rbs (advanta) mint card...unenforceable agreement

[willowb]

Re: rbs (advanta) mint card...unenforceable agreement

Hi, I'm not sure hun...your question may get lost here...
I know that it's extremely difficuly to work out, even for people who are supposed to know!

Wxxx

[Bill-K]

Re: rbs (advanta) mint card...unenforceable agreement

Belated greetings, Willow - it's SOOO good to see you getting your teeth back into this stuff again - but I sure know how much you needed to take a break, matey !!! I did, too, and am now just posting occasionally in a few forums - mostly doing spreadies, but occasionally stumbling off-topic with the old double-enténdres, still !!!

For no reason other than the fact that I'm not able to spend much time online, I don't post here much at all these days - so you can rest assured that I won't be pestering you as much as I used to do !!! :tung: ....I promise !!!! It's good to see you enjoying the company and help of old friends here.

I believe Budgie is the main spready man here,now, but if I CAN help with owt, then I am always glad to. FWIW, in response to Pouring Rain's query - but as a 'FYI' contribution to this thread, may I expand a little on CurlyBen's post above.

The 'Actual' or 'True' rate of interest is the actual rate which is used by the lender to calculate the interest on the loan account. The APR/AER rate is, as Ben says, simply a tool to enable us mere punters to make easy comparisons between loans. It takes into account other charges made to the account, and is really an expression of the cost of running that account for a period of ONE YEAR. It takes into account such charges as 'Arrangement Fees' & 'Cash Advance Fees.'

Where there are such fees or charges made to the account, then these have to be added to the total cost of running the account for the first year. If, for example, the total interest charged on a £1,000.00 loan in the first year is £200.00, and the cost of setting up the loan was £100.00 ('Loan Arrangement Fee'), then the total cost of the loan is £300.00 in the first year. This is 30% of £1,000.00 - so the APR is expressed as '30%.'

Where there are no additional fees or charges, then the Actual interest rate can be expressed as an APR/AER by applying a mthematical formula. Similarly, the AER/APR can be converted back to the Actual rate. Technically, it is incorrect to directly use the AER/APR rates when claiming Contractual or Compensatory interest, and the AER/APR should really be converted to the Actual rate.

An AER/APR rate of 20% equates to an Actual rate of 18.24% - which is the rate actually used by the lender in calculating interest. The formula for doing this in Excel is:- " =365.25*(((1+APR)^(1/365.25))-1) " - where "APR" is the address of the cell with the AER/APR rate in it.

To convert from the Actual rate to the AER/APR rate, we need:- " =(((Actual Rate/365.25)+1)^365.25)-1 " - where "Actual Rate is the address of the cell...

I know - this is mostly pedantics, but I felt it was summat I could - nay, needed to - say.

May I finally offer you, Willow, my best wishes for success with this claim. You know that song "Don't Give Up." - a lot of water has flowed under that bridge since we last stood on it, old friend. You know you're among friends here, and in good hands - and you know where I am if ever I can help you. :kiss: