Capital One PPI claim

[birdyboy]

...

Edited February 9, 2012 by birdyboy

[birdyboy]

Ok, will send out letter requesting PPI on Saturday.

Is the questionnaire ok? [ATTACH=CONFIG]33326[/ATTACH]

(I have removed personal info - Do I have to include it? It seems pointless as its clearly shown on my application form I never wanted PPI)...

 

Draft FOS questionnaire.pdf

Edited February 9, 2012 by ims21

[gregorious77]

you will have to rename the file as fos gives a tag thingy, call it something else.

[ims21]

Hi

 

I've had a look at the fos questionnaire and it looks fine....just put back your personal info and appropriate tick boxes before it goes off i.e. single/joint cover etc.

 

In answer to your question, yes you should send it off. It avoids them coming back to you and asking for its completion thus delaying the investigation.

 

ims

[birdyboy]

Ok.

Letter all ready to send to request PPI.

 

I have calculated my overlimit and late payment charges, which equal £332.

For the interest on these, am I using 39.94% again on the spreadsheet? (Using CISheet v101) If so, total is £2762.75.

 

Here is my letter ready to send to them below:

Dear Sir or Madam,

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 Capital 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 £332.00, plus as I believe I have been unlawfully deprived of the money I have calculated £2430.75 interest at the statutory rate, the amount the court will award.

 

I therefore ask that you repay me the full amount of £2762.75. I have attached a full schedule of the charges and interest with this document.

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

Yours faithfully,

[ims21]

Hi

 

Post #31 here is the format you should use for charges reclaim

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?309037-Charges-older-than-6-years-***WON***-Compound-Int-t-and-**NO-SET-OFF**/page2

 

Your interest of £2,430 is the not the statutory rate a court would award...it is interest in restitution. See No.4 in my signature

 

ims

[birdyboy]

Thanks ims.

 

So, if I use the above format you have linked to and calculate the interest at 8% or stick with the 39.94% as the new format doesn't mention about what the court would award?

If both incorrect, at what rate should the interest be? Will I need to work out the compound interest and then apply that?

[ims21]

You can use the rate that they charged you or a higher rate for interest in restitution. Just change the rate in the spreadsheet to the rate you want to use.

 

You must be prepared to go to court for the charges and interest as CAP1 probably won't give in easily

 

You need to read up on the process....

 

Preliminary letter -> lba -> issue in court with full POC -> Present and argue in court

 

If they give in before court then so much the better

 

ims

[birdyboy]

How do I know what rate they charged me? I think this is whats confusing me. Will there be a different rate depending on when the charge was applied?

[ims21]

It is usually printed on the statements somewhere

 

If the rate changed you can work out an average of the rate they charged over a period of time

 

ims

[birdyboy]

Hey everyone,

 

Thought I'd check in.

Im still awaiting Cap One to come back to me after me requesting my PPI back.

How long do they normally take? Its been over 4 weeks now and I've heard nothing...

[ims21]

They have 8 weeks to investigate and give you a final decision

 

ims

[gregorious77]

Having had dealings with them for the last 9 months I can say with confidence they will take longer than the 8 weeks because they seem to like to do what they want.

Get on at them a few days before the 8 weeks is up and be prepared to keep on at them for rest of the claim process.

They have YOUR money so be forceful and dont take any rubbish from them.

Are you going FOS route or court?

[birdyboy]

Thanks.

Greg: I'm not 100% sure which route to take yet. Which has the more advantage? I'm preoared to go either route.

I have clear evidence that PPI was not selected when I applied for the credit card, yet have been charged.

[gregorious77]

Well if you go the court route it will be quicker, mine took circa 9 months, FOS is snowed under and slow.

If you go court you will have to do more work to prove your case to a judge but can decide the time-scales and tell them what you want.

You have to be prepared to go to court if it comes to it and argue your case in front of the judge and the bank will bring a brief to try and knock you down.

FOS will do the work for you and tell them what you will get according to their calculations (I dont know what these are).

If you go court you will have to pay some fees up front but you can also claim reasonable costs for your time @ £18ph iirc

[ims21]

Burlyb's Cap1 issue is now in its own thread here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?342538-burlyb-and-Capital-One

 

ims

[birdyboy]

Court it will be then.

I will have no trouble proving it as its in black and white that I didn't apply for PPI on the initial application. Surely that is enough evidence?

I assume we can use MCOL when it comes to it?

[gregorious77]

MCOL doesnt give enough space for a decent POC do it the old school way. can still download the forms etc.

[birdyboy]

Update for you all.

 

Received a letter yesterday with Cap One stating that they have reviewed my account and can confirm that they have already offered me a full refund including associated interest and 8% interest.

 

The total offered is £120.69 in premiums, £2.75 in associated interest and an additional 8% statutory intersest of £34.60.

Total: £158.014.

 

My schedule of charges has PPI from 05/02/05 upto 06/02/12 totalling £131.81 on its own. PPI has still been taken out since then.

 

This is what I stated on the letter:

 

I have calculated all the PPI payments to date which I have been charged and this comes to a total of £131.81.

With added interest at 39.94% APR, this brings the interest total to £363.34.

I am therefore requesting that you refund me the total of £495.15 for a mis-sold PPI policy that was never agreed since I signed up for your credit card facility.

 

Figures were calculated with the spreadsheet I got from here.

What's my best course of action now?

They have also stated on the letter, as previously advised, I have the option of contacting the financial ombudsman if I'm unhappy.

 

Any advice greatly appreciated

[coffeeangel]

Sounds like their bog standard back office reply birdy. I wouldn't even waste your time calling them as the people you speak to on the phone can't give you any information other than what they read off the computer screen!

 

It's up to you now whether you continue to play letter ping with them or (a) go directly to court or (b) involve the FOS. Court quick - FOS slow.

 

Personally, and this is my opinion, I think they would be silly to let you take this court as if you say you have undeniable proof that you did not request it. This is a totally different ball game to reclaiming your charges.

 

Whatever you decide to do, good luck.

 

Coffee

[gregorious77]

await their response then send a letter before action if the do not uphold your claim.

You could accept their offer as part payment of course as long as you clearly state it is part payment!!

[birdyboy]

Greg, they have already written to me twice offering £158.04 in full and final settlement.

Im just wondering have I done the calculations correct?

 

I did 39.94% APR as that is what I am charged on my card currently.

The daily rate works out as 0.09211%. Earliest PPI goes back 2630 days.

 

TOTAL OF CHARGES £ 131.81 TOTAL COMPOUND INTEREST £ 396.79 TOTAL CLAIM £ 528.60

If all is correct, does anyoen have a suitable response I can send to them?

Initially, my claim went to the date 6th Feb 2012. I am still paying the PPI!

[dx100uk]

then ask them to cancel forthwith.

 

can you fillout the fosrunningci sheet please

 

dx

[gregorious77]

you need to cancel the PPI Immediately

[birdyboy]

Hey all.

PPI has now been cancelled.

I have filled out the fosrunningci spreadsheet and put the interest rate at 34.08% as thats what shows on my latest statement.

Whats my next step? Write back to Capital One along with the new spreadsheet demanding it back?

 

Thanks

 

PPI Charges.xls