Spreadsheet with interest

[thewifeandI]

The best way to do this depends on the bank you are with. In general use the lowest balance (max overdrawn) for the period between the interest you are entering into the spreadsheet and the date of the one before it. This is important if there is a postive balance on the day the interest comes out, otherwise you wouldn't get any interest back that month, even though you had been overdrawn during the month.

 

Halifax sometimes precalculate the interest in one month and charge in the following one, so you have to go back a month further to find the balance.

[bram stoker]

The best way to do this depends on the bank you are with. In general use the lowest balance (max overdrawn) for the period between the interest you are entering into the spreadsheet and the date of the one before it. This is important if there is a postive balance on the day the interest comes out, otherwise you wouldn't get any interest back that month, even though you had been overdrawn during the month.

 

Halifax sometimes precalculate the interest in one month and charge in the following one, so you have to go back a month further to find the balance.

This is correct. The balance is a kind of a fudge. The notes in the spreadsheet explain that it is really an estimate, and to re-itterate the notes, the arguement is stronger than the calculation.

 

I must stress to everyone to please read the notes extremely carefully to be able to understand what it is they are calculating.

 

Please understand I'm no expert and just had an idea that I put in a spreadsheet to help. It is only a template. Adapt it to your own needs and circumstances.

[andrew1]

Can I just ask those in the know ? Vampiress states in her notes on the complex credit card spreadsheet :- "Column I, AMOUNT PAID, should be the amount paid in respect of the balance, not the amount shown on the statement in respect of the previous month. Do not enter an amount larger than the total balance."

 

 

I had a couple of months where I had actually paid in more than the full outstanding balance. ie: Balance was 494.16 and I paid in £611. I therefore have to enter an amount larger than the balance.

 

In doing that I end up with minus figure of interest all way down the spreadsheet. What should I enter and if I enter a figure smaller than the balance how does it affect the rest of the interest and balance figures?

 

ie: what should I do please? :-?

[thewifeandI]

Hi Andrew - not sure of this one as I've not dealt with the CC spreadsheet yet (will being doing soon for my own claims though). I think it probably means that you only enter the amount of the balance paid off - i.e. £494.16 and ignores the 'surplus'. At least that's how I interpret it.

[Seminole]

I remember asking the same question when the model was in development. I'm pretty certain that thewifeandi's answer is correct.

[andrew1]

Cheers you guys, that makes sense and of course the wizards off on holiday isn't she - we miss her!! Where would I be without you:D

[bram stoker]

Hi Andrew,

 

After such lovely comments, how could I not resist replying. Sneakily logging in whilst on holiday, and I know I'll get shouted at, but tough.

 

You enter the lower balance of the statement, not the amount you paid. Any excess that you paid relate to, and will be encaptured in the calculations of the following month.

 

Must dash. My Dad has organised a dog show and I must attend. His 3 dogs are now trained by my daughter and my 2 cousins. Don't ask, it's hilarious.

 

Hope this clears it up for you.

 

Good luck,

Vamp. x

[andrew1]

I really am flattered Vamp - on my 300 drth post too ! good luck with the dogs - but TAKE your holiday with your family. You have worked relentlessly for so many of us I am sure you need it. I am sure I speak for everyone here. Have a good one.

[craig2016]

Hi all,

 

Am I being a complete dumbass here, I have filled in the spreadsheet for scottish claims with interest and sent off my preliminary letter now I have just noticed that on the "further interest" page it seems to be deducting the overdraft interest charges from the total.

 

Has this happenend to anyone else or is it just me, I'm sure Imust have filled it in wrong somewhere alomg the line but for the life of my i cannot see where and it's done it with all 4 i filled in!

 

LOL, just when I thought I was getting the hang of all this.

 

 

Any help would be greatly appreciated.

 

Thanks Craig

[thewifeandI]

You need to check the dates on the 8% interest page at the top, at this stage both dates should contain the formula '=TODAY()' without the quotes. Also make sure that where you have entered the balance against interest on charges that you have entered any overdrawn balance as negative.

[craig2016]

yes that's,

 

 

Thank you very much

 

 

Craig

[golfscape]

Hi all

 

Vamps many thanks for the spread sheets. I was already to send out my 6 prelim letters when i discovered contractual and compound interest!

 

Can you or anyone else help me with the following

 

If i was applying the 8% I understand that this would be excluded from my prelim letter but comments herein suggest that if im going to use the contractual rate it should be included from the outset and in the prelim.

 

Where does this leave me if the total amount including contractual interest goes over £5k at the prelim stage? Is it still the charges plus the initial interest on them which count toward the 5k small claims limit (my largest claim excluding 8% is 4.5k with 8% its 5.5k) or as the whole lot is now claimed prior to court (with contractual compound largest is now probably 6.5k) have i bust the small claim limit?

 

Can you confirm im ok compounding the contractual interest?

 

Is there an excell formula which i can build into your spread sheet to do the contractual/compound calcs for me or am i going to have to do each calc manually?

 

I will start my own thread once ive got the prelims out and let you all know how i get on.

 

Good luck everone

[pampam]

Sorry to be a pain but I have now received detailed statements from Lloyds for current account.

Do I put in the spreadsheet the balance at the time that each charge was taken or just the monthly balance?

Also do I put the overdrawn balance in for the months that have no charges on.

Thanks

Pam

PS Re halifax claim

Rang them yesterday and was told that they have 8 weeks to reply to the Prelim letters as that is the OFT ruling. Any thoughts on this?

[thewifeandI]

If you claim contractrual interest it is claimable from the start and it becomes part of your claim value, but you can't add 8% s69 interest at all. The total of the claim is used to calculate the fee AND the track in this case, whereas with 8% s69 the interest is used to calculate the fee but NOT the the track, as the 8% is discretionary.

 

To calculate the contractual interest, just change the top 8% (cell I3) on the last sheet and it will do the interest calculation for you. The total of interest on the last page will then show the total contractual interest to claim.

[thewifeandI]

Sorry to be a pain but I have now received detailed statements from Lloyds for current account.

Do I put in the spreadsheet the balance at the time that each charge was taken or just the monthly balance?

Also do I put the overdrawn balance in for the months that have no charges on.

Thanks

Pam

PS Re halifax claim

Rang them yesterday and was told that they have 8 weeks to reply to the Prelim letters as that is the OFT ruling. Any thoughts on this?

They can't tell you how long they have to respond to your letter. They write to you to say that charges will be applied in seven days (even though the banking code says 14). I'd ask them to point out what ruling this is that they are quoting so that we can look it up and dispute it.

 

When entering figures into the spreadsheet please note the following: -

1. Only enter into the turquoise areas of the 'Charges and Interest' sheet. Don't enter any charges into the 'Further Interest' sheet, they are copied in automatically.
   
2. Treat the two sides of the 'Charges and Interest' sheet as seperate lists - don't try and align the charges on the left with the interest debited on the right.
   
3. Enter the charges on the left from the first row downwards, no gaps, oldest first in date order.
   
4. Enter the interest debited on the right from the first row downwards, no gaps, oldest first in date order. Enter all interest debited, even if there weren't any charges that month.
   
5. If you need to delete anything, only delete what is in the turquoise areas.
   
6. Refer to the notes on the first sheet for more information.

[pampam]

All the interest charges are stated as O/Draft interest.

Am I right in thinking I can't claim this back?

Thnks

Pam

[pampam]

I also have found charges for O/Draft usage fees and O/excess fee does anyone know what the difference is and can I claim both charges?

[thewifeandI]

If any part of the overdraft is due to the charges having been taken from your account then at least some of the interest is due to the charges. Entering your interest into the right hand side of the sheet with the other information asked for will allow the sheet to work out the portion that is due to charges for you.

 

Overdraft excess fees are reclaimable. Not sure what the other one is - ask in your bank forum in your claim thread. If it's a service charge for the OD, then no.

[nl10]

Vampiress,

very new to spread sheets and a little confused about something - when trying to calculate my interest on right hand side of first spreadsheet I put the figures in the turqoise box and when I move to the yellow one it remains blank. am I doing something wrong?

[thewifeandI]

It depends entirely on the actual figures entered, including what's in the left side. If you keep entering the interest figures all the way down on the right side, does the interest calculation start to increase? You shouldn't have to move to the yellow box to get it to update. When you enter the balance against the interest, are you using a negative figure for overdrawn? Is you balance showing as not overdrawn on the date the interest is debited?

[nutgatherer]

hey thanks you sharp-fanged beauty - the spreadsheet is a wonderful thing!!

 

so far so good

 

one question :is cutting and pasting or even moving figures around going to affect the spreadsheet? ie. i missed a few penalties and inserted them between existing rows and the spreadsheet went a bit weird

 

haven't used excel for years so a little rusty..

 

trying to save bits and then redo bits seem to create problems also - is there a solution or am i being dumb...

 

thanks again though - mwah!

[thewifeandI]

There's two techniques - either start with a blank sheet and re-enter, or copy and paste the data up or down the required number of lines to make the gap you need, then fill in the new values where needed. Don't cut, as it screws up the forumlae, and ONLY move data in the turquiose columns, don't touch the rest, as it is calculated. If you've already cut and paste, then start again with a fresh copy of the spreadsheet.

[bram stoker]

Absolutely, WifeandI. Copy and paste turquoise only is about all you can do.

 

Sharp-fanged beauty! Lol.

[nutgatherer]

all sorted now i think - thanks for the suggestions

 

total of 1655 in penalties with 114.81 interest on penalties

 

sending it all off with letter asking for it back

 

thanks again you guys

 

nutgatherer

[Warms]

Hello,

can someone please help me?

I cannot download the spreadsheets, all I get is "page cannot displayed".

What am I doing wrong?!