Why is no one claiming the contractual rate of interest???

[Guest bong]

If I don't put 8% as an alternative on my N1 do i run the risk of getting no interest at all?

Aoife

 

yes, the court can't award something that isn't claimed and the CPR require you to include this in your claim particulars.

[doo]

Thanks bong for getting back to me. My claim to date is:

Charges £1,036

Contractual Interest up to 23.04 £2,007.13

8% (asked for in the alternative) up to 23.04 £289.67

Court fee £120

 

They have offered:

Charges £1,036

8% £219.60

All purchase interest paid on account for this period £592.90

Court fee £120

 

Making total they have offered £1,968.50

Funds paid into credit card £1,212.11

Cheque received for £756.39

[Guest bong]

so they've offered the purchase interest paid £592.90 without you having claimed it?

[Guest bong]

If that is the case doo, their refund of the £592.90 is not connected with the claim at all - and should not be referred to in court. It is a very kind gesture of theirs, but as far as the claim goes, they have only refunded you £1,375.60 (and even less if you ignore the cheque), which doesn't cover the 8% to date.

 

do others agree?

[doo]

bong, totally agree, was thinking along those lines today, as you say the purchase interest offered was not claimed by me at all, no mention anywhere. If I take your first post and take the amount they have paid me including the cheque and take off oldest charges and interest - do you think this is the best way forward.

[doo]

Also bong you are right in cap one paying out on contractual claims, there were about 3 last week. I have done a quick calculation on my spreadsheet and if I take the oldest charges and the interest it still leaves me with plenty of charges left, which is exactly what I need. If you are in agreement with this should I now write again to cap one saying I accept the partial payment and send in an updated spreadsheet, also stating that the purchase interest offered is not part of my claim. Also inform the court accordingly.

[Guest bong]

I think that is the argument to save for if you end up in court.

 

I'm in danger here of advising you to do something that might not pay off so I'm gonna have to leave the decision to you but I think in the knowledge that they hadn't even fully paid the 8% I personally would take it to the hearing (and obviously there is a chance they might pay up in the final days under pressure).

 

I think I would write to them and say their payment does not fully satisfy your claim and if it is their final offer they are leaving you with no other option than to proceed to the hearing. Don't tell them it's because of the 8% - they can read the claim form - and all that might do is prompt them into paying the extra 8% - I wouldn't mention the £592 either, they might take it back LOL! maybe consider closing the account now if it is at zero?

[Guest bong]

doo my post above was in reply to post #1855. it might also answer your queries in #1856.

[doo]

Bong, don't worry about the decision, I know it is mine to make but I just needed to find a way of leaving charges in place. I will write back to them and tell them their offer does not satisfy the claim and that I will proceed to the hearing. Should I tell them what I am accepting the money for and update my spreadsheet (and won't remind them about the 8% or mention the purchase interest).

[doo]

It's not just the money, it's the principle, cap one are on the whole paying all the contractual claims.

[Guest bong]

Should I tell them what I am accepting the money for and update my spreadsheet (and won't remind them about the 8% or mention the purchase interest).

 

I think I'd just leave it short and sweet, no spreadsheet, no acceptance - just.. further to your letter of date I regret to inform you that your offer is insufficient and please be aware that if this is your final offer I shall be proceeding to the hearing on date...

 

you can update spreadsheets to take with you to the hearing IF it gets that far!

[doo]

Thanks bong for your time, much appreciated.

[Guest bong]

Fingers crossed doo

[doo]

bong, woke up thinking about this - the £592.90 they sent me for the purchase interest do I a. count it towards my charges and contractual or b. accept it for what it is, (bit cheeky I know) so it's an extra they have offered to pay outside the court claim. What do you think? Once again it will be my decision so no worries, just wanted to run it by you.

[Guest bong]

doo, can you post the wording of their letter

[Pliny the Penuriosus]

doo if their letter makes no reference to the payment being in anyway offered as settlement, goodwill or other wise, then it's just a 'goodwill' payment to cover all the upset you have suffered & an indication they either want to keep you as a client or have your return to their warm embrace

[doo]

Hi bong, here is the crux of the letter, word for word (after the bit about denying their fees are unlawful).

 

Capital One has acted in accordance with the terms and conditions of your credit agreement through this matter and it is clear you have no claim against Capital One.

 

After reviewing your request for £1,951.51 to cover the interest, I can confirm that your calculations are incorrect. All default fees charged to any account are always charged at the purchase interest rate. Under the Statute of limitations you can only claim for the last six years of charges from the issue date of your claim. The total amount of purchase interest we have ever charged to your account since February 2001 is £592.90. This amount includes the interest on all of your purchases and only a very small portion of this figure has been charged on the default fees. On the basis of the above, I cannot agree to the proposal of refunding to you the sum of £1,951.51 to cover the interest.

 

However I am prepared to offer, without any admission of liability, a refund of the total amount of interest charged to your account in the sum of £592.90. I'll also refund the sum of £219.60 which is the 8% you are entitled to claim under section 69 of the County Courts Act 1984. It also means you will have held an account with us since March 2001 without having to pay interest for any of your purchases.

 

Along with the above offer to refund the interest, I also agree to refund the default fees totalling £1,036 and the court fee of £120. This brings my total offer to £1968.50, and I've refunded this to your account today. This has cleared your balance and I've arranged to send you a cheque for £756.39 today. It should arrive within 14 working days.

[doo]

Pliny, funny thing is about wanting me as a customer, the account had defaulted in May 2006, I had made payment but they said it did not arrive in time so defaulted me. I had not found this site then so was just resigned to think I had to accept it. Anyway a couple of weeks into my claim I rang cap one and queried the dates of the default and the day I made payment, he went off to discuss it and within a few minutes came back on the phone and offered to remove the default, set me up a new account, new card and old credit limit. This is why my claim was delayed as I had been waiting for confirmation of the default removal before proceeding. So it would seem they do want me as a customer but I think they may change their mind

[pattacake]

thought contractual interest rate was the interest figure that appears on the statements? have been told in no uncertain terms that this cannot be claimed back.Thought i was clear on this and was about to send claim today but im confused again.

[Guest bong]

doo, does the £1,036 include an element of purchase interest already or is it purely penalty charges?

[doo]

purely penalty charges.

[Guest bong]

I think I would carry on as already suggested then, not mentioning the amount they have refunded, they could end up reversing that credit if they pay up the CI.

 

If it gets as far as court I still wouldn't take the £592 off your claim because it's not related at all to anything you've claimed, it is something they've offered to refund without you asking. does that make sense to you?

[doo]

Ok bong, will have to write them another letter then, you may have seen my rather long letter to them in reply to their offer. As for the £592, totally agree, wasn't asked for but had it offered, is in no way anything to do with my court claim. By the way bong, just read of another contractual payout today by cap one. So just to re-cap, write letter back to cap one saying I accept as partial payment, but my claim has not been fulfilled so court action to continue.

[Guest bong]

doo i've just looked at your letter. I don't think another one is necessary to be honest. you've told them you are proceeding with the claim, so I'd just wait it out now.

[doo]

Agree Bong, was just going to add I would await a reply to this letter (you never know) I think you are right, do you think I should bank the cheque now? Will now look to filling out the allocation questionnaire and attach the draft order - all to be in by 10th May (will wait till 9th and put it into the court then).