EXCEL template for credit cards

[Walksonwalker]

Is there an excel template that reflects the fact that credit card firms charge a lot more than 8% interest on top of the unlawful charges imposed? Or do we just have to settle for 8% interest?

 

Thank you.

Me.

[kateandpete]

You've misunderstood the calculation.

 

The first sheet on the template works out all charges AND the interest they have ALREADY TAKEN from you.

 

The second ADDS 8% APR onto that total. This is s67 County Courts Act interest. It is additional to the charges and interest on the charges.

 

BUT!!!!!!!!! You DON'T CLAIM the 8% CCA interest until you formally issue your court claim. Up until that stage you ask for charges + interest.

[Walksonwalker]

You've misunderstood the calculation.

 

The first sheet on the template works out all charges AND the interest they have ALREADY TAKEN from you.

 

The second ADDS 8% APR onto that total. This is s67 County Courts Act interest. It is additional to the charges and interest on the charges.

 

BUT!!!!!!!!! You DON'T CLAIM the 8% CCA interest until you formally issue your court claim. Up until that stage you ask for charges + interest.

 

Okay, that's understood now, but how do I calculate my 22.5% interest then?

Thank you for your advice.

 

EDIT Just had a look at the template I am using and there is only one sheet on it? Am I using the correct one?

 

Me.

[kateandpete]

Use the credit card - england - complex spreadsheet here..

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

 

You don't need to enter the APR, you enter the balances and interest charged to the account each month. So you need to go through ALL your statements from the first charge. Not just the ones that have a penalty on. Then the proportion of the interest attributable to the penalties will be calculated correctly.

 

Hope that helps

[Walksonwalker]

Use the credit card - england - complex spreadsheet here..

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

 

You don't need to enter the APR, you enter the balances and interest charged to the account each month. So you need to go through ALL your statements from the first charge. Not just the ones that have a penalty on. Then the proportion of the interest attributable to the penalties will be calculated correctly.

 

Hope that helps

 

 

Yup. I've just found the other sheets on the advanced Excel Document.

Thanks once again,

 

I've been at it for three hours now. Sheesh.