capital one - charges over 6 years but............

[iman]

In the past i have received a lot of help and guidance from this forum, unfortunately as you can see i am back for more!

 

Back in 2006 i wrote to both capital one (charges relating to feb 2002 to march 2006) and citi financial (may 2003 to sept 2005) for refund of charges. Unfortunately both fobbed me off with standard letters saying that the fees charges were in line with other banks. I then requested copy statements from both companies and sent relevant fees.

 

I mistakenly then believed that with the outcome of the high court test case i could no longer pursue them for the refund of charges. I now realise that credit card charges can still be pursued.

 

My question is where does this leave me. When i initially contacted them i was within the 6 year period. But now with all the time that has elapsed my charges fall over the 6 year period bar 2 charges.

 

Having read people’s experience of capital one specially those over the 6 year period, i feel i may have the same fate and not have any charges refunded.

 

I just wondered what people would do in my situation. Would you just write without mentioning that you had contacted them back in 2006 and hope for the best that they don’t query the over 6 year limit. Or would i be more successful saying that when i contacted them initially that i had been within the 6 year limit and now that i have realised the test case was for bank charges and not credit card that they should refund the charges.

 

I would be very greatful for any feedback.

 

P.S. the charges and interest are as follows:

capital one: £808 charges + £5300 in interest calculated at 29%

citifinancial: 700 charges + 4k interest calculated at 29%

 

I guess the other thing also to consider is would i be more successful asking for 8% instead of 29%.

[citizenB]

Hello, it is irrelevant that you made a claim before and were fobbed off. They were wrong by advising that you couldnt reclaim credit card charges you can and still can.

 

So, if you have all your information, just resubmit your claims. Just think of all that lovely interest that has been mounting up

 

Complete the spreadsheet below (one calculates compound interest the other just statutory interest) and send to the relevant company.

 

[ATTACH]32456[/ATTACH]

 

[ATTACH]32457[/ATTACH]

 

 

 

 

If you look for posts by dx100uk, he has a link in his signature that will have more information.

[iman]

Citizen - that was very quick reply, much appreciated. i have been up most of the night reading the forum!

 

I am afraid the recent capital one cases do not really fill me up with confidence. I want to strike the right balance and get as much as i can. I would rather get something than nothing. I am on maternity leave at present and if i can get a successful outcome that would be great.

 

One thing that has come out of all this mess/debt is that i no longer have any credit cards or even an overdraft!

 

I have already completed the spreadsheet. Just wondering what my best course of action would be.

[citizenB]

I will send out an S.O.S. to others on the site team who are more knowledgeable about these claims than I am.

 

That is good news that you are plastic free and no longer in the grip of the banks

[ims21]

Hi

 

Dropping in as requested.

 

For charges over six years old it is highly likely that you will have to sue. Cap1 have been defending so be prepared for a fight.

 

Personally I think 29% a bit high...Barclaycard for example have been paying out on 24.9%.

 

Your process is basically to start all over with a preliminary letter enclosing a spreadie of what you want followed by lba followed by issuing in court.

 

I would recommend you become familiar with what the OFT actually said about credit card charges and also S32(1)© Limitations Act 1980 which is the legislation you would use to get over the 6 year bit.

 

Also become familiar with the case law of Sempra Metals v Commissioners of Inland Revenue (all about interest in restitution) and Kleinwort Benson v Lincoln City Council (all about S32).

 

There are some points in my signature that are also worth a read.

 

ims

[citizenB]

OFT on Credit card charges..

 

[ATTACH=CONFIG]32458[/ATTACH]

[iman]

ims21 - even 24.9% sounds good. Just wondering why 24.9%?

[ims21]

It seems to be a consensus that this is an acceptable nominal rate for claiming interest in restitution. As I say BC are paying out on claims using this rate but Cap1 certainly seem to be fighting back. You can of course pick a rate that you feel comfortable with as you may have to argue and justify it to a court.

 

ims

[iman]

I have decided i will write to them and say that based on the fact that they did not deal with request back in 2006, they are to blame for it now being over the 6 year limit. I have decided to ask for 24% interest (which still goves me some room for negotiating). If they dont this time then i will take it to court.

 

I will keep you all updated and ofcourse i will be back for advice and moral support!