New MSE Bank Charges Interest Calculator

Former_MSE_Dan

Hi folks,

As Martin mentioned in last week's Money Tips email, there will be a fully re-written Reclaiming Bank Charges article appearing on the site soon.

As part of this, we have constructed a tool designed to calculate the interest that the lender owes you on any charges you are reclaiming. It works on a system of 8% statutory interest, not compounded.

We'd love anyone who has a few spare minutes to test it out and let us know your feedback, good or otherwise

It's in step 2 of the
Bank Charges Reclaiming guide.

Cheers

Dan

Former_MSE_Dan

Apologies to anyone who tried using this 10 minutes ago or so, there was a teeny tiny glitch, in that it didn't work

Problems should be resolved now, with a bit of luck.

Gemmzie

How useful, I didn't realise you could claim interest on the charges

BlueSkyDay

Very useful - and it worked fine!

I need to get cracking on asking for them back

Blue

lavidaloca

Thank you very useful to me as I am nearly at the stage of the court claim. Just one personal irritation is that say the charge is £4 this is how it prints but I'd like it to be £4.00 to be in line with the other amounts to 2 decimal places!!!

PeachPickle

Ok...

I've had a play around and it gives me different numbers to the ones the spreadsheet on the CAG forum gives me. Yours are down slightly on each charge

Just tried on a fresh copy of the spreadsheet, and a £10 charge from 17/07/01 gives £4.10 interest from your page and £4.27 from the CAG page.

£30 from 03/03/03 gives £8.90 on CAG and £8.53 on yours

It's entirely possible I'm being a bit moronic and getting something wrong though, perhaps someone a little more awake could check it out properly?

Mule

I have just tried it and it worked well - no problems. It made my total claim to the bank £12 more than I have requested!

i_am_really_rich!!

Looks great to me although having spent hours last week inputting all my charges onto the CAG spreadsheet I am not keen on doing it again here!!:p

Just put in a few charges and it has worked them out differently. On the CAG spreadsheet it has worked out the interest on a £27.50 charge 4 years ago is £8.75 and on the MSE tool it is £8.39 - so which is right??

James240

hey nifty calculator! although i dont need it myself that will help out a lot of people :beer: well done MSE Towers :beer:

MSE_Martin

Hi folks, please wait for the updated article (tue i hope) to see how this fits in, i've done lots of work on this and hope it takes how to reclaim charges to a new level - (plus MSE Dan, Neil and Jenny have worked hard on the calculators and template letters which we're printing out).

As for the inconsistency with CAG i think that may be due to the fact we go to more decimal places in the calculations, but I'll get that checked on monday

JasonW_2

I think it's a great idea and I like it. I'm going to claim back some charges, need to get in quick as the earliest one was 1st dec 2000 so the cut off for that is fast approaching. Calculated my interest which is approx £85 which will increase the longer they take to resolve also.

Good work everyone