Higgzy vs Cap1 - Advice appreciated

[Higgzy]

ok, just got this template from MSE

Capitol One (Europe) Plc

350 Euston Road

London

NW1 3JJ

 

Dear Sir or Madam,

Account number: 5460 **** **** ****

I am writing to request that you repay all the late payment fees and/or over limit fees that have been applied to my account.

I do not believe the charges reflect the true cost to Capitol One and are unfair and disproportionate. I am therefore requesting a refund based on the Unfair Terms in Consumer Contracts Regulations 1999.

This is supported by the Office of Fair Trading’s April 2006 statement into credit card charges, which noted that the level of charges at the time, and prior to that period, were unfair.

The charges total £730 plus as I believe I have been unlawfully deprived of the money I have calculated £300.12 interest at the statutory rate, the amount the court will award.

 

I therefore ask that you repay me the full amount of £1,030.12. I have attached a full schedule of the charges and interest with this document which has been calculated using full statements from yourselves from May 2004 to May 2006.

I look forward to a full response to this letter within 14 days.

 

Yours faithfully,

 

 

 

 

***********************************************

 

I would like to include something along the lines that due to the charges my account went into default in 2007 and because of this as part of the settlement i would like the default removed. Any ideas?

[silverfox1961]

Morning,

 

The letter looks good but I would be going for the interest rate they charged you at the time. If you don't know and you haven't sent a SAR yet, I would do so. Don't forget to compound the interest too. You would be surprised at how much more it would be.

 

Make sure that you get the correct spellings too. It is CapitAl One not CapitOl One. This is important as if you want your money back, you will end up filing court papers. It is only then that Cap1 will usually capitulate and pay up in full. Before that they will offer the difference between £12 and the higher charges.

 

In every letter you write, make sure that you say, "As part of this settlement, I require the default notice, which was placed due to your unlawful charges, removed (or something like that) and when you file court papers, include the default removal as well.

 

There is this template letter which you could adapt:

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/111--letter-preliminary-approach-for-repayment

 

Tutorial for calculating charges and interest:

 

http://www.consumerforums.com/resources/templates-library/51-guidance-notes/233-interest-tutorial

 

Calculator:

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/118-interest-calculation-spreadsheets

 

I think that will do for 8:40 AM

 

fox

[maroondevo52]

Hi, Higgzy.

 

Great advice from silverfox, as per usual

 

You'll have to make up your mind about what interest your claiming.

 

This is a LBA template here that includes default removal.................

If the letter your sending is your prelim, include the bit about default removal.

 

[your address]

 

 

 

[their address]

 

 

[DATE]

 

 

letter before action

 

 

Dear Sir/Madam,

 

CARD/ACCOUNT NUMBER: xxxxxxxxx

 

Further to my preliminary letter of xxxxx with regards to charges levied against the above account,I note you have failed to respond and show no intentions of refunding the charges.

 

As indicated previously,I consider that the regime of fees which you have been applying to my account in relation to late fees and over limit charges, are unlawful at Common Law, Statute and recent Consumer regulations.

 

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

Whilst I am mindful of the OFT investigation in 2006 of credit card fees,the OFT deemed that only a Court could determine the fairness of fees and so the £12 figure was only fixed as a guideline.

 

I make a further request that you refund to me £XXXXX plus £XXX which you have charged me in interest for the sums which you have taken. Total £XXXXX.

 

Additionally, you have entered a default notice against my credit record. This default occurred merely in respect of unlawful charges levied by you, or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.

 

In addition to full payment of the sum mentioned above, I require that you remove the default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.

 

I give you a further 14 days to comply,or else provide me with a full Breakdown of your costs in addressing any breach on my behalf,which demonstrate clearly that your charges are in proportion to your actual costs.

 

Failure to do so,will result in me issuing a county court claim for recovery of the charges plus section 69 interest and costs.

 

Yours faithfully,

 

 

[signature]

 

If you have any outstanding CCA issues your correct Signature is optional.

 

 

[print name]

 

 

 

Include schedule of charges.

 

Regards.

 

Scott.

[Higgzy]

Thanks Scott and Fox for the replys and info.

 

The only reply i have recieved from cap1 is a letter to say there looking into my account and may take longer than 30 days to reply with the info requested.

 

Clearing out the spare room yesterday i came across all my statements. I have put the charged into the basic template calc here HIGGZY CAP 1 CHARGES.xls which shows the charges and 8% stat interest.

 

On the statements i have i can see purchase interest and cash interest amounts each month. The interest rate on the statments are between 2.18% and 2.20% for both. Are you saying i can claim this along with the 8% stat?

 

Regards

Higgzy

[Higgzy]

just had a look at the advanced speadsheet.... mind boggling:-|

think ill just stick to the basic one and claim the charges plus 8%.

[silverfox1961]

just had a look at the advanced speadsheet.... mind boggling:-|

think ill just stick to the basic one and claim the charges plus 8%.

 

 

Chicken :D

[maroondevo52]

Chicken :D

 

 

Me too

[Higgzy]

had a go, does it look ok:confused: Complex-credit-card-charges-calc.xls

[maroondevo52]

Hi,

 

Don't think I'd have bothered putting in the refunds.

[silverfox1961]

I don't care if your figures are right or wrong. The fact that you have done it is brilliant. My grasp of spreadsheets is nil and I've passed the CLaIT 1 course

[Higgzy]

Im getting somewhere, i have recieved this letter this morning.

 

 

What to do now??? i would really like the default removed. Any advise?

Edited August 26, 2010 by Higgzy
.

[Old Cogger]

FSA would not challenge them at £12 or below, so they try to mislead you, go for compound interest, then when they still argue issue court papers and then add further 8% to total + court fees, they cave in and pay just before case seems to be the norm from Crap one.

[Higgzy]

Does anyone have a good template i can send them basically declining the offer and still sticking with my orginal amounts and default removal giving them 14 days to reply or i will issue court papers.

 

With the default served in July 2007. The balance owed at that time was £703 (it has been since 2006 and still is to date) If they owe me around 730 in default charges from prior to July 2007 do you think a judge will order them to remove the default?

[Higgzy]

The speadsheet calculation i sent them is here Complex-credit-card-charges-calc.xls

[Higgzy]

FSA would not challenge them at £12 or below, so they try to mislead you, go for compound interest, then when they still argue issue court papers and then add further 8% to total + court fees, they cave in and pay just before case seems to be the norm from Crap one.

 

Hi Mike

How is compound interest calculated? Ive had a quick look and cant work it out.

[Old Cogger]

They have probably charged you 19% - 35% so use attached and insert each charge soon adds up. put your copy on, you can use just delete water payments and fill in your details ie. % rate how much/date etc. I thought it was a blank copy but unable to delete so make use of it.

New Statutory interest spready - Excel.xls

Edited August 26, 2010 by Old Cogger

[Higgzy]

They have probably charged you 19% - 35% so use attached and insert each charge soon adds up.

 

thanks for speadsheet but I have already calculated stat interest, have a look at the speadsheet 2 or 3 posts previous. Can anyone tell me if its the most i am able to claim.

[Old Cogger]

thanks for speadsheet but I have already calculated stat interest, have a look at the speadsheet 2 or 3 posts previous. Can anyone tell me if its the most i am able to claim.

 

You have 8% stat interest, (only if court papers submission), if you are going for compound 8% is not compound as I have said use what they charged you 19-35% ? if you are going for compound interest your charges statement will tell you what they are charging you, then if you have to go court route you add 8% on top on from date of court submission.?

So you will be claiming a lot more than your 8% figure.

[Higgzy]

You have 8% interest, only if after court papers sumission, if you are going for compound 8% is not compound as I have said use what they charged you 19-35% ? if you are going for compound interest your charges statement will tell you what they are charging you, then if you have to go court route you add 8% on top on from date of court submission.?

 

Its all very confusing. How is compound calculated. I have claimed the penalty charges and interest on those penalties they charged me each month then added the 8% on top. My statements say 2.20%.

[Old Cogger]

use you spreadsheet, alter the 8% to what ever compound interest figure was, the figures should alter to show cost after compound interest figure has adjusted. Mine was 21.10% figure for capital one. To do a submissable spread sheet for claim you list the charge by date they made to you, the calc figure will automatically do the total at your rate, only apply 8% if submitting to a court at the end.

Edited August 26, 2010 by Old Cogger

[Higgzy]

how do i work out the compound %? all my statements say is monthly interest 2.21%.

[Old Cogger]

use cash interest or purchase interest, if I remember correctly I used purchase.

[Higgzy]

the cash purchase for each month is around 4quid. still not sure what im suppose to be doing. i must be stupid:-|

[Higgzy]

Just been through my SAR and have found 29.9APR. Do i use this?

[Old Cogger]

o.k. there you are puchase interest? replace that figure into the 8% place on spreadsheet, see the figure comes out to?