Are Capital 1 contacting customers? ***WON***

[gregorious77]

Up to date amounts of claim come in at £4250 original claim ended up at £4029.18 when I was awarded judgment so I want something along those lines.

[gezwee]

Up to date amounts of claim come in at £4250 original claim ended up at £4029.18 when I was awarded judgment so I want something along those lines.

 

That's what you aim for then Greg........... having said that if they come back with a w/p offer of +70% I wouldn't steer you away from it - they see this from a commercial position, you have to bear in mind all the hoops you'll end up having to jump through to force this out to the last penny.

 

Gez

[ims21]

Hi greg

 

Sorry its a bit late in the evening but I'm responding to your PM.

 

I see you have had the "legal negotiations" and process part addressed by others but it is with regard to their offer that I can make a suggestion.

 

I would guess that they may be trying to settle with you based on calculations under the fos/FSA guidelines for redress. This method is the standard offering by any card company because they don't expect folks to sue for ppi. You, however, have issued for compound interest in restitution which is a different calculation. This would probably account for the difference in the amount of your claim and the amount offered.

 

Without their analysis it is difficult to say but this is what I would suggest is going on here.

 

Regards

 

ims

[gregorious77]

Cheers Ims not problem

Latest news:

I have looked at your compound interest calculation again and note a number of flaws. As I pointed out to you over the telephone you have used an incorrect amount of PPI premiums (£883.73) on which to base the amount of interest you are claiming. As a result, the amount of interest claimed is therefore also incorrect. We also note that you have used an interest rate of 26.94% for your calculation. According to your statements you have never been charged 26.94% for purchases, again this renders your calculation to be incorrect. You will appreciate that the purchase interest rate for the continuation and throughout the lifetime of your account has changed on a number of occasions. In accordance with the changes in interest rates charged to your account, the PPI premiums have accrued interest at different rates at different points in time. You have not taken these changes into consideration when calculating the amount of interest claimed. Therefore your calculation is incorrect. I have also had our analysts look over our offer to you again. In doing so - they noted that the 8% statutory interest was calculated up to the date you had closed your account with us. We feel it is fair and reasonable to offer you the 8% interest up to yesterday's date (the date of our offer) and in doing so we have recalculated this sum to be £419.10. Making our total offer of refund to you - £1,815.67.

 

On a without prejudice basis, we are prepared to refund £1,815.67 as full and final settlement of your claim. We have calculated this amount by taking into consideration, among other things, the interest rates on the account at the time the PPI was applied, what the outstanding balance on the account would have been had the PPI premium not been applied to the account and if there would be a credit balance. The Defendant has, in effect, re-created the account to reflect what would have happened had the PPI premium not been applied in the first instance.

 

I hope this helps your understanding of how we have come to make our offer to you.

 

If this offer is accepted - I will send out a settlement agreement (Tomlin order) to formally conclude this matter followed by a cheque in the sum of £1,815.67 to be sent out to you upon receipt of the signed Order. However, if this offer is rejected then I would appreciate it if you would let me know if you consent to the attached draft directions for the hearing next week.

 

As you know I need to file the directions with the Court tomorrow and send a copy to our counsel - so I would be grateful for a speedy response.

 

Draft directions from them:

 

IT IS ORDERED THAT:

1. The Claim be allocated to the fast track;

2. Each party shall give standard disclosure by list by 4pm on [10 February 2012];

3. Any requests for inspection or copies of disclosed documents shall be made within 7 days after service of the list;

4. Witness statements of every witness of fact upon whose evidence a party intends to rely at trial (together with any Notices of intention to rely on hearsay evidence) shall be simultaneously exchanged by not later than 4pm on [9 March 2012]. No party may rely on the evidence of any witness evidence which is not exchanged in accordance with this paragraph without the permission of the Court;

5. No expert evidence being necessary, no party has permission to call or rely on expert evidence;

6. Pre-trial check-lists shall be issued to the parties by not later than [23 March 2012] and shall be returned to the Court along with dates to avoid by not later than 4:00pm [6 April 2012];

7. The trial of this claim shall be listed with a time estimate of one day in the ten week trial window commencing [30 April 2012]; and

8. Costs of today be costs in the case.

[gregorious77]

The only rates I have on SAR info are as I said before 24.09% and 26.94%!

In their defence they included a credit agreement which states the interest was 0% for 6 months I agree and 18.14% compounded after that.

I guess a fair compromise would be to use the 18.14% figure although tis is just a standard credit agreement and the original application form states 3 possible rates for the card for purchases18.14%PA (14.9% APR), 24.93%Pa (17.9%APR) or 29.94%Pa (21.5%APR).

[ims21]

Hi greg

 

How does your figure work out of you use an average of the rates?

 

ims

[gregorious77]

APR or Pa rates?

[ims21]

I'd use the average of the APR rate myself

 

ims

[gregorious77]

for APR Average 18.1% = £2,389.27 plus 8% @ circa £400 plus the fees for court?

I would be happy with £3K

[ims21]

Hi

 

So they offer circa £1800 and you're happy with circa £3000 so they give a bit and you give a bit....now you need your negotiation skills.

 

ims

[gregorious77]

You will appreciate that the purchase interest rate for the continuation and throughout the lifetime of your account has changed on a number of occasions. In accordance with the changes in interest rates charged to your account, the PPI premiums have accrued interest at different rates at different points in time. You have not taken these changes into consideration when calculating the amount of interest claimed. Therefore your calculation is incorrect.

I have no record of these interest rates or when they changes so how can I use them in my calculations!!!

 

you have used an incorrect amount of PPI premiums (£883.73) on which to base the amount of interest you are claiming. As a result, the amount of interest claimed is therefore also incorrect.

This is the exact amount I have in the SAR and I have checked it 3 or 4 times!

[gregorious77]

Hi

 

So they offer circa £1800 and you're happy with circa £3000 so they give a bit and you give a bit....now you need your negotiation skills.

 

ims

 

Yes I do but I hate talking to her on the phone as she is nice and I cant get a word in and by the time I do she has changed the subject 3 times!

[ims21]

Maybe she fancies you

[gregorious77]

Recon I should ask to negotiate at a pub then?

[gezwee]

Evening Greg

 

I note they have still not stated the actual rates of interest applied, nor the period for each [if variable].

 

Given they've now moved from a flat denial and 'bugger off' to £1800.00 in the space of a few days I'd be inclined to remind them of your costs incurred to date....... no need to beat about the bush with them, propose they agree to settle at £3000.00 by 14.00hrs tomorrow.

 

Gez

[gregorious77]

any good?

 

Without Prejudice save to costs,

Your client has still failed to give details of the difference in the premium amounts and the actual interest applied nor the period for each [if variable as suggested], to the account.

I can only base my workings on the information supplied by your client in the Subject Access Request, having said that I am prepared to settle for the amount of £3000.

Please let me know of your decision by 14:00 06/01/12.

I would like to remind you that I have inured costs in court fees as well as considerable time preparing my case.

[gezwee]

Dear..........

 

Further to previous correspondence received [date/time - their e-mail at post #290], and your subsequent without prejudice correspondence;

 

Whilst I note that we are unable to agree on exact figures or periods of interest and APR in reaching settlement, it is noted that your client accepts liability in this matter. You will appreciate this would have been more in keeping with the overriding objectives for your client to plead accordingly in defence.

 

However, in order to resolve matters to a fair and just conclusion I am prepared to accept the sum of £3000.00 in full and final settlement of this case. This offer is made without prejudice save as to costs. Please bear in mind that if your client is prepared to conclude this matter by 14.00hrs on Friday 6th January 2012 I will agree Tomlin/consent clause for each party to bear own costs.

 

The alternative would appear to be one of continued litigation, and assessment by the court of your clients total liability.

 

As you have taken the unusual step of drafting directions within 'without prejudice' correspondence, I will of course require your agreement that the contents of your e-mail will be disclosable to the court before I can reach agreement to same.

 

I trust the requirement to issue those directions will not prove necessary and your client will appreciate the opportunity now afforded it to bring a swift conclusion to this matter.

 

Regards

[gregorious77]

Gez your writing skills are obviously much better than mine.

I am sure when she gets this mail she will phone me but I work in and out of a busy factory environment so if I am on the shop floor (likely tomorrow) I am unlikely to hear my phone, if I do hear it she is bound to try and argue etc, I guess I just say listen this IS my FINAL offer!

I had 3 missed calls from her today!! oops which is why she emailed instead the beginning of that email read

Thank you for your email below.

 

I have tried to contact you via telephone but to no avail. I thought it would be better if I could provide you with an explanation regarding our offer over the telephone.

Better for her maybe but not me trying to note down figures etc in the middle of a work environment, last time I was in a machine shop ffs.

[gezwee]

Just shows how keen they are to get shot of this.....

 

Add a rider to the bottom of the e-mail:

 

Due to work commitments I will be unavailable during the day for telephone correspondence but will have access to e-mails should you wish to submit a response.

[gregorious77]

with risk of sounding stupid, what is a rider? do you mean stick it under the Regards me bit or tag on as extra paragraph?

[gezwee]

Stick it in as the last line before 'regards'

 

Gez

[gregorious77]

Mail sent!!

[gezwee]

Cool, just have to sit back and wait on them now....... they'll be in touch whatever happens tomorrow as they need to try to agree the draft directions.

 

Gez

[gregorious77]

Just a thought the "As you have taken the unusual step of drafting directions within 'without prejudice' correspondence, I will of course require your agreement that the contents of your e-mail will be disclosable to the court before I can reach agreement to same." bit, does it matter the directions were an attachment to the email and not actually in the email text?

I guess as it is still unclear to me is good enough grounds to say I dont know if it is disclosable or not?

[gregorious77]

Please can we agree the draft directions attached as I need to file them with the Court today. If we cannot agree them then you are at liberty to file your own draft directions as per the Order. If I do not hear from you by 2.00 pm today, I will have to file the directions without your agreement.

 

I will respond to you separately in respect of your offer.