A New Way of Looking at Interest- 1st successful Claim - N'wide

[bill-k]

Yeah - that oughtta do it !! Go on, have some fun at their expense for a change !!

 

There's nothing more upsetting to a 'receptionist' than to be reminded that he/she's just a mere receptionist !!

 

Unfortunately, the monkey doesn't realise that the organ-grinder calls the tune !! They learn, eventually, though !!

[Guest bong]

It would be funny but I don't think I could do it. I'd be forever worried that she might lose her job or something.

[bill-k]

It would be funny but I don't think I could do it. I'd be forever worried that she might lose her job or something.

 

I don't think she'll be in that job for long, anyway, if that's the best she can do. You'll just be hastening the inevitable, and enabling her to proceed to the next stage of her life.

 

Know wahat you mean, though. This is MCOL, and we do want them on OUR side, don't we ?

 

Bigger cages to rattle. Onwards & upwards and all that !!!

[doryphor]

In the hopes that more are subscribed to this thread, I'd like to repeat the question from my own [Vs HSBC] thread.

I received from the courts my N1 form back, stamped, along with a 'notes for the defendant' booklet. Since I received the form back, I did double check to make sure I got the 'claimant' and 'defendant' names in the right bit - I did.

My concern is that if I received this, did HSBC receive the Notice of Issue instead, and if so, will this delay the 14 day period some more?

 

Cheers,

 

Doryphor

[Guest bong]

hi doryphor - did it come with the forms the defence will need to reply to the claim?

[doryphor]

Have replied on my own thread, cheers Bong!

[Guest peed orf]

G'evening all,

I'm trying to discover, when doing the spreedsheet for contractual interest, you use the daily rate, or the monthly rate?

Anyone know?

[bill-k]

G'evening all,

I'm trying to discover, when doing the spreedsheet for contractual interest, you use the daily rate, or the monthly rate?

Anyone know?

I used Mindzai's myself, then modified one of Vamps earlier ones. I haven't actually used one of the new Google ones, yet. But as far as I can make out, you just punch in the annual rate, and the spready works out the interest for you from that. It is generally accepted that the interest is calculated on a "compounded daily" basis, though.

 

HTH

 

Bill.

[Guest peed orf]

Hi, my delemor is.... 8% = £10,000ish, Compond = £31,000ish and Contractual = £37,000ish!!!

That seems like an awful lot to me! (not saying I don't want it) but they do say " if it sounds to good to be true, it usualy is"!

[doryphor]

Well, peed 'orf, before this I'd have had to agree with that sentiment. However, this whole concept of the little guys against the big guy seemed a little, well, Lilliputian to me. Seems to be working tho...!

[Guest bong]

peed'orf could you post up your total charges and first charge date so we can get an idea of whether this looks ok. Although I have to say if the statutory interest is coming out at £10k then it is a large claim and you wouldn't expect the contractual interest to come out at anything less.

[bram stoker]

Hi, my delemor is.... 8% = £10,000ish, Compond = £31,000ish and Contractual = £37,000ish!!!

That seems like an awful lot to me! (not saying I don't want it) but they do say " if it sounds to good to be true, it usualy is"!

That's an awful lot.

 

One common error is that 8% should often be typed 0.08 not 8 etc.

 

Not saying you have made an error, but I would check if I were you.

[bill-k]

Hi, my delemor is.... 8% = £10,000ish, Compond = £31,000ish and Contractual = £37,000ish!!!

That seems like an awful lot to me! (not saying I don't want it) but they do say " if it sounds to good to be true, it usualy is"!

 

PO - I do believe a lot of people - including myself - couldn't believe the difference that contractual rate compounded made. I really do think that the sheer difference has made a lot of people bottle out because they really could not believe their own eyes or their own figures. I personally think someone like Bankfodder should make a major pronouncement with this in mind, to reassure those who still cannot believe it. It has come true for a lot of people now, I believe. I have had 2 moderate wins so far at the full rate - nothing huge - but no argument (£150 & £600) and no haggling.

 

As Vamp says, though, your 8% seems a little on the large side, so why not send in some figures for her t check - or just a copy of the spreadsheet line showing your oldest charge as an example ? The guys here will be able to gauge from that if there's an error somewhere.

 

Or maybe you've found it already !! (eg: x 8% = x 0.0)

 

But don't walk away from contractual compounded rates unless you're really sure !!

 

HTH

 

Bill.

[Guest peed orf]

Hi all, thankyou for your replies.

The claim will be against HSBC, and I do want to screw every penny I can out of them (had time to think!) as, the result of these charges have left me with a high rate mortgage, and other financial problems over the years.

The claim is also a little more complicated, as part of it is over 6 years old, and partcialy eastimated!

My 1st charges are Sept 1990, £45.40, 8% interest is £58.81. Using the daily rate button, compound interest is £3,093.59. However using the monthly rate, interest is £2.02.

I'm quite willing to send a copy of the speedsheet to Vampiress, if it will help.

The 37.000ish is the total of charge + interest, I misread it!

The total of the claim, without interest is £5,331.97

I've only used the ready made speedsheets.

[Guest bong]

P'O, I've just entered your figures in mindzai's compound interest spreadsheet and seem to get very different results, although I don't know what interest rate you're using, so I used 30% for a highest case scenario.

 

on a charge of £45.40 01/09/2000 I get £22.62 for 8% simple (statutory)interest.

 

I get £187 on that charge for compound interest at the daily rate of 30%.

 

maybe you do need to get someone to look over your spreadsheet?

[Guest peed orf]

I'm falling apart! The date of charge should be Sept 1990!!!!

 

Sorry, have Edited.

[Guest peed orf]

Bong,

Just came from the HSBC pages, the speedsheet I used was identical to the one posted yesterday that you were helping with.

[Guest bong]

ok well in that case I get the same figure as you for the 8%, and compound at 30% comes out as £3168.

[mcuth]

There seems to be a big difference then in the interest calculation - I just put your figures into the Mindzai spreadsheet too, and got £58.97 in 8% (simple) interest, £849.56 in 29.84% (compound) monthly interest, and £3104.62 in 29.84% (compound) daily interest - that's a massive difference between monthly & daily interest :o

 

(NB, using 29.84% just as an example)

 

In my current RBoS case, I have £2.7k charges going back to 2000, and the diff between daily & monthly interest is ~£1k....

 

Cheers

 

Michael

[Guest bong]

yeah, I think the banks method is to compound the interest daily so why not us?

[mcuth]

yeah, I think the banks method is to compound the interest daily so why not us?

 

Oh absolutely - I'm not saying that we shouldn't It's just that's a highly noticeable difference - hadn't seen it demonstrated so effectively before. Not that the banks will see any other calculation figure for comparison

 

Cheers

 

Michael

[Guest bong]

unless they're spying on us right now:p

[mcuth]

unless they're spying on us right now:p

 

Of course - nothing to see here though...

/me wanders off singing "Here come the Men in Black....."

 

Cheers

 

Michael

[bill-k]

This sure is a good demonstration of how compound interest creeps up, innit ?

 

No wonder people blink at their figures, and doubt them.

 

FWIW My spready agrees with your figures above Bong & Mcuth, so we're all sitting here blinking.

 

PO's original figures as posted were well high, but he seems to have got it sorted, now - just can't believe it, that's all !!

[Seminole]

Hi all, thankyou for your replies.

The claim will be against HSBC, and I do want to screw every penny I can out of them (had time to think!) as, the result of these charges have left me with a high rate mortgage, and other financial problems over the years.

The claim is also a little more complicated, as part of it is over 6 years old, and partcialy eastimated!

My 1st charges are Sept 1990, £45.40, 8% interest is £58.81. Using the daily rate button, compound interest is £3,093.59. However using the monthly rate, interest is £2.02.

I'm quite willing to send a copy of the speedsheet to Vampiress, if it will help.

The 37.000ish is the total of charge + interest, I misread it!

The total of the claim, without interest is £5,331.97

I've only used the ready made speedsheets.

 

I think you need to tread carefully here.

 

What is the total of the charges arising in the past 6 years?

 

Are any of the charges in the past 6 years estimated?

 

What proportion of the charges over 6 years old is estimated?

 

How have you calculated your estimate?

 

You can try to get older charges refunded but it's tricky. Trying to do this on an estimated basis is likely to fail unles the estimated proportion is very small.