Applying interest. When is interest payable? We charge interest from the date an amount (e.g. a purchase or fee) is charged to your account until it is paid in full but there are two exceptions to this. We don’t charge interest on: • purchases if you always pay the full amount you owe on each statement date (as shown on your statement) by each payment due date; or • late payment fees or returned payment fees. For other fees and charges, we’ll charge the same rate that applies to a particular type of transaction (see 'Interest Rates' above for further details). Examples When you won't pay interest on purchases If you paid the full amount you owe in June and in July we won't charge interest on any purchase charged to your account in July and shown in your July statement. When you'll pay interest on purchases If you didn't pay the full amount you owe in June, we'll charge interest on any purchase charged to your account in June and July, even if you pay the full amount you owe in July. How we charge interest on cash advances or balance/money transfers If you ask us to make a cash advance or balance/money transfer in June, we'll apply interest from the date we charge it to your account and show it in your June statement. How we work out interest on your account We convert the annual simple interest rate for each type of transaction into a daily rate (using the actual number of days in a year). We then: • apply this rate to the amount you owe each day for each type of transaction; and then • on each statement date, add the interest charge for each type of transaction to your account.
Applying interest. When is interest payable? We charge interest from the date an amount (e.g. a purchase or fee) is charged to your account until it is paid in full but there are three exceptions to this. We don’t charge interest on: • purchases if you always pay the full amount you owe on each statement date (as shown on your statement) by each payment due date; • late payment fees, returned payment fees or Instalment Plan fees; or • an amount that is included in an Instalment Plan, for the duration of that Instalment Plan unless the Instalment Plan ends early. Where the Instalment Plan ends early, we’ll start to charge interest on the balance you owed under that Instalment Plan from the day after your next statement. For other fees and charges, we’ll charge the same rate that applies to a particular type of transaction (see “Interest rates” above for further details). Interest will still be charged on cash withdrawals and balance transfers even if you pay the balance in full. Examples When you won't pay interest on purchases If you paid the full amount you owe in June and in July we won't charge interest on any purchase charged to your account in June or July which is shown in your July statement. When you'll pay interest on purchases If you didn't pay the full amount you owe in June, we'll charge interest on any purchase charged to your account in June and July, even if you then pay the full amount you owe in July. How we charge interest on cash advances or balance/money transfers If you ask us to make a cash advance or balance/money transfer, we'll apply interest from the date we charge it to your account and show it in your next statement. When you’ll pay interest on an Instalment Plan that ends early If an Instalment Plan ends early on 10th June, and your next statement date is 18th June, we’ll only start to charge interest on the balance you owed under that Instalment Plan from the 19th of June. How we work out interest on your account We convert the annual Simple Rate for each type of transaction into a daily rate (using the actual number of days in a year). We then: • apply this rate to the amount you owe each day for each type of transaction; and then • on each statement date, add the interest charge for each type of transaction to your account. If you don’t pay the interest due each month by the date set out in your statement, we’ll charge interest on any unpaid interest at the relevant Simple Rate set out above.
Applying interest. 6.5.1 In the event that the Welsh Ministers need to recover any sum paid, the Beneficiary shall repay the amount in question plus, where applicable, interest.
6.5.2 The Welsh Ministers shall calculate interest for the period elapsing between the payment deadline for the Beneficiary indicated in the recovery order, which shall not be set at more than 60 days, and either the date of repayment or deduction.
6.5.3 The Welsh Ministers shall calculate the rate of interest applicable in accordance with the LIBOR rate on that day plus 1%.
Applying interest. When is interest payable? We charge interest from the date an amount (e.g. a purchase or fee) is charged to your account until it is paid in full but there are tw o exceptions to this. We don’t charge interest on: • purchases if you alw ays pay the full amount you ow e on each statement date (as show n on your statement) by each payment due date; or • late payment fees or returned payment fees. For other fees and charges, w e’ll charge the same rate that applies to a particular type of transaction (see 'Interest Rates' above for further details). Exam ples When you w on't pay interest on purchases If you paid the full amount you ow e in June and in July w e w on't charge interest on any purchase charged to your account in July and show n in your July statement. When you'll pay interest on purchases If you didn't pay the full amount you ow e in June, w e'll charge interest on any purchase charged to your account in June and July, even if you pay the full amount you ow e in July. How w e charge interest on cash advances or balance/money transfers If you ask us to make a cash advance or balance/money transfer in June, w e'll apply interest from the date w e charge it to your account and show it in your June statement. How w e w ork out interest on your account We convert the annual simple interest rate for each type of transaction into a daily rate (using the actual number of days in a year). We then: • apply this rate to the amount you ow e each day for each type of transaction; and then • on each statement date, add the interest charge for each type of transaction to your account.
