Spreadsheet with interest

[bill-k]

Hi Bill,

Quick question. If i don't fill out the interest part of the spreadsheets does it matter? I know it will probably mean a lower claim but would this go against me? Its just i'm not 100% sure how to fill it in.

 

Regards,

 

Rob

You don't have to claim interest if you don't want to, but the sheet will automatically fill out the contractual or statutory interest anyway. You just need to punch in the annual rate.

Sooo i now have a Q ... On the months where there are no charges I take it a line should read like this ...

 

Transaction date (date interest was added)

Charge reason (blank as there was no charge)

Penalty charged - zero

Interest charged - interest amount on that statement

Statement balance - closing balance on that statement

Amount Paid - Monies sent that month

 

Oh the fun we have ...........

That looks right to me, Chez. FWIW, I'm only just learning about this, as I haven't claimed bank interest charged in my claims at all !!

 

RedSonja - use #16 for credit cards.

[chezt]

That looks right to me, Chez. FWIW, I'm only just learning about this, as I haven't claimed bank interest charged in my claims at all !!.

 

Bill .... I've took a copy of my Abbey C/card spready & entered the missing lines for months where there were no charges but interest only .... it's made an overall difference of £340.04 extra!!!

 

Without wanting to appear a proper numpty (which I obviously am!) I'm thinking I oughta contact Abbey n say 'I made a whoops ...I'm a numpty ... but it's my money n I'm gonna claim it' .... what d'ya think?

[bill-k]

Bill .... I've took a copy of my Abbey C/card spready & entered the missing lines for months where there were no charges but interest only .... it's made an overall difference of £340.04 extra!!!

 

Without wanting to appear a proper numpty (which I obviously am!) I'm thinking I oughta contact Abbey n say 'I made a whoops ...I'm a numpty ... but it's my money n I'm gonna claim it' .... what d'ya think?

As long as you haven't filed at court, then why not, Chezt ? It might be better to re-send the whole LBA and start again from there.

[markj]

Bill is there a simple Excel spreadie somewhere which simply calculates compound interest? Or ideally one which calculates 8% uncompounded court rate and 2 different compounded rates? Many thanks

[chezt]

Bill is there a simple Excel spreadie somewhere which simply calculates compound interest? Or ideally one which calculates 8% uncompounded court rate and 2 different compounded rates? Many thanks

 

Is it for a bank account or a credit card?

[markj]

bank account

 

what is the difference? when it comes to calculating compound interest

[chezt]

bank account

 

what is the difference? when it comes to calculating compound interest

 

The spreadies are different! The vamps google chambers are closed ATM but you can use Mindzais for a ban account & I think the 'bonus' with that one is that it calculates the 8% stat (none compounded) on a seperate page ... so all in one place IYKWIM.

 

Here is the link ...

 

Download v1.9 Mindzai's spreadsheet for compound contractual interest and statutory interest. [Excel 97-07, OpenOffice 2] Please ask any questions here.

 

Hope this helps?

[bill-k]

bank account

 

what is the difference? when it comes to calculating compound interest

Mark - Firstly my apologies for not getting back to you earlier. I believe you were wanting a spready with 2 contractual rates and 1 statutory rate. Been a bit overloaded lately, but I can send you one. I'll PM you later. Meanwhile, what Chez says is correct...

 

Mindzai's sheet shows one compound rate, and one simple rate of interest.

 

The difference between curent account & credit card sheets is purely in the way that interest charged by the bank is calculated. If you are just claiming penalties plus interest on those, then you can in fact use either type of sheet.

 

If you are claiming back the interest originally charged on those penalties, then that is where you need the correct sheet, as the method of charging this interest is different for either type of account.

[willowthewysp]

Thanks chezt...got there with the link you posted...

xx

[chezt]

Thanks chezt...got there with the link you posted...

xx

 

You're welcome

[chezt]

Bill can I just check I'm reading this right ..

 

 

The difference between curent account & credit card sheets is purely in the way that interest charged by the bank is calculated. If you are just claiming penalties plus interest on those, then you can in fact use either type of sheet.

By this you mean claiming back the charges + contractual interest only (ie charging the bank for having your money)

 

If you are claiming back the interest originally charged on those penalties, then that is where you need the correct sheet, as the method of charging this interest is different for either type of account.

And this is claiming the charges + the interest you have paid (that the bank charged you) on them + contractual interest (ie charging the bank for having your money)

 

Cor it's not easy typing wot u mean is it!

[bill-k]

The difference between curent account & credit card sheets is purely in the way that interest charged by the bank is calculated. If you are just claiming penalties plus interest on those, then you can in fact use either type of sheet.

The above refers to the columns on the left-hand side. The original penalty charges, and the conractual interest which we are about to charge the bank on these.

If you are claiming back the interest originally charged on those penalties, then that is where you need the correct sheet, as the method of charging this interest is different for either type of account.

This refers to the rest of the columns on the right-hand side. This is interest which the bank actually charged us originally, and is calculated in the spready by determining what portion of the monthly interest charged was actually due to the penalty charges. This is done differently for credit cards, and current accounts, and needs different spreadsheets.

[quietzap]

Tried using safari and firefox but will not download open office for banks.

 

Happy Vampyring!

[quietzap]

Is it ok to use a manual spread sheet and use the calculator on the site to run an ongoing total?

[Sk1ntBint]

Blinkin' ada. I did look at that link chezt and downloaded the '16 contractual' sheet for my creditcard but now I appear to be uncontrollably vomiting...

 

Can I ask:

1) The 'Interest charged' column is that the total interest charged for that month on the whole balance? i.e. purchases+bal transfers+cash withdrawals?

2) Statement balance column - is this the balance quoted on that months statement i.e. for February it could be the same for 4 different charges or do you have to calculate the new balance after each charge is taken off?

3) Amount of balance paid in subsequent month: I'm not sure what this means? It's extra confusing as a given statement has transactions for last months on it as well. Is this 0 if you missed a payment in that month?

 

Either I'm completely mad or this isn't straight forward at all?

 

Sorry I know I keep asking but is there a rough estimate on how long the new sheet will take to be available that Vampiress is working on? I'd hate to struggle on if there's something easier to use in a few days time.

[chezt]

Originally Posted by bill-k

The difference between curent account & credit card sheets is purely in the way that interest charged by the bank is calculated. If you are just claiming penalties plus interest on those, then you can in fact use either type of sheet.

The above refers to the columns on the left-hand side. The original penalty charges, and the conractual interest which we are about to charge the bank on these.

 

 

If you are claiming back the interest originally charged on those penalties, then that is where you need the correct sheet, as the method of charging this interest is different for either type of account.

 

This refers to the rest of the columns on the right-hand side. This is interest which the bank actually charged us originally, and is calculated in the spready by determining what portion of the monthly interest charged was actually due to the penalty charges. This is done differently for credit cards, and current accounts, and needs different spreadsheets.

 

that's exactly what I thought Bill

[bill-k]

Is it ok to use a manual spread sheet and use the calculator on the site to run an ongoing total?

Hard work, and I'm not even sure the calculator is working ATM, but this should be OK. Post up a couple of your lines here for someone to check.

I've PM'd you re: OpenOffice.

[bill-k]

Blinkin' ada. I did look at that link chezt and downloaded the '16 contractual' sheet for my creditcard but now I appear to be uncontrollably vomiting...

 

Can I ask:

1) The 'Interest charged' column is that the total interest charged for that month on the whole balance? i.e. purchases+bal transfers+cash withdrawals?

Yes it is, just enter it into the sheet straight from your staements.

2) Statement balance column - is this the balance quoted on that months statement i.e. for February it could be the same for 4 different charges or do you have to calculate the new balance after each charge is taken off?

It's the entire remaining balance due on that statement.

3) Amount of balance paid in subsequent month: I'm not sure what this means? It's extra confusing as a given statement has transactions for last months on it as well. Is this 0 if you missed a payment in that month?

That's right - it is the payment you made (if any) following the above statement.

Either I'm completely mad or this isn't straight forward at all?

Once you've done one line on your spready, it's easy-peasy after that. You are probably mad at present, but your sanity will return to you in time !!

Sorry I know I keep asking but is there a rough estimate on how long the new sheet will take to be available that Vampiress is working on? I'd hate to struggle on if there's something easier to use in a few days time.I wouldn't hold your breath if I were you. I think you should carry on with this one. We're here.

[Sk1ntBint]

Thanks for your help!! Really got a bad headache now rofl - will have another go at it later.

[Sk1ntBint]

Ok another one for you:

 

The column 'Estimated average overdrawn balance during period of interest'

 

For this example:

29 JAN PAID IN +90.00 Balance: -1159.15

30 JAN INTEREST -14.11

30 JAN ATM CASH -50.00 Balance: -1223.26

 

What do I put down? 1223.26 overdrawn or 1209.15 which is the previous figure with the interest deducted?

 

Sorry if this is obvious but I don't want to make any further mistakes

[chezt]

Ok another one for you:

 

The column 'Estimated average overdrawn balance during period of interest'

 

For this example:

29 JAN PAID IN +90.00 Balance: -1159.15

30 JAN INTEREST -14.11

30 JAN ATM CASH -50.00 Balance: -1223.26

 

What do I put down? 1223.26 overdrawn or 1209.15 which is the previous figure with the interest deducted?

 

Sorry if this is obvious but I don't want to make any further mistakes

 

Oh this has been discussed soooooooo many times! You are 'supposed' to take an edjucated guess at the average of all the balances throughout the month/period in question .... Personally I couldn't be chuffed or work it out very well so i just used the balance on the last date of the date range the interest was calculated ... now this is the wrong thing to do but TBH it doesn't make that much difference to your claim & my theory is that if it is so incorrect then basically it's up to the bank to say otherwise .... in the words of Vamp (& many others)

 

'the argument is actually stronger than the calculation!'

As I say, this isn't the right way to do it but it's what I do rather than spending hours pondering over it & what others have done also .... It's up to you which you chose to do

[bill-k]

Ok another one for you:

 

The column 'Estimated average overdrawn balance during period of interest'

Take it a piece at a time !!

During period of interest: during the period covered by the statement, or over which the interest was being charged.

Overdrawn balance: The amount by which your account was overdrawn. If the account was in credit, then there was NO overdrawn balance, and in that case leave the cell blank or put 0.

Estimated: this is an approximation, a reasonable attempt or guess will do - as long as it's reasonable.

Average: If the balance throughout the period covered by that statement hovered around £1100 to £1200, then bung in £1150. If it went from £200 to £1200, then bung in £700. Get the idea ?

just a decent guess.

For this example:

29 JAN PAID IN +90.00 Balance: -1159.15

30 JAN INTEREST -14.11

30 JAN ATM CASH -50.00 Balance: -1223.26

 

What do I put down? 1223.26 overdrawn or 1209.15 which is the previous figure with the interest deducted?

The balance went from 1223 to 1209, so I would suggest say, 1200 or 1210 would be fine.

Sorry if this is obvious but I don't want to make any further mistakes

If it wasn't obvious to you, then don't apologise for asking !!! Other people watching this might be too scared to ask, and now they've got their answer !!! (Ihope !!! )

[Sk1ntBint]

'Interesting'

 

Ok, thanks for all replies - maybe the sheet should incorporate this info as tbh the first time I saw it I was completely confused and didnt bother with it...

 

Ended up using the simple sheet then as I read more tried to edit it to show contractual interest which ended in disaster as Bill knows lol

 

Hopefully on my way now...

[chezt]

If it wasn't obvious to you, then don't apologise for asking !!! Other people watching this might be too scared to ask, and now they've got their answer !!! (Ihope !!! )

 

I love your explanations Bill ... No sarnies this time tho ... cheese n pickle? (still can't be doing wiith the calculations tho ... even just bunging!)

 

Ended up using the simple sheet then as I read more tried to edit it to show contractual interest which ended in disaster as Bill knows lol

 

Hopefully on my way now...

 

That's what I did with some of my claims ... went for basic ... read lots .... then went for compound contractual instead!

[e28bigalbexley]

AWWWW look at Bill

 

 

Bout time too:)