Statutory Interest Help!

JustChris20 · 24th June 2009, 13:46

Hi everyone, can you help me out with my calculations please.

I have heard some people tell me that the stat interest autolinker.com autolinking image

is 8% PER MONTH!? Surely this cant be right... is it?

Or is it as i though and 8% per year so it would work out at around 0.66% each month?

Scenario 1 Monthly = Month 1 £100, Month 2 £108, Month 3 £116.64 etc

Scenario 2 Yearly = Month 1 £100, Month 2 £100.66, Month 3 £101.32 etc

HELP! Is either of those right??

BankFodder · 24th June 2009, 15:15

It is definitely 8% per annum.

JustChris20 · 24th June 2009, 15:47

Thanks for the reply, so let me get this right....

Month 1 i pay £30 for ppi
Month 2 my £30 is now worth £30.20 (30 x 0.66%) and another £30 is paid so total is now £60.20
Month 3 my £60.20 is now worth £60.60 and another £30 is paid so total owed to me is now £90.60.
Month 4 my £90.60 is now worth £91.20 and another £30 is paid so total owed to me is now £121.20
Month 5 my £121.20 is now worth £121.99 and another £30 is paid to total owed to me is now £151.20.....

and so forth???

Thanks.

noomill060 · 24th June 2009, 15:53

I claimed stat interest autolinker.com autolinking image

against Barclaycard at the contractual rate

They coughed up without a whimper.

£85 in PPI premiums

plus 9 years contractual interest @ 26.9%

plus Stat interest @ 26.9%

JustChris20 · 24th June 2009, 19:40

Quote:

Originally Posted by noomill060

I claimed stat interest autolinker.com autolinking image

against Barclaycard at the contractual rate

They coughed up without a whimper.

£85 in PPI premiums

plus 9 years contractual interest @ 26.9%

plus Stat interest @ 26.9%

How the hell did you do that!?

But if anyone can clarify if my workings out are right that would be great... thanks.

alanalana · 24th June 2009, 20:03

Quote:

How the hell did you do that!?

Yes how the hell did you do that

noomill060 · 24th June 2009, 20:44

Stat interest autolinker.com autolinking image

can be claimed at the rate stated in the contract.

The 8% is for when there is no rate stated

(eg: if you're sueing Dixons because the toaster you bought doesnt work. or your joiner, because the shelves he put up collapsed wrecking your collection of model locomotives.)

noomill060 · 24th June 2009, 20:54

Thats what it says in the small claims guide autolinker.com autolinking image

I got from the Court when I first started all this, so Ive claimed stat interest autolinker.com autolinking image

at the contractual rate in all my claims and everytime they have coughed up without so much as a "yeah, but no but" on this

noomill060 · 24th June 2009, 20:56

I use this to calculate compound interest autolinker.com autolinking image

-

Compound interest calculator

(Saves melting your brain)

noomill060 · 24th June 2009, 21:01

No, you are barking up the wrong tree justchris20, it doesnt work like that.

It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)

Go work it out using Compound interest autolinker.com autolinking image

calculator

360 day year, 12 compoundings per annum

JustChris20 · 25th June 2009, 00:29

Quote:

Originally Posted by noomill060

No, you are barking up the wrong tree justchris20, it doesnt work like that.

It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)

Go work it out using Compound interest autolinker.com autolinking image

calculator

360 day year, 12 compoundings per annum

Wasnt that how i did it though?. The rate (8%) divided by 12 (0.66%) compounded monthly??

noomill060 · 25th June 2009, 00:44

How much interest autolinker.com autolinking image

are you paying on the loan?

This is the figure that are charging you, so you should be using the same.

Why this enthusiasm for 8%?

noomill060 · 25th June 2009, 00:47

Each £30 needs to be looked at as an individual "wrong" they have done against you, so should be worked out from the date it was made until the date it is repaid to you

Calculate the interest autolinker.com autolinking image

from the date of each until no, then add up all the totals.

The Compound interest calulator will do all the hard work fot r you.

Make a note of each result, then add them up.

24th June 2009, 13:46	#1 (permalink)
JustChris20 Basic Account Holder Where else can you earn 8% interest on your money? Start your County Court claim NOW!!! Cagger since : Jun 2009 Posts: 4	Statutory Interest Help! Hi everyone, can you help me out with my calculations please. I have heard some people tell me that the stat interest is 8% PER MONTH!? Surely this cant be right... is it? Or is it as i though and 8% per year so it would work out at around 0.66% each month? Scenario 1 Monthly = Month 1 £100, Month 2 £108, Month 3 £116.64 etc Scenario 2 Yearly = Month 1 £100, Month 2 £100.66, Month 3 £101.32 etc HELP! Is either of those right?? Last edited by JustChris20; 24th June 2009 at 15:25.

24th June 2009, 15:15	#2 (permalink)
BankFodder Site Team The Consumer Action Group Is your bank avoiding its debts Data disclosure poll Cagger since : Jan 2006 I am in: Please consider making a donation if we have helped you. Thanks Posts: 11,490	Re: Statutory Interest Help! It is definitely 8% per annum. __________________ Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me. Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.

24th June 2009, 15:47	#3 (permalink)
JustChris20 Basic Account Holder Your bank owes you an awful lot more money than you realise See here Cagger since : Jun 2009 Posts: 4	Re: Statutory Interest Help! Thanks for the reply, so let me get this right.... Month 1 i pay £30 for ppi Month 2 my £30 is now worth £30.20 (30 x 0.66%) and another £30 is paid so total is now £60.20 Month 3 my £60.20 is now worth £60.60 and another £30 is paid so total owed to me is now £90.60. Month 4 my £90.60 is now worth £91.20 and another £30 is paid so total owed to me is now £121.20 Month 5 my £121.20 is now worth £121.99 and another £30 is paid to total owed to me is now £151.20..... and so forth??? Thanks.

24th June 2009, 15:53	#4 (permalink)
noomill060 Platinum Account Holder Protect your signature with SignGuard Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! I claimed stat interest against Barclaycard at the contractual rate They coughed up without a whimper. £85 in PPI premiums plus 9 years contractual interest @ 26.9% plus Stat interest @ 26.9%

24th June 2009, 20:44	#7 (permalink)
noomill060 Platinum Account Holder Worried about your signature being copied onto CCAs etc? Use SignGuard Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! Stat interest can be claimed at the rate stated in the contract. The 8% is for when there is no rate stated (eg: if you're sueing Dixons because the toaster you bought doesnt work. or your joiner, because the shelves he put up collapsed wrecking your collection of model locomotives.) Last edited by noomill060; 24th June 2009 at 20:49.

24th June 2009, 20:54	#8 (permalink)
noomill060 Platinum Account Holder Protect your signature with SignGuard Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! Thats what it says in the small claims guide I got from the Court when I first started all this, so Ive claimed stat interest at the contractual rate in all my claims and everytime they have coughed up without so much as a "yeah, but no but" on this

24th June 2009, 20:56	#9 (permalink)
noomill060 Platinum Account Holder Have we helped you? Please help us by making a donation Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! I use this to calculate compound interest- Compound interest calculator (Saves melting your brain)

24th June 2009, 21:01	#10 (permalink)
noomill060 Platinum Account Holder Protect your signature with SignGuard Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! No, you are barking up the wrong tree justchris20, it doesnt work like that. It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360) Go work it out using Compound interest calculator 360 day year, 12 compoundings per annum

25th June 2009, 00:44	#12 (permalink)
noomill060 Platinum Account Holder Protect your signature with SignGuard Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! How much interest are you paying on the loan? This is the figure that are charging you, so you should be using the same. Why this enthusiasm for 8%?

25th June 2009, 00:47	#13 (permalink)
noomill060 Platinum Account Holder Our auction sniper is now live. Try it for free Cagger since : Sep 2006 I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986 Posts: 6,709	Re: Statutory Interest Help! Each £30 needs to be looked at as an individual "wrong" they have done against you, so should be worked out from the date it was made until the date it is repaid to you Calculate the interest from the date of each until no, then add up all the totals. The Compound interest calulator will do all the hard work fot r you. Make a note of each result, then add them up.