How does the interest work?

Agreed that the legal fees would be different since the update in May, however, the HST should only apply to the fees alone, not from the gross amount.

The date on the memo was January and it wasn't until May that the legal fees were decided.

Funny I never got that memo at all either for VVi or as a member of the class.

Memo from MC is no longer fully applicable, as given on the link above

Did anyone else notice that the hypothetical calculations made on the MC info letter, that their fees/hst deductions are wrong? They can only charge us HST on what their legal fees are, not on the total lump sum.

no prob Disney glad to help.

propat

Disney,
Here is an example for you done by MC

http://leavenovetbehind.ca/content/Examples%20of%20settlement%20and%20fees.pdf

;-)

This interest thing has got me stumped now. Simple interest is = amount x interest rate x years payable. So if I was owed money from 1989, I would get the interest on it at the rate for that year x number of years to present. And I would still be getting six percent on it until 2012, then the 5% on total.

Thank Propat I thought that too but you don't know unless you ask. Cheers

Disney sorry no its simple interest by bracket.so that 5% is only for the years in that bracket.

propat

Hi Everyone I am confused about the interest. I am part of the 24 month settlement, I was released in June 2001 and will received 5% for 2001 to 2003 for sure. Does the interest go from 2001 to April 2012 or just to June 2003? I do know that I get an extra 5% due for May 2012 to April 2013 and then a bit extra from May 2013 to now. I was processed for payment in July but due to moving I am having them hold my cheque until I am settled as I didn't want to miss receiving the money so I know I will know soon but just thought I would ask. Thanks Disney