Capital one reclaim charges confusion

[junior232]

Hi an update on my claim,

 

After receiving my s.a.r from capital one there were months were i was overdrawn on my account and not made any payments but capital one did not charge me anything, well the copy statements they sent didnt show anything.

 

After months of complaining to them i finally received a reply from them and the months where the statements didnt show any charges i actually did get charges and capital one sent me copies of what the original statements would have looked at the time, with this new information it adds over 400 worth of charges and thats not including the compound interest so it should increase my claim amount by a large amount.

 

Anyone in a similar situation do not give up keep complaining until you get the response you want.

 

Now as for proceeding further with my claim on 3 occassions now cap1 have stated they are not willing to discuss refuding charges as i have passed the 6 year limitation and to be eligible for any refund i should have claimed in 2009.

 

Looking at previous posts i have been advised to take this to the fos, i am prepared to take this to court and i have read a few cases where the person didnt go through the fos and went straight to court by filling in the n1 form, wouldnt it be better to just take this to court now? i am familiar with the whole court process and i have a good idea of how to go about it just dont think its worth going to fos when it will take time and i probably wont get the result i want.

[ims21]

Hi

 

I don't think fos will deal with charges reclaims....you will have to go to court.

 

You can claim your charges plus compound interest on each charge. You can charge a higher rate than they charged you as interest in restitution.

 

You can ignore the 6 year limit that Cap1 tell you as you will be relying on S32(1)© Limitations Act 1980 to go back further than 6 years. Case Law is Kleinwort Benson

 

Interest in restitution is covered by the case law of Sempra Metals

 

Regards

 

ims

[junior232]

Hi,

 

Thanks for replying back, well my interest that i have is 29.9 should i go for a higher rate? as for the cases you mentioned, these need to in the particulars of claim dont they? where can i find these and how should i include these in p.o.c?

[ims21]

Hi junior

 

Looks like you need to do some more reading ad research.

 

For POCs there is a draft in the CAG library but also have a look at the **WON** threads in the Barclaycard forum....there's a huge amount of information there.

 

You need to be familiar with the Sempra case and the Kleinwort case. You can google them....."Sempra Metals" & "Kleinwort Benson". When you do your research in the BC forum, you will come accross a lot of references to them.

 

As regards interest rates, I wouldn't go beyond 29.9% unless your card rate is higher than that. You must work on the assumption that you will have to present your case to a Judge and therefore you need to be familiar with and conversant in the reasoning behind interest in restitution.

 

Also have a read of this if you haven't already done so.

 

http://www.consumerwiki.co.uk/index.php/Interest_Tutorial

 

Regards

 

ims

[junior232]

Hi,

 

Thanks for your reply, i have been reading around and i have got a general understanding of things.

 

So far i have managed to get the interest spreadsheet sorted out and i have updated the p.o.c and i am now filling in the n1 court form.

 

In the value claim box i have put the following and used the following formula to work out the daily rate, so can someone correct me if i have done this wrong:

 

Charges: 340

Interest in restitution: 2238.28

 

Total: 2578.28

 

Plus interest pursuant to Section 69 County Courts Act 1984 at the contractual rate of 29.90% from the date of issue to date of judgement/settlement of £1.84 per day.

 

per day worked out as following: total claim(2578.28) x interest rate per spreadsheet (0.0007170) = 1.8486

 

 

 

[Bigdebtor]

Junior

 

The interest you are claiming seems VERY high on the amount of charges claimed by you. Also it won't be a flat daily rate as it will grow monthly as the monthly interest on the new and growing balance of (charges+accumulated interest to date) grows every month.

 

I would ensure your calculations are water tight - otherwise they may fight it in court. If your calculations ARE water tight then the evidence from other CAG threads is that Cr*p One usually pay outr atht e 11th hour.

 

Good luck!

 

BD

[junior232]

Hi,

 

I used the template spreadsheet from this forum so i am assumung it is correct as it automatically calculates the interest for you, and my interest rate is 29.90% that was on my terms and conditions so thats what i used. which interest rate do i actually use?

[Bigdebtor]

You should use the rates shown in each monthly statement for each month they charged you interest on unfair charges and the balance resulting from them. I'll have tried to replicate what you've done - as the amount now does seem very very high - and it seems too me that you would need to have had the charges outstanding for between 7 and 8 years to get interest amounting to £2.2k on an origianl amount of unfair chages of £340.

 

BD

Edited August 11, 2011 by Bigdebtor

[junior232]

Hi, yes these charges are from 2002 and 2003 thats why they are so high, but the only thing im worried about is the interest rate, i read my terms and conditions it states 29.90% interest will be charged the only reason why i used the 29.90% is because at first when cap1 send me the statements they were not full statements all they showed were the charges and balance, but after querying them about some charges that were not showing on the info they sent me in my original s.a.r, they then sent me 6 months worth of duplicate statements which look exactly like the ones that would have been sent at the time. So iv gone for the higher interest rate as i do not have all the duplicate statements which clearly show each interest rate for each month.

 

 

After reading the statements that show the interest rate, there are two figures CASH ADVANCE MONTHLY INTEREST=2.207% and PURCHASES MONTHLY INTEREST=2.207% so should i use the 2.2075?

[ims21]

Monthly rate of 2.207 is indeed 29.9% APR. If the spreadsheet asks you for an APR figure then 29.9 is what you enter.

 

Which spreadsheet are you using?

 

Regards

 

ims

[Bigdebtor]

Based on what you say, if you have actually been owed the full £340 in unfair charges since 2002/2003 then your calculations seem about right. However I would use a monthly interest rate of 2.2% compounded monthly - and give Cr*p One a final chance to settle - including a copy of your spreadsheet so they see you're not bluffing and can justify your claim in detail.

 

For peace of mind you might want to offer to settle out of court at say £2000 or even £2200 - so they may do so to save the further few hundred (plus all their costs) they will have to pay if it goes to court - especially if you don't fully undertand the spreadsheet or are not fully comfortable about the (admittedly distant/remote) prospect of explaining the spreadsheet to a judge.

 

So far I've saved over £50k in giving various OC's and DCA's the option to settle out of court - and have not yet ever had to go to court either as claimant or defendant (despite receiving many such threats).

 

Good luck!

 

BD

[junior232]

Hi,

 

Ok what i will do is use the 2.2% that does reduce my claim amount a lot so if it does go to court then at least i can justify it. as for giving cap1 one final chance they have on a number of occassions now refused to even discuss the refund but i will send them a spreadsheet and try agian for the last time, do you have the address to send the letter to?

[ims21]

Capital One Bank (Europe) plc

Trent House

Station Street

Nottingham

NG32 3HX

 

Regards

 

ims

[Bigdebtor]

Hi,

 

Ok what i will do is use the 2.2% that does reduce my claim amount a lot so if it does go to court then at least i can justify it. as for giving cap1 one final chance they have on a number of occassions now refused to even discuss the refund but i will send them a spreadsheet and try agian for the last time, do you have the address to send the letter to?

 

2.2% per MONTH compounded monthly is the same as 29.9% apr - so should NOT reduc eyour claim by to much if at all.

 

BD

[huggys boss]

Any more to add to this, we are just sorting out our claim for charges!

 

Have you heard anything yet?

[junior232]

Hi,

 

Still not heard anything back from cap1, its not time to file my court claim, can someone post the correct address to use on the n1 claim form please where it asks for the defendant?

[Shelley181146]

Hi,

 

Still not heard anything back from cap1, its not time to file my court claim, can someone post the correct address to use on the n1 claim form please where it asks for the defendant?

 

ims21 has already posted this information previously - post 88

[junior232]

Hi,

 

Yes i am aware ims has posted the address but that was to post a letter before action, and after reading around the cap1 forum someone has posted the same address but the post code is different, can someone confirm if the correct postcode is NG2 3HX or NG32 3HX.

 

Sorry im just a little confused as someone else has posted a different postcode.

[ims21]

NG2 3HX

 

Typo in previous post...soz

[dx100uk]

na much more fun to use google earth or google maps to check though!

 

wooden shed just left of the recycle bins no doubt!

 

dx

[junior232]

Hi,

 

I need some advice with claim against cap1. I submitted a n1 claim form and got a response stating cap1 would be defending the case, today i received a response detailing their defense, i have upoaded the response below, can someone read through their defense and advise me on what to do next please.

 

 

http://i835.photobucket.com/albums/zz274/linzi22_2010/cap%201/scan0001.jpg

http://i835.photobucket.com/albums/zz274/linzi22_2010/cap%201/scan0002.jpg

http://i835.photobucket.com/albums/zz274/linzi22_2010/cap%201/scan0003.jpg

http://i835.photobucket.com/albums/zz274/linzi22_2010/cap%201/scan0004.jpg

[junior232]

Bump

[junior232]

Bump agian

[ims21]

Hi junior

 

Send a PM to andyorch who may be able to cast a "legal eye" over the defence and give an opinion.

 

Regards

 

ims

[junior232]

Thanks il look out for a reply