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Contractual Interest.....now i'm confused.


RobberBank
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Brought over from littleangel v Nat West

 

HELP!!!!

 

Using the link to the Complex-bank-charges-calc1 spreadsheet i'm entering data but it's not making sense (or should i say, i dont understand it!)

 

Question: If i claim at the outset for all the charges plus contractual interest i would be getting a better return than:

 

a) Just claiming the fees and getting no interest (assuming NW pay without a fight).

 

b) Claiming the fees, going to court and getting the stat 8% interest.

 

If so, has this been successful for others?

 

My problem is understanding columns G, H, I and J.

 

G - Interest Date

 

Which date do i enter for a charge for £30 made on 6/6/01?

 

a) The date charge came out of the account (6/6/01)

b) The date the interest was notifed on the account as per the entry "The following charges/Interest for 4/6/01 to 1/7/01 will be applied on 31/7/01". (6/7/01)

c) The date of the end charge period (1/7/01)

d) The date the interest was charged to the account (31/7/01)

 

H - Interest Charged, and I -Account Balance and Interest Rate.

 

As per above charge, on 21/6/01 the statement reads "yr int rate for borrowing up to £200 is 14.99%. Should you exceed........29.9%.

 

The balance on the account on this date was -£380.27 (there were 2 more charges of £105 in the interim period)

 

At the time of the £30 charge, the account balance, after the £30 was taken, was -£163.63.

 

At the time of the interest was notifed on the statement (6/7/01), to be applied on 31/7/01, the balance was +£444.15.

 

At the time the amount was debited from the account (31/7/01) the balance was +£1.37.

 

Which rate do i charge.....14.99% or 29.9%. I'm confused about which level the £30 is being charged at because i'm uncertain about which balance is being used for the calculating of the lower or higher interest rate.

 

J - Interest Free Overdraft

 

I'm assuming this is £0 as there is no interest free overdraft agreement, merely a regular charge for the facility to go overdrawn but be charged an interest rate.

 

 

 

Apologies for the detail, i just want to get it right, and i'm also assuming going for the contractual interest option is the better one.

 

Does this have to be sent to the bank along with letter No.2 requesting a refund of both the charges and the interest?

 

Thanks for your patience in advance.

WON £4000 v NAT WEST

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Was it a tad confusing???????? Can anyone help?

 

I'm still unlear about whether or not i can charge the contractual interest for the whole of the time the fee was taken....i.e. 14.99% for the £30 for the period 6/6/01 to the present!

 

I cant find anywhere that actually makes it clear.

WON £4000 v NAT WEST

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Will get someone who's very clued up in this field to have alook for you!!

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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He's not online at the moment but I've sent him pm so he should see later!!

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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Just think it would be better if bill-k took a look for you as he's a bit more clued up on the whole Contractual Interest thing. Make it as complicated as you like I'm sure he'll get you through it though, he's coming to have a look shortly!!

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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Hi RB - Deller just PM'd me the link here (cheers Deller). I might be able to help - I'm still learning about this myself !!

 

Firstly, in answer to your first question, the answer is yes. Contractual always yields a larger interest figure (quite substantially so in some cases). And, yes, full contractual interest has been won. I have a couple of modest full wins, and a couple more in progress. Not huge amounts, but I won a full claim of £600 with contractual interest recently, with no big bother.

 

However, the sheets in the templates library will NOT work for claiming contractual interest (not without a fight, anyway!). This is because C.I. is calculated differently - it is compounded on a daily basis, whereas statutory is just simple interest. You really need to use the sheets in Vampiress's Google Chambers for this. You need to register (no big deal) to get your own Google workspace, but there is online help & spready-sharing there.

 

I have been exporting some of the spreadies as Excel sheets, so you might like to try Vamp's recommended one. I'll post a link to it for you, later.

 

The columns G,H,I & J are for reclaiming the portion of interest that you were actually charged on the penalties themselves. So for instance, if you were charged £10 interest in a certain month, on an overdraft of £100, then if that £100 included a £20 penalty charge, you can claim back £2 of that interest. This, however, is NOT the contractual interest that really matters. In actual fact, I have never bothered to claim back this apportioned interest, as it rarely seems to amount to very much in relation to the claim, and is quite time-consuming to work out.

 

The contractual interest is actually interest that has not yet been charged !! It is us actually charging the bank for keeping our money all this time, and at the rate which they charge us for unauthorised borrowing as per the contract we (allegedly) have with them. All you have to do to calculate this is to enter in your spready the current interest rate the bank charges for unauthorised borrowing, and the spready will do the rest.

 

It is important to be sure that you are completely satisfied with your figures before you make your claim, so get this sorted out first. Then and only then should you send in your claim letters to the bank (with a copy of your spready(s).

 

Hope that helps, but read up on some of the contractual interest threads, as well, as that will help you understand what you're doing more.

 

Bill.

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There you go RobberBank, I couldn't have put it better myself.....lmao!!

 

At least you know someone who knows what they're on about is watching your thread now.

 

Thanks bill-k

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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Thanks Deller - you're very kind !!!

Cheers too for the rep - you just got me another blob !!

 

Her's the link to my exported Excel version of Vamp's Google spready No.5:-

 

EDIT: New link inserted:-

 

http://www.cagmembers.go2.to/

 

Give it a minute to download, then save it. Make a blank copy of it before you go filling it in. That way, you always have a spare.

 

But.........READ UP !!!!

 

HTH

 

Bill. :)

 

PS Only fill in columns A,B & C for now. Columns D & E will automatically calculate for you. Column E is your cont. interest. The remainder of the columns are the "interest on bank interest" columns, which you can fill in later if you like, but they're the ones I don't usually bother with !!

 

PPS - use the higher interest rate (unauthorised borrowing) for your primary claim. Make a copy of the finished sheet, and change the interest rate to the lower (authorised) one. You will need this if you have to send in a court claim (which is probably !)

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Damn....note to self.......must try harder to confuse him i future!

 

Ok, so i get that bit.......e.g. a charge of £30 on 6/6/01 would bring in £25.08 in interest at the contractual rate of 14.99% quoted on statements for that period. (@ x 0.00041 per day)

 

14.99% is the 'Credit Zone Rate' for up to £300. There is also the 'Unarranged Borrowing Rate' of 29.5% quoted for anything over £300.

 

Which rate do i charge?

 

Also, from Oct 2002 there are no rates of interest shown on statements. What rate do i charge from this date....or how do i obtain the rates charged for the period Oct 02 to the present?

 

Do i make this charge for contractual interest at the time of the first claim for repayment of charges?

 

I'M NOT FINISHED WITH YOU YET MATEY!!! :p

WON £4000 v NAT WEST

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I'M NOT FINISHED WITH YOU YET MATEY!!! :p

 

Sorry bill, what have I walked you into.......lmao!!

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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Oh bill, forgot to tell you, you're actually dealing with two of them. Littleangel is RobberBank's OH so you'll have to put up with double trouble!!

 

Thought I'd blob you in advance!! :D

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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O....M....G....now I've just realised what I let myself in for, Deller, you crafty S.O.B !!!!

 

I can only hope that LittleAngel is not as full-speed as RB is here !!

 

Now, slow down to a gallop...and read my lips. Now read my post. Slowly.

 

...Give it a minute to download, then save it. Make a blank copy of it before you go filling it in. That way, you always have a spare.

Yes - Make a blank spare copy - at least one !!!

But.........READ UP !!!!

Repeat after me - READ UP !!!!

HTH

 

Bill. :)

 

PS Only fill in columns A,B & C for now. Columns D & E will automatically calculate for you. Column E is your cont. interest. The remainder of the columns are the "interest on bank interest" columns, which you can fill in later if you like, but they're the ones I don't usually bother with !!

 

PPS - use the higher interest rate (unauthorised borrowing) for your primary claim. Make a copy of the finished sheet, and change the interest rate to the lower (authorised) one. You will need this if you have to send in a court claim (which is probably !)

 

If you've tried putting anything into column D or E, you'll have erased the formula in it. I would advise making a another copy of your spare copy (assuming you at least did that !!!). Now close the one you've just been (ab-)using and delete it. Now open up one of your copies - and go slowly !!!

 

So - Read whatever advice you get carefully, before asking for it twice !!!

 

Otherwise I'll be forced to charge you double time, and go round and beat Deller up !!

:D

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O....M....G....now I've just realised what I let myself in for, Deller, you crafty S.O.B !!!!

 

Sorry Bill - should have warned you, but thought you thrived on the pressure!!

 

Otherwise I'll be forced to charge you double time, and go round and beat Deller up !!

:grin:

 

Yeah, take your time RB, I don't want to be beaten up by a gorilla.......lmao!!

IF MY COMMENTS HAVE HELPED PLEASE CLICK MY SCALES

 

Don't be like the banks - give a little back

 

 

:D NAT WEST - WON - £4282.36:D

 

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O....M....G....now I've just realised what I let myself in for, Deller, you crafty S.O.B !!!!

 

I can only hope that LittleAngel is not as full-speed as RB is here !!

 

:D

 

Maybe not, but I have my moments!:D That's why I'm letting RB do the hard work for me!:p

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You obviously know which of his buttons to push, LA - but what about the brakes !!! :o

 

When he's in gear, there's no stopping him!!:)

 

Actually, while he's gone off to play tennis, I'm attempting to take up where he left off! Both of us have done what you said about filling in columns A, B and C. D is automatically calculating but for some reason E doesn't calculate. (it's not just RB being too hasty!) What are we doing wrong?:-?

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I've tried downloading the sheet and have the same problem - column E contains no formula, just the characters '=#N/A'.

 

I am at work at the moment but can do a spreadsheet that will calculate daily compound interest, will upload later when I get back from work!!

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I've tried downloading the sheet and have the same problem - column E contains no formula, just the characters '=#N/A'.

 

I am at work at the moment but can do a spreadsheet that will calculate daily compound interest, will upload later when I get back from work!!

 

 

So, it's not just us then!!!:D

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Ok, try http://www.bobbair.plus.com/Contractual.xls and enter the details in columns a,b, and c. Also enter claim date and interest rate. For interest rate I think you might want to use your bank's overdraft rate. You could try using the unauthorised overdraft rate if you like. If someone wants to check this for me I'd be grateful as I am new to this stuff!!!

 

I don't know whether (if you reach court stage) you can claim both contractual interest and the 8% that the court allows. If you can I will add a bit to the sheet to take this into account.

 

(note that some cells are locked to prevent messing it up accidentially. to unlock the sheet the password is 'password')

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