Hopeful v Capital One

[Mogullen]

Hi

Have received today my statements from capital one. And am ready to send off my letter asking for refund of charges. Doeas anyone know how to calculate the interest charge to allow me to claim back what they have charged over the last six years.
Or is it possible to alter the formula in Excel (template is excellent by the way)to calculate this figure.
I am chasing a fiqure of £1067 so at there exhorbitant rates over the last 6 years this would come to quite a large sum.
Thanks in advance for your help
Len

There are 2 types of interest we discuss here


1. The 8% cannot be claimed until you issue a County Court claim
2 Interest you claim in the meantime has to relate specifically to interest accrued by each individual charge. To callculate this you need a degree in applied mathematics - and it usually does not amount to much.

Good Luck!

Lou xx

[Mogullen]

Well here goes nothing.
Received from those very helpfull people at capial one all my statements as requested. They even phoned a couple of times to apologise for delay and in way of recompense credited my account with the £10 fee.(So nice of them) And they still had by my reckoning 10 more days to comply.
Anyway have waded through all my statements and found that those very nice people (yeah right) have only charged me £1400 in late payment charges etc.
So have sent of a preliminary request for payment to which I added £447 in a guestimate of what they have charged me in interest since the charges were applied.
Can only hope that they are as helpfull and timely in repaying me as they were in giving me the info I needed to work out how much they had ripped me off.

Threads merged.

[clayton]

Hi this is my first post here, do you need to get a copy of all your past statements or can you make a claim without them ? if i do how long does it take to get copies thanks.

[Mogullen]

Hi
It makes sense to get your statements first, so that you know exactly how much they have charged otherwise how would you know. If you send off the Data Protection Act request they have 40 days from the time they receive it to reply.
But there does not seem to be a rush do it properly and read the FAQ to confirm the order in which to proceed and the best of luck.

[Alberta66]

CALCULATING INTEREST on individual charges

In "Banks Templates Library" there is a posting by "Excel Spreadsheet - work out interest" by Sticky. You can easily modify this to calculate the interest owed on charges levied by Capital One or any other institution from the date of the charge.

In cell 4I you'll see the following forumula:
=(E4*0.00022)*H4 or written long hand is
=(Amount x daily interest) x Days Since Offence

To modify the sheet, just adjust 0.00022 which, if multiplied by 365, equals 8% (actually, 8.03%).

If your credit card company charges you 22% APR, then divide 22 by 365 giving 0.06027397. Sub this number in for 0.00022 and you'll have a very very close answer.

[Mogullen]

Well true to form as with everyone else it seems when going against capital1. I checked my online statement today and have had a refund of sorts from them.
A total of £100 made up of £60 overlimit fees and £40 in late fees. Well thats just about the 5% mark of what I am chasing.
As usual no letter or anything I suppose that will follow. They now have just 9days to go before I issue LBA.

[Mogullen]

Stupid question but hopefully someone knows the answer. As I have received a partial refund from Cap1, how do I adjust the amount of interest when it gets to court stage. Do I enter them as a minus in the spreadsheet or do I delete charges to equal the amount. Or is it best to just ignore and reduce owed amount by the £100 refund and just leave the spreadshhet alone?

[cubalibre77]

If you have recieved £100 say from 5 charges, I would delete the last five charges on the spreadsheet,thats what I have done with mine anyway.

[Mogullen]

Well I received the usual bog off and go away letter today from cap1.
Again stating that they automatically add charges blah blah
They then go on to say "Im afraid we wont give you a full breakdown of our costs to reassure you they are fair"
As I read that line it means basically tough we will not justify ourselves. Oh well no matter. LBA already done waiting to be sent off on saturday.

[Mogullen]

Well gave them until this AM when the post arrived to corespond, but as i have received nothig have just been and mailed my LBA.
Perhaps they will repond to this (yeah right)

[Mogullen]

Well as it seems they are now doing with everyone. Just before deadline they offer to pay the difference between OFT figure and what we have actually been charged. When in my last letter from the very busy Mr Udy he stated that they disagreed with the OFT and that Cap 1 were right and legal in there charges.
So have just sent off a leeter extending by deadline 7days to give them time to reconsider and to state that I accdept there partial refund but reserve the right to claim the full amount.
Roll on next tues. If no settlement then it is off to court I go

[cubalibre77]

I would not give them any more time. Stick to your deadlines, I recieved no response to my LBA and went ahead and filed my claim, a letter arrived today about 2 weeks after filing, offering to settle for the full amount

[Mogullen]

Well I have given them the extra time and they have refused to increase their offer so I have just issued through MCOL fot the sum of £2226.30 incl court costs.
Lets see what if anything they have to say about that. LOL