If you have a summary of repayments which are being refunded, you work out of the interest for every single repayment. First get the amount of times amongst the re re payment date now and determine:
8% easy interest = re payment being refunded x quantity of times x 8 / 36500.
You can add up these individual quantities. I will suggest employing a spreadsheet, which could additionally work out of the quantity of times figure for your needs!
Picking out a rough figure
That may be a complete large amount of work. In case a loan provider has made you an offer and you are clearly attempting to decide itâ€™s helpful to be able to make a guess at what the 8% interest might be if it is a good one.
Make the previous example â€“ if Money For absolutely absolutely Nothing has offered you Â£800, should you accept this? It maybe not an insultingly stupid offer, you might well need Â£800 appropriate now and never wish to wait while this would go to the Ombudsman, however itâ€™s advisable that you be clear in what you will get should you make the situation ahead.
In this instance the full total interest and costs compensated, maybe not like the first couple of loans, involves Â£1,260. If they were spread evenly within the 2012-2014 duration, then an average of each payment might have 36 months of great interest, so Â£1260 x 0.08 x 3 = Â£302 interest. […]