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calculating interest is doing my head in!


neathboy2
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Hi guys

 

The APR has nothing to do with the Interest rate, the APR is the Annual percentage Rate and is there just to reflect the true cost of borrowing. The APR is shown on credit agreements (fixed sum or running account) on fixed sum the APR is calculated using the Interest charges and any other charges and is a known comodoty. On running account the APR is an assumed calculation. Credit card agreements and overdrafts are running account agreements, Loans HP, Conditional sale are fixed sum agreements.

 

Do not let the APR confuse you, you will find it difficult to work out the amount of interest using the APR because you may not know what charges have been factored into the calculation.

 

You need the rate of interest to work out the amount of interest. If the rate of interest is not shown on your agreement then the agreement is unenforcable.

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Hi Brad,

Im not sure about payment protection interest and cash interest so wouldnt like to quote on that as I have only ever been charged Purchase interest.

What spreadsheet are you using as it should do it all for you? I would also suggest you phone Cap 1 and ask what APR they are applying to your account (there is a way to check they give you the correct info).

 

You may find this thread useful if you havent already seen it. It is very long but worth it.

http://www.consumeractiongroup.co.uk/forum/general/18313-why-no-one-claiming.html

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Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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Hi Sonja, think I've finally got it...I'm using spreadsheet 16 (throughout claim with compounded interest). It's a bit funny, on the leaflet they sent me with my new card it said the interest they were charging is 34.9% (gulp!!!) and on their website it said the same, but on the statements it says the monthly interest is 1.67%, which obviously equates to 20%.

 

I've changed the interest rate at the top from 8% to 20%. Is that correct?

 

By jove I think I've cracked it....maybe

 

Thanks again for your help

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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Cheers Tanz, will Bill mind me pm'ing him out of the blue?

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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buggar...just eaten my banana

 

wonder if he'll let me owe him..i'm good for it...kinda

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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Hi guys

 

The APR has nothing to do with the Interest rate, the APR is the Annual percentage Rate and is there just to reflect the true cost of borrowing. The APR is shown on credit agreements (fixed sum or running account) on fixed sum the APR is calculated using the Interest charges and any other charges and is a known comodoty. On running account the APR is an assumed calculation. Credit card agreements and overdrafts are running account agreements, Loans HP, Conditional sale are fixed sum agreements.

 

Do not let the APR confuse you, you will find it difficult to work out the amount of interest using the APR because you may not know what charges have been factored into the calculation.

 

You need the rate of interest to work out the amount of interest. If the rate of interest is not shown on your agreement then the agreement is unenforcable.

 

 

Ahh right...thanks Robert, that makes more sense. So basically, I ignore the APR and just calculate the interest from the monthly interest rate on the statement.

 

Cheers

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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Hi Brad,

Your APR will be 21.99% based on monthly rate of 1.67%. You cant just multiply the monthly rate by 12 as this does not give you the proper CCI figure. I have just typed your monthly figure in Mindzai's spreadsheet and it comes up as 21.99% so this will be the correct rate. Initially I multiplied monthly by 12 and Bill confirmed this wasnt correct.

HTH :)

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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Once again, thanks Sonja...your help has been invaluable :) could you post a link to mindzai's spreadsheet if you get a chance please?

 

I hate not being able to understand things...I've finally grasped how the CCI is calculated, so I'm getting there (very) slowly, but surely.

 

Cheers

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

 

This is only for claiming CCI from banks you cant use it for credit/store cards but it works out the APR from your monthly amount when you enter it, so is handy to have until you need to use it for banks.

 

P.S. Ive linked in to your current thread so probably best to stop hijacking this one or you may get told off! Feel free to PM me if you get stuck with the spreadsheet :)

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Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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Hi guys, haven't been on line for a while but just flicking through to see how its all going. Looking at the threads I see that Redsonjia calculated Brads cci as 21.99%. That looks right as I worked mine out at more or less the same and claimed 21.9% with my MCOL using vampiresses spreadsheet 13. Latest from capital one is that they've again made the same offer of £107.00 to which I have n't replied as this second offer was made after I filed the MCOL. Capital One have replied indicating that they intend to fully defend the claim so i'm awaiting their 28 day response. Will update when I hear anymore - watch this space!!! :rolleyes: :rolleyes:

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  • 2 weeks later...

HAPPY DAYS another result for the good guys. Received a letter from a Graham Daley from the executive office of Capital One today agreeing to pay £765.42 as a full settlement of the claim. Very pleased with this result particulary as the claim included the compound contractual interest at 21.9 % . My advice to other people considering to claim cci is go for it your entitled to claim it and using vampiresses spreadsheet 13 made the whole process relatively stressless. Thanks to everyone on here for their assistance, help, and advice throughout this claim a donation to this forum willl definately follow. :grin: :grin: :grin: :grin: :grin: :grin:

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Congratulations Neathboy!

Good for you for sticking to your guns!

Well deserved.

Just one quick question, did you fit all the POC on MCOL?

Im just completing my N1 ready to post to court tomorrow.

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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Thanks Redsonja i'm chuffed with that result . I did all the claim on the MCOL eveything was included kept it all quite basic and it worked well without any problems. I initially had the expected response from Capital One indicating that they intended to defend the claim but then paid up in full within a mater of 2 weeks or so. Stick with it and good luck with your claim GO GET EM :grin: :grin:

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neathboy, what a great result, hope mine goes as well as that, am also doing N1 Monday (hopefully) but mine includes default as well, so will probably take a bit longer. Gives us all hope when another succesful claim comes in.

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HAPPY DAYS another result for the good guys. Received a letter from a Graham Daley from the executive office of Capital One today agreeing to pay £765.42 as a full settlement of the claim. Very pleased with this result particulary as the claim included the compound contractual interest at 21.9 % . My advice to other people considering to claim cci is go for it your entitled to claim it and using vampiresses spreadsheet 13 made the whole process relatively stressless. Thanks to everyone on here for their assistance, help, and advice throughout this claim a donation to this forum willl definately follow.

 

Nice one neathboy result. Your :lol:

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Doo ,

stick with it your nearly there once they get the county court notice that your claiming against them they will pay up despite telling you all along that they are right and you are wrong. When it comes to face the music time they will cave in because they know they have been wrong all along. Good luck with your claim.

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thanks for that neathboy2, there have been a few negative comments lately on claiming CCI, but like you am giving it a try - always good to hear a successful claim.

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No problem DOO

we all need that little bit of reassurrance especially when we're embarking on something that is a little unfamiliar to us. Keep on going you will get the result. -- Go get em :cool:

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congratulations Neathboy

 

Enjoy the money

"Banks are people that will lend you an umbrella when it's sunny, but demand it back the minute it starts raining"

 

Brad v Halifax

22/08/06 - Preliminary Letter sent requesting full repayment of charges

06/09/06 - LBA sent to bank

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Hi all, ive just calculated all of my charges the and total is £400 dating back 3 years, ive done a spreadsheet for compound charges at 21.9% and the charges total £309.75 making a grand total of £709 75 is this right or am i doing something wrong.

 

 

Advice would be grateful

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sounds ok to me. Probably best to start your own thread though and maybe post a few lines from the spready on there and we can check it for you.

If you PM me a link to your thread I will have a look for you

Morgan Stanley

**Won 31.01.07 with CCI**

Capital One

**Won 19.04.07 with CCI**

Halifax current & Joint

Verbal S.A.R 11.01.07, stats recd 18.01.07

Halifax Visa prelim sent 26.01.07. Reply 31.01.07 Filed N1 on 20.03.07 - Judgement granted, sent in the bailiffs

GE Capital

Frazercard Prelim sent with CCI 27.01.07

Burtons Prelim sent with CCI 22.01.07

 

RBOS Visa S.A.R sent 12.01.07

Partners JJB card (Creation) *Won* with part interest - 15.02.07

 

 

Partners LLOYDS Account S.A.R 13.12.06 - stats recd 30.01.07. Prelim sent with CCI 01.02.07

 

Partners BOS Mastercard Offered all charges except £12. Refused. N1 filed 20.03.07 - Judgement granted, sent in the bailiffs

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