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"Back Calculating" Interest
benham3160
Posts: 735 Forumite
Hi all,
I am planning to start litigation with my loan company over what I consider unlawful charges made against my loan.
I need to calculate how much extra interest these charges have cost me over the life of the loan, and where the charges have been made, they have been made "on the month" I also pay the loan on the first of each month.
Is there a spreadsheet or a calculation I can use to work this out?
Regards,
Andy
I am planning to start litigation with my loan company over what I consider unlawful charges made against my loan.
I need to calculate how much extra interest these charges have cost me over the life of the loan, and where the charges have been made, they have been made "on the month" I also pay the loan on the first of each month.
Is there a spreadsheet or a calculation I can use to work this out?
Regards,
Andy
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Comments
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benham3160 wrote: »Hi all,
I am planning to start litigation with my loan company over what I consider unlawful charges made against my loan.
I need to calculate how much extra interest these charges have cost me over the life of the loan, and where the charges have been made, they have been made "on the month" I also pay the loan on the first of each month.
Is there a spreadsheet or a calculation I can use to work this out?
Regards,
Andy
On what basis are you trying to claim the charges back? It's just, IMO you won't get any back if it is on the basis you believe they are excessive.Best Regards
zppp
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couple of questions -
1) who is the loan company?
2) How much are you trying to get back?
3) Why were you charged them in the first place? was it down to missed payments?
4) Why do you beleive that they are penalty charges?
If the company can show that they represent their true costs associated with the actions they took then you don't have much chance i'm afraid.
(i know i said only a couple of questions that are actually 4!)We've spent decades teaching people about their rights, but nothing about their responsibilities.0 -
Also, loans weren't subject to the recent Supreme Court test case on bank charges or the OFT credit card charges case in 2006.Getting married 02.08.14
Wins for the wedding: membership for a 'wedsite' and app, £35 gift voucher for party supplies shop, £50 worth of hand painted signs, 1kg of heart shaped marshmallows :money:0 -
benham3160 wrote: »...
Is there a spreadsheet or a calculation I can use to work this out?
Regards,
Andy
There's a calculator available in the reclaiming credit card charges article
http://www.moneysavingexpert.com/reclaim/credit-card-charges
I know that is about credit card charges, and you are referring to loan charges, but the calculation of statutory interest is exactly the same."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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