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COMPOUND INTEREST ON ERC - help


njtkc
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Just about to send LBA for ERC , with schedule of interest sent with prelim letter stated... interest would be charged at ' The official bank rate history' taken and listed from the bank of england website. (though I was being realistic and sensible) So I will need to workout compound interest on £2,518.50 from 01.10.2001 todate but the rates vary monthly or so when the BofEng changes and can be on different dates each month?

eg: 04.10.01 = 4.5%

08.11.01 = 4.00%

06.02.03 = 3.75% and so on another six rate changes till now?

 

experts out there any idea what formulaes to use or is there a spreadsheet that I could use for this?????? :mad::oops:

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If you are claiming an ERC you can not charge interest until you get to the court stage. At which stage you would be better off claiming either the statutory rate of 8% or the compounded contractual rate in lieu of statutory rate.

 

Hope this helps

 

Zoot

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