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stuck on interest rate! sme1 plz help!


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Hi everyone,

 

i requested my statements from the bank and got them through the post yesterday. but they only sent me the past four years missing 2 years. Any way, i have worked out my charges for the past 4 years and dont know how to add interest. Can anyone please help me work out the interest for 972.00 please.

 

Thanks

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You don't just add on the interest for the total, you'll do yourself out of a lot of money if you do.

 

Download the spreadsheet software from the library and spend an evening entering all the charges into that, you could be very pleasantly surprised at what you have coming your way.

 

BTW, A&L's unauthorised borrowing rate is 16.9%, that's the rate you should use.

 

:)

Nil Illigitimus Carborundum

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BTW, A&L's unauthorised borrowing rate is 16.9%, that's the rate you should use.

 

:)

 

 

Is it Ok to use 16.9% ? Have others got through the court stage having used 16.9%. Just about to submit my MCOL

A&L S.A.R - (Subject Access Request) sent 6/10/06

Chq cashed 18/10

STATEMENTS arrived 27/11/06

Prelim letter sent 29/11/06 £461

 

Capital One X 2 S.A.R - (Subject Access Request) sent 12/10/06

Cheques cashed 28/11

Prelim sent 29/11 £276

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There are arguments for and against.

 

The main argument for is that this is the figure the bank has charged you, and you should be entitled to it all back.

 

As far as I'm aware, everyone (and there's been a lot) that has used the banks unauthorised rate has still had their claim settled.

Nil Illigitimus Carborundum

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Cheers - sounds like I'll try it then.

 

Happy Christmas

A&L S.A.R - (Subject Access Request) sent 6/10/06

Chq cashed 18/10

STATEMENTS arrived 27/11/06

Prelim letter sent 29/11/06 £461

 

Capital One X 2 S.A.R - (Subject Access Request) sent 12/10/06

Cheques cashed 28/11

Prelim sent 29/11 £276

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I'm queryingA+L's Unauthorised O/D rate. If we use the current one 15.9% in the speadsheet we lose out bause in 2000-2001 interest rates were higher.

 

My guess is that we have to do a number of spreadsheets with varying interest rates.

 

Does anyonen have A+L's historic rates?

 

 

Maranatha

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hi everyone, and thanks for the replys.

The 16.9 percent is this the yearly interest rate? i think this mite be a bit of a silly question but just to confirm!

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iv just doubled checked my bank charges, they come up to about 1099. Using the compound sheet, interest is 150 pound. Does this sound right anyone? i am claiming back 4 years. Can you charge interest on direct debit failures? cuz it comes up as 0 interest on the spreadsheet.

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