Spreadsheet with interest

[MgintyMIA]

Hi,

Although I am at the AQ stage and am rejecting an offer, I just want a bit of clarification on the spreadsheet for claiming contractual/ compound interest at the daily rate.

I filed a claim on 27/03/2007 for a total of £5696.68 plus a daily rate of £1.33. My working out of this at todays date (17th May) = £5760.52 yet on my spreadsheet, the total is £5837.32

Now, is this because it's not simply a matter of adding £1.33 per day but adding the compund interest on top?

In which case why is the daily rate a flat rate? I just want to check as in my rejection letter I am stating what I will settle for and don't want to get it wrong - particularly as I have said that I have meticulously calculated it!!

Cheers

[MgintyMIA]

Hi Fred_Funk,

Thanks for the response. I don't think it's the same as my charges go back to Jan 2001 so only fill up to about 80 rows however the replies you had from Lucid make sense. Basically, I use compounded interest up to the date of the claim and the use the dilay rate of £1.33 thereafter. And if I want to resend the schedule, I'll change the date back to my claim filing date and then just add the daily rate - 52 days @ £1.33

[MgintyMIA]

Hi THM,

I think this may be because the formula in the cells only extends to a certain row. Have you tried unprotecting the sheet to view the formula in the cell? If it is blank then drag it down into that. I'll try and post more in a bit but just tied up with something at the moment

(you may also need to go into Options > show formulas)

[MgintyMIA]

OK, I've just downloaded the Simple excel sheet for England from page 1 of this thread - simple-charges-calc.xls There could be two issues, the most likely one is cell width so look at the end part of this post.

 

Looking at it:

 

Column A = empty

Col B = Details of charge

Col C = Amount of charge. You enter the amount

Col D = Date of charge. you enter the date

Col E - days since charge. This has a formula in which needs to be dragged down so that it covers all your entries. An example of the formula from row 116 is =DATEDIF(D116,NOW(),"D")

Col E - interest calculated @ 8%. This formula also needs to be dragged down to cover all your entries. An example of the formula from row 116 is =(C116*0.00022)*E116

 

There are then also 3 totals. sum of column C , sum of column F and then those 2 added together. These should be at the end of your entries.

 

You need to make sure the formulas are in each relevant cell. To do this, just click on the cell containing the last formula. The bottom right hand corner will have a block. Place your cursor over this block and the cursor should change to a small + sign. Then drag the cursor down all the cells you need to.

 

MOST LIKELY:

 

The other alternative is that the cell widthn isn't wide enough to show your totals!! Just go to the top of column F and place your cursor to the right of the column so that the cursor changes to a vertical line with two horizontal arrows midway. Then doubleclick. This should set the cell width to the widest cell value. Alternatively drag the cell width.

[MgintyMIA]

Hi,

Just wondering if you could tell me where does the six years start and stop? I am at the stage where I have returned my AQ and I'm just looking at getting started on my court bundle, so what date do I finish it from?

Can someone advise me please?

Cheers

I think you don't need to worry when the six years stop.

I believe the six years start from the date you filed your claim at court.

however, don't do what I did and (in a moment of weakness) concede that the lmitation act applies. There is a an argument based on a section of the limitation act that says otherwise. See post #2

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/104150-help-needed-limitation-act.html

You may need to redo your claim but you pay £35 (not claimable) and file an application order.

 

Once I get thru this claim I may claim on the previous.