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Daily interest rate help


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Hello Everybody,

 

I am trying to calculate my daily interest rate, I have looked all over the forum and there seem to be some different answers to this question, however the value 0.00022 is coming up a lot, but I am a bit unsure so I am hoping some kind sole could put my mind at ease as I am a bit uncertain about how to do it.

 

My total charges are £1507.00 and according to the spreadsheet the 8% APR interest on this is £213.69 which gives me a total of £1720.69.

 

Now to work out my daily rate, is it £1720.69 x 0.00022 or is it £1507.00 x 0.00022.

Or is it neither and I need to be doing some other calculation, I just keep seeing the 0.00022 in a lot of posts but I'm not really sure why.

 

Thanks in advance.

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It will be £1507.00 x 0.00022

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Hi Hargy,

 

Just to re-iterate that this interest is only added when you are filing a claim with the court.

 

Can you please set up a thread in the relevant forum where you will get all the help and advice you need.

 

Good Luck :)

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Great stuff, many thanks for your speedy replies, I can carry on with my moneycalim online form now.

 

At this stage its really getting down to the serious stuff now and its quite frightening.

I really do not want to make any mistakes.

 

This site is superb though for all the support and backup.

 

Cheers again.

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Hi Hargy

 

When you file with Moneyclaim make sure you do fill in the particulars box correctly. Mistakes can be costly. There is a template in the library to help you fill it in.

 

Uk. .

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