So sorry but need advice if possible

[dmlferguson]

Sorry thought she'd said 8% per day. It is rather more than I've ever heard but wouldn't that be nice!

[Maz1234]

Yes the tribunal said 8% interest from day to day on sum awarded for the time the award remains unpaid even part of the award, if it is so then i have a favourite son, i have been working it out as best as i can, ive done up to 35days so far, i realise that my son will have to pay tax on this but i just needed to be certain that i read everything correctly, guess it is off to the court tomorrow, thank you all so much for this info, im so pleased to have joined here x

[becky2585]

Sorry thought she'd said 8% per day. It is rather more than I've ever heard but wouldn't that be nice!

 

It would be lovely, but the award would double every 2 weeks!

 

The other thing is interest only starts to accrue after 42 days, so you have a 104 day calculation rather than 156 days.

[Maz1234]

i did it from the 42 days had lapsed, really double? that would save me alot of time on this calculator, thank you all once again for all your help, x

Edited November 26, 2012 by Maz1234

[becky2585]

No that's using the incorrect calculation!

 

Put the figures on here and I'll work it out for you?

[Maz1234]

Thank you all x

Edited November 26, 2012 by Maz1234

[becky2585]

OK - so I believe that interest accrues at £1.49 per day for the first 365 days.

[rdm2006]

This calculator will help, I've already put the details in for you

 

[ATTACH]39632[/ATTACH]

 

the current end date is set as "today" (as opposed to an actual date like 26/11/2012) so it will amend each day until you input a physical date.

 

So compound interest to today the 26/11/2012 is £213.56 tomorrow will be £215.04 and so on

Edited November 26, 2012 by rdm2006

[Maz1234]

Hello everyone, im so lost, i thought i could work this on going thing out but im having a terrible problem now working out the interest of what to add onto the award, the time lapse is because my sons old boss has tried everything to slow things down, im unable to get the calculator up for some reason i feel so useless, and i do hope your maths is better than mine, i shall post all details here in hope someone is able to help me please,

sons awarded £6,884.00 on the 16th may 2012, i need to add interest of 8% daily to this till the full amount is paid, so now i have to add 16 months and 5 days of interest on this award, please could someone please help me to try and get the total amount so i can enforce this tomorrow please, im so sorry to ask this of you all as you have been so wonderful to me with your help, but im at my wits ends trying to work this out, thank you so much maz x

[Conniff]

If you were owed £1,000:

• the annual statutory interest on this would be £80 (1,000 x 0.080 = £80)
  
• divide £80 by 365 to get the daily interest: 21.9p a day (80 / 365 = 0.21.9)
  
• after 50 days this would be £11.50 (50 x 0.21.9 = 10.95)
  

So

 

6884 + 8% = 7434 - 6884 = 550

550 / 365 = 1.50

1.50 * 480 days = 720.00

 

I would like someone to check that for me though please before you submit it.

Edited September 22, 2013 by Conniff
Amended to use proper days.

[steampowered]

Hi maz1234,

 

If you were granted interest this would normally be from the date on which your son should have been paid, not from the date of the judgment (the judgment date would usually be a bit later). Just to check, are you sure the interest runs from 16 May or might it actually run from an earlier date?

 

And is the date 16 May 2012 or 2013?

[Conniff]

Oops yes, I didn't notice that, have amended it now to show 480 days instead of 120.

[honeybee13]

Hello there. I'm passing on this from another member of the team in case it helps.

 

The first spreadsheet here can be used.

 

http://www.consumeractiongroup.co.uk...laims-Dec-2011

 

If not and the OP wants to do it manually the 8% accrues at £1.51 per day.

 

My best, HB

[Maz1234]

The judgement date was the 16th may 2012 he was made unemployed on the 4th november 2011, the order just said award made on my sons behalf to the sum of £6, 884.00 and interest to be added @8% daily for all and some of award if unpaid till full payment is received. the judge at the time awarded my son redunacy pay and holiday pay and his wages etc that was owed to him, and thats how he came to the figure of £6,884.00. so it may be from the 4th november 2011 i did not realise this at all, x

Edited September 22, 2013 by Maz1234

[steampowered]

Do you have the exact wording of the order to hand? Would be good if there is a basis for saying interest should run from 4 November 2011 rather than 16 May 2012.

[Maz1234]

that interest of 8% daily is chargeable on the award all the time it remains unpaid,

Together with any further interest becoming due to any payment outstanding if only part of the award is paid.

The award was for unpaid wages inc overtime to my son, Holidays due, Redunancy he is entitled to, and the week in leiu he did, so i gather it would be from the 4th november 2011 till today? maz x

Edited September 23, 2013 by Maz1234

[Maz1234]

So sorry could someone confirm that with interest at the daily 8% the total amount for this award from the 4th november 2011 till todays date would be on the £6,884.00 a total of £7,904.76p? i do hope ive calculated this correct, thank you all so much maz x

Edited September 23, 2013 by Maz1234