Reduced Payments / Can i reclaim?

[RussH]

Hello Everyone

 

I recently wrote to all my creditors asking them to accept reduced payments, etc etc.

 

Capital One to whom i owe the least amount, recently sent me a letter accepting my offer of payment of just over £7 per month. This suits me perfectly

 

. I have a credit limit of £800 and my balance is currently approx. £900

. When i checked my statements i have worked out that they have charged me nearly £300 in overlimit and late payment charges.

 

My question is should i go ahead and reclaim these charges, given that they have agreed to accept my reduced payments to them?

 

These charges are a huge chunk of the debt i owe them.

 

Also, assuming i went ahead and reclaimed is it likely that they will take retaliatory action by cancelling my reduced payments agreement??

 

Any help is greatly appreciated.

[ukaviator]

Hi Russ.

 

I would send in an S.A.R. for your data they have. You will probably have a good few charges there. If you claim back Contractual interest as well, you could wipe a fair portion of that debt off, or finish it altogether. Have they Defaulted you by accepting reduced payments?..

 

Uk

[RussH]

No S.A.R. required really as i have every single statement since i opened the account. As far as defaulting me by accepting reduced payments, there was no mention of a default notice in the letter they sent me. Am i ok to go ahead and reclaim you think or are they likely to cancel the reduced payments arrangement?

[ukaviator]

I would get your spreadsheet ready, add Contractual Interest and see if there is enough to clear the account. I bet your APR is high as well. They don't seem to do that from what i have seen on here in the last 6 months, although you could be the first.

 

Uk

[RussH]

Well i think i will go ahead and start my claim - not too sure about contractual interest. I'd be more than happy just to get the charges back. I posted in the hope someone in a similar situation to mine had reclaimed?

[RussH]

Hello everyone

 

Quick overview of my situation:

I entered into a debt repayment plan with my Capital One Credit Card in May 2007 - at the time i owed them just under £900.

 

Since then i have duly paid them an agreed sum every month as well as a few extra lump sumps whenever i had a bit spare.

 

At this moment in time i now owe them £300. £280 of this is made up of late payment fees and overlimit fees.

 

The advice i would like is ..

...'is it worth me claiming these back to reduce my debt to them??

' Bear in mind this is a credit card - no overdraft fees or anything like that.

 

Any advice on my chances of success would be much appreciated.

Many Thanks

[bennyowen]

RussH,

 

Your chance of success is 100%. Start by sending a SAR letter to give you the full list of your transactions. You maybe surprise at how much they actually owe you.

 

Letters are available in the library:

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/

[RussH]

Thanks for the reply Bennyowen - no S.A.R. required as i have every single statement from the day i got my card.

[saint-luco]

list all the charges, put them on a spreadsheet attach it to the letter in the library, but do this only if you are going to see this through.

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/586-credit-store-card-letter.html

[RussH]

Yep - charges listed, preliminary letter written and all posted off!

Will wait for their reply now!

[RussH]

Update - no reply to my preliminary letter - so letter before action is on its way!