New MSE Bank Charges Interest Calculator

johnbrooks

Any thoughts on the accuracy of the calculator yet?

Former_MSE_Dan

Hi guys,

Sorry this has taken so long, wanted to make sure it is right - and we have a busy bunch since the festive break!

johnbrooks, it does seem that the way you lay out is the method used in most other calculators, and also on the hmcourts website. We've changed it to reflect that now, so hopefully it should update in the calculator today. It surprises me actually that they do use that method, but there we go!

Your other point about the dates shoyld also have been solved by this tweak - but if there are further problems, just report them on here - i;ll be checking back.

elainecap wrote:

Hi, thanks to everyone for their great tips over the years. I've been using the interest calculator on the site but when I add each charge to the list to be saved the date and month swap places, hence 12.08.2003 becomes 08.12.2003, making the interest incorrect. Has anyone else found this and if so did anyone find a way to overcome the problem. If not I'll just type out the information instead of printing it off.

That is the problem reported higher up the thread. However, despite the results table flipping the day and month columns round, the answer remains unaffected. It's in the techie to-do list, but is more difficult than just altering the code.

Pramms wrote:

Hi,
How does the intertest calular work. If I insert £1 of charges, it gives a -11p interest, and shows i need to clain 79p.

Please clarify .
thanks
Pramms

Could you try it again, ensuring that the date input on the left for When Was the Charge? is in the past. If it still gives a negative answer, could you report it on here and we'll look into it.

Cheers all, HTH

Dan

johnbrooks

MSE_Dan wrote:

It surprises me actually that they do use that method, but there we go!

Dan

Perhaps they use it because its right? (VBG) Try your method for exactly one year and it becomes instantly apparent that it gives the wrong answer! 8% simple interest on £100 for 1 year MUST BE £8.00 !!!!!!

Former_MSE_Dan

Perhaps they use it because its right?

Seems a weird way for the government to approach doing something

Hope there are no more issues

Dan

scoot10

Help! I'm in the process of reclaiming bank charges and I'm trying to input data on the 'interest calculator'. The problem is when I enter the amount of charge plus day, month and year and then I click on 'Add to list', the day and month automatically get switched round on the list so that e.g. 11/09/2001 becomes 09/11/2001. Correct me if I'm wrong someone but doesn't this smack of a clanger that probably won't hold up in court? (God forbid it gets that far!)

Rex_Mundi

scoot10 wrote:

Help! I'm in the process of reclaiming bank charges and I'm trying to input data on the 'interest calculator'. The problem is when I enter the amount of charge plus day, month and year and then I click on 'Add to list', the day and month automatically get switched round on the list so that e.g. 11/09/2001 becomes 09/11/2001. Correct me if I'm wrong someone but doesn't this smack of a clanger that probably won't hold up in court? (God forbid it gets that far!)

This wont have any affect in court. The team are aware of this, and it will be looked at when they have the time. It is only switching the date to an american style date. It has no affect on the numbers.

Boudica

Hi All

This is probably a stupid questions but, on the interest calculator in Martins article, it is putting the dates of my charges the other way about

IE: 07/03/2003 is printing as 03/07/2003.

Does this make a difference or am I doing something wrong

I'd appreciate the help as i'm wanting to get the letter off asap.

Thanks

Boudica

Rex_Mundi

It wont make any difference. The team are aware of this ,and will look at it when they have time.

Edinburghlass_2

The calculator is using American date system, I think this is one of the things MSE Dan is looking into changing

slam2k5

Hi peeps,

Onto the next stage of reclaiming my bank charges from Lloyds TSB. I've made a spreadsheet of the dates and how much I was charged. I'm using the interest calculator from here:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632,

I tried inputting 02/12/02 but when I add it to the list, it displays as 12/02/2002, I'm not sure if this is correct? Is there another calculator I can try?

Thanks