounds

 

You can find a library of free notification sounds in several places on the Internet. Here's one which has a very large selection https://notificationsounds.com/notification-sounds

 

 

BankFodder BankFodder

 

BankFodder BankFodder


JustChris20

Statutory Interest Help!

style="text-align:center;"> Please note that this topic has not had any new posts for the last 4036 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi everyone, can you help me out with my calculations please.

 

I have heard some people tell me that the stat interest is 8% PER MONTH!? Surely this cant be right... is it?

 

Or is it as i though and 8% per year so it would work out at around 0.66% each month?

 

Scenario 1 Monthly = Month 1 £100, Month 2 £108, Month 3 £116.64 etc

 

Scenario 2 Yearly = Month 1 £100, Month 2 £100.66, Month 3 £101.32 etc

 

 

HELP! Is either of those right?? :-|:?

Edited by JustChris20

Share this post


Link to post
Share on other sites

It is definitely 8% per annum.


Share this post


Link to post
Share on other sites

Thanks for the reply, so let me get this right....

 

Month 1 i pay £30 for ppi

Month 2 my £30 is now worth £30.20 (30 x 0.66%) and another £30 is paid so total is now £60.20

Month 3 my £60.20 is now worth £60.60 and another £30 is paid so total owed to me is now £90.60.

Month 4 my £90.60 is now worth £91.20 and another £30 is paid so total owed to me is now £121.20

Month 5 my £121.20 is now worth £121.99 and another £30 is paid to total owed to me is now £151.20.....

 

and so forth???

 

Thanks.

Share this post


Link to post
Share on other sites

I claimed stat interest against Barclaycard at the contractual rate

 

They coughed up without a whimper.

 

£85 in PPI premiums

 

plus 9 years contractual interest @ 26.9%

 

plus Stat interest @ 26.9%

Share this post


Link to post
Share on other sites
I claimed stat interest against Barclaycard at the contractual rate

 

They coughed up without a whimper.

 

£85 in PPI premiums

 

plus 9 years contractual interest @ 26.9%

 

plus Stat interest @ 26.9%

 

How the hell did you do that!?

 

But if anyone can clarify if my workings out are right that would be great... thanks.

Share this post


Link to post
Share on other sites
How the hell did you do that!?

 

Yes how the hell did you do that:eek:


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Share this post


Link to post
Share on other sites

Stat interest can be claimed at the rate stated in the contract. ;)

 

The 8% is for when there is no rate stated

 

(eg: if you're sueing Dixons because the toaster you bought doesnt work. or your joiner, because the shelves he put up collapsed wrecking your collection of model locomotives.)

Edited by noomill060

Share this post


Link to post
Share on other sites

Thats what it says in the small claims guide I got from the Court when I first started all this, so Ive claimed stat interest at the contractual rate in all my claims and everytime they have coughed up without so much as a "yeah, but no but" on this

Share this post


Link to post
Share on other sites

No, you are barking up the wrong tree justchris20, it doesnt work like that.

 

It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)

 

Go work it out using Compound interest calculator

 

360 day year, 12 compoundings per annum

Share this post


Link to post
Share on other sites
No, you are barking up the wrong tree justchris20, it doesnt work like that.

 

It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)

 

Go work it out using Compound interest calculator

 

360 day year, 12 compoundings per annum

 

Wasnt that how i did it though?. The rate (8%) divided by 12 (0.66%) compounded monthly??

Share this post


Link to post
Share on other sites

How much interest are you paying on the loan?

 

This is the figure that are charging you, so you should be using the same.

 

Why this enthusiasm for 8%?

Share this post


Link to post
Share on other sites

Each £30 needs to be looked at as an individual "wrong" they have done against you, so should be worked out from the date it was made until the date it is repaid to you

 

Calculate the interest from the date of each until no, then add up all the totals.

 

The Compound interest calulator will do all the hard work fot r you.

 

Make a note of each result, then add them up.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...