interest calculations

[picklemeister]

Hi All,

I have been admiring Budgie's interest calculators are excellent. For all my court claims I've been using a spreadsheet I downloaded a while back, I think from the PenaltyChargesForum and have modified so that I can easily use it for whatever claim I am doing - as I haven't issued bank charges claims in over a year now, because all mine were over.

The only court claims I issue that claim statutory interest now are mine against telecoms companies and the like - where I have a lot of experience and hope to contribute to the forum a lot.

I have recently started a sideline to my own telecoms development business doing commercial debt collection - not to be confused with consumer debt collection which is what we campaign against - which is business to business debts.

I started doing it helping out a doctor friend who prepares medico-legal reports and was suing Solicitor's, personal injury claims management companies & medico-legal referral agencies for him.

Well I got told about the Late Payment of Commercial Debts (Interest) Act 1998 and the Late Payment of Commercial Debts Regulations 2002. Till now I've used the methods described on The Better Payment Practice Campaign home page. Helping to effect positive change in the UK payment culture. - The Better Payment Practice Campaign, but I have to calculate them myself in an Excel spreadsheet depending on the days and amend the interest. This takes time - and for a claim of 30-40 charges that are owed for a year and a half - can take me 3-4 hours.

Is there any way I can build a spreadsheet that will help me do this simply just by entering the amounts of debts, dates debts were due and date of claim - like in the statutory interest spreadsheets? It would save my time and be a very useful tool.

Also, can somebody please explain to me the difference between compound interest to statutory interest? I know what statutory interest & contractual interest is, but am not 100% clear on compound interest.

Ta,
Picklemeister

[Paule]

Re: interest calculations

To be honest, In my opinion, we cannot help you in this.

We are a consumer self help site, and what you asked us to do, is to help you set up sheets for your use as a business.

Remember we also help people with business claims,so the fact that you are only doing commercial debt collection, does not have a bearing really.

We design spreadsheets for consumers to use for their personal and not for businesses to profit from.

You state that you are already using excel, well i would suggest you invest in a book on excel and learn all the different formulas that you can use for calculations, or do an evening course on it, there are plenty about at local colleges etc.
Most of us on here who do the spreadsheets are self taught over many years or have a formal qualification in the subject. This is what i would suggest you do in this instance.

With regards to the different interests, they are threads on the forum which discuss the differences.

PKea

[picklemeister]

Re: interest calculations

To be honest, In my opinion, we cannot help you in this.

We are a consumer self help site, and what you asked us to do, is to help you set up sheets for your use as a business.

Understood.

Remember we also help people with business claims,so the fact that you are only doing commercial debt collection, does not have a bearing really.

I won't get into an argument here, but I don't do work for banks and wouldn't. The work I do is for small businesses against other small businesses.

We design spreadsheets for consumers to use for their personal and not for businesses to profit from.

You state that you are already using excel, well i would suggest you invest in a book on excel and learn all the different formulas that you can use for calculations, or do an evening course on it, there are plenty about at local colleges etc.
Most of us on here who do the spreadsheets are self taught over many years or have a formal qualification in the subject. This is what i would suggest you do in this instance.

Understood.

With regards to the different interests, they are threads on the forum which discuss the differences.

Ok. Will look around a bit more.