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maxine989

Interest.. Daily rate?

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Does anyone know how to work out the daily rate of interest needed when filling in the N1?

 

:-):confused::)


Moodle

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Hi Maxine. You can just refer back to the interest rate quoted in the spready - then when the time comes, either the bank or you can simply supply an updated figure.

Yhe other alternative way is to make a note of the total(s) in your spready, then advance the date on it by one day, and note the difference in the total(s). This is not strictly correct, but will give you a flat daily rate.

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Hi Bill...

 

I am not sure what you mean... isn't the daily rate an amount of money not a percentage?

 

To save confusion, maybe I could just state in section 5,c of the court jargon.


Moodle

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Is it not:

total of penalties+bank intrest on those penaties X 8 divided by100 divided by 365 = daily rate

 

565x8=4520/100=425/365=0.12 p daily rate?

 

AL;)

 

I have still got my Xmas head on and am think about putting my New Year cabbage on although with the above answer i may have gumped the jun.

 

 

AL ......again:D Happy New Year


-------------------------

CAPITAL ONE * SETTLED*31st Oct 06

HBOS *SETTLED* 8th Oct 06

WOOLWICH *SETTLED*12thJan2007

Monument (Barclays) *SETTLED*10thMar2007

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Sorry Maxine, that's what I meant !! It's impossible to specify a daily rate if you're using compound interest, so "refer to schedule" is the best way IMO. The monetary expression of "£xx.xx per day" is an alternative way of doing it, but as you say, it's not technically correct. If you do it this way, then you just delete the words "a rate of" from the POC. You get a bit more if you do it the "proper" way.

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Cheers, AL !!

 

No, that's a simple interest flat rate. Compound interest doesn't yield a flat rate.

 

However, I sympathise - I've just changed into my Hogmany outfit. Like it ?

 

Bill. :D

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OK i was'nt sure i just used the 'flat rate' in my woolwich claim i wish i had been able to take the plunge into contractual then (june).

 

Yes Bill may i ask Have you got a date tommorrow nite?

 

You sexy beast you:eek:

 

AL:D


-------------------------

CAPITAL ONE * SETTLED*31st Oct 06

HBOS *SETTLED* 8th Oct 06

WOOLWICH *SETTLED*12thJan2007

Monument (Barclays) *SETTLED*10thMar2007

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No takers, yet, mate - you up for it ? :lol:

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Right, am getting there...

 

ooops, my 'particulars of claim' exeeds the word count... guess I will have to do over the counter instead of online.

 

Nice outfit bill.


Moodle

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Glad you like the outfit, Maxine !! :D

 

Yeah, I think a lot of people are finding it better to use the N1 form instead of MCOL for contractual claims. MCOL is only really geared up to very simple claims, I think. You can dowload a pdf file of the N1 form from the templates here, I think. Fill it in and print 3 copies, and you're ready to roll !!

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OK i was'nt sure i just used the 'flat rate' in my woolwich claim i wish i had been able to take the plunge into contractual then (june).

 

We have used the 'flat daily rate' for our claims even though we are claiming for contractual interest (compounded). It is still in line with the same amount of interest as if we had stuck with the daily compounding on our spreadhseet. This is probably due to our charges only being 3 years old at the most, but unless your woolwich claim was for very old charges I wouldn't feel like you've missed out. :)

 

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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Yes - echo that, Lucid. Unless the claim is for a huge amount, or it goes back a really long way, then there's not much in it.

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OH yes i had penalties going back 6 years and beyond and an O/D but when i joined this forum 6 months ago i didnt feel confident enough to handle contractual interest (it was in it infancy i believe) but as i am past AQ stage now i think the issue is out of my hands. My claim is for around £3000 with 8% sec 69 cca 1974 added and im more than happy and this is without doubt due to this forum and the people here (except Brian) and for that i will always be gratefully indebted.

 

AL HNY;)


-------------------------

CAPITAL ONE * SETTLED*31st Oct 06

HBOS *SETTLED* 8th Oct 06

WOOLWICH *SETTLED*12thJan2007

Monument (Barclays) *SETTLED*10thMar2007

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