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    • I usually clear my credit card balance by direct debit each month.  On 23rd December I bought some wine which I hopped would be added to my January statement for payment in February.  Unfortunately, I miss calculated and the wine was charged on my December statement for payment in January.  I made three payments in January which were not enough to pay the full amount.  I was left with a negative balance of £272.60.  I also made a purchase of one item which added £7.50 to the balance.  Since I had reinstated my direct debit payment in time for my February payment, the full balance was cleared on 18th February.  By my calculation, the £272.60 was in deficit for 57 days and the £7.50 for 30 days. I have been given the daily compound interest rate of 0.0407814%.  My calculation is the interest due on the £272.60 for 57 days is (1+0.000407814)57-1 or (2.3513%) multiplied by the debt = £6.41.  The same calculation for the £7.50 is (1+0.000407814)30 -1 or (1.2307%) multiplied by the debt = £0.09.  I have calculated the days by taking the purchase date from the repayment date of the 18th February 2022.  This totals £6.50, but my bank has calculated the interest at £15.64 in January and a further £2.46 in February.  I have asked how bank calculates interest but none of the employees at the bank know.  Apparently, its too complicated and no employees who deal with customers can provide the answer.  My question cannot be escalated to someone who can explain what is wrong with my calculation.  Apparently, the computer works it out and that is all that matters (to the bank). I did calculate the daily rate at 0.040435% on the basis that it is 15.9% annually.  I used the formula (1+0.00040435)365-1 to confirm an annual rate of 15.9%.  The same formula using bank’s calculation produces an annual rate of 16.04%.  My calculations may not be perfect but the bank interest calculation is nearly 2.8 times mine.   What is wrong with my calculation?
    • Hi Caggers,   Heart in mouth moment! Just got an email through for a teams meeting tomorrow for a hearing at the combined courts....   With regards to the thread of this post last year in April i did the mediation which didn't work out as expected and then all went quiet on the western front.   I moved house about 6 months ago and i updated all of my creditors but didn't think like an absolute imbecile to do the same for the court.    I haven't prepared a witness statement, nothing! If this email hadn't of come through i wouldn't of had a clue this hearing was even due to take place. I feel like a right numpty!   Is there anything at all i can do at this point?
    • I am guessing at a link to PPI as HMRC won't send my anything pertaining to the investigation in writing although I've asked for it. This matter is already supposed to have been investigated by HMRC so this is all post investigation and I've been told to cash both cheques on the phone today.   I recieved two tax calculations form HMRC both saying the tax repayment was from Savings Income, the amount on both these calculations is actually slightly different to the amounts on the corrosponding cheques, just a few pounds out. As you can no doubt tell I did not recieve a huge amount of savings income / or interest from my savings more like £2 as opposed to £2500!   The only thing it could be is PPI, if it isn't that then it must be an error. However HMRC have already investigated this and the outcome is that the money is mine? Why would they make another error like this after investigation? Are HMRC that incompetent? Was the call handler who was taking my call and put me on hold to look at my case just too lazy / busy to actually check? I feel like they are putting me in a bad position by not properly explaining the outcome of the investigation by sending a letter. Obviously I don't want to take or spend money I'm not entitled to but at the same time don't want to not get it if it is due to me.   @Ethel Street , I have not cashed either cheque yet so probably would have to request a replacement for the November Cheque now.
    • Re-reading your post I'm not clear whether you have cashed either of the cheques yet.   Normally HMRC cheques are only valid for 6 months from the date of issue (the date on the cheque). If you haven't paid them into your bank yet the one you got last November may already have gone out of date. If it isn't out of date yet pay it to your account quickly. If it has gone out of date you'll need to contact the taxes helpline to get a replacement cheque sent. 0300 200 3300
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Overdraft success?


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I posted on here a while ago about some problems I was having with my Nationwide overdraft, as despite having it included in a DMP, they were adding unreasonable charges each month (paying £9 per month, £45 per month charges/interest) and were not accepting the payment as being enough.


Well they sent me a letter today offering to clear my debt completely for a payment of a lump sum. Being a bit sceptical I called them anyway to see what the offer would be.


On an overdraft balance of £1,477.60 they have offered to clear the lot in full if I pay £700. I was thinking of claiming back bank charges from the last five years (including the latest months' ones) of around £350 so I actually think this is a good deal and want to do it to get at least one off the list!


I have requested it in writing and they have agreed to this (with no quibble) and I expect a letter from them tomorrow.


As it happens I received a bonus from work last month which means I can pay this so it seems to be a happy ending.....


My only concern is that it might cause my other creditors to demand more but given that this is the lowest balance of all my debts and it will also mean more for them each month (I'm not changing my DMP payment) I can't see how they can compare their debts to this one... I also spoke to the CCCS and they agreed with me on my thoughts and concerns.


What do you think?

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I agre with you.


there no harm in looking at it when the offer arrives through the post is there?



The Banks are somewhere which lends you an umberella when it is sunny, and takes it away when it rains


HSBC £1200 - Settled in Full

Cap 1 2 X £100 - Settled in Full

Nationwide £1641 - Settled in Full inc Default and CCJ Removed by Court Order

NatWest £2215.60- Settled in Full and Removed Default Natice

Woolwich £3690 - Settled in Full

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Hi freddy22,


I don't profess to have any personal knowledge of how modern DMP's work (...Had a voluntary administration order a couple of decades ago though!), but I would have thought that ALL creditors would have initially been allocated a set % figure of your disposable income at the time of the setting up of your DMP and that they would have had to agree to this knowing about each other???


...This would have been irrelevent of what U actually owed each of them and that the DMP was scheduled to repay them all off on an equal basis over the period that the DMP was to run for???


...Am also surprised that Nationwide continue to add interest charges to a debt that would surely have had to have been frozen to have been included in a repayment schedule plan???


...Perhaps the debt owed to the Nationwide is viewed uneconomical to retrieve over the long term by them and that they are wanting to settle sooner at the expense of your other creditors???


...Would this not invalidate your current DMP and make your other creditors less willing to agree to their inclusion in any future one???


The Nationwide's offer to settle for a smaller than actually owed figure reminds me very much of DCA's offers of settlement on obscure and difficult to obtain repayment on accounts (...which incidently have frozen totals save for their normal collection costs!)


All of the above is only my own thoughts and shouldn't be taken as fact. I have only voiced my own honest opinion and asked stated questions that I would be asking myself if I was in the same circumstances.

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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