View Full Version : Can someone do some maths for me?
monkey_tennis
5th July 2009, 15:24
I am putting in a claim through money claim online.
Invoice amount is 85.00, and I am charging 8% interest a year until it is paid.
The money became due on 6.6.09, and today is 5.7.09.
How much interest is due so far?
selfeax
5th July 2009, 15:30
Hi,
Chargeable period for interest is 30 days (if you are calculating it daily). In this case, interest due for the period is 0.56p. (85*0.08* (30/365) = 0.56p. So total amount including interest would be 85.56p
GRDCredit
5th July 2009, 15:51
I know we are only talking pence but why are you only charging 8%?
You are entitled to charge 8% plus the 'reference rate' which until 30 June was 2% and since has been 0.5% - this would increase interest you could claim to 65p!!!
On a more serious note you then have this handy little calculator (http://www.payontime.co.uk/calculator/statutory.html) to work it out for you.
Geoff
selfeax
5th July 2009, 16:28
that little calculator is, as you rightly put it, very handy!:)
GRDCredit
5th July 2009, 16:47
that little calculator is, as you rightly put it, very handy!:)
See - us credit controllers have our uses. He will thank me for that extra 9p later!
AboveParr
6th July 2009, 11:39
See - us credit controllers have our uses. He will thank me for that extra 9p later!
Unless you end up chasing him for it of course! ;)
DickM
6th July 2009, 20:02
Not only a calculator, but a credit collection letter format as well,
2 for the price of none :)