cap one agreement received. any help welcome

[traceyb918]

[traceyb918]

[pelham9]

TracyBI9.

 

So what are these illegible documents- you give us no details.

 

If they are to do with your case I would suggest you start your own thread and post them there. Otherwise they muddle this thread.

[traceyb918]

Pelham9,

if you read post 22 you will note that Fango asked :

 

"Those with similar agreements.. can you post them up here ? lets put our heads together and pull them apart..."

 

I did that, I have my owne case!

[cerberusalert]

traceyb918 Have you noticed that yours is an application containing non of the prescribed terms, also it has two fold marks across it.

 

The T&Cs are not linked to it & it has one fold mark across the middle:rolleyes:

[traceyb918]

No I didnt notice that thank you for that cerberusalert

[Fangio of the nineties]

Hi all,

 

I take Pelhams point, but I'm happy to see others post their agreements here... just so long as they are similar...ie: Cap 1 of the same sort of vintage..

 

I do think there's something to be gained by comparing them..

f'rinstance..

 

mine has under

"total charge for credit"

at the time this agreement is made £1533.42

Comprising interest in the sum of: £1533.42

 

and thats all -- no reference as to the amount borrowed or any term or any apr etc..this is given some prominence in the agreement and conflicts with other terms.. but am i to assume that that is the total of their charges ?

 

I notice that this clause is different/expanded in other agreements..

anyone have a view ?

 

FOTN

[pelham9]

The total charge for credit (TCC) comes from Shedule 7 1983 Regs CCA 1974. It is based on a £1500 loan payed off in twelve equal instalments with interest added at a monthly rate each month.

 

It is possible to work out the monthly rate from these figures and hence the annual rate which can be rounded to one decimal place to get the %APR.

 

It is clear from this that the %APR is not the rate applied - as everybody thinks. The yearly rate / monthly rate is the prescribed term.

 

The TCC is a useful calculalation to check or obtain the monthly rate. You will nearly always find that the annual rate is as close to .05% above the %APR so that it can be rounded to the APR. This is yet another dishonest trick used to get a small amount of extra interest out of customers.

 

The TCC is rarely shown correctly though the calculations are OK. This does not matter in practice as though the agreement is improperly executed judges side with the banks. Only prescribed terms matter and the TCC is not one of them.

[Fangio of the nineties]

Ah.. so the TCC is a bit of a red herring then.. it seems despite the prominence they give it to have no significance if the prescribed terms are there..

 

Still need to find a snag with this paperwork..

 

FOTN

[pelham9]

I had a another look at the 'agreement' documents you posted in #1.

 

Still cant read them but have you noticed that the bleed through proves that these documents were copied from a two sided document in an attempt to show that the Ts & Cs were on the back of the signature page. Unfortunately the two sides are upside down. I have never yet turned over a document that had the reverse upside down - careless of them

 

On the signature page are the Ts & Cs referred to either overleaf or as a separate document? Is there any indication that the dates correspond?

 

Are the Ts & Cs pasted on the back of the signature page correct timewise - quite often they are not.

 

a)Are the penalty charges right - if they are post OFT they will be £12 or less.

 

b) Is the annual rate shown on these Ts & Cs the rate that you were actually charged?

 

Have you got early statements showing the rate charged? Do CAP1 show interest rates on statements? Can you work out the monthly rate charged when you first opened the account?

 

If you do not have early statements I would SAR them for everything they have got on you.

[Fangio of the nineties]

Thanks Pelham... i'll wade thru the custard and post the result when i have a mo....

 

in the meantime all those with Cap1 probs may want to look at Lexis thread ... post no 480 here..

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/172543-just-recieved-signed-capital-24.html#post2025635

 

I think there may be more safetey in numbers

 

FOTN

[Fangio of the nineties]

Pelham,

 

You're right ! reverse is upside down from the bleed through -- was worried that this was my scanning to post it but i've checked what they've sent and you're right... so things are not quite as they contend..

 

Late Charges are £20 or £15 for a returned cc cheque.. which is pre regs but i think i've seen others at this time higher - so whether that is another anomaly i'm not sure..

 

As for interest I'm not sure this was a 0% account originally... and inactive for a while.. can't seem to find any really old statements.. but as with others as soon as i was at my limit the % rapidly climbed so i had no hope of making any impact on the capital..

 

I'm not sufficiently bright to decipher whether what i was charged was what was due i'm afraid ... but i'll see if i can find an old statement..

 

FOTN