Reclaiming Capital One Credit Card Charges

[moneyproblem]

Sorry PC messing about posted twice by error.

[moneyproblem]

no sorry

 

its 8% on the charge + their interest.

 

they have deprived you of the money you reclaim under restitution , see the FOS website PDF's

you are entitled to the 8% on the complete claim for each charge.

 

use:

 

http://www.fscs.org.uk/news/2011/mar...cial-7pghpepm/

 

 

rest=12

days = 360.

 

HOWEVER, you do NOT include the stat 8% on your claim UNTIL you file for court.

 

dx

 

Just saw your reply, ok so the 8% is a one off addition t the charge regardless of the number of yrs? Did I get that right?

 

Oh I miss interpret the 8% being requested also from the get go lol sorry for being greedy *shame face*

 

Also I asked this already but would we treat the mis-sold PPI on the cards in the same manner as we are ding the late & overdrawn fees?

 

Once again thank you for your help.

[moneyproblem]

Ok, I figured out how DX got £69

 

Doing the calculations, DX only compounded the interest annually over 2 years, and didn't use a 360 day year

 

Still_Surviving said we should compound the interest monthly, using a 360 day year

 

Which one is correct?

[dx100uk]

???

 

i didnt do any calcs........

 

??

 

dx

[moneyproblem]

Sorry about that, i meant bustthematrix

[dx100uk]

but i will:

 

lets say you have a late fee of £20 on the 13/01/2005 at the int was 24.9% at that time.

 

using the calc - link i gave [http://www.egalegal.com/compoundWindow.html] oopss wrong link before! sri

set to

rests=12:

360 days:

claimed to todays date.

 

int=£73.96 tot £93.96 [if you were to file for court - you would add 8% using the same dates to £93.96]

 

hth

 

dx

[dx100uk]

you must do the ppi as a sep spreadsheet and claim

 

dx

[moneyproblem]

Yay - Finally got the credit card charges down

 

Thank you so much for everybody's help

 

Really appreciate it

[bustthematrix]

Thanks DX

As long as one understands what they're doing and can explain it I suppose!

[Still_surviving]

dx100uk

 

Not to labour my point, BUT my comment about the 8% was made after considerable discussion with slick132, another of the site team.

 

It was felt that charging statutory interest, on top of restitutionary interest, would be viewed as taking the mick.

 

Would be useful to get a CAG 'policy' or at least recommendation on this, as I have three more claims about to go to court

[dx100uk]

????????

 

well how were we to know that

 

this is not your thread...

 

however, i dont think this applies to the op's claim.

 

but in your case it will as slick has already pointed.

 

dx

[Still_surviving]

Jeez wept - could you be just a little ruder?

 

I will butt out....i was under the impression you guys swapped info thats all.

[dx100uk]

SS like me you are meticulous in your investigations

and your thread is a mine of carefully researched and asked questions.

 

sadly, my comment above was about another thread/OP, and not your comment

where the OP's A/C was closed some years previous

so IS only entitled to S69 from the date of closure on charges.

 

i thought that was you. apologies

 

so your case is the same as the OP here.

the card is still active.

 

however, BC have benefited from having the money so should be charged at their APR compounded

and as with any court claim, according to the FOS PDF's you can add 8% simple stat as i described on top if filed to court.

 

i don't think slick is indicating any diff.

 

dx

[Still_surviving]

dx

 

Maybe I was a bit touchy, what with it being a bit late.....dunno, probably best forgotten eh?

 

I feel I learnt an awful lot having taken my case through the courts, however there is always so much more to learn lol. I do know that the subject of interest was the most confusing part as I learned the ropes, and there are many different viewpoints/opinions.

 

I guess we can never know what is correct until it is challenged. I certainly agree that contractual interest should be charged, and at the current rate regardless of whether this has been increasing over the years. I also went for statutory interest at the contract rate (following lengthy discussions with a poster call noomill), but I can see how the opposition might barf at the sight of that.

 

Its also a keen interest of mine as to whether the credit card companies have the right of offset, once a court claim is filed.

 

I best stop, as I dont wish to hijack this persons thread. I do think though that if anyone is contemplating court proceedings, they need to understand their case, as you never know, theirs might be the one, that the credit card company choose to defend.

 

All the best

[moneyproblem]

@Still_surviving, was your credit cards closed and paid off at the time you charged restitution CCI? I know you have two won cases and I saw your thread where you mentioned that they tried to offset the payment against the o/s bal. was the case on both cards. Basically have you claim restitution CI on any paid in full and closed CC...., Apologies if this is too personal of a question, I am just trying to figure where my argument lies on what I am trying to do, from what I have read on here.

 

My arguments after reading through several thread and wiki for last 3-4 days, I thought once you were charged unlawful charges that you were able to claim restitution CI regardless of whether the account is closed or open or paid in full or with an o/s bal. My understanding (and I maybe wrong here still new to this), is the fact remain that the bank charged unlawful charges and as such they have gained from this, they also took interest from you at the time on these charges, plus they had the benefit of the money to be used as they wish.

 

I would have thought whether the account is open to date or closed as the money in charges belong to you in the first place would natural gained interest over its life with the credit card co. Right??

 

I am trying to wrap my head around why is any different to a closed credit card or one that is still active...... the argument I thought was once they had money that belong to you, regardless of when you discovered you were unlawfully charged, you would be entitled restitution, since that money would natural earn interest from then to date of which also would naturally belong to you as the charges was taken from you unlawfully in the first place, hence the money and the interest earned should be return to you whether the account is open or close, the money is still earning interest in some bank/credit card investment/stock account?? See what I am getting at??

 

My final point for example I came across a thread (I am going to go look for it again), where someone paid off the bal. as per their statement had thought that the account was done and dusted, they had moved and 2yrs later got statement I think from the previous address only to find out that they were charged a small amount of interest even though they paid the full amount shown on the statement at the time. within the 2yrs of the o/s amount had grown to a larger amount as the bank was adding on more interest monthly over the last two yrs.

 

^^^^ Now as far as the bank is concerned the account holder owed them that amount and has had it o/s for the 2yrs they believed that they the bank are entitle to earn further interest on the interest that they have charged the card holder and this is what they have been charging on the statements for the last 2 yrs of this poster. Can the argument not be flipped and argued on these grounds just the same?? Using the same argument the bank would/did?? a quote by member JonCris

If you have paid them then you are claiming the same amount of interest from them as they would charge you for THEIR Unauthorised borrowing & Its called Reciprocity of Contract

 

I hope I am making sense and not conjuring up some fictitious argument here

[Still_surviving]

No - neither of the claims I have won relate to accounts that had been closed.

 

This whole question of interest is a grey area, that can only be tested again and again. I do see the point you are making regarding restitutionary interest. When the account is open, it could be said that the restitution relates to a mix of interest charged to your card and some profits earned by the bank on your money. Once the account is closed, you would be arguing that the restitution relates 100% to profits earned by the bank.

 

I havent seen this point argued elsewhere on the site, so you would be well advised to get better opinions than mine, before finalising your claim.

[moneyproblem]

@SS Thank you very much for that, my thoughts are whether the card is closed or open the fact is that they have taken the money unlawfully...., Can I asked why is the restitution based on an open card to be mixed interest that is being asked for. Wheres a card that is closed the restitution is based on 100% profit? We can not proof how much the bank has earned on the lawful charges that was taken from you, the argument is that they make profit from these charges from us 1. AND 2. they then used these charges further investment, trades etc beyond our knowledge, we are only asking for the interest based on the contractual figure we were charged at the time. We would only know the real revenue return if the bank would show what they have done with our money since then, aaaah would this ever happen? Can this be requested in court? Would they want to bring their balance sheet/profit and loss based on your moneys return and prove that they did not earn any money than what they took from you?

 

I am reading through a thread that is 105 pages long at the moment and I have gathered some interesting arguments based on the restitution interest....., again this a thread started by Bankfodder and they are arguments that I believe and others do that no bank would want to argue or declare in a court of law. I have read through other threads of success win on this, but I need to ask whether their account was paid in full and closed.

 

My closing argument is that the bank has deprived us of this money to date and are still making profit on it to date, do you think we are asking for an actual 100% profit? I am just asking as we don't know at what % or extent the bank has used and or % that they have invested further with the unlawful charges.

 

Again I am reading through other threads and cases to gather more arguments and knowledge on this matter. As you rightly said it is a grey area that can only be tested again and again.

[Still_surviving]

mp

 

My thoughts/argument are only hypothetical hence why I feel its important you get many others on the subject. Perhaps I should not lead you down what may be a blind alley. My own thinking was along the lines of what if the bank states "well we only charged Mr.X this amount in interest, which is less than he is claiming from us". The rest could be argued to be some of the profits they have earned.

 

I dont think there is any way you could get a bank to declare exactly what its done with the money earnt from penalty charges.

 

All i know is from my own experience, when I dug my heels in and stated "the current contractual rate is x%, the fact it might have been lower in the past is your problem" I did not meet any resistance. For accounts that were closed, I would use the rate in place at the time of closure.

 

I really wish there was a nice easy "we win" button we could press on the subject of interest, but there never will be. Im currently canvassing lots of opinions to try and get some kind of consensus.

[moneyproblem]

I am only claiming the CI from back then to be honest, I am not being greedy and ask for todays rate, not saying that you said that. I have been doing and did a lot reading (my eyes are bleeding and my brain has swollen lol) believe me the knowledge and understanding that I did not have say 3-4 day ago to what I have read and understand makes me fee good for far. Having said that I still believe I have a loooooooooooot more to learn and research and read up on.

 

I agree I need to get more ppl on this, the thing is there is alot of Restitution CI on the forum, but what I find a little annoying lol is that a lot of the won cases or claims really donot state whether or not the account was closed or open. I can see the ones that say they had an o/s bal., which I understand. I will still keeping reading and I will be asking for more info in the future, I thank you so much and the others for your patience and tolerance of me asking all the mountain of questions.

 

Please feel free to update me with any other material(s) I can read or you think will be useful for my claims.

 

I have a number of cards to claims on and to list them : Associates/Citicard (2-closed), Capital One (4 closed), Barclaycard (2 - 1 closed, 1 open), Mint (1 open), MNBA(1 closed).

 

Thanks SS again, BankFodder & Slick thanks your thread was what bought all this to light. I am not where finish obviously just getting started so I will need a looooot of help with the writing and filling of paperwork as these progress.

 

I am off to start the threads for the cards that I have sent out prelim + schedule for by RD.

[bustthematrix]

...interesting, just keep pressing on...