Excel Contractual Interest Spreadsheet

[Sk1ntBint]

ROFL @ Bill K's new avatar - must be a baby photo...

 

Hey guess what I got a full offer from HSBC for charges today but without any of the interest.

 

Trouble is I have sent them two different charge sheets already (one with simple int, the next with that compounded interest formula in the simple sheet which Bill pointed out wasn't correct to do).

 

Will they laugh in my face if I do it again properly when I go to court? i.e. with Vamps creditcard sheet or Mindzais new one if its out yet?

 

Cant look as though if I know what Im doing to change 3 times...(well I dont do I!)

[bill-k]

It's one of my many, many grandchildren. A testament to the power of the humble banana !!

 

I would personally suggest you send a revised LBA with your revised spready. Tell them that, since they have taken so long to respond, that you have taken the opportunity to seek further advice, and are now submitting a revised claim. That will make them feel stupid, and not you !!

[nas2211]

Hi Mindzai,

 

Im at the stage of sending prelim letter to Barclaycard. Quick question if that's ok - should I send standard prelim and then when your spreadsheet for credit card contractual interest is ready send an amendment letter or shall I hold tight till the spreadsheet is ready and then send my prelim?

 

Thanks, nas2211

[Mindzai]

Hi nas - I will try to get the CC one done over this weekend, I've had a very hectic week at work and we had our hearing on Wednexday too, so I haven't had much time.

 

Keep an eye out here, it should be up by Sunday with any luck.

[Mindzai]

Right i've finished it and it seems to work OK, but want to get it tested properly so I'm going to pass it to someone who is much better at maths than me to make sure it does it's sums right

[biker babe]

I'm not sure if I am just a bit on the slow side but in the column for interest charged, should I enter the actual value or the % rate charged. If the % rate charged should this be the monthly rate or annual.

 

Sorry about this folks but I am a bit confused and want to make sure I get it right.

[lucid]

You enter the value of the interest, eg. £5.60 and then you put in your account balance after the interest was taken.

 

Lucid

[progenic7]

Hi Mindzai,

 

firstly id like to say well done on the first spreadsheet i have found that actually does what i want of it first time around. (no offence to other spread sheet makers BTW)

I have hit a small problem im using this spready to work out interest on a car laon finance agreement on which i received many charges. ie refused direct debit, late payment ect.

The only thing is on the statement of account i have been sent by them, it only lists the charges but doesnt show interest taken ect. As this was built into the payments from day one. ie i took the loan of £6200 spread over 60 months total payment £8400. i know the apr was 16.9% on the loan

Its just i have no figures to enter into the right hand box on the spready, so im struggling to work that out. Also because i paid the loan off 18 months early there was a rebate of £657 but they didnt send it to me, so can i charge interest on that too ?

 

any advice would be greatly appreciated !

[progenic7]

BTW hows the credit card spready coming along ?

[ICY]

do i only add the interest from the months in which i have been charged, ie no charge, no including interest amount ?

[natwesttookmymoney]

Hi, Progenic

 

If you sent the company a Subject Access Request, properly laid out, then they've failed to comply with it. You can write to them, point this out, and point out the consequences of failure to comply fully with the Data Protection Act.

 

If you didn't send an SAR, now's your chance.

 

Westy

[progenic7]

NatWest i did of course send an S.A.R - (Subject Access Request) 20.1.07 which online finance responded to and indeed they did give me a full list of charges however although the list is complete in terms of what i paid and what i was charged, it doesnt show any interest. This may br due partly to the fact it was a prearanged agreement with interest built into the loan. I have sent off another letter only this morning asking them to specify interest charges ect. heres the thread if its any help to anybody.

 

http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland-bank/59100-progenic-rbs-advanta.html#post537174

 

i know this is my RBS thread but the online finance SAR is identical wording.

[Nads]

Anyone know what IS Lloydtsb's Gold card plu acc and Co-operative bank (Smilemore acc)contractual rate is? I am almost completed my seeht and want to sent it off tomorrow. Just need to claim contractual Interest.

[natwesttookmymoney]

NatWest i did of course send an S.A.R - (Subject Access Request) 20.1.07 which online finance responded to and indeed they did give me a full list of charges however although the list is complete in terms of what i paid and what i was charged, it doesnt show any interest. This may br due partly to the fact it was a prearanged agreement with interest built into the loan. I have sent off another letter only this morning asking them to specify interest charges ect. heres the thread if its any help to anybody.

 

http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland-bank/59100-progenic-rbs-advanta.html#post537174

 

i know this is my RBS thread but the online finance SAR is identical wording.

 

Looks fine to me and this morning's letter likewise - they will have no reason for withholding information.

 

the alternative route is to input your charges onto your spreadsheet and apply compound interest from the date the occur at an appropriate rate - purchases, cash advances, whatever. then let them argue whether they're too high or not.

 

Best

wishes

 

Westy

[crystalcag]

Hi, my poor brain has fused! I've been trying to complete the fantastic simple spreadsheet - and have come to a halt on the account balance at interest date. Do I put in the balance before anything came out on the date, the balance after the interest came out or after everything came out...this is probably painfully simple but I just can't get my head round it.

 

Lloyds only sent me info on the charges and interest - they left out the balances so I have to phone them to get the info.

 

They charged me £140 on unpaid DD fees this month! which was 3 times more than the dds added up to in the first place!!!!!!!!!

[nas2211]

Hi Mindzai,

 

Thanks for getting back to me. Whenever the cc spreadsheet is ready just give me a nudge. Looking forward to getting every penny I can back from barclaycard!

[doo]

Mindzai, second above, put a post on here when credit charge spready is done, thanks.

[biker babe]

I am getting Soooo confused. Is Contractual Interest the overdraft interest that has been charged.

 

The more I am reading about this the more confused I am getting, my knickers are really in a twist and I want to make sure that if I claim for the contractual interest that I am calculating the right amount.

[natwesttookmymoney]

I am getting Soooo confused. Is Contractual Interest the overdraft interest that has been charged.

 

The more I am reading about this the more confused I am getting, my knickers are really in a twist and I want to make sure that if I claim for the contractual interest that I am calculating the right amount.

 

Yo, Babe!

 

The contractual rate is a rate the bank charges under its Terms and Conditions (T&Cs), which are the effective contract.

 

It can be either the authorised or the unauthorised rate of interest. The unauthorised rate is higher.

 

The aruments for auth-v-unauth-v-statutory have been (and continue to be) discussed energetically and, indeed, with gusto on a thread about contractual interest.

 

Talking of 'indeed', Stargate SG-1's on. So I'm off!

 

If you want further discussion, have other queries, feel free to either post up here or PM me. Believe me, I know how confusing it can be!!

 

Best

 

Westy

[Mindzai]

BTW hows the credit card spready coming along ?

 

It's finished, I just need to test it properly but I've been very busy the last few days.

 

do i only add the interest from the months in which i have been charged, ie no charge, no including interest amount ?

 

No, add interest for every month whether you were charged in that month or not.

 

Hi, my poor brain has fused! I've been trying to complete the fantastic simple spreadsheet - and have come to a halt on the account balance at interest date. Do I put in the balance before anything came out on the date, the balance after the interest came out or after everything came out...this is probably painfully simple but I just can't get my head round it.

 

I would put in your balance before anything was taken, but to be honest it is only an educated guess at the interest owed on interest anyway, so it probably doesn't make to much difference either way.

[progenic7]

dying to get my hands on a Credit card spready ;-)

[ICY]

 

No, add interest for every month whether you were charged in that month or not.

 

Thanks for that but can i claim back interest even if i havent had any charges, are i have an agreed overdraft and surely part of the contract with this is the interest rate ?

 

I would have thought that the bank would also have argued this point

[ICY]

I think i have gone wrong somewhere, these figures cant be right

 

I have only entered one charge of 20 received on december 04 and when i click on the interest daily sheet it comes up with these figures, surely this cant be correct

 

IAN CROSS vs ABBEY

SORT CODE:0

ACCOUNT NUMBER:0

MONTHLY INTEREST RATE: 32.66%

SCHEDULE OF CLAIM FOR CHARGES

TOTAL INTEREST: £28,477.59

FROM:27 December 2004

TOTAL INC. INTEREST: £28,497.89

TO:15 February 2007

DAILY RATE (FOR CLAIM FORM): £0.22

TOTALS: £20.00

£28,053.10

£28,073.10

£0.30

£424.49£424.79

DATE OF CHARGE 27/12/2004

PENALTY AMOUNT £20.00

COMPOUND INTEREST £28,053.10

COMBINED CHARGE & INTEREST £28,073.10

DATE OF INTEREST 27/12/2004

INTEREST PAID ON PENALTIES£0.30

COMPOUND INTEREST ON INTEREST £424.49

COMBINED INTEREST & C. INTEREST £424.79

 

 

 

I really dont understand how the figures are so high, and thats just with one charge, there is no way the banks are going to not defend these kind of amounts are they?

 

Am i doing something wrong?

I used the going rate from Abbeys website which say AER 28.7% this is for the unauthorised borrowing fee, i have entered this figure onto the first sheet and i get the following : Enter Interest Rate (APR): 28.7Monthly Rate:32.66%Daily Rate:0.933%

[natwesttookmymoney]

Hi, Icy

 

I'd say that yes, you are doing something wrong but I have absolutely no idea what it is!

 

Whose spready are you using? If it's Mindzai's, then I suggest you PM him and ask for help direct.

 

Ping! I think I may have an idea - you've put the MONTHLY interest rate as 32.99%: that should be the annual rate. Monthly should be 2.xx%. 32.99% is totally unprincipled loan sharks' rate (DON'T go there!)

 

In response to your previous post, the interest you are charged on the charges they levy is reclaimable, even if the overdraft is an agreed one. Think of it this way: you invite people into your house for a party. One of them takes a hi-fi, an iPod and a portable TV. You had agreed to them being in your house and enjoying your hospitality but you hadn't agreed to

them taking your property, had you? Charging interest on unlawful fees, even in an agreed overdraft scenario, is the same thing - you have not consented to your money being taken unlawfully. Get it all back.

 

Best

 

Westy

[progenic7]

Hi Mindzai,

 

i will be a beta tester if you like on the CC spready ! ;-)

 

just cant wait any longer