Spreadsheet with interest

[Sk1ntBint]

Oh dear - it seems as though I have completely misunderstood... Looks like the spreadsheet I have then is useless.

 

Not idea what you mean here lol :

A column for the portion of monthly (overdraft or credit card) interest which was actually charged by the bank on those charges, each month.

 

Ok looks like I have to use Mindzai's sheet? Or what is Vamp up to?

[bill-k]

Spready guide:

http://www.consumeractiongroup.co.uk/forum/post-50088.html

Just an announcement from Batty Bill here. Vampiress has announced that her Google Chambers will be closed for a while, as they are undergoing a "Re-Vamp"

Mindzai's spreadsheet will not be affected by this, and should still be available here:

 

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

Excel versions of Vamp's Recommended #5 and #16 spreadies here:

 

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

[JustJon]

No. If they refuse to pay the interest but offer you all of your charges back before you have filed a claim, you have to take the money.

 

But this is only for statutory right? If your claiming contractual (and interest they've charged you) you don't have to take the money until they offer you the lot, yeah?

 

If you refused full settlement because they didn't include something which you have no basis to claim, a Judge would not be at all impressed and the bank could easily argue that you are a vexatious litigant.

 

This is the bit I think is strange. While I'm absolutely sure your right, it just seems weird that if you claim the interest you are entitled to, call it "Statutory" and refuse payment, your case would fail, yet if you claim the interest you are entitled to and call it "Contractual" it wouldn't, even if both rates are the same. It seems to me your actually being more lenient to the bank, yet your penalised for it. Anyway I'm rambling now...

 

Because statutory is automatically applicable and not arguable. Contractual interest is more risky in that a bank can challenge it.

 

When you say more risky, have there been cases which have failed because of claiming contractual? If so how did the fail? Did they result in the whole case being thrown out or was statutory awarded instead?

 

As a side note Mindzai, I would like to use your spreadsheet if thats O.K, but I have a couple of questions. Is it better to PM you or post them in this thread?

 

Thanks.

[JustJon]

The less we claim, the more likely we are to get it without too much of a fight - and this is why many people will only claim 8% statutory, I believe...

 

...Another reasom why people only claim statutory is because they believe contractual is just too complicated. It is not, and is as simple to claim as statutory. Trouble is - the arguments and reasoning for and against it make it seem so complicated, methinks !!!

 

So is your advice to go for everything you're entitled to? (i.e. Contractual at the excess OD rate?) or is that just pushing your luck. If you're not successful what are the possible outcomes? Could you get nothing?

 

 

Thanks.

[Mindzai]

This is the bit I think is strange. While I'm absolutely sure your right, it just seems weird that if you claim the interest you are entitled to, call it "Statutory" and refuse payment, your case would fail, yet if you claim the interest you are entitled to and call it "Contractual" it wouldn't, even if both rates are the same. It seems to me your actually being more lenient to the bank, yet your penalised for it. Anyway I'm rambling now...

 

But you are not "entitled" to statutory interest until you have filed a claim, so you don't have the option of refusing an offer without it unless you have already filed the claim. That is why I personally feel that contractual interest is a fairer way to do things.

 

When you say more risky, have there been cases which have failed because of claiming contractual? If so how did the fail? Did they result in the whole case being thrown out or was statutory awarded instead?

 

I'm not aware of any cases that have failed due to claiming contractual interest. As far as i know (an i'm no expert), the worst case scenario would be that a judge would simply award the statutory 8% simple (assuming you included it in your claim in the alternative)

 

As a side note Mindzai, I would like to use your spreadsheet if thats O.K, but I have a couple of questions. Is it better to PM you or post them in this thread?

 

You can either PM me or post here.

[bill-k]

So is your advice to go for everything you're entitled to? (i.e. Contractual at the excess OD rate?) or is that just pushing your luck. If you're not successful what are the possible outcomes? Could you get nothing?

Thanks.

As Mindzai has said, claim alternatives, and you have a safety net. I'm not aware of any contractual claims being lost.

 

To my thinking, it is best to claim the maximum one believes one is entitled to from the outset. There is generally a bit of haggling goes on after that, during which time either side can make an offer and accept or refuse. If you start with the max, then the bank will negotiate downwards, but if you start with less than the max, the bank will still negotiate downwards !! I say don't sell yourself short.

 

It is possible that one arrangement you might both agree to is for the bank to pay you all your charges plus 8% simple interest. You could accept this, and you would then have accepted an offer equivalent to one awarded just statutory interest.

 

Up until now, the court has had nothing to do with your claim. It is only when/if you submit the claim to court that you have to be so careful about what it is exactly that you're claiming.

 

JMHO of course !!

[ladybird17]

I posted a few times on this thread yesterday, and some of you have been nice enough to offer your help (thanks!!)- I probably didn't explain myself too well - so here goes again. I understand what compound, contractual interest is. I understand what I should be entering onto the spreadsheet, I even worked out for myself where I need to enter the monthly rate so that the spreadsheet does the calculation. It's the actual process of making the spreadsheet work that is causing me problems. I had to have loads of attempts to even download or open a spreadsheet. I managed to do that and copied to Excel. Today, I opened it again to try & make a start - when I went on to the daily rate page to enter the interest rate, it told me I couldn't as it was protected. I thought I had unprotected it - but hey - my memory isn't that reliable, so I went to unprotect it & hey presto "unprotect" is greyed out and I only have the option to protect - which, apparently it already is. So this is the type of thing that is making me reach for the vino so early in the evening! And hope that this type of information is what this thread is about.

[Mindzai]

Which spreadsheet are you referring to?

[ladybird17]

I'm afraid I can't tell you where or who it originated from (but from CAG site), as I was trying over the course of 3 days to get something - but it's headed: CompoundSheet_v1.9.xls

[Mindzai]

Ok that's the one I made. If you refer to the Notes tab it tells you exactly how it works. You dont need to unprotect anything, just enter your interest rate and other info on the Notes tab, and your charges and interest on the charges & interest tab. It will do the rest for you.

 

If you get no luck drop me PM or post here as I dont want to hijack this thread.

[ladybird17]

Thanks so much - I'm sorry I've not got a great deal of experience with spreadsheets, so I need the idiot's guide! I am now planning on making a jolly yummy Green Thai Curry - continuing to demolish the wine box, and forgetting about all my troubles and woes until tomorrow! Thanks all you guys on here who are SO patient and completely NON-PATRONISING!!!

[tamadus]

The 85 statutory interest cannot be claimed prior to issuing a court claim for the simple reason is that its allowed through sec 69 of the County Courts Act and is totally at the discretion of the Judge.

 

Therefore it doesnt evn come into the equation untill the court claim is made.

[EndOfMyTether]

I've got my statements from the bank and am entering the charges on the 'simple' spreadsheet but have confused myself over which dates to enter - should it be the date that the charge was incurred or the date the money was taken from my account?

 

The reason I ask is that my charges are all listed on separate pages of the statements that say on them '£XXX will be debited from your account 28 days following the date of this statement.'

 

So, the money wasn't actually taken from me on the date the charges were incurred I would think that the interest charged on them would have been applied from when they were incurred...

[JustJon]

Thanks for your answers guys.

EOMT: I presume you put the date the money was actually taken, as this is when any interest would kick in, but you better confirm it with someone more knowledgeable.

[EndOfMyTether]

That's what I initially thought but as I was filling in the spreadsheet it occurred to me that they notify you of the charges in advance of actually taking the money for them but that the interest they would charge on them might just be applied from the date the charge happened not when they actually took the payment.

 

I may not have worded that right - does it make sense anywhere outside my head?

[JustJon]

No I don't think it does. They would only charge you debit interest on a particular amount when that amount is no longer in your account. They can't charge you interest on something while its still in your account. After all, they're not charging you interest on "the charge", they're charging it on the overdrawn balance.

 

Just MHO so you may want to confirm it.

[chezt]

I've got my statements from the bank and am entering the charges on the 'simple' spreadsheet but have confused myself over which dates to enter - should it be the date that the charge was incurred or the date the money was taken from my account?

 

The reason I ask is that my charges are all listed on separate pages of the statements that say on them '£XXX will be debited from your account 28 days following the date of this statement.'

 

So, the money wasn't actually taken from me on the date the charges were incurred I would think that the interest charged on them would have been applied from when they were incurred...

 

Hi there ... if this is for a bank account and you are talking about the list of charges column (charge date) then it is the date the charge amount was taken from your account ... if it's the interest column (interest date) then its the last date of the charging period which they use to calculate the interest ... hope this makes sense?

[redsonja]

Hi folks,

Just wanted to check something with Vamps spreadsheets for credit cards (advanced). I fill in the penalties and balance and interest etc etc. Am I supposed to put all the consecutives months of interest that I have been charged up to present date?

 

So I will have lines with the charges but I would also have mountains of lines with just the interest on? (e.g. 5 lines worth of charges but then about 60 lines worth of just interest?)

 

I ask this as I have read a thread that looks like I should be doing this but I have only been putting the dates of the charges in with the interest charged on that statement. Have I been doing it wrong?

[Mindzai]

Yes you should add every interest charge starting from the month of your first charge, regardless of wether you were charged in a month or not.

[redsonja]

bummer! Good job only one has settled so far then! :o

Thanks Mindzai

[chezt]

Hey hang on! I've done that on my bank account sheet but not on the credit cards sheet as it isn't treat as two separate columns of info as it is on the bank account spready!

 

Plllleeeeeaassseee DON'T tell me this is wrong .....

[redsonja]

Hi again Mindzai. The spreadsheet wont seem to allow me to just enter the interest charged as the int on int box goes haywire on Vamps. I know your bank one is straight forward enough to do that on but the same doesnt seem to apply with Vamps.

Have you done a S/S for credit cards yet?

Any other ideas with Vamps?

[redsonja]

lol Chezt, I think we are both worried now. I havent filled any bank ones in yet just credit cards and have never put just interest charges down on no.16. Can someone please clarify for us!

[chezt]

Hi again Mindzai. The spreadsheet wont seem to allow me to just enter the interest charged as the int on int box goes haywire on Vamps. I know your bank one is straight forward enough to do that on but the same doesnt seem to apply with Vamps.

Have you done a S/S for credit cards yet?

Any other ideas with Vamps?

 

I'm not 100% but I don't think you can do this with the credit card spreadies ... I think it's just bank accounts where you add lines each month for interest only ... I'm sure the way the credit card sheets work it accounts for the interest on the months where there are no charges anyway .... Hang on for more comments but I'm sure (I think! ) that's right

[redsonja]

I hope you're right Chezt cos I have sent all my prelims that way but LBAs are due to go out and I want to make sure they are right. Just when I thought I had it straight in my head, another thread leads me to think differently!