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C-Card APR and Daily Interest % calculation trouble - when trying to reclaim Card PPI
quadwould
Posts: 3 Newbie
Have tried searching the forum.. but no dice.......
How does Halifax come to a Daily Interest Rate of 0.055% (they state on their monthly statements) based on an APR of 21.95%????
If you take 21.95% and divide it by 365 days, you get 0.06013%
and when you divide 21.95% by 0.055%, you get 399.09 days
????
When I'm working out the interest on Credit Card Repayment Cover (PPI), when trying to reclaim, what should I use??? I have created a spreadsheet that has 2 separate calculations, one for the calculation based on 365 days, and the other on Halifax's weirdo Maths.
I'd rather use the realistic 365 (366 for leap year) calculation columns as it means I would be better off by another 40 quid in interest back to me. (the whole reclaim is about £2k)
Also... Should I cancel the PPI that is still currently running on the card right now?? or wait till this whole thing is sorted?? What's the best strategy?
Want to get this right the first time around. Help....... please....
How does Halifax come to a Daily Interest Rate of 0.055% (they state on their monthly statements) based on an APR of 21.95%????
If you take 21.95% and divide it by 365 days, you get 0.06013%
and when you divide 21.95% by 0.055%, you get 399.09 days
????
When I'm working out the interest on Credit Card Repayment Cover (PPI), when trying to reclaim, what should I use??? I have created a spreadsheet that has 2 separate calculations, one for the calculation based on 365 days, and the other on Halifax's weirdo Maths.
I'd rather use the realistic 365 (366 for leap year) calculation columns as it means I would be better off by another 40 quid in interest back to me. (the whole reclaim is about £2k)
Also... Should I cancel the PPI that is still currently running on the card right now?? or wait till this whole thing is sorted?? What's the best strategy?
Want to get this right the first time around. Help....... please....
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