Excel Contractual Interest Spreadsheet

[Fred_Funk]

Mindzai et al,

 

Firstly, thanks for the spreadsheet and all the excellent advice contained on this illuminating thread.

 

Was just wondering whether anyone had been able to come up with an answer to the questions posed by JustJon in post 142?!

 

Namely, what should one do to adjust for the fact that if you happen to be in credit on the day interest is taken from your account, the otherwise excellent spreadsheet isn't able to cope with this and doesn't make any provision for interest arising as a result of charges in such circumstances?

 

While this only occurs in half-a-dozen or so of the 72 months with which I am concerned, as you might imagine, with my typical monthly interest being in the region of £15-£20, it soon adds up - especially when it's compounded.

 

Thanks in anticipation of your help and co-operation.

 

Fred

[LEECHTHEBREACH]

Funk you find a date in the month where you are in the red then the interest kicks in,

Leech

[pc23]

I'm about to send my LBA to Cap One - but I have some serious doubts about the spreadsheet I have used (taken from here... 6. Interest calculation spreadsheets I have used England - Advanced - Excel). Or put more accurately how I've used them. In a nutshell... the sheet does the following to calculate simple contractual int.

 

(Total amount charged in fees over the period of time)

 

Divided by

 

(The statement balance Month 1)-(the payment made in respect of that eg. the one which appears on Month 2 statement)

 

Multiplied by

 

Total interest charged as per Month 1 statement

 

= interest to reclaim for Month 1

 

I might be being thick, but I don't understand why the following month's payment needs to be deducted? Can anyone explain to set my mind at rest?

[callingcard]

A quick question on CC v1.1.

 

I am reading the Notes on how to complete the spreadsheet, it says:

"6. In the column labelled "Interest Date", enter the date that the first amount of interest was debited."

 

I assume this is still refering to the Charges and Interest tab, I cannot see the column labelled "Interest Date" - where is it or what is the correct instruction?

 

Regards G.

[fatboy88]

fATBOY 88 send it over and I'll have a look if you like.

 

Hi mate, would you be able to send me an email address to send it to

 

many thanks

[isidore]

A quick question on CC v1.1.

 

I am reading the Notes on how to complete the spreadsheet, it says:

"6. In the column labelled "Interest Date", enter the date that the first amount of interest was debited."

 

I assume this is still refering to the Charges and Interest tab, I cannot see the column labelled "Interest Date" - where is it or what is the correct instruction?

 

Regards G.

There isn't one. I can only assume that the instructions were copied directly from the current account version where the interest date is relevant. On the credit card one, interest and charges are charged at the same time every month so the interest date is (often) the same as the charge date. If they are for some reason different, I wouldn't worry about it, just use the later date.

[isidore]

More of an observation than anything, but would welcome an opinion all the same. On the charges & interest page (CC_1.1), the summary in the top right hand corner reads:

 

Total Penalties 254.00

Total Interest on Penalties 26.12

Total Owed before Interest 280.12

 

Should the last line be Total Owed including Interest? Obviously that is what the calculation is, so just raising this I guess - I know how to amend this myself - unless anyone knows why it is before rather than including?

[Todge]

T4FF

IMO it should mean 'before Statutory 8% Interest from date service of N1'.

 

Contractual interest does not apply, adding the interest charged by them to the claim is simply calculating the redress needed - it's an integral part of the claim.

 

Once served, you can ask for 8% SI from the court when you win.

 

So: They've penalised you £1000. They've added £200 interest. Your claim is £1200. From the date of service of MCOL/N1, the amount goes up at 8% p.a.

 

 

IMO - Hope this helps.

 

T.

[progenic7]

where the hell is mindzai is what im wondering

[callingcard]

It would be useful if Mindzai could tidy up the spreadsheet and Notes for the CC spreadsheet.

 

Regards G.

[LEECHTHEBREACH]

Right chaps what do you want to know about spreadsheets, I,me the master!!!!!!!!! Ask me?

Leech

[muggins73]

As there seems to be some issue with signatures I'm posting this thread as a place to point to this spreadsheet:

 

Download v1.8

 

It works with most versions of Excel for calculating statutory and contractual (compounded) interest and printing a scedule of charges.

 

Any questions feel free to ask.

 

I have been going through hell with regards to these blinkin' spreadsheets.

For two days I have been unable to open your version let alone save it onto disk, vampiressess google ones have been saved with corrupted save with no way of copy and pasting them back in:mad:

 

Today, with all this lovely sunshine, my computer has finally decided to play nice and has allowed me to download your version:D:D:D

 

What a blindin' piece of work. I thought I'd just pop a thread in to thank you for such a piece of art. You are a scholar and a saint and you've saved my bacon I can tell you, not to mention me marbles!!!!

 

Thank you. My hat is definately off.

[lucid]

More of an observation than anything, but would welcome an opinion all the same. On the charges & interest page (CC_1.1), the summary in the top right hand corner reads:

 

Total Penalties 254.00

Total Interest on Penalties 26.12

Total Owed before Interest 280.12

 

Should the last line be Total Owed including Interest? Obviously that is what the calculation is, so just raising this I guess - I know how to amend this myself - unless anyone knows why it is before rather than including?

 

It means total owed before contractual or statutory interest - the total being Total Penalties + Total Interest on Penalties.

 

T4FF

IMO it should mean 'before Statutory 8% Interest from date service of N1'.

 

Contractual interest does not apply, adding the interest charged by them to the claim is simply calculating the redress needed - it's an integral part of the claim.

 

Once served, you can ask for 8% SI from the court when you win.

 

So: They've penalised you £1000. They've added £200 interest. Your claim is £1200. From the date of service of MCOL/N1, the amount goes up at 8% p.a.

 

 

IMO - Hope this helps.

 

T.

 

Sorry T but you've got that wrong. You can't claim for contractual interest as well as statutory - only one form of interest is allowable. It should read as it does on the spreadsheet.

 

EDIT: Sorry T, I think I mis-read what you've written. You're referring to contractual interest as Interest Paid on Penalties (I think).The spreadsheet refers to contractual interest as interest you can add to your claim at the bank's contractual rate (either authorised or unauthorised interest rate) - but this is done in place of statutory interest.

 

where the hell is mindzai is what im wondering

 

Mindzai has been extremely busy lately and we have still got restricted access to the PC which is a pain. I'm keeping track of all of your questions and they are all going to be dealt with but probably not until Mindzai's on holiday from work - Easter Monday onwards. I've also suggested that Mindzai makes the notes section of each spreadsheet much more detailed in the hope that it will answer most potential questions. I appreciate this doesn't help people presently using the sheets for their claims who are waiting on questions being answered, but I'm afraid Mindzai just doesn't have time at the moment.

 

Thanks, Lucid

[isidore]

It means total owed before contractual or statutory interest - the total being Total Penalties + Total Interest on Penalties.

Thanks for clearing up Lucid and also for giving us an update of situ with Mindzai.....unfortunately it is often forgotten that the likes of you do this voluntarily and actually have their own lives to live too.

 

Keep up the good work

[lucid]

Hi T4FF,

 

Thanks - I hope you were inlcuding the site MODS/helpers in that too as everybody on here is voluntary. I'm sureyou were but just wanted to point that out to anybody who might not realise.

 

Lucid

[isidore]

Sorry yes "the likes of you" was implied that way - those that provide a greater service to everyone on this site.

[muggins73]

Is there any way to remove the compunded bit from mindzais wonderful spreadsheet without completely ballsing it up? i want to claim simple contractual interest without the compounded bit. i've had nightmares with many different spreadsheets (inc. vampiressess google ones) and the thought of having to input all them blasted figures again is giving me a headache:o

I've got as far as to unprotect it, but what now?

[lucid]

You would need to change the interest rate on the 8% statutory interest tab, as statutory interest is calculated as simple interest. Then you would have to change all of the headings describing 8% statutory interest. You would need to completely ignore the current contractual interest tab.

 

But contractual interest is calculated in the contract as compound interest - not simple. So really claiming simple interest at the contractual rate (either authorised or unauthorised borrowing rate) is a made up rate. This may not matter as they are likely to settle beforehand but looking at it from the "you will have to turn up to court to argue your case" point of view then how would you explain where you got that rate from? Possibly something worth considering.

 

Good luck. Lucid

[muggins73]

You would need to change the interest rate on the 8% statutory interest tab, as statutory interest is calculated as simple interest. Then you would have to change all of the headings describing 8% statutory interest. You would need to completely ignore the current contractual interest tab.

 

But contractual interest is calculated in the contract as compound interest - not simple. So really claiming simple interest at the contractual rate (either authorised or unauthorised borrowing rate) is a made up rate. This may not matter as they are likely to settle beforehand but looking at it from the "you will have to turn up to court to argue your case" point of view then how would you explain where you got that rate from? Possibly something worth considering.

 

Good luck. Lucid

 

Thanks Lucid for the response.

 

I have been advised to possibly take this route. It is not a certainty at present.

I did intend to go the whole hog, 11 years worth of charges and interest + compounded CI, and having entered all the necessary details onto mindzais' spreadsheet my claim totals up to a wopping £17,642.60 inc. interest:shock:

I figured that as I am making my claim just that little bit more interesting by going beyond the 6 year limitation (this is my third claim all-in-all), and on reading Bongs thread, did I really need to over complicate things with the CI issue.

 

I've just managed to copy and paste most of my info onto vamps google spreadsheet for 'simple' contractual interest and that totals £3,977.24 inc. interest which seems far more reasonable.

 

In answer to your the point you've made regarding the unauthorised borowing rate, which is a fair point and openly welcomed, (so much so I'll post it in my thread to see what comes up) I obtained this from Halifaxs' website, so my answer to Mr judgy would be exactly that:p

 

You've probably guessed that i am out of my comfort zone and am meerly researching the best option before I start reclaiming. My PRELIM is draughted but not ready to go as yet:)

[lucid]

Hi Muggins,

 

Sorry - when I said how would you explain the rate I meant the form of interest, not the actual figure (interest rate). Sorry, I probably didn't phrase it too well. In terms of contractual interest and the form that exists in the contract, it is compounded. I just meant that using the unauthorised borrowing rate but calculating it as simple interest was a made up rate/form of interest (in terms of the contract).

 

I can certainly see why you would want to opt for simple calculations instead of compound and you are very sensible to stay away from compounding if the resulting total is as high as that. Although I don't agree that contractual interest can be anthing other than compounded, everybody has to do what is right for them and it is good to hear that you are taking your time before sending off the prelim.

 

Lucid

[muggins73]

Hi Lucid,

Honestly, no need to be sorry as your input has definately been taken onboard.

However, how come vampiressess spreadsheets gives us a choice of one including compounded CI and one that is simply CI?:confused: Or have i got that all mixed up too?

I'm seriously beginning to wish I'd never entertained CI, compounded or otherwise:)

[lucid]

Vampiress' spreadsheets tailor for both calculations I believe to give people the option. When we first entertained the idea of claiming contractual interest (back in August 06) there wasn't a spreadsheet for contractual interest. People were using Vampiress' original statutory interest sheet and changing the interest rate - creating simple interest but at a higher rate. Mindzai produced his spreadsheet so that people could calculate contractual interest accurately (by compounding), and then Vampiress' Chambers soon followed. It was argued that the bank and court were hardly going to argue that you are claiming less in interest (by claiming simple in place of compound), but contractual does mean the interest that exists in the contract - and simple interest doesn't ecist in he contract.

 

But I think that people have claimed simple interest at a higher rate and it has been awarded. As I said it's up to you what you do, and the forum supports contractual interest in simple and compound forms - I just don't agree.

 

Lucid

[muggins73]

Well thats clarified that then:) I love a bit of clarity me.

 

I'm glad I'm not the only one who thinks that my compounding totals are a bit on the high side. I think the judge would have a fit, seeing as though i'm not only going for 11 years worth but compound too. If I was a bank I'd take me to court for that amount. your comment has helped make my mind up in that respect, it's gonna have to be the simple interest @ 29.8% or the 'ole faithful statutory, me thinks. For this much, I am truely grateful.

 

With reference to the google spreadsheet, this does not appear to inc. the interest paid on the penalties. Seeing as thoough you know what you are talking about, i take it that there is a reason for this.

 

Just out of interest (pardon the pun), do you know of anyone who's actually won beyond the 6 year limitation and compounded CI? I've located some seperatley but not the two together.

 

One more question, if i may, i understand that you claim CI from the offset, is this the same for the simple higher rate or do i add this on when (and if) i have to begin court proceedings as with statutory?

[LEECHTHEBREACH]

Muggins.

Yours is a large claim and will be fought all the way. Unless you have been over your overdraft limit 75% of the time, you can forget

29.8%. Use the contractual rate (compounded)- because that is what you have been paying- and pm me with your e-mail address, I will send you a finely tuned version of Mindzais. You do not need to fill the whole sheet out again one by one, just cut and paste it column by column(2 mins job).

You can get away with compounded unauthorized interest (29.5%)on smaller claims (say £2-£2.5k).

Yes I have won compounded unauthorized rate.

Start your claims with CI, if you have not it does not matter, but send in another LBA.

regards Leech

[lucid]

With reference to the google spreadsheet, this does not appear to inc. the interest paid on the penalties. Seeing as thoough you know what you are talking about, i take it that there is a reason for this.

 

Hi muggins,

 

I believe there are a few different google spreadsheets - some with interest paid on penalties and some without. The reason probably being that not everybody wants to claim interest paid on penalties so it's easier for them to use a spreadsheet without.

 

Lucid