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compound interest spreadsheet help?
looking at the various statements ,
the interst seems to change.
I took out the card in feb 2003 with a cash advance ( for balance transfer )of £1550 which says "0% P.A. FOR 6 MONTHS PROMOTION".
also "cash interest at 0.94% per month"
Interest summary on statement June 2004 shows:
retail , monthy 0.945% - APR 11.9%
cash , monthly 0.945% - APR 13.3%.
it increased again in sept 2005:
retail , monthly 1.240% - APR 15.9%
cash, monthly 1.385% - APR 19.4%
BUT by which time i had a balance of zero.
how do i know what APR to put in this box??
please advise
this increases in feb 2005 and again in july 2005
Comments
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You don't get compound interest on PPI refunds, it's simple interest.
Why are you trying to calculate this for a form anyway, you don't need to do this for a PPI complaint? Could you explain what this form is that you are completing and then people can better advise.
If they agree you were miss-sold, the bank will work out what you are owed and if you have statements that show they are wrong you can use that to correct them afterwards.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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thanks for your advice Nasqueron.
I was advised to fill in the details of CRP on a Compound Interest Spreadsheet, . is this correct? I have all the details entered except the parts about the interest. I a totally unsure about what my next steps are.0 -
plastered6 wrote: »thanks for your advice Nasqueron.
I was advised to fill in the details of CRP on a Compound Interest Spreadsheet, . is this correct? I have all the details entered except the parts about the interest. I a totally unsure about what my next steps are.
If you are making a complaint about CRP (as in Cardholder Repayment Protection from Citibank on your other post) just put your complaint reasons and evidence and send it off, you don't need to worry about the total until they agree you were miss-sold.
The refund process uses simple interest, you will not get compound interest on the refund unless the bank goes against the norm.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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thanks again Nasqueron . is there a template letter I could use, as not sure how to word it??0
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Try the MSE guide
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Which did a template letter here (make sure you delete the non-applicable bit)
http://www.which.co.uk/consumer-rights/action/letter-to-reclaim-ppi-for-free
The FOS form is here (the bank will probably ask you the bits on here if you don't mentioned them on your letter)
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/PPI-consumer-questionnaire.docSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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