Spreadsheet with interest

[thewifeandI]

That doesn't look right - are you sure they've charged you a flat rate of £12.50 every month regardless of the balance on the account? That looks more like a service charge or insurance or something other than interest anyway.

[curtlyb]

I've had about a 14 charges over a period of 5 years adding upto £284, the image is a screenshoot of a period where 2 of these charges were applied (£25 & £12.50 both for late payment), as you can see the interest i'm entitled to in the far right 'yellow' column has suddenly gone awol from calculating interest at a few pence to £12.50, thats where my problem lies and is corrupting all the figures because i know i'm not entitled to over £100 in charge interest ????

[Strikeback]

I am filling in the advanced excel spreadsheet with 5, £30 claims over 7 months. I am supposed to be asking for over £20 in interest. To me that seems a little bit high.

Curiously, my last entry I make is with a severley reduced overdraught figure to those previously entered,under the "ACCOUNT BALANCE AT INTEREST DATE" but this has the effect of boosting the interest to be reclaimed.

When I entered an artificially high overdrawn balance, just to see what happens, I expected a high figure in interest because I was still O/D by a high amount, but this was not the case. You seem to be able to generate more interest by being less overdrawn. Am I making myself clear?

It seems to be working back to front!

What interest rate does the S/Sheet use to reach this figure. I'm guessing my O/D rate is around 15% (HSBC).

 

Kind regards,

Strikeback.

[lucid]

I am filling in the advanced excel spreadsheet with 5, £30 claims over 7 months. I am supposed to be asking for over £20 in interest. To me that seems a little bit high.

Curiously, my last entry I make is with a severley reduced overdraught figure to those previously entered,under the "ACCOUNT BALANCE AT INTEREST DATE" but this has the effect of boosting the interest to be reclaimed.

When I entered an artificially high overdrawn balance, just to see what happens, I expected a high figure in interest because I was still O/D by a high amount, but this was not the case. You seem to be able to generate more interest by being less overdrawn. Am I making myself clear?

It seems to be working back to front!

What interest rate does the S/Sheet use to reach this figure. I'm guessing my O/D rate is around 15% (HSBC).

 

Kind regards,

Strikeback.

Yes that is because if you have a large OD, a smaller percentage of the interest you are paying is due to charges - you are paying the majority of the interest on genuine OD. This also explains the jump you saw when you paid off a load of your OD - more of the interest you were charged was owed on charges as there was less 'genuine' interest owed to the bank. It gets to the stage where your OD is made up entirely of charges, and 100% of the interest you pay can be claimed back.

[curtlyb]

think i've messed up with the 'charges liable to interest' column, when my CC balance went to zero there should have been no charges liable for interest as the whole thing was paid off, this will stay like this until there's another charge...... time to go and re-enter the spreadsheet

[Roy Bonner]

Vampiress,

Hello, first, let me say thanks for posting the spreadsheets, they are extremely helpful. I downloaded the Scotland advanced for excel, (I actually use open Office, but it opens and works fine), and I started filling in data. At line 41 however, it stopped calculating. So I un-hid the hidden columns and copied and pasted special, (formulas, formatting etc.) down to line 770 which I gathered from the notes, was where you had formatted it to. After which, each line was seen to do something though the interest was not incrementing as I thought it should. Then I noticed that the totals at the top were static, on checking the formulae, I found they were not looking past row 41, so I changed them to 770 and the problem seemed solved. However, on the last, interest page, it only went to line 44, so a copy/paste seemed to solve that, but I checked also the subtotals which also only went to 44, but though changed to the new 770, the subtotals and totals refuse to update. Am I missing something, or did I get a corrupt or modified copy of the sheet? Any thoughts would be appreciated

[Etallents]

HELP!

 

I'm just filling in the Moneyclaim form to issue court action against HSBC.

 

I am getting myself very confused regarding the calculation spreasheets and the two types of interest to claim.

 

I think I have grasped the concept, but need some confirmation... please can you confirm if the following interpretation is correct??

 

The BASIC spreadsheet is for those who only want to claim the charges, and NOT the interest charged on them by the bank (in respect of being charged more interest on a debt has been inflated by the charges).

 

The ADVANCED spreadsheet is for those wishing to claim for both the charges AND the interest charged on them.

 

BOTH spreadsheets calculate the 8% interest that can be claimed ONLY when proceeding to court.

 

Thanks in anticipation...

[Mindzai]

Yes that's correct. You should really be using the advanced one if you can as you are entitled to the interest incurred by charges, but you need slightly more information (ie your account balance and interest charged) in order for it to work.

[thfctimmo]

do you have to do a spread sheet for the small claims or can you say " proof of costs are availabe on request"

 

please give me your opinion?

 

regards

thfctimmo

[bandonbhoy]

The court can see the spreadsheet with dates and charges and that will coincide with statements.Assume that sheriff/judge requires dotd crossd and t's dotted!!

[Michael Browne]

can you say " proof of costs are availabe on request"

 

 

You've forgotten to add 'please enclose a SAE'!!!!!

[bram stoker]

New Google spreadsheets in the library folks, and more to follow. Plenty of spreadsheet fun to be had.

 

Vamp. x

[nutgatherer]

hi folks, have just completed and submitted my moneyclaim form against barclays and thought i got it right but after having another look at their FAQ got a bit confused:

 

have added figure of 8% interest on charges etc. but in particulars of claim it asks for daily rate from issue to date to judgement. Now, after reading notes on this site and through moneyclaim i simply divided 8 by 365 to obtain a daily rate, is this correct? or is it the total interest figure multiplied by 8 and then divided by 365?

 

wasn't so sure...can anyone help?

[barracad]

To work out the daily rate of interest, take your claim amount, excluding costs and interest, and multiply by 0.00022

[Mindzai]

New Google spreadsheets in the library folks, and more to follow. Plenty of spreadsheet fun to be had.

 

Vamp. x

 

I havent checked them out properly, but I notice they say they are for use with contractual and s69 interest? Have you included a tab for each? Because I'm not sure how they can calculate s69 (simple) interest AND contractual (compound) interest otherwise?

 

Personally I wouldn't claim 'contractual' interest when you are not calculating in the way the contract specifies. to me, that's not 'contractual' interest as it's not in the contract. I know BF has said that you will not be penalised for underestimating your claim (although I'd personally rather get it as accurate as possible), but even given that, if you're going through the hassle of claiming contractual interest, why not compound it as you are entitled to do. the differenc ein some cases is a considerable sum.

 

Thanks

[bram stoker]

Mindzai,

 

My plan is to do an awful lot more speadsheets. The ones posted are the ones I've done so far. There are only so many hours in a day, please see my profile. I have recently been unable to help around here and only logged in again a couple of days ago, due to personal issues.

 

I plan to use the Google spreadsheets in future and will be abandoning the others once these are running well.

 

Please don't assume I'm over-looking compound interest. Keep an eye on the library for changes.

 

If in the meantime you want to put something into a google spreadsheet and share it with [email protected], please feel free to do so. Now I'm back I will be able to take a look.

 

Thank you for your input.

Vamp.

[Mindzai]

Hi Vamp,

 

I don't assume you're overlooking it, I'm just concerned that the simple interest sheet already available says it can be used for contractual interest, and I'd question that for the reasons outlined in my previous post.

 

I haven't done a google sheet, but I did the one in my sig in Excel that calculates compound interest, if you want to convert some or all of that to a google sheet feel free.

 

Good work with the spreadsheeting

 

Mindzai

[clint1974]

I am trying to use the excel spreadsheet detailed list but when i input the first date it changes it to american format. All further dates are fine 13/05/2005 is the date i am entering and it changes it to 5/13/2005? have checked date format and its uk all other dates go into it fine. Have even tried doing another one.

[Mindzai]

right click the offending cell > Format Cells, under the 'Number' tab, select date, then choose the UK format from the list on the right (usually the first one but may not be).

[bram stoker]

All Google spreadsheets only work in an American format unfortunately. The advantages are that they are great for sharing around the whole wide world. Google Spreadsheets Help Center - Which time formats and currencies do you support?

[bram stoker]

New spreadsheets are in the library.

[MissMorningStar]

Thanks Vamps for the spreadsheets. I'm a little confused which one I should use though. I didnt bother claiming interest with my prelim letter or LBA stage as I was really confused about interest made on unlawful charges.

 

I'm about to file my claim on fri and so I'm getting my claim ready and sorting out the interest I can claim, however I'm confused whether I should use 'with contractual rate' or 'with compounded contractual rate'?

 

Any help would be apprciated.

[bram stoker]

You are entitled to the statutory 8% without question.

You cannot compound this.

 

There is an arguement that the contract with the bank means you can claim the contractual rate that they have been charging you.

If you claim contractual rate you can compound the interest if you wish.

 

I hope this helps.

[MissMorningStar]

Think I've worked it out...

 

I'm to use the normal statutory rate 8% which I'm entitled to.

 

The others were if you are going down the route of charging the banks a higher rate of interest equivelent to whatever they've been charging you right?

[MissMorningStar]

Thanks Vamps.

 

I did eventually worked it out.

 

Far too bold a choice for me and I'll stick with my 8% and be more than happy