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Hi I am just beginning my action against Capital One.
Just to let you guys know - as well as Capital One meeting the criteria of unfair charges in accordance with the OFT findings and Unfair Terms in Consumer Contracts Regulations CAPITAL ONE GO ONE STEP FURTHER...
Capital One apply a high APR to many of their cards (mine is 29.9%) in acknowledgement of the apparent risk of lending (and corresponding likelihood of default) - they operate a "risk-based pricing policy".
The OFT has ruled (sec. 3.17 and 3.18), that lenders must be "careful to avoid double recovery" and that:
"A CREDIT CARD COMPANY SHOULD ENSURE THAT THERE IS NO DUPLICATION BETWEEN SUCH BENEFITS AND THE MONEY RECOVERED BY WAY OF DEFAULT"
Basically guys - OFT are saying that Capital One charges are probably totally "unfair" and unenforceable, I would even go as far to say that they do not even meet the threshold test of £12 - because of the higher APR already applied to the card - Capital One cannot apply default charges at any level, as this would be deemed as DOUBLE RECOVERY?
hehehe,
finding this site has been a breath of fresh air for me, now I know I am not the only one that has had to put up with the expensive/illegal antics of these modern day highway robbers.
right so the whole double recovery think set me off, because I think CapitlOne are THE most unscrupulous of allthe lenders, preying on high-risk, low income, or poor credit/unable to obtain individuals...
Now I could wax lyrical about how they sucker you in with a paltry credit limit, that they know you will exceed.. I mean crikey, I know you are from Scotland, but £200 doesn't even get you the deposit on a hotel room down here in London.. anyway enough said...
Point being, is that Capital One operate what the OFT term a "risk-based" pricing policy - we're a high risk, hence the kahuna APR... anyway let the OFT report do the talking
Sec 3.17
"In considering costs arising from default, a credit card company should
also be careful to avoid double recovery. In particular, it would need to
take into account the fact that it may derive certain benefits from the
actual or anticipated default of a consumer."
Sec 3.18
"These benefits may also include those arising out of operating a risk-
based pricing policy, that is, offering a higher APR (or a separate product
with a higher interest rate) to a particular class of consumers based on
an evaluation of their poorer credit risk....
...A credit card company should ensure that there
is no duplication between such benefits and the money recovered by
way of a default charge."
I mean that is just ammunition after the firing squad have run out.... you can get the fullOFT report by clicking the link below.. but really it is not needed, this forum demonstrates that!!!
£200 is easily reached and breached these days. It doesnt go far at all.
The only problems I had with regards to my finances was due to being a student.
And the price/pleasure of improving my education was to be dragged across the coals by capitol 1, and my supposed friend for life, the bank.
I graduated in 2000 and have spent the following years struggling to try and pay back credit cards, student loans, bank overdrafts, bank loans while trying to raise my family and keep a roof over their heads.
My personal resentment runs deep, simply due to the grief they have caused me, my partner, and indirectly, my kids. Im mad as hell and Im not going to take anymore
Capital One Double Recovery
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