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Calculating Interest


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Hi,please help I am claiming £925 using MCOL but need to calculate the interest and add it to my original spreadsheet. I seem to have come across a problem though, I began the claim at Xmas time but didn't have the court fee until now. When I have tried to add the interest to my spreadsheet it seems to be adding it daily which is wrong isn't it? Is there not a simple way for me to work out the interest so I can complete and submit the MCOL? Thanks I'm a bit confused and scared about the whole process and want to get it right! :?

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HI

 

Are you reffering to the 8% interest rate? The interest rate is applied to each charge daily, from the day it was mae to the day you make the claim through MCOL. The spreadsheet will do this automatically for you, it updates the interest evrytime you open it. When you make the MCOL claim you put the total of the charges (without interest) the you say the amount of interest to added (this is shown in your spreadsheet), and in addtion you also put down a figure per day that will added to this. ie to cover the interest from date of claim to the date they actually give you any money. This amount you put is simple to work out, just take the total amount of charges (without the interest) and multiply this by 0.00022 and this will give you pence per day.

 

the court fee will pbe added automaticall at the end by mcol

 

hope this helps

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http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html input data into the 1st 3 columns of the spread sheet found at the link ^^ it will calculate your interest and update it everytim you open it

Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie)

 

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I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and site team who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do.

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Thanks for the reply, I have entered all my charges on the spreadsheet but just wanted to clarify, on MCOL is asks for "amount claimed" will this be £925 (total amount without interest) or including interest is £1,138.76? Just want to make sure I put in the correct figure. THANKS.

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