What's the contractual rate for Cap One pls?

[Paintball]

UKAviator

 

Surely I should go with the APR Cap One have on their website - 34.9% and charge that?

 

P

[martinhw]

UKAviator

 

Surely I should go with the APR Cap One have on their website - 34.9% and charge that?

 

P

 

The only thing to remember if you do that, is that you would possibly have to explain to a judge how you derived your figure. If your claim is on the basis of being mutually reciprocal, then you have to charge what they have charged you.

PM me if you need any help.

[redsonja]

FWIW Paintball, I went with what they are charging me as I thought this to be the fairer route so I agree with Martinhw.

[Paintball]

Red, Martin

 

Great! But that still doesn't answer my questions; how do I work out the rate, how do I apply it with what spreadsheet. Do I apply a rate to each charge? I'm really no further forward with this ...

 

P

[Paintball]

Hi Martin

 

I can now finally work out the APR rate using your calculator using the (varying) monthly interest rates (Aug 04 to Jan 07),

 

However, I now have varying APR rates; 29.9% 2004 to 30.27% in Jan 2007. Not sure which to use at this stage.

 

Do you have a view on this?

 

P

[ukaviator]

Hi Paintball

 

What i would do is use an average APR of those 2 rates. This is 30.08% so round up to 31% for ease of calculations. The excell spreadsheet Martin added should work for you.

 

Uk

[glav]

Hi Paintball,,

I sent my prelim letter to Capital One last week. I had five different interest rates over the lifespan of the card, I took the average, worked out at 31.8%.

 

glav

[martinhw]

Hi Martin

 

I can now finally work out the APR rate using your calculator using the (varying) monthly interest rates (Aug 04 to Jan 07),

 

However, I now have varying APR rates; 29.9% 2004 to 30.27% in Jan 2007. Not sure which to use at this stage.

 

Do you have a view on this?

 

P

 

My claim has an averaged APR rate of 29.4%.

In my POC though, I have 3 different schedules attached and I say to the court that if I am unsuccessfull at 29.4%, I claim at my lowest rate of 16.99% and failing that at the statutory 8%.

 

I agree with UK and Glav. An average is the best way.

[rougesept]

All you have to do is ask Cap One and they'll tell you what your APR (EIR in CAP One language) is? Call them and ask - simple. If you like, you can check it on Mindzai's spreadsheet to see if it agrees. Too much panic!

 

Rouge

[Paintball]

Thank you both Glav and Martin

 

Now I just need to find a spready that will work on my computer ... I like the look of Vampiress's but I can't save them on my computer for some reason.

 

Any other suggestions for an Excel spready where I can alter the interest rate and get a correct calculation of interest per charge?

 

P

[redsonja]

Paintball

You can save Vamps ones within your Google account. Have you tried that?

[Paintball]

How do I do that?

 

P

[redsonja]

In your Google account (I presume you have registered for one), select which spreadsheet you want then go into file and then copy spreadsheet (you can then name it what you like). This will automatically save in your google account. When you access your google account, select "docs and spreadsheets" and the copies will be in there. You can then import to pdf file to print the spready.

Make sense?

[Paintball]

I'll give it a go. I have a techie colleague who can help with this ...

 

Cheers

 

P ;-)

[Paintball]

hI

[Paintball]

Hi Redsonja

 

I've managed to save Spreadsheet 16 to my Google account and have changed the interest rate to my own and have begun inputting my charges. Problem is I can't get the spready to calculate interest in Columns E, F, K and L.

 

Any suggestions as to what I may be doing wrong?

 

Cheers

 

P.

[redsonja]

Paintball,

Ive PM'd you.

[Paintball]

Ho Redsonja

 

Thanks, can you PM me with an email address for you so I can Invite you to collaborate.

 

P

[redsonja]

done

[wendypowell62]

Ive calculated my apr with ukaviator formula on post 10, and im getting a apr of 49%. Can this be right! it seems alot to me, as other people seem to be coming up with about 29-31%

[wendypowell62]

martinhw

I see that your compoundsheet is for bank accounts only. Do you have one for credit cards?

If so, please can you tell me where to find it

Thanks

[martinhw]

Wendy,

 

What is your monthly APR for purchases? 49% APR does seem a bit excessive. Maybe we can check it for you.

 

Calculating the APR is the same for credit cards as it is for bank accounts, and the calculator will give the same result.

[Paintball]

Hello all

 

Have prepared schedule of charges with APR of 30.00% and sent off prelim.

 

P

[redsonja]

Good Luck Paintball.

Is the 30% what they are charging you?

[redsonja]

Paintball,

Response to your question about N1 (have posted here as it helps to follow the situation under 1 thread)

 

Value part is as follows:

 

Charges XXX

Interest XXXXX (Just take out the overdrawn bit)

Court Fee xxxx

 

 

Plus compounded Contractual interest from date of issue to date of judgement/settlement at £0.xx per day OR at such rate and for such periods as the court deems just.