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Janeyh -v- CapOne


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OK, I'm almost brought to tears now:-(

 

I've spent the last couple of weeks since sending my prelim letter trying to make sense of the contractural compound interest issue but have to admit I'm sadly lacking in the ability to understand it.:oops:

 

I've filled in Vamp's spreadsheet no. 16 but I'm convinced I've done it wrong.

 

After reading dozens of threads about how to calculate the APR charged on my credit card I arrived at a figure of 14.57% (again don't know if this is right). Throughout my account I have had only two different purchase interest rates, 1.240 and 1.039. Added them together and divided by 2 = 1.14 to get an average. Put that into this spreadsheet http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls and it gave me the 14.57% APR. Other posts I've read on here are quoting figures of around 25%.

 

I then added this figure into the Interest Rate column at the top of Vamps spredsheet but after entering all the charges, the total claim column only shows £279.43. The total cost of the charges is £212 so I must be doing something wrong.

 

Can someone help me - I feel like giving up altogether and my LBA is due to go out today :Cry:

 

Thanks in advance

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Anyone ??

Do you have a website? Add the following code to add a link to The Consumer Action Group:

 

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Janey, on your statements 3/4 of the way down the page on the left you should see:

Purchase interest =

Cash Advance Interest =

 

Are those 2 figures the ones you have mentioned? One is cash the other is purchase. How old are your statements?

 

Try and not to worry ok . . we can help..

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The interest should be below your transactions to the left of your statement..

 

Purchase interest =

Cash Advance Interest =

 

If not give them a call and ask what APR you are on..

WARNING TO ALL

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There's nothing on them, Basically the statements were A4 pages of print out......with more than one specific statement on each page.......as though it was a continuous print out of statement details, without them actually being statements!

WON £4000 v NAT WEST

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Hello ukaviator,

 

Yes the 2 figures I mentioned are the ones on the statements. Statements go back to May 2004 (didn't have a CC before then).

 

I've actually sent my LBA off because the 14 days since my prelim. was up. I used the interest rate that is currently showing on their website for my type of card (Platinum at 15.9% (hope it was correct).

 

My concern was that the interest figure I arrived at using the spreadsheet seemed low in relation to the fees applied, i.e. £212 in fees but total only £271.85. Anyway, it's gone now.

 

Thanks for your reply :)

Do you have a website? Add the following code to add a link to The Consumer Action Group:

 

http://www.consumeractiongroup.co.uk

The Consumer Action Group

Reclaim your rights as a consumer and reclaim your unfair bank charges! Free site with letter templates and helpful forum.

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Hi Janey

 

Using the rate from the website is a rate new people will probably get if they took out the card. Everyone has a different rate depending on their credit history. Some people here pay nearly 40% on their cards in APR. Well worth checking the purchase interest and cash advance interest.

 

Uk

WARNING TO ALL

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