Brad v Cap One ***WON***

[Brad Smith]

Hi guys, after a successful claim against Halifax I've had a few things going on at home which have taken the wind out of my sails a bit...

 

Now back on the case *ahem*, I've got my statements from Capital One and have completed the spreadsheet. I know the interest doesn't get added on yet, but is this still calculated at the 8%, or is it different for Credit Cards?

 

Thanks in advance.

 

Brad

[doo]

You can claim 8% stat as you would on normal bank claim or you can claim compound contractual interest, which is basically the APR they have charged you - you are charging them back for borrowing your money. You need to read up on this, there are quite a few of us doing this but has to be done from the outset and set out in your prelim and LBA.

[Brad Smith]

cheers doo....sorry to be a t*t, but can you point me in the direction where I can read about it please?

 

Cheers in advance

[doo]

I don't know of any one place you will have to search the threads, try looking in this forum at the threads started by:doo - Rougesept - Millymollymoo -Redsonja. Sorry don't know how to do a link for you. Also type 'compounded contractual interest' in search and you will find many others.

[Brad Smith]

d'oh

[Brad Smith]

d'oh...again

[doo]

You have been watching too many episodes of the Simpsons!

[redsonja]

cheers doo....sorry to be a t*t, but can you point me in the direction where I can read about it please?

 

Cheers in advance

 

lol Doo!

 

Brad - Hopefully you followed the thread I gave you in another thread.

 

Doo - If you copy the http address of the link you want to insert, then go to the thread where you want to post the link and click the icon of the world with a pic of a link under it and then in URL paste the http info that you copied it will insert the link to be followed.

Hope that makes sense!

[doo]

thanks, will give it a try, computer lessons too, this site is great, am just a humble housewife (an empowered one though).

[ladybird17]

try this thead

Why is no one claiming the contractual rate of interest???

[Brad Smith]

cheers for your help guys...think I've finally got there! Hopefully!

 

I've adapted the letter slightly, does this look ok????

 

Thanks in advance

 

My request

I am writing to ask you to refund to me the charges which you have levied from my account over the last six years.

I now understand that the regime of fees which you have been applying to my account in relation to late payments, exceeding credit limits and so forth are unlawful at Common Law, Statute and recent consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

Your responsibilities

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.

 

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.

Your concealment of the true nature of your charges has prevented me from asserting my right until now.

 

What I require

I calculate that you have taken £378 in charges and a further £570.27 in compounded and contractual interest, I enclose a schedule of the charges which I am claiming with this letter.

 

 

My targets to resolve this matter

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

 

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

 

If you do not respond, or you do not respond positively within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

 

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

 

 

Yours faithfully,

 

 

 

 

 

Bradley Smith

[ladybird17]

The letter looks fine - I can't comment on the figures as I have apoplexy when I try to do the spreads - but are you ABSOLUTELY SURE that the compounded interest is more than the original charges. (This may well be the case - as I've said - I am just a dumb blonde)

[doo]

My interest amounts to more than my actual charges as well, got a couple of people to check my figures, basically am claiming 1,000ish on charges and interest comes to £1,800. Quite scary really.

 

Just out of interest Brad what spreadsheet did you use?

[redsonja]

Hi Brad,

I think you need to take the and out of compounded and contractual interest as if I understand it correctly the contractual interest is compounded so they shouldnt be noted as 2 separate things.

The interest on some of mine is also higher than the charges. It depends how far back the charges are as to whether the interest is higher.

[doo]

Perhaps put it down as template letter suggests 'In addition, I claim contractual interest at an annual rate of xxx (compounded daily) on the above charges amounting to £xxx.'

[doo]

Brad try this link, hopefully it will work

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.8.xls

[Brad Smith]

brilliant thanks sonja & doo.

 

I used the spreadsheet 16, seems to have worked it out ok....I hope

 

A big bulk of my charges are from 2001, I've quickly listed how it's calculated below (obviously works across the page not down, but being a complete novice at the kind of thing wasn't sure how to tabulate (interest @ 21.99%)

 

10/04/01

Late Payment = £18

Cumulative Pen = £18

Compound Int on Pen = £47.20

Interest Charged = £2.95

Statement Balance = £169.82

Amount paid next month = £20

Remaining Balance = £149.82

Penalties Incurring Int = £18

Bank Int on Pen = £0.35

Int on Bank Int on Pen = £0.93

 

10/05/01

Late Payment & overlimit = £36

Cumulative Pen = £54

Compound Int on Pen = £92.06

Interest Charged = £3.41

Statement Balance = £230.74

Amount paid next month = £60

Remaining Balance = £170.74

Penalties Incurring Int = £54

Bank Int on Pen = £1.08

Int on Bank Int on Pen = £2.76

 

Those are the first two lines....

 

Cheers

[redsonja]

Looks fine to me Brad, make sure you also put separate lines of interest when you dont have any charges.

Just out of interest, are your late fees definitely £18.00? mine are only £15 going back to 01/02 and they didnt go up to £18 until 03.

When you get offers you may want to refuse them all if you want the full amount (rather than accept as part payment) there is currently a debate going on about when they offer full charges and just going to court for the CCI. This is your choice though. Have you read the thread?

 

P.S. Love the motto in your signature!

[Brad Smith]

thanks again Sonja...becoming a habit me saying this isn't it?

 

Yeah, was definitely £18...the slippery *@@****!!!!!

 

One more thing, I need to amend the spreadsheet to allow for all months, even those that never had charges in order that the interest is worked out correctly? I'm sorry for asking the obvious, and I really thought I'd worked it out...that'll teach me

 

Thanks again

[redsonja]

yes Brad you do. I made the mistake of not doing that on some of mine but it was confirmed to me that I should do that.

 

You're welcome for the help. I was pretty much asking the same questions as you when I started. I havent attempted my bank ones yet as thought the credit and store cards were easier.

[Brad Smith]

d'oh!!!! saying that's becoming a habit as well...that'll teach me to be smug

 

Cheers Sonja...looks like i'll be back on the PC when I get home

[redsonja]

At least you know before you send it! I sent all my prelims off with just the charges and then had to send LBAs revising my amounts!

Just think of the experience you will get using the spready lol.

[Brad Smith]

yeah suppose so...always look on the bright side eh?

 

quite looking forward to taking them on....Barclaycard are the real ones I want though grrrrrrrrrr

 

Gonna send my SAR off to them soon

 

I did mine the opposite to you, bank first then the credit cards. Mainly because the bank one was the biggest

[Brad Smith]

Houston...we have a problem!!!!

 

I thought I had all my statements, but it seems that I'm actually missing 2 or 3. I can work out from what's been paid / charged in the subsequent months that I've not been charged, but obviously won't be able to put an exact interest amount in. The interest is only ever £2-£3, so do you think I'd be ok to put £2 in for the one's I'm missing?

 

Thanks

[redsonja]

Yeah Brad, you can pretty much enter an average interest from your balances either side....hang in there...nearly there!