Capital One Troubles!

[advent]

Hi, This is my first post here.
Successfully reclaimed £3241.46 from Nationwide.... But Capital One are being a nightmare!!!

Started claim with Cap1 for £174+ £66 interest. They refunded £66 goodwill straight to closed a/c to pay against balance they say is outstanding. Problem is that NCO collected the debt for them and in June 2005 I paid 50% of the balance outstanding in FULL & FINAL SETTLEMENT. Cap 1 say they have closed the a/c and are not chasing the balance they say is outstanding, but my credit report says "partial settlement" and still shows default. I have spoken to NCO who say I don't owe anything, and Cap1 who told me to ring a number that would help and turned out to be Debitas Legal Services. Spoke to Mr Coleman there. Explained everything and he said I had a very valid point and there shouldn't be a balance if NCO collected in Full & Final settlement. He agreed that anything I reclaim from Cap1 should be sent by chq to me and that my credit report should say "settled". He said to keep at them. My question is, is it worth paying the £30 mcol fee and taking the court route if Cap1 are only going to refund against the balance they say is on the a/c? Even if I get all charges back I would still have a balance according to Cap1. I don't agree and have told them so. I have asked for a chq direct to me but they said no..£66 goodwill is final offer and will be paid against outstanding balance. I should now go to mcol, but if its going to cost me £30 and I have nothing to show for it at the end, I'm not sure if theres any point. If I had continued to pay NCO at a monthly rate instead of taking up their offer where I paid 50% of the debt in "full and final settlement", I'd have almost paid it off by now and my credit report would then say settled not partial settlement!
Any ideas?
Should I pursue my money and am I right to expect a chq direct to me? If I knew that they couldn't refund against this so-called balance, after their agents accepting a full and final settlement, I wouldn't hesitate to pursue them. I expected "full and final settlement" to mean just that!

Any advice would be greatly appreciated.

[advent]

Originally Posted by advent

Hi, This is my first post here.
Successfully reclaimed £3241.46 from Nationwide.... But Capital One are being a nightmare!!!

Started claim with Cap1 for £174+ £66 interest. They refunded £66 goodwill straight to closed a/c to pay against balance they say is outstanding. Problem is that NCO collected the debt for them and in June 2005 I paid 50% of the balance outstanding in FULL & FINAL SETTLEMENT. Cap 1 say they have closed the a/c and are not chasing the balance they say is outstanding, but my credit report says "partial settlement" and still shows default. I have spoken to NCO who say I don't owe anything, and Cap1 who told me to ring a number that would help and turned out to be Debitas Legal Services. Spoke to Mr Coleman there. Explained everything and he said I had a very valid point and there shouldn't be a balance if NCO collected in Full & Final settlement. He agreed that anything I reclaim from Cap1 should be sent by chq to me and that my credit report should say "settled". He said to keep at them. My question is, is it worth paying the £30 mcol fee and taking the court route if Cap1 are only going to refund against the balance they say is on the a/c? Even if I get all charges back I would still have a balance according to Cap1. I don't agree and have told them so. I have asked for a chq direct to me but they said no..£66 goodwill is final offer and will be paid against outstanding balance. I should now go to mcol, but if its going to cost me £30 and I have nothing to show for it at the end, I'm not sure if theres any point. If I had continued to pay NCO at a monthly rate instead of taking up their offer where I paid 50% of the debt in "full and final settlement", I'd have almost paid it off by now and my credit report would then say settled not partial settlement!
Any ideas?
Should I pursue my money and am I right to expect a chq direct to me? If I knew that they couldn't refund against this so-called balance, after their agents accepting a full and final settlement, I wouldn't hesitate to pursue them. I expected "full and final settlement" to mean just that!

Any advice would be greatly appreciated.

Can anyone help.......pleeease?

[ukaviator]

Hi

I would ask for all of the data they have on you. You need to ask for a full S.A.R. ( Subject Access Request ). If you look back 6 years and claim all of the charges with some interest, i bet you can clear the amount they say you owe, and have some left over. Since you have already tackled the Nationwide, you know the procedure.

So S.A.R Capital One first and lets see what's there. Also when you do add everything up and put in a claim, go for the default removal as well. Keep us posted.

Uk

[advent]

Thanks for answering
I have already had SARs and submitted claim to Cap 1 for £174 in charges and added 8% interest at £66.27 totalling £240.27. Have also asked for removal of default. They have ignored the content of my letter saying only that they have refunded £66 goodwill being difference between what they charged me and the £12 fee but insist that it will go towards the balance outstanding. How can I have a balance on an a/c they closed? They instructed NCO to collect the debt. NCO offered full and final settlement of 50% of debt. I understood that to mean that the debt would be settled.They (Cap 1)say that there is still a balance of £595. They also say that they are not chasing it and that the a/c is closed!!! So why are they refunding what they owe me to the a/c?

[advent]

Originally Posted by advent

Hi, This is my first post here.
Successfully reclaimed £3241.46 from Nationwide.... But Capital One are being a nightmare!!!

Started claim with Cap1 for £174+ £66 interest. They refunded £66 goodwill straight to closed a/c to pay against balance they say is outstanding. Problem is that NCO collected the debt for them and in June 2005 I paid 50% of the balance outstanding in FULL & FINAL SETTLEMENT. Cap 1 say they have closed the a/c and are not chasing the balance they say is outstanding, but my credit report says "partial settlement" and still shows default. I have spoken to NCO who say I don't owe anything, and Cap1 who told me to ring a number that would help and turned out to be Debitas Legal Services. Spoke to Mr Coleman there. Explained everything and he said I had a very valid point and there shouldn't be a balance if NCO collected in Full & Final settlement. He agreed that anything I reclaim from Cap1 should be sent by chq to me and that my credit report should say "settled". He said to keep at them. My question is, is it worth paying the £30 mcol fee and taking the court route if Cap1 are only going to refund against the balance they say is on the a/c? Even if I get all charges back I would still have a balance according to Cap1. I don't agree and have told them so. I have asked for a chq direct to me but they said no..£66 goodwill is final offer and will be paid against outstanding balance. I should now go to mcol, but if its going to cost me £30 and I have nothing to show for it at the end, I'm not sure if theres any point. If I had continued to pay NCO at a monthly rate instead of taking up their offer where I paid 50% of the debt in "full and final settlement", I'd have almost paid it off by now and my credit report would then say settled not partial settlement!
Any ideas?
Should I pursue my money and am I right to expect a chq direct to me? If I knew that they couldn't refund against this so-called balance, after their agents accepting a full and final settlement, I wouldn't hesitate to pursue them. I expected "full and final settlement" to mean just that!

Any advice would be greatly appreciated.

Is there anyone here who is able to help?
I really need to know if its worth pursuing this. Should there be a balance after a full and final settlement...or not?

[karen69]

Hi there
I am in exactly the same position. My account was being managed by Bryan Carter and I agreed to a full and final settlement, which was confirmed in writing. I have reclaimed charges which they have said have been refunded to my account as it was only partially settled. Contacted Bryan Carter who confirmed that the terms of the settlement were full and final and the balance is zero, but Cap 1 will not pay up. I have just referred this to the Financial Ombudsman to see if they can help.

[advent]

Thanks Karen
It was getting a bit lonely with no-one talking to me!

I'll wait and see how you get on. If you are successfull with FO I'll go that route too. Keep in touch. If I had continued to pay NCO the £50 a month I was paying them before their offer in F&F I would have completely cleared the balance by now and could have taken my charges from Cap 1 thorough MCOL with great delight!
Good luck. Let me know how it goes.

And thanks for taking the time to reply.

[Paintball]

Hello Advent
I think you should pursue your claim, rejecting thier offer and telling them to remove the amount from your closed account and including this in a Letter Before Action, the action being court claim and please DO NOT use MCOL but N1 instead. If you have received your statements you should be able to work out how much interest was applied to each charge and you can include this in your claim. You should also ask for the default and all adverse market data to be removed from your credit file in this letter.

When you get to the N1 court stage, you will be claiming a) return of penalty charges (and interest charged on these charges be the defendant) and b) removal of default and all adverse marker data from your credit file processed by the defendant.

I hope this makes sense and helps. Shout if not ...

[advent]

Hi Paintball, thanks for your reply.
Why N1 route? Not sure how to go about this. I used mcol with Nationwide. I assume the N1 route gives me more options as mcol has a very limited space for claim details. I haven't used this site templates before. (I used Martin Lewis template letters etc for my Nationwide claim)
As far as the interest I assume you mean contractual interest as opposed to the 8% interest. God only knows how I'll work that out! Any clues?

[Paintball]

Hi Advent, you have answered your own Q regarding the N1 route and here's a link to the important announcement recently made **urgent All Mcol Claims Automatically Stayed**

With regard to the interest charged, I looked at my statements for the months where charges had been applied and made a note of the purchase interest. I ended up with varying rates spread over a number of months (ie, 29.9%, 28.7% etc). I took the average of these and included it in my spreadsheet of charges. I used an interest calculator to work this out and will try and email this to you if I can if you PM me with your own email address.

[dera2005]

Hi Advent,

Just read your post.

do you know if you short settled the account with NCO meaning for example if you had a balance of 1100 and paid 550 the remaining £550 would be written off.

If this is the case then im sorry to say the default will stay on your credit file since the account was short settled and only partial payment was recieved. I think you will find it states in the CCA 1974 that if an account is short settled then a default will be placed on the account automatically. Although neither company will chase you for the remainder since it would be classed as written off.

[advent]

Hi Dera2005
I was paying £50 per month to NCO when they made me the offer to pay 50% in F&F. I paid them £681 (which I borrowed from my other half) Capital one say the balance now is £595, but the a/c is closed and they're not chasing me for it. I wish I'd just continued with the monthly payments!! A lesson for others here maybe!

[Paintball]

The account is closed with full and final settlement received by Cap One, the default is showing on your credit file, you want to claim back your charges and for Cap One to desist from processing or disclosing your personal data. Check out this thread for a successful similar case with Cap One Tanzarelli v Cap One... £ + default **WON**

We won't argue with the fact that the default is there, it is, but you want it removed from your personal credit file and this is a reasonable and achievable request. The Data Protection Act gives you the amunition for this and the means to achieve it are laid out in this thread Defaults - a proposed method for removal and the full template letter

I have used the above method for default removal with closed credit card a/cs for B/card and NatWest alongside money claims (N1s still in court) ...

[advent]

WOW!

I think I'll need to spend some time reading through all this. I had more or less given up with the idea but maybe not now!

[Paintball]

Originally Posted by advent

WOW!

I think I'll need to spend some time reading through all this. I had more or less given up with the idea but maybe not now!

Never give up, never say die!!

I've become a fiend for default removal after looking at my credit report and thinking, gosh what can I do about this and no wonder I can't get favourable rates on my mortgage!! I'm two defaults down and one to go with Capital Bank together with some late payment marker data with Cap One (8 entries). It's hard slog but worth it.

[advent]

Hi Paintball
How do I work out the interest on each individual charge then? My interest rate is 21.04% (1.604% per month) according to the interest calculator that you sent, but I'm not sure how to go about working out the interest on each of my charges. Sorry if I'm being a bit thick!