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Excel Contractual Interest Spreadsheet


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When people talk about contractual interest on this site they are generally talking about the interest which they plan to add on top of the charges and overdraft interest they've been charged. Contractual interest in this sense can not be claimed in addition to statutory interest - Its one or the other.

 

The overdraft or debit interest you've been charged is, although at the contractual rate, generally speaking not what people are referring to when they say contractual interest.

 

You can claim for:

 

1) Charges taken +

2) The overdraft/debit interest which has been charged on item 1 +

3) Statutory interest at 8% when filing your court claim OR Contractual interest at the contractual rate (Authorised or Unauthorised) from the start

 

HTH

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Muggins, as far as my understanding of the process goes, I would say this is still incorrect.

 

The error is in your definition of debit interest (or at least what I call debit interest). Debit interest is the charge that is shown as a debit on your statement and is calculated as the amount that is directly proportioned to the charges for that month.

 

What you call authorised rate of 18 odd % is CONTRACTUAL INTEREST and is so (from my understanding of it) whether you are using the authorised rate or the unauthorised rate.

 

Taking all that into account, you can either claim your charges, debit interest and statuatory interest or charges and contractual interest. You can't claim a mixture of the two from my understanding?

 

T4FF,

 

Which is what I said in my last post, and is precisely why I am waiting to hear back from the person who's given me the spreadsheet:rolleyes:.

:DSUCCESSESS:D

NATWEST01&02 won over 4k

See how

http://www.consumeractiongroup.co.uk/forum/natwest-successes/31683-muggins73-natwest.html

 

:)CURRENT CLAIMS:)

HALIFAX03

19-SEPT-07 APPLICATION TO HAVE STAY LIFTED

02-OCT-07 APPLICATION REFUSED

LLOYDS TSB04

10-MAY-07 LBA

 

ABBEY05

19-SEPT-07 LBA

 

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You can claim for:

 

1) Charges taken +

2) The overdraft/debit interest which has been charged on item 1 +

3) Statutory interest at 8% when filing your court claim OR Contractual interest at the contractual rate (Authorised or Unauthorised) from the start

 

HTH

 

Hi JJ,

in relation to the following point you've made 'The overdraft/debit interest which has been charged on item 1 +'

they've charged me 18.9% on the charge taken (my actual loss) does this not amount to nothing? Why can't I charge them what they've charged me + statutory?

:DSUCCESSESS:D

NATWEST01&02 won over 4k

See how

http://www.consumeractiongroup.co.uk/forum/natwest-successes/31683-muggins73-natwest.html

 

:)CURRENT CLAIMS:)

HALIFAX03

19-SEPT-07 APPLICATION TO HAVE STAY LIFTED

02-OCT-07 APPLICATION REFUSED

LLOYDS TSB04

10-MAY-07 LBA

 

ABBEY05

19-SEPT-07 LBA

 

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Taking all that into account, you can either claim your charges, debit interest and statuatory interest or charges and contractual interest. You can't claim a mixture of the two.

 

You can. The only mixture you can't claim is Statutory + Contractual. Its one or the other.

 

The charges and the debit interest you've been charged on those charges aren't really disputable. This is what the bank has taken illegally from you. You then have to choose if you want to add Contractual interest onto this OR wait until you get to court claim stage and add statutory 8%.

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Hi JJ,

in relation to the following point you've made 'The overdraft/debit interest which has been charged on item 1 +'

they've charged me 18.9% on the charge taken (my actual loss) does this not amount to nothing? Why can't I charge them what they've charged me + statutory?

 

You can, but the rate they used is not really important as the spreadsheets work this out for you. You only really need to know the contractual rate if your claiming contractual interest instead of statutory.

 

The spread sheets work out how much of the debit interest is claimable in relation to your account balance at the time and your previous charges.

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T4FF,

 

Which is what I said in my last post, and is precisely why I am waiting to hear back from the person who's given me the spreadsheet:rolleyes:.

 

Is it? My head hurts. The fact you quoted the 18% led me to believe otherwise? Mindzai's spreadsheet does this calculation of debit interest for you you see.

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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You can. The only mixture you can't claim is Statutory + Contractual. Its one or the other.

 

Sorry wasn't very clear there "the two" meant statutory & contractual, as in "the two forms of interest", I knew what I meant :D

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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You can, but the rate they used is not really important as the spreadsheets work this out for you. You only really need to know the contractual rate if your claiming contractual interest instead of statutory.

 

The spread sheets work out how much of the debit interest is claimable in relation to your account balance at the time and your previous charges.

 

Thats just it JJ, the million dollar question, isn't 18.9% Halifaxs contractual rate (acording to their website)?

 

As for the debit interst, and am aware of this much;)

:DSUCCESSESS:D

NATWEST01&02 won over 4k

See how

http://www.consumeractiongroup.co.uk/forum/natwest-successes/31683-muggins73-natwest.html

 

:)CURRENT CLAIMS:)

HALIFAX03

19-SEPT-07 APPLICATION TO HAVE STAY LIFTED

02-OCT-07 APPLICATION REFUSED

LLOYDS TSB04

10-MAY-07 LBA

 

ABBEY05

19-SEPT-07 LBA

 

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I've edited it for correctness...

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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Hi muggins73

 

What you are entitled to claim are:

 

1) the actual charges e.g. £25 or £30 per item

 

2) The debit interest they have charged you - this figure is an actual amount - e.g. £3.58 and shows on your statement at the end of every month.

 

If you use Mindzai's spreadsheet, you enter each charge and date in to the 1st column and each amount of debit

interest (e.g. the £3.58) and date in to the 2nd (along with the actual balance of your account on the date that this debit interest charge was added).

 

The spreadsheet then calculates the proportion of the £3.58 that is a direct result of the charge having been made and will calculate interest on that proportion only and on the actual charge. You get 2 sets of results, one at 8% (s69 rate) if you want to stick with that, and also one at any CI rate you have entered (i.e. authorised or unauthorised) as an alternative.

 

Is this any clearer? :)

 

Regards, Pam

VITAL - IF YOU HAVE AN ISSUE ABOUT THE INCREASED BAILIFFS' POWERS TO BREAK INTO YOUR HOME AND USE FORCE IN ORDER TO GET YOUR GOODS THEN JOIN THE PETITION HERE:

http://www.consumeractiongroup.c o....l#post53879 9

 

Anyone seeing this who wants to help by copying it to their signature please do.

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Yeah well its easy to say that now. ;)

Yes it is :D

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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Ok from what I understand...

 

Yesterday Muggins you confirmed that the £5035.92 was interest you had earnt on your £1039 of charges. If this is definitely the case then you can't add statutory interest to that.

 

But in a post today you say:

 

For the avoidance of doubt, my claim will be made up of

 

Charges

Debit Interest (authorised rate 18.9%) on each and every item

Statutory interest at 8% on each and every item.

 

If this is the case then £1039 (charges) + £129 approx (interest paid on penalties/debit interest you originally described) obviously doesn't amount to £5035.92. From this I'm assuming that after taking off charges + debit interest from the figure of £5035.92 you are left with a figure of approx £3800 which is a result of adding interest at the authorised borrowing rate. :confused: Am I anywhere near - if not that's fine but I thought I'd have a go at analysing. :D

 

Lucid :)

Mindzai & Lucid vs Lloyds TSB

*Won unconditionally with contractual interest (29.85% compounded)

Lucid's Account - £749.62 * Joint Account - £2019.64 * Mindzai's Account - £595.65

*All settled in full - 6/2/07

*Hearings - 7/2/07

*Prelims sent - 9/8/06

_______

GOT A COURT DATE? A guide to the later stages

 

[sIGPIC][/sIGPIC]

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Ok from what I understand...

 

Yesterday Muggins you confirmed that the £5035.92 was interest you had earnt on your £1039 of charges. If this is definitely the case then you can't add statutory interest to that.

 

But in a post today you say:

 

 

 

If this is the case then £1039 (charges) + £129 approx (interest paid on penalties/debit interest you originally described) obviously doesn't amount to £5035.92. From this I'm assuming that after taking off charges + debit interest from the figure of £5035.92 you are left with a figure of approx £3800 which is a result of adding interest at the authorised borrowing rate. :confused: Am I anywhere near - if not that's fine but I thought I'd have a go at analysing. :D

 

Lucid :)

 

As per my pm to you, I'm sending you copies of everything, and we'll go from there:):)

:DSUCCESSESS:D

NATWEST01&02 won over 4k

See how

http://www.consumeractiongroup.co.uk/forum/natwest-successes/31683-muggins73-natwest.html

 

:)CURRENT CLAIMS:)

HALIFAX03

19-SEPT-07 APPLICATION TO HAVE STAY LIFTED

02-OCT-07 APPLICATION REFUSED

LLOYDS TSB04

10-MAY-07 LBA

 

ABBEY05

19-SEPT-07 LBA

 

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I understand what contractual interest is and I've used the spreadsheet to calculate my charges to be £1854.62, my overdraft interest to be £310.43 and the compound/contractual interest on these combined figures to be £908.80 - Total £3073.80. My question is, how do I word this on the Particulars of Claim??:idea: I'm sorry if this is the wrong place to ask but none of the templates seem to spell it out. Please help!

[FONT=Tahoma][SIZE=1][COLOR=red]HALIFAX[/COLOR][/SIZE][/FONT] [FONT=Tahoma][SIZE=1][COLOR=red]24/10/2006 Submitted MCOL [/COLOR][/SIZE][/FONT] [FONT=Tahoma][SIZE=1][COLOR=#ff0000]25/10/2006 MCOL Issued[/COLOR][/SIZE][/FONT] [FONT=Tahoma][SIZE=1][COLOR=#ff0000]26/10/2006 Acknowledgement rec'd from court. [/COLOR][/SIZE][/FONT]

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Mindzai & Lucid vs Lloyds TSB

 

Mindzai's Account - Partial settlement offer rejected

Joint Account - Partial settlement offer rejected

_________________________

Spreadsheet for compound contractual interest and statutory (s69) interest:

Download v1.9 [Tested with Excel 97-2007 and OpenOffice 2]

PLEASE NOTE: You should fully research contractual interest before you use that functionality of this spreadsheet. If in any doubt please use it to calculate 8% interest under s69 County Courts Act 1984.

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Hi,

I hope you don't mind me using this thread to ask a few questions regarding claiming back contractural interest. I am considering claiming back £350 of bank charges from Lloyds TSB at a authorised overdraft rate of 18.3% (i took this from the website). I have used Mindzai's sheet to calculate it but I would really appreciate it if someone could take a look at it. I have attached the file.

I am a bit stuck on the interest paid on penalties section on the "charges and penalties" tab. I have included interest from the days I got the penalties and I have used the bank balance from the last day of the period the interest payments relate to. Is this correct, or should I use an average of balances for the month. Is this section necessary for the claim?

Thank you in anticipation.

KMBT35020070403163239.pdf

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I have included interest from the days I got the penalties and I have used the bank balance from the last day of the period the interest payments relate to. Is this correct,

 

Thats what I did and I think its fine.

 

or should I use an average of balances for the month.

 

You can do it with the average overdrawn balance for that particular charging period. This would probably give you more accurate results but can you be bothered/do you know how to work it out? I couldn't/didn't, but its up to you.

 

Is this section necessary for the claim?

 

Only if your claiming overdraft/debit interest.

 

HTH

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With Lucids help and a lot of patience, all is now crystal and we both know what 'I' am doing...sticking to Mindzais spready:D:D:D

:DSUCCESSESS:D

NATWEST01&02 won over 4k

See how

http://www.consumeractiongroup.co.uk/forum/natwest-successes/31683-muggins73-natwest.html

 

:)CURRENT CLAIMS:)

HALIFAX03

19-SEPT-07 APPLICATION TO HAVE STAY LIFTED

02-OCT-07 APPLICATION REFUSED

LLOYDS TSB04

10-MAY-07 LBA

 

ABBEY05

19-SEPT-07 LBA

 

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Thank you for your help JustJon.

In that case, I don't think I will claim back the debit interest from the bank as I don't think there is much value in it.

Today I will send my prelim letter (I have already sent a prelim and lba but without contractural interest) and let you know how I get on.

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

Leech

 

Is this right? Seems rather arbitrary...

Natwest - DPA sent / prelim sent http://www.consumeractiongroup.co.uk/forum/natwest-bank/75363-bump-crapwest.html#post656651

Barclaycard - DPA sent

MSDW - DPA sent

GE Capital - Prelim sent http://www.consumeractiongroup.co.uk/forum/store-cards/72853-mr-bump-frasercard.html#post629618

RBS bank - DPA sent

RBS card - DPA sent

Student Loans Co - pending

Egg - DPA pending http://www.consumeractiongroup.co.uk/forum/egg/79992-bump-humpty-dumpty.html#post707138

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Hello,

 

I think I've read through all the posts on here and have downlodaed Mindzai's cc version 1.1 but I'm still not sure what to enter in the balance paid over next month column. sorry and thanks for all the hours of help you peeps are putting in for us.

 

Elliex

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Hi all

 

I'm using v1.1 for a Natwest CCD claim of about 1k and will be claiming CI.

 

Am I right in that on the left hand side the date shown is the actual statement date, any charges shown on that statement are entered here, and the interest in that statement month also shown on the right hand side. Balance is the actual statement balance and the amount repaid is from the following month's statement.

 

In completing the spready I notice that following one particular month where the whole balance was repaid, the interest paid on penalties becomes a negative figure.

 

I assume that the figure entered for interest paid, Statement Balance and amount repaid next month should be shown as positive figures.

 

Any thoughts.

 

BTW - great advice & support!

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Just a thought Mindzai / Lucid. The first post still has 1.8 linked in it. Might it be worth updating that with 1.9??

If my post has been useful, tip my scales and let me know

 

Always start with the User guide!

Stuck with RBS charges? Click here!!

 

RBS CA1 £2794 SETTLED!!! RBS CA2 £503 SETTLED!!! HBOS CC £498 SETTLED!!! Barclaycard £705 (with CCI) ONGOING!!! NATWEST CA ONGOING!!! LLOYDS CA x 2, CC, LOAN ONGOING!!! HFC LOAN ONGOING!!!

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Yes it would T4FF. :D I'm still waiting for Mindzai to take a look at the list of questions and issues I've made. ;) That was one of the things on it. I'll give him a reminder when I get in from work today.

 

Lucd :)

Mindzai & Lucid vs Lloyds TSB

*Won unconditionally with contractual interest (29.85% compounded)

Lucid's Account - £749.62 * Joint Account - £2019.64 * Mindzai's Account - £595.65

*All settled in full - 6/2/07

*Hearings - 7/2/07

*Prelims sent - 9/8/06

_______

GOT A COURT DATE? A guide to the later stages

 

[sIGPIC][/sIGPIC]

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