Excel Contractual Interest Spreadsheet

[lucid]

Hi Fred,

 

No sorry that's not what I meant.

 

At the moment the interest on the spreadsheet is compounding daily and probably (due t your claim being large) the Compound Interest and Compound Interest on Interest column (C. Interest Daily Tab) totals are increasing by a lot each day. The daily rate is worked out by taking your current totals for the day and calculating a daily interest from it- still using your 29.5% interest rate. You can do this yourself fairly easily - I'll use a total of £1000 as an example (this total includes total inclduing any interest you have earned so far):

 

ANNUAL RATE: £1000 (total amount) x 29.5 (your annual interest rate) / 100 = £295 (this is your annual rate as an amount)

DAILY RATE: £295 (your annual rate) / 365 = £0.81 (this is your daily rate as an amount)

 

So it's pretty easy to work out yourself but the spreadsheet does it for yu. But I think I've spotted a problem with the sheet. How many rows do your charges take up? I've just looked at the formula for the daily rate and I think it is only taking into account a certain number of rows. If this is the case it must be where Mindzai extended the amount of rows available but forgot to amend the daily rate formula. If this is the case I'll ask him to amend it and upload a new one asap.

 

Fred I did a daily rate calcualtion on a total of £11,000 and I think the daily rate should be £8.89 - does this sound more like it?

 

Lucid

[MilkTrayMan]

Hi southyorksman!

...The CI spreadsheet kindly provided by Mindzai is 1600ish KB in size and therefore 200 KB too big to save on a floppy disc, is there anyway the file can be made small enough to save onto a single 1.44MB floppy disc Pleeeeeeease.

Have U considered a small investment in a USB Pen Drive???

They're a doddle to use.

Even a relatively small capacity one of say 128mb = approx 90 floppies.

If U shop around, U should easily pick one up for less than £10 or so.

Most PC's have USB Ports and the Pen Drive shows up just as another Hard Drive for U to drag/drop/save to.

[Fred_Funk]

lucid

 

Thanks again for your quick response. Better still, this time I'm fairly sure we're on the same wavelength.

 

Like you, I'd done some back-of-fag-packet arithmetic to work out my daily rate which was why I was anxious when it didn't come close to the figure calculated by the spreadsheet - and, subsequently, managed to get myself in a right muddle (see above). :o

 

A daily rate of almost £9 is much more in line with my calcualtions and, more to the point, with the rate by which my claim has increased between my preliminary letter and LBA.

 

That being the case, your explanation for the discrepancy seems entirely plausible. For the record, my schedule of charges has 135 rows and was compiled using 'Copy of CompoundSheet_v1.9'. I think Midzai has subsequently produced a revised spreadsheet(?) so it may bee that this oversight - if indeed it is - has already been corrected.

 

Thanks again for your assistance. I like to have everything straight in my head before progressing to the next stage and I think, now, I'm almost there.

 

Fred

[Fred_Funk]

One final thing...

 

Won't the daily rate change day by day as the interest compounds?

 

That being the case, am I right in thinking the 'DAILY RATE (FOR CLAIM FORM)' box should, in anycase, only be treated as a guide?

 

Fred

[lucid]

One final thing...

 

Won't the daily rate change day by day as the interest compounds?

 

That being the case, am I right in thinking the 'DAILY RATE (FOR CLAIM FORM)' box should, in anycase, only be treated as a guide?

 

Fred

 

Hi Fred,

 

It depends on which method you want to use. We (and I know others have done this) decided that once it got to the court filing stage a set daily rate would be easier to use than allowing the interest to continue compounding. Se we opted for this way and because our claims only had charges a maximum of 3 years old it actually created a total similiar to if we had allowed the interest to continuously compound. But I think other people have left interest to compound, but I have no idea how it works when it comes to payment time. I think that people with charges going back more than 6 years would probably find that inbetween the time they file and the time they get paid, the amount would have increased a lot if the interest had continued compounding instead of having a static daily rate.

 

Obviously it is up to you which method you choose.

 

Lucid

[beetlejuice]

Lucid,

 

thanks for all your comments this thread is very useful. I downloaded Mindaz's v1.1 CC spread sheet and I'm working through it, The notes about interest on charges don't match the heading columns? Can you advise. Much appreciated.

 

 

Beetlejuice.

 

[lucid]

Hi Beetlejuice,

 

Ye I think that'sbeen picked up on already. It seem Mindzai coped the notes from his bank charges spreadsheet and didn't adapt it to fit with the credit card one. There are a few things that need to be updated on the spreadsheets but when it will get done I don't know.

 

Lucid

[beetlejuice]

Thanks Lucid, I know you guys are busy, GREAT WORK, and much appreciated threads, will await with "patienza?' as my four year old says!

 

I have a good few days on my SAR left so no rush. I assume it will be posted here so i'll be notified.

 

Thanks again,

 

regards

BJ

[Eggstar_uk]

im not having problems with this form i cant get the

 

England - Advanced - Excel

 

form to work, displayed on the following page

 

http://www.consumeractiongroup.co.uk/index.php?option=com_content&task=view&id=56&Itemid=78

 

any ideas anyone or, can anyone link a new page for it?

 

Error is just saying:

 

 

 

 

Server not found

 

Firefox can't find the server at http://www.cag-files.co.uk.

 

* Check the address for typing errors such as

ww.example.com instead of

Example Web Page

 

* If you are unable to load any pages, check your computer's network

connection.

 

* If your computer or network is protected by a firewall or proxy, make sure

that Firefox is permitted to access the Web.

 

Please help,

 

Thankyou in advance,

 

 

 

Eggstar_uk

[isidore]

Geez, guys this thread is for posts related to Mindzai's spreadsheet. The last two pages has been totally off topic!!

 

I don't mean to be rude but 2gr8 all of this should be in YOUR thread!

 

Eggstar - this should be asked over in the General forum, I expect there's even a question on this already if you have a look over there

[chezt]

Ahhh don't be too hard on newbies - they get a bit lost sometimes & it can be confusing at first

 

Here's a useful link peeps ...

 

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html

 

 

And another ...

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

[isidore]

That's fair enough, might have worded it better to not sound so harsh but I was just trying to make a point.

 

Just had a thought 2gr8, if you haven't got access to excel, you can still use Mindzai's spreadsheet by uploading it to Google Spreadsheets. It has the same functionality as Excel and is just a case of downloading the spreadsheet then uploading it to GS and away you go

[shopkeeper12]

Just to say thank you for this great spreadsheet!!!

its been really useful!!!!

[mr.sshh]

Mindzai and Lucid -service well above and beyond the call of duty!! mr.sshh extends most heartfelt thanks to you both

 

LET'S GO TO WORK

[overflow]

hi all

just need a bit of help. Ive done the spready but i'm confused , (or just plain thick)

On the top in the boxes where it has the totals

TOTAL PENALTIES

TOTAL INTEREST ON PENALTIES

TOTAL OWED BEFORE INTEREST

The last one is the one that i find confusing, am i right in thinking that this is the final amount of my claim? What does it mean OWED BEFORE INTEREST? Do i need to put more interest on? If so what interest is it?

Sorry so many questions but its confusing the hell outta me:oops:

I must sound really thick but not to good with numbers but i am trying to understand ,reading loads about it but the more i read the more confused i get. I thought i had a handle on it but not too sure now.:?

Any help anybody would be greatly appreciated.

thanks

 

regards:)

[jackster77]

hi

 

thanks for a great thread

 

I would really appriciate if someone could give me an answer or direct me to a thread please

 

I want to claim contractual interest at a rate of 24.9% but all I have are a list of charges and dates - no actual statements were sent to me (going off topic does anyone think that MBNA are now sending charges only instead of statements to deter people from claiming contractual interest?)

 

so I can't use the CC spreadsheet here - I wanted to use VAMPs simple spreadsheet and change the interest from 8 to 24.9% - but I have no idea how to do that

 

can anyone help please??

 

thanks

[overflow]

hi jackster

not too sure myself but if im not mistaken doesnt vamps spready include instructions on how to change the rate ?

I must be honest i couldnt even download this so ive used mindsia's one .think ive got it right

 

regards:)

[BigFatGreedyBanker]

TOTAL OWED BEFORE INTEREST

The last one is the one that i find confusing, am i right in thinking that this is the final amount of my claim? What does it mean OWED BEFORE INTEREST? Do i need to put more interest on? If so what interest is it?

 

It means before statutory 8% interest or contractual interest (If thats what your claiming). So the total in this instance is the charges + any overdraft interest your claiming.

 

HTH

[BigFatGreedyBanker]

I want to claim contractual interest at a rate of 24.9% but all I have are a list of charges and dates - no actual statements were sent to me...

 

so I can't use the CC spreadsheet here - I wanted to use VAMPs simple spreadsheet and change the interest from 8 to 24.9% - but I have no idea how to do that

 

I don't think you need statements to claim CI. AFAIK all you need is the charges info - date, amount etc.

 

I don't think changing the rate on that simple spread sheet will give you an accurate calculation, due to the way the interest is compounded/calculated, but I may be wrong.

[BigFatGreedyBanker]

I have a question regarding this sheet if someone would be kind enough to assist.

 

The bit at the top that says: "Estimate of previous charges" I obviously understand what should go in here but I don't understand why its relevant. It doesn't add to the total charges and it doesn't affect the amount of overdraft interest that's claimable. Why is it there?

 

I read on another thread somewhere that it counts towards the overdraft interest claimable, so more of the interest is claimable sooner, but this doesn't seem to be the case. Could someone explain?

 

Also, say you put a figure in here, then your claim gets settled. What happens if latter you decide that you do actually want to attempt to claim the previous charges. Are you not in danger of the bank saying that these charges were included in your previous spreadsheet and that claim has now been settled?

[lucid]

hi all

just need a bit of help. Ive done the spready but i'm confused , (or just plain thick)

On the top in the boxes where it has the totals

TOTAL PENALTIES

TOTAL INTEREST ON PENALTIES

TOTAL OWED BEFORE INTEREST

The last one is the one that i find confusing, am i right in thinking that this is the final amount of my claim? What does it mean OWED BEFORE INTEREST? Do i need to put more interest on? If so what interest is it?

Sorry so many questions but its confusing the hell outta me:oops:

I must sound really thick but not to good with numbers but i am trying to understand ,reading loads about it but the more i read the more confused i get. I thought i had a handle on it but not too sure now.:?

Any help anybody would be greatly appreciated.

thanks

 

regards:)

 

Hi overflow,

 

The reason it says TOTAL OWED BEFORE INTEREST is because you are on the Charges & Interest tab. It is just telling you the total amount of charges you are claiming for before any form of additional interest (statutory or contractual) is added. Check out ether the s 69 8% or C. Interest Daily tabs to see how much additional interest you can add to your claim.

 

Good luck. Lucid

 

EDIT: Sorry bigfatgreedybanker. I've just noticed you already answered overflow's question.

[lucid]

I don't think you need statements to claim CI. AFAIK all you need is the charges info - date, amount etc.

 

I don't think changing the rate on that simple spread sheet will give you an accurate calculation, due to the way the interest is compounded/calculated, but I may be wrong.

 

You need statements if you are intending to reclaim overdraft interest - as you need to know your account balance. Also I read recently that somebody got a list of charges from the bank but still pursued getting all of their statements sent to them. When their statements arrived the list of charges was not complete at all and there were a few charges missing from it. ;-)

 

Yes you're right in saying that changing the interest rate on the simple sheet will not calculate compound interest.

 

I have a question regarding this sheet if someone would be kind enough to assist.

 

The bit at the top that says: "Estimate of previous charges" I obviously understand what should go in here but I don't understand why its relevant. It doesn't add to the total charges and it doesn't affect the amount of overdraft interest that's claimable. Why is it there?

 

I read on another thread somewhere that it counts towards the overdraft interest claimable, so more of the interest is claimable sooner, but this doesn't seem to be the case. Could someone explain?

 

Also, say you put a figure in here, then your claim gets settled. What happens if latter you decide that you do actually want to attempt to claim the previous charges. Are you not in danger of the bank saying that these charges were included in your previous spreadsheet and that claim has now been settled?

 

I think that the Estimate of Previous Charges was initially meant for pre six year charges - it does briefly refer to this box in the notes. But it seems that people are successfully claiming further back now so it's probably not very relevant anymore. I don't know where the referring to overdraft interest claimable idea came from - I've not heard that before.

 

Lucid

[overflow]

thanks Lucid

dont know where my brain was , of course , now I realise my mistake.

Just looked at all three now and thinkin how dozy I must be:rolleyes:

Its taken me ages to work out the spreadies but just want to say that I personally think Mindsia's is fan-dabbi-dozy. lol. Its the only one I could get right,(well I think Ive got it right).

I dont suppose I could be cheeky could I and ask you if youve got the time, sometime, to just check it over for me please. I know your busy and its my own claim but I would really appreciate it if you would.

Depending on of course I can get it to you,:-| I admit im not too good at workin out how to send stuff. I tried the other night and it looked nlike a pile of gobbledy-gook:confused: Anyone tryin to read it would need a degree in brain science I think. I was so embarrased.

Well we didnt do computers when I went to school, Still used the abacus, , only joking really not that old , honest . Anyway thats my excuse and im stickin to it

 

Again thanks and by the way ive read all your thread and you two are really the bees knees when it comes to put pen to paper. Really impresive letters.

 

regards

[overflow]

hi im not too sure who put the attachment on for me but thanks very much whoever you are this has really helped seems ive done it right after all :D YAAAAAAAAAAAAAAHHHHHHHHHOOOOOOOOOOOOOO

OMG how sad am I gettin excited over a spreadyLOL:o

[Hercules]

This has probably already been covered but difficult to search for the equation to work out monthly interest in your spreadsheet is:

=((1+F16)^(1/12))-1

F16 being the contractual interest rate in my case 18.3 now me being naive thought to work it out monthly it would be 18.3/12 which is 1.525 but your spreadsheet it is 1.41........can anyone shed any light on this before I send off my prelim......