Contractual Interest Help

[echat11]

Hi

I've used the Compound Interest Calculater - Credit Card -26.9%.

I've put the dates of charges, the charge amount,

and the description.

Do I need to do anything else?

Can I also apply the 8% or do I have to wait until it goes to court?

[Amy]

Re: Contractual Interest Help

You cannot choose compound interest and statutory interest - you have to decidce on one or the other.

[echat11]

Re: Contractual Interest Help

Thanks Amy,

[echat11]

Re: Contractual Interest Help

Could someone run through, how to use the Compound Interest Calculator?

What exactly does the Compound Interest Calculator work out?

What exactly do I need to work out from C/C or Bank statements?

[echat11]

Re: Contractual Interest Help

....

[echat11]

Re: Contractual Interest Help

Hope someone can help, as I've sent off calculations.

[WendyB]

Re: Contractual Interest Help

well if you've already sent them off it's a bit late to be worrying about whether you've done it right or not.

Compound interest calculator will work out compound interest, which is basically the original plus interest on a daily bais, then the next day added on interest to the first days total and so on and so on, as opposed to simple interest which is the amount multiplied by xx% straight. Compound interest works out at a lot more than simple interest. The legal arguments for compund interest are a lot more complicatred and you have to understand them and be prepared to speak to them in court, should it get that far.

With regard to bank statments, if you are thinking of putting in a claim for bank charges then please make sure you research it thouroughly first, as following the OFT/Supreme Court ruling bank charges claims are now very very difficult and not to be taken lightly.

Credit cards are not affected by the above ruling. For Barclaycard I suggest you have a good read of the Barclaycard forum, in particular Tools v Barclaycard and Wends v Barclaycard

[echat11]

Re: Contractual Interest Help

WendyB

It's never too late,

From what your saying I've got the Credit Card Charges, eg. £25, the Compound Interest
Calculator will work the daily interest.
But I've failed to work out the interest on the £25 and list that on the spreadsheet.

I sent HSBC a SAR in November, they didn't send me statements, they sent me a list of
charges, they stated that they made a mistake, they listed charges up to 2002.
This is before the Supreme Court Ruling.

[Tools]

Re: Contractual Interest Help

Tools v Barclaycard ( Overlimit / Late Payment Charges ) **Refunded In 9 Days**

[WendyB]

Re: Contractual Interest Help

WendyB

It's never too late,

From what your saying I've got the Credit Card Charges, eg. £25, the Compound Interest
Calculator will work the daily interest.
But I've failed to work out the interest on the £25 and list that on the spreadsheet.

I sent HSBC a SAR in November, they didn't send me statements, they sent me a list of
charges, they stated that they made a mistake, they listed charges up to 2002.
This is before the Supreme Court Ruling.

No doubt the compound interest is arguable on the credit card charges, but only if you argue it from the beginning, and understand what you are arguing about. And are prepared to research the details and legal aspects and be prepared to stand up in Court and argue it too, if it comes to it.

Regarding bank charges claims...Now I'm confused......
I know it's before the Supreme Court ruling. But it's also 8 years ago.Anything over 6 years, and you will have to argue s32 limitations. Which will undeniably be worse than ever to argue since the Supreme Court ruling. And since the Supreme Court ruling bank charges claims have become absolutely and undeniably more difficult to pursue,no templated stuff is good enough, all claims need to be based on your personal circumstances and illustrated as such. There is no easy ride on this one and you njeed to have your facts straight and the legal issues sorted before you even bother to attempt a bank charges claim. Hardship issues might make a difference but again that would depend on your individual circumstances. Amethyst has done a very informative thread on this, you would be well advised to read it before you embark on your charges claim. IMO.

With regards to credit cards, Tools has given you the relevant link above.

[echat11]

Re: Contractual Interest Help

Thanks Wendy,

'So, we have The charges themselves all totted up. And we have the interest which we were charged on those charges all totted up.'

How do we get or work out the underlined? The Compund Interest Calculator doesn't do that for you.

http://www.legalbeagles.info/forums/...read.php?t=139 first few lines.

[Amethyst]

Re: Contractual Interest Help

Interest charged on the charges - is literally that - the debit interest the bank charged you on any part of your overdraft which was made up of charges.



As example: 3 Jan they took interest £25 which related to the period 1 Dec to 3 Jan during which period you paid charges of £175 and you were overdrawn on average during that period of around £2500 - so about 7% of your interest is due to the charges so you can only reclaim 7% of the interest charged for the period which is about £1.75 whereas the overall interest charged for the period would be around £25. You reclaim the £1.75 not the £25.

[echat11]

Re: Contractual Interest Help

Thanks Amethysts,

So for the above example what you enter into the Compound Interest Calculator would be
£25.00 for the original charge,
£1.75 for the interest on the original charge.

And let the Compound Interest Calculator do the rest.

[Amethyst]

Re: Contractual Interest Help

well it'd be something like

CHARGE .................................................. ..... DAYS SINCE ................. 8% INTEREST TO DATE

DD CHARGE £25.00......................................100... ........................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DD CHARGE £25.00.....................................100.... .......................... 0.42
DEBIT Interest on CHARGES £1.75.............100............................. . 0.02
DD CHARGE £25.00......................................50.... .......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DD CHARGE £25.00.....................................50..... ......................... 0.22
DEBIT Interest on CHARGES £1.75.............50.............................. 0.01

[echat11]

Re: Contractual Interest Help

Amethyst

Many Thanks