Schedule of claim query

[Tungata]

I'm putting together a SOC, for a claim to made on MBNA and I'm using a spreadsheet that I've downloaded from CAG

 

From my 10 years of statements, I've noticed that my Contractual Interest Rate has been changed by the lender 3 times (probably as a result of my declining credit rating at that time)

 

Strangely it never reduced as my credit rating improved, but that's another story......

 

Anyway, the Sheet I'm using only has the option to insert one interest rate, which is basically fine as I can create one sheet for each rate

 

In completing this, I've realised that I could be missing something, by not carrying forward the balance from one interest rate to the next

 

I want to make the claim as big as possible to increase the size of a potential offer (I'm assuming that if I ask for 10 and I'll get offered 7 Etc), so I want to try and makle the most of this change in interest rate

 

Is there any recommendations about what or how I can calculate using mutiple interest rates?

 

Or should I just use the an average over the period? Or the highest?

 

Thanks

[dx100uk]

just use:

 

and put in their current rate in D15

 

dx

[Tungata]

Thanx DX

 

It's made a huge difference to the claim value

[Tungata]

I’m pulling together an SOC for a claim associated with a credit card and in doing so I’ve used the CAG spreadsheet ref “CISheet v101.xls” to make a claim on the Credito

Firstly, this spreadsheet does not appear to include the 8% statutory Interest, so I need clarify

Should the 8% be applied to Compound Interest claims associated with Credit Cards, where PPI has been charged? In other words, can I claim this 8%?

Is this (8%) simple interest or compound?

In either case the base date (for the 8%)is the premium paid out at the time. Correct?

If applicable, how do I adjust the sheet to pick up the 8%?

Thanks in advance

[citizenB]

I have attached another spread sheet which includes both compound and stat interest. However I think the stat interest is only applied if you are making your claim via the courts.

 

CompoundIntPlus8(2)(1).xls

 

Before you do anything, I would suggest you contact either ims21 - the author of the spreadsheets or dx100uk and obtain their opinion

[ims21]

Hi

 

Two threads merged

 

If you are using a Compound Interest sheet it would be suitable for a court process.

 

PPI awards offered by the card companies under fos rules will not pay you compound interest as calculated using a CI sheet as the redress calculations are different. Under a fos based calculation, the account would be reconstructed as thought he PPI was never applied. They would offer you the return of the premium plus any interest they actually charged on the premium. In the reconstruction of the account, if the removal of the PPI caused the account to show a credit balance, they would pay you 8% simple interest on that credit balance.

 

As I say, a fos based award will not give you pure compound interest, you would have to sue to get that.

 

ims

[Tungata]

So, as I understand things,

 

Assuming my claim is upheld:-

 

The Original Creditor will calculate any compensation due to me in accordance with the FOS, guidelines. If I want to get an indication of the figure to be calculated, I can replicate this by completely re-building the account by using the “FOSRunning PPI” Spreadsheet

 

Then the “CISheetV101” spreadsheet is used for sizing the claim for going to court

 

In my simple logic, this means that although the CISheetV101 is easy(ish) to construct, it is likely to be a little misleading if used for the first claim to be made to the Creditor and/or I want to simply recover what I have paid.

 

Correct?

 

Sorry to keep repeatedly asking simple questions, but I just want to understand how the process is likely work so that I can at least make an informed decision in both calculating the PPI claim due to me and then assessing if any potential offer is realistic and calculated correctly

 

Thanks

[ims21]

Pretty much correct.

 

You have choices...you can either see what the offer is under fos rules and accept it if you are happy with the result.

 

If you want to sue you have the option to do that right from the outset in which case you would use the CISheet.

 

Its not misleading, its hows them that you know what you're on about.

 

Which way you go is completely up to you

 

ims