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

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Actually, would be good if someone could check that, not completely sure if it is calculating daily or annual compound interest.... looks like annual now that I have looked at it again....

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Don't panic, bill-k is checking the spreadsheet as we speak!!


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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I'm back.....and i lost on tie break, so i'm REALLY in a bad mood now!!!:mad:

 

I must confess to having asked some questions earlier and once i'd posted them, Bill-k had already replied to some of them.....so sorry Bill-K......i'm just so far ahead of myself.

 

BUT......it's nice to see it wasnt ME who was going mad and it not working. I'm currently preparing a large portion of humble pie for anyone who cares to take some.....no names mentioned of course!!!!!!!!:D

 

I'll look forward to the resolution of 'The Case of the Missing Calculation'!!!!

 

In the meantime i'm looking forward to sending the charges of £3879 and possible £3743 in contractual interest @ 29.5%.

 

Seems like a fair deal if you ask me......after all, i've had to put up with threats from Apes and Angels! worse thing is.....it's Angels money........but it's MY HOUSE!!!!!!!!!!!!!:p


WON £4000 v NAT WEST

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Don't panic, bill-k is checking the spreadsheet as we speak!!

Sorry guys - my fault for rushing stuff. Who was it I told to slow down to a gallop ? !!! :D

 

This one should work !!!

 

http://upload2.net/page/download/DyIbFYODcvDdunV/05+Throughout_claim_with_compounded_contractual_interest.xls.html

 

I'll answer the other posts ASAP, now !!

 

Has my @$$ been well & truly kicked !!!

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Sorry guys - my fault for rushing stuff. Who was it I told to slow down to a gallop ? !!! :D

 

This one should work !!!

 

http://upload2.net/page/download/DyIbFYODcvDdunV/05+Throughout_claim_with_compounded_contractual_interest.xls.html

 

I'll answer the other posts ASAP, now !!

 

Has my @$$ been well & truly kicked !!!

 

1) ME

2) My darling littleangel will have to download on my behalf

3) Get to it!

4) Pie on its way!:p


WON £4000 v NAT WEST

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OK - RB - Please pass me a large slice of that pie, mate. The new one should work. At least it did last time I tried it !!

 

Thanks for helping out there Bobbair. That's a nice fast link you got there, too !! I'll have to find my own webspace sometime !!

 

As I think you realised later, it only calculates simple interest, and not compound, but thanks for stepping in there.

 

Hopefully, we're back to business as usual now, then. I better check the other threads and see who else I've wound up, now !!! :-|

:)

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Yeah realised it was wrong after i posted it, have changed the file now (fixed it using your formula!) in case anyone downloads it in error!

 

What you reckon is best interest rate to apply for contractual interest? 8% The bank's standard overdraft rate? The bank's standard unauthorised borrowing rate? (things could get interesting using that last one!!!!!)

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I always recommend claiming ALL THREE !!

 

I know that sounds stupid, but it is generally recommended that when we file our claim with the court, we claim alternatives. This allows us to claim the max (unauthorised) rate primarily, but allows fallback positions of the lower (authorised) rate, and then the Statutory 8% rate.

 

I have been working on a spready that shows all three, as I believe BF has asked Vamp to do one. I've got a "prototype" which I have based on one of Vamp's Google spreadies.

 

http://upload2.net/page/download/KH5DXXfx6GF1KzW/Copy+of+16_Throughout_claim_with_compounded_contractual_interest.xls.html

 

It is always recommended to only show the primary (max) claim to the bank (ie., with the prelim & LBA), and submit the three rates only when one submits a claim to court.

 

HTH, mate,

 

Bill.

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Looking at my (or littleangels actually!) claim it makes a massive difference.

 

If i was to claim just the charges, and miracle upon miracle, they just paid up, it'd be £3879.

 

If it they didnt, and it went to court and i got the statutory 8% it'd be £4895.

 

If i charged the agreed borrowing rate of around 15% it'd be £5774.

 

If i charged the Unarranged Borrow rate of around 29.5% it'd be £7622.

 

I know which one i'm going for.

 

Does anyone have any views on charging say a compromise rate of 25% because we dont actually have the actual rate of interest for some periods, and saying it's a compromise rate in the 2nd letter?


WON £4000 v NAT WEST

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Well, thank **ck for that - I really couldn't face any more of that bl**dy pie RB !!

 

Post up a sample line of your spready. Use the oldest charge - we need to know: the amount, the date, and the interest rate, and the interest the spready calculated on it. Just as a check.

 

No - do NOT use any rates other than those used contractually. You claim lower rates in the alternative, and only when you submit the claim to court.

 

As I said, use just the current published rates - there is no need to look for older rates. There will be plenty of scope for accepting less than you claimed for, believe me, they will make sure of that !!!

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If it helps, I just checked NatWest's online rates for their CurrentPlus account. Authorised is now 17.37% AER, and unauth. is 29.69% AER.

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Cheers bud.

 

The pie always tastes fine....it's the after taste thats bitter! Ha ha

 

Tell me where you hang out.........there'll be a donation to the site for sure, a repayment of my loan to littleangel and a bunch of banana's for your good self at the end of all this.

 

Well 2 out of 3 are certs..........!!!!!!!!!!:(


WON £4000 v NAT WEST

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Cheers, RB. Just 2 out of 3 will be fine !! I got all the bananas I need here on the Serengeti !! :)

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2 out of three included the banana's and the donation.........i know my place!!!!!

 

Ok, so now the examples:

 

06/06/01 CHQ RTN FEE £30....Interest @ 29.69% (Current Rate) = £49.57

12/06/01 CARD MISUSE FEE £75....Interest @ 29.69% = £123.57

 

I've used the basic spreadsheet and added a couple of columns and then calculated the interest as follows: (£30*0.00081)*Days_Since_Offence

 

0.00081 is the current rate of interest (29.69%) divided by 365 to give the daily rate.

 

The letter to Nat West will have the basic spreadsheet attached plus the new column and will look like this:

 

In Respect Of.........Amount....Date Incurred....Interest Accrued

CHQ RTN FEE...........£30.00......06/06/01.............£49.57

CARD MISUSE FEE.....£75.00......12/06/01.............£123.57

UNPAID D/D FEE........£30.00.......14/06/01............£49.38

 

......and then totals at the end.

 

Amazing to see the interest on each individual fee....the second of those being unbelievable!

 

Any comments....suggestions.....or opinions???

 

Be gentle with me....it's saturday morning.....the morning after the night before!:o


WON £4000 v NAT WEST

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Errr... I would suggest you try Bill-k's sheet that he has posted..... your second £75 charge would have earned some £317 interest using that method!! :D

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sorry to jump onto your thread... Just wonderingif Bill's SS is for CC or bank accounts.. or doesn't it matter...

 

cheers guys

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Errr... I would suggest you try Bill-k's sheet that he has posted..... your second £75 charge would have earned some £317 interest using that method!! :D

 

I will do.....i hadnt had a chance to download Bill-k's as mine is a work system which blocks internet downloads. Littleangel is on the case for me.

 

I assume thats the difference between a basic interest rate and a compound one......and if it is, it's gonna be big!


WON £4000 v NAT WEST

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OH BLIMEY............using bill-k's SS the numbers are.....wait for it...... £3879 in charges.......and.............

 

£7121.68 in interest!!!!

 

So..... On 6/6/01 a CHQ RTN FEE of £30 gives £127.58 IN INTEREST

 

This means a major court case no doubt.


WON £4000 v NAT WEST

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OK, i'm ready to rock n roll on his one but there seems to be a number of different letters which i could use....does anyone have one which details the claim including contractual interest etc etc.

 

I've also read that it may be worth putting in the lower rate as a fall back. Is this correct?


WON £4000 v NAT WEST

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I'm using the prelim template from here, amended for the contractual interest element as follows:

 

What I require

I calculate that you have taken £3879.00 plus I have also included the amount I calculate in compound interest at your published Unarranged Borrowing rate of 29.69% totalling £7121.68. The total amount I am claiming from you is £11000.68. I enclose a schedule of the charges which I am claiming with this letter.

Can anyone who's better than i confirm that this would be ok before i post it to Bishopsgate?

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WON £4000 v NAT WEST

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Sorry been away - apparently there's life outside of CAG !!! :D

 

Thanks again Bobbair - yes, that's right RB. £127.58 on the first charge, £317.02 on the second, and £126.55 on the third.

 

Yes, also right, RB. I always recommend claiming the max rate primarily, but if/when you have to claim in court, you claim the lower and Statutory rates "in the alternative."

 

This gives you a legally-respected fallback.

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This is fine, you just need to make them aware exactly what your claiming with regards to charges and interest right from the start, and you've more than covered that.

 

I see Bill has managed to get you sorted......top man (or should I say 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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You're all top apes in my book.

 

Once i get hold of something, nothing gets in my way.....i think i'd best eat drink and sleep now,.....oh yeah, and there's littleangel to sort out........and there was me thinking my reward would be in heaven......!!!;)


WON £4000 v NAT WEST

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Yeah, looks OK to me, mate. Just one thing - that's a fair sized claim. Is it all within the past 6 years, or do some charges go back further ?

 

Oh, and Josamolly - sorry to ignore your question !!

 

The spready is fine for calculating contractual interest on both credit card and current accounts. The difference between the two is only when you use them to claim the actual individual apportionments of interest actually charged on each penalty. You will need the correct sheet if you are doing that, but it depends on your circumstances. It can be very time-consuming for very little gain.

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Stop interrupting....RB's here with me now!:D :o :oops:

 

It's all within the last 6 years, the first being 6/6/01. The claim's for £3875.....the interest is £7k+

 

I know this goes beyond the small claims level but we'll cross that bridge when we get to it.

 

Thanks for all your help with this.......up to.....and from....now!!!:)

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