Spreadsheet with interest

[bram stoker]

Sorry, I wans't very clear. It is'nt calcluating the intrest on the overdrught. It calcluates the 8% intrest okay. Is there a spraedsheet that calcluates overdraught intrest for Open Ofice? Thanks.

Sorry, unless someone else can help, there is no advanced Open Office version yet that I'm aware of.

 

Vamp.

[susanstephens9]

I need to calcluate the intrest that the bank has chraged, and I do'nt want to claim to much in case they chalenge my claim. What can I do to calcualte what the bank has taken too much of? Can anyoen help me?

[Wheresmewallet]

Can any tell me if this spreadsheet looks okay.

 

A few questions:

 

1. Why does the Interest Charged and Interest on Penalties sometime differ?

 

28/03/2002 4.92 -486.87 0.39

Different

 

and

 

31/07/2003 7.01 -678.97 7.01

The Same

 

2. Does it matter where the Penalties on Interest remains blank when our account is not entering the overdraft for that month or no interest has been applied - sometimes even if we are in our overdraft?

3. My arranged overdraft is £450. Should I only be claiming Interest on the months when the balance goes over £450 Overdrawn or the whole lot as it varies between -£38.25 OD and £678.97 OD ??

Thanks

[thewifeandI]

1. As time goes by the proportion of the overdraft that is due to charges increases, therefore the proportion of the interest gradually gets to 100% (when the whole OD balance is due to accumulated charges.

 

2. It's because you are showing a positive balance. I use the lowest balance (max overdraft) for the month to give a more realistic result.

 

Are you sure about all the red entries on the left? £11.20 is an odd amount for charges!

[Wheresmewallet]

Thanks for the reply thewifeandi

 

1. As time goes by the proportion of the overdraft that is due to charges increases, therefore the proportion of the interest gradually gets to 100% (when the whole OD balance is due to accumulated charges

 

Got it now. Thanks

 

2. It's because you are showing a positive balance. I use the lowest balance (max overdraft) for the month to give a more realistic result.

 

So should I put my overdraft max of £450 in these dates then instead of months where it shows +446.78, + 574.66 etc??

 

-------------------------------------------------

The A/C ******** in red are apparently something to do with natwests advantage gold account. These are claimable according to natweststaffmember ( £14, £20 & £28 )The pattern how they were charged to our account are shown here.

 

31st Jan 03 ...£5.48

28th Feb 03 ...£6.00

31st Mar 03 ...£6.00

30th Apr 03 ...£11.20

30th Apr 03 ...£1.20

15th May 03 ...£6.00 REFUNDED (Yes they refunded us this for some reason)

31st July 03 ...£14.00

30th Jan 04 ...£20.00

27th Feb 04 ...£20.00

31st May 05 ...£28.00

30th Sept 05 ...£28.00

 

The £11.20 is one that i'm unsure about as well. Thats why i'm claiming it:D . No seriously. The same day the £11.20 appeared as Charges A/C ******** on my account (30/04/03) Charges A/C******** £1.20 also showed up. Strange one:confused: . Why two in the same day???

 

Advantage Gold cost £6 per month before we cancelled it (Even though we told them we didn't want it in the first place) The first three are part monthly payment £5.48 and two full payments of £6.00 - though one was refunded. after the refund we no longer had a Advantage Gold account so god knows were the others have come from.

 

Question about the amounts in the Account Balance At Interest Date column.

- The amounts entered here are the lowest balance the PREVIOUS month as this is where the interest is charged from, so Interest date 28/03/2002, -486.87 is actually the lowest balance from the period 01/02/2002 - 28/02/2002 on the statement. Is this the correct way to input the figures?

 

- Can anyone clear this up for me. Should I only be claiming Interest on the months when the balance goes over £450 Overdrawn or the whole lot as it varies between -£38.25 OD and £678.97 OD ??

 

 

Overall interest on penalties seem low though

 

Thanks again

[Momystique]

Hi everyone

 

I'm due to take the bank to court, if I don't have my full offer on the mat before 25/08/2006. I am preparing myself, so to speak. I have sent the bank a statement of charges that range from March 2002 to the present day along with my PL and LBA.

 

I have had a look at the simple English spreadsheet for calculating the 8% interest. Just so I'm absolutly sure that I'm doing the right thing......... am I putting the bank charges and dates they were taken from my account on the spreadsheet to calculate the 8% interest per year I could have received if the money had been put in a savings account?

 

I do have a slight amount of interest credited/debited on my account statements. I think this interest is the amount they pay if you keep money in your current account.

 

thanks for any advice on this

[tamadus]

Did you use the spreadsheet to total your charges and the interest you have paid on them?

 

The 8% is what is allowed by the courts and if you have correctly used the first page of the sheet it should give 2 totals on the 8% page, one for the 8% on the charges and another for the 8% on the interest the charges accrued. When you make your claim on MCOL you can check a box to say you want to add thsi 8% onto the total and continue adding it at a daily rate of 0.022% per day from the date you file to the date of payment.

[matd]

Be gentle with me - I have a few questions (!). I've read the spreadsheet instructions several times over and read through this thread three times, so I hope that I'm not retreading old ground. Apologies if I have, but I just want to clarify (have problems with numbers, and I can't even tell left from right, so I've had a bit of a struggle:D)

 

1) I'm with Barclays Bank and they calculate the interest for the month and charge it the next. For example I have 18th May to 15th June's interest charged as 2.03%, but that is taken from my account on 10th July. So whenever I see an interest charge on my account, I go back one month to find the largest amount I was overdrawn by. This is correct?

(I only know this for my latest statements; historic statements (microfiche copies) they sent me for the period from 2000 to 2005 just list the interest not the details, but I should just assume that the way they are charging for the previous period has always been the case.)

 

2) I only have two charges prior to June 2003, in April and September 2000 (@ £20 a time). Should I still enter the interest charged for the period between September 2000 and June 2003, even though no charges were levied? I was still overdrawn.

 

3) What do I put down for the "end date...of the period covered in the claim". Is it today's date, the date of the last bank charge made on my account or the date that the last overdraft interest was debited from the account (I was overdraft free sometime last year)?

 

4) Same with the start date - though I guess this is the date of the first charge coming out.

 

5) I enter every single bit of interest that has been taken from my account, starting from the period in which the first bank charge was made. But when do I stop? My last bank charge was made 30th January 2004, so as my interest is charged in arrears, I put down the interest charged for the period 15th January to 15th February which would have come out of my account on 15th March or thereabouts.

a - Do I stop there on the 15th March 2004, even though I was still living in my overdraft for the next 18 months or

b - do I keep entering the overdraft interest until I'm finally overdraft-free (sometime in 2005), even though I incurred no further charges after 30/1/04?

 

6) If for some months overdraft interest is not charged (i.e. I'm in credit), I don't have to enter that month do I? Or do I enter a positive balance for the sake of completeness (the interest will calculate as 0)?

 

7) My overdraft had a variable rate:

 

From March 2002 (the earliest I have an original full-detail statement for):

up to £250 was free (which I enter in column J)

from £250 to £950 it was 0.79%

over £950 was 2.05%.

 

From September 2003

up to £250 was free (which I enter in column J)

from £250 to £1200 it was 0.79%

over £1200 was 2.05%.

 

Prior to March 2002 I have no idea what the interest free terms were - what would be the best thing to do?

Will this affect the calculation at all?

 

8) How do I work out the estimate of previous charges? It's a pain because I know that I was getting charged left right and centre around 1998/2000 but I have no statements for this period. I just know what my starting balance on the first statement of 2000 was.

 

9) (Daft question) On the first sheet of the excel workbook it says enter the start date and end date in words. Does it mean "FIRST OF AUGUST TWO THOUSAND AND ONE" or just simply "1st AUGUST 2002"?

 

Many thanks to all the contributors of this thread and especially Vampiress for the spreadsheets!

[thewifeandI]

1. Yes.

2. Yes, as the charges were part of the overdraft amount. The proportion will reduce during that time, but that's OK.

3.The end date is the date you file your court papers.

4. Yes.

5. Input the interest from the first charge date up to the present. The charges are still part of the overdraft on your account and are causing at least part of the interest you are still being charged.

6. Miss out months where there's no interest charged (or just put zero). Don't leave any gaps in the list though.

7. The rate isn't used - it just proportions the actual interest charged between the 'normal' overdraft and the charges. Still enter your interest free figure as usual.

8. I estimated my first two years as I didn't have the statements. I was paying about £5 per month on average back then, so I calculated the number of months missing at £5.

9. I'd expect it to mean the first option.

 

Thanks for doing as much research as you could before asking your questions! It really does help us to help you.

[NitrousOxide]

1. As time goes by the proportion of the overdraft that is due to charges increases, therefore the proportion of the interest gradually gets to 100% (when the whole OD balance is due to accumulated charges.

 

2. It's because you are showing a positive balance. I use the lowest balance (max overdraft) for the month to give a more realistic result.

 

Are you sure about all the red entries on the left? £11.20 is an odd amount for charges!

So:

£200 overdraft and account has £100 positive in it. You have £300 to spend in your account (because of O/D) but you should only enter £100?

[sixx]

Great answers, cleared alot up for me too. Thank you

[Momystique]

Did you use the spreadsheet to total your charges and the interest you have paid on them?

 

The 8% is what is allowed by the courts and if you have correctly used the first page of the sheet it should give 2 totals on the 8% page, one for the 8% on the charges and another for the 8% on the interest the charges accrued. When you make your claim on MCOL you can check a box to say you want to add thsi 8% onto the total and continue adding it at a daily rate of 0.022% per day from the date you file to the date of payment.

 

Hi

to be honest I'm really confused. I don't think I paid interest for going overdrawn. I would only been overdrawn for a matter of days in any one week when charges were being applied to my account. Bacs payments have always gone into the account every Friday. Sometimes I've been charged because unluckily for me a direct debit or two or three was due to go out of the account on a Thursday and payments into the account didn't happen until the Friday. When this happened I had to leave money in the account for the following Thursday to pay the charges.

 

Am I able to charge them 8% interest per year per charge?

 

I think that is what I've used the spreadsheet to calculate.

 

It works out to £373.86 on charges of £1982.00. Does this sound about right?

 

thanks again for your help

[matd]

Thanks for doing as much research as you could before asking your questions! It really does help us to help you.

 

Thank you Jeep (WifeandI) for your help, I've followed your posts over this board and I and a lot of people are grateful for your contributions and help!

I'm sure I'll have a few more questions when I start to enter the data, I'm at highlighter pen stage this evening! Hopefully your answers helped others out too.

 

Bit of a tall order, but would anyone be willing to cast their eyes over my completed spreadsheet when it's finished, just to make sure there are no glaring errors?

[thewifeandI]

So:

£200 overdraft and account has £100 positive in it. You have £300 to spend in your account (because of O/D) but you should only enter £100?

If your account has a positive balance, that's the amount you enter - you only get charged interest when you are overdrawn (normally).

[thewifeandI]

Hi

to be honest I'm really confused. I don't think I paid interest for going overdrawn. I would only been overdrawn for a matter of days in any one week when charges were being applied to my account. Bacs payments have always gone into the account every Friday. Sometimes I've been charged because unluckily for me a direct debit or two or three was due to go out of the account on a Thursday and payments into the account didn't happen until the Friday. When this happened I had to leave money in the account for the following Thursday to pay the charges.

 

Am I able to charge them 8% interest per year per charge?

 

I think that is what I've used the spreadsheet to calculate.

 

It works out to £373.86 on charges of £1982.00. Does this sound about right?

 

thanks again for your help

If you weren't charged interest for being overdrawn, you can't claim back interest on charges. When you raise your court papers you can at that stage add in the 8% s69 interest. The amount it comes to will vary depending how the charges were applied, the more charges earlier on, the higher the interest will be - if they're mainly near the end the interest will be lower. Without seeing the spreadsheet it's impossible to tell if your figure is right or wrong.

[Wheresmewallet]

I have filled in the advanced spreadsheet.

 

Can I send it to anyone who can check it for me to see if it is filled in correctly.

 

Reading through all the messages / threads on here, and following all the tips from all you guys. It hopefully has helped me fill the spreadsheet in okay

 

Thanks to the volunteers on here as well. Excellent job

 

Thanks

 

[Momystique]

If you weren't charged interest for being overdrawn, you can't claim back interest on charges. When you raise your court papers you can at that stage add in the 8% s69 interest. The amount it comes to will vary depending how the charges were applied, the more charges earlier on, the higher the interest will be - if they're mainly near the end the interest will be lower. Without seeing the spreadsheet it's impossible to tell if your figure is right or wrong.

 

Thanks The wife and I

 

Could I possibly send my spreadsheet for you to look at? I tried to add it to this thread but it didn't stay in the table format.

 

Thanks again

[thewifeandI]

You can only show it here (readably) by taking a screenshot and linking the image in your posting. I don't have a suitable email address at the moment for sending it to, but I'm working on it.

[andrew1]

Credit Card Complex Spreadsheets - England version. Contractual rate.

 

Statement dates every month covering 3 yrs. Not every month has charges so:

Column B every month entered.

Col C detail - many Nil charges so no detail

Col D charges in line with month charged so many gaps

Col E - Accumilated charges

Col G - every interest amount charged throughout the year for each month

charges or no charges

Col H - Statement bal

Col I - Amount I paid each month or not whichever the case was.

The rest works itself out.

 

 

My Question: 1st penalties charged 29/8/00 £18 27/9/00 £18 then no Penalties for 1 yr Penalties frequent thereafter total charges £295 until 26/11/02

 

If on the spreadsheet I omit the gaps on columns BCD and just put the charges and dates one line after the other the interest is another £1000 to date above the interest on the spreadsheet where I have left each month on one line after the other. ( does that make sense?)

 

I seem to recall reading that there should be no gaps, Theres none on the Right hand side but only on BCD columns, but £1400 interest albeit at 22.476% on £295 sounds an awful lot. Which method should I be using?

 

Am I going crazy?

[thewifeandI]

No need to put in zero entries on the left side, as the dates on the right do not have to align with the dates on the left. Bear in mind that the interest at CC rates over 4-6 years is going to build up fairly quickly though!

[andrew1]

would you be able to take a look at both spreadsheets for me and see the difference? There's no dates on the Right hand sidce on the complex credit card spreadsheet though. That's what confused me a bit.

[thewifeandI]

Sorry about that - I mainly deal with the bank account sheet. I'll download a copy and have a quick look before giving any more advice!

[thewifeandI]

OK - You do need to enter one line per month regardless of charges, so where there are no charges enter zero on the left with the usual payment and interest info on the right.

[andrew1]

Thanks Jeep, I thought I had a holiday coming on !!!

[Wheresmewallet]

Here is my (hopefully) completed spreadsheet. Could anyone please check it for me:)

 

- The months in which no interest was charged have not been included.

 

Some details about the account:

 

1. £450 agreed overdraft

2. 29.5% APR Interest rate on unauthorised borrowing over £450

 

The A/C ******** in red are apparently something to do with natwests advantage gold account. These are claimable according to natweststaffmember ( £14, £20 & £28 )

 

The £11.20 is a strange one...but i've put it down as it looks like a charge of some type:confused:

 

Oh damn. I've just noticed the last reply. If interest is taken out twice in one day. Do i have to add them together such as 30/04/2003 where there are two going out £5.00 and £1.20 = £6.20

 

Is there anything else I can claim for apart from the penalty charges (£1015.20) and Interest on penalties (£130.07)??