Thanks for your thoughts, food for thought over the next few days

Like many people I have had my claim against Abbey stayed pending the OFT court case. Abbey have now removed my overdraft fascility despite refusing my request to reduce it a few months ago. When the O/D fascility was withdrawn I transfered all my banking to the parachute account I'd set up. Abbey are now threatening to default the account if I don't pay up. Am I right in assuming that they cannot do this because the account is in dispute (has litigation pending against it)? Any advice greatly recieved.

It sure does!! Take a look at my posts on your thread...... http://www.consumeractiongroup.co.uk/forum/capital-one/116648-statatory-interest-ci.html I would particularly take note of this comment from (site helper) Steven 6064 "if you know what you are doing, you can claim compound contractual interest on top INSTEAD of the 8% simple interest."

Are you going to put this in Salty, or are you going to go for the CCI option only, as discussed in your other thread??

I concur with your thoughts and will be claiming CCI only on my wife's claim v Abbey CC.

Hi No, I havn't been defaulted. The account was closed in 2003 with £0 dalance.

I am in exactly this situation Salty..... Cap1 have sent me a cheque with the statutary 8% and have filed a defence quoting that the ammount owed has been paid in full. I followed the latest advise available at the time, which was to claim CCI on my POC, but to also give the Judge an alternative of 8%. It seems to me that there are 3 options..... 1] Don't claim CCI on your POC- Cap1 cave in easily and offer you all your charges, costs and 8% back. 2] Only claim CCI on your POC - I only know of 1 instance of this (as ncf355 above) so you'd be as well seeking advise from them directly as to the game they had to play. 3] Claim CCI but offer the 8% alternative on your POC - Cap1 still cave in easily and offer you all your charges, costs but only the 8% back. This then gives you the option to pursue for the remaining %. I have no choice but to follow option 3 - my "accept as part settlement" letter is in production as we speak. At the end of the day it's your call and the difference between the two amounts may well influence the way to move forward. Good luck

Cheque arrived yesterday and banked today. Decided to accept as part settlement. Is anyone aware of a template letter to send Cap1 that fits my situation, or will I have to amend one from the library?

Thanks for the quick response uk. Cap1 have filed a defence indicating the return of purchace interest (my account is closed) to the value of just a few pounds. But as you point out, the amount of interest claimed is what they charged me compounded to the date my claim was submitted. I will have a think about things overnight and also wait to see if others concur with your advice to accept as part settlement. This way forward does seem to tick all the boxes as it were; I get paid out, but continue to be a pain in their bum - a pain they may decide to pay to get rid of.

Thanks for your opinion ncf355. The more I think about things the more I am inclined to ignore Cap1's offer and submit my AQ, continuing with 34.9% CCI. As I mentioned above, my Particulars of Claim clearly stated it is for the court to decide the level of interest. Cap1 are using my 8% option as their basis for settlement, and that really makes me itch. I think the worst that can happen is that we go to court and the Judge decides to award what has already been offered by CAP1. But would they even let things get to court?? If they did, would they then have to disclose their true costs?? I don't think they would risk it. The boss is telling me to let it go and be happy with my lot, but.............. Any other thoughts kind people??

Thanks for your thoughts WendyB I did propose to the Court on my N1 the 8% as an alternative to the 34.9% CCI, as is the norm. But what doesn't quite sit right with me is that on the Particulars of Claim we all clearly state that the rate of interest applicable is the decision of the Court and not Cap1. I just don't like the idea of them dictating to me. However, I have got a positive result and will accept their offer once the cheque clears.

Bump

Submitted my N1 with CCI at 34.9% and alternative of 8% on 19 Sep. I have recieved an offer from CAP1 for charges + 8% + personnal admin costs + court fee. They say this is their final offer and cheque will be with me within 14 days. Letter says they dispute the 34.9% interest rate and will defend "on the basis that the correct amount has been paid" It seems they are forcing me into the courtroom to fight for the difference in CCI. Has anyone got any previous knowledge of this situation? Looks like I've won, but I was wanting to give them a good hard kick in the g**lies. What are my options?

Coll2900 It seems to me that essentially you have to decide whether to accept or decline the offer, and an offer is all it is at the moment. Don't forget that you have asked the Court to decide the rate of interest, it's not for Cap1 to dictate. Numerous people have been in the same situation as you are now....... Some people have accepted the offer and called it a day. However, this makes it difficult to persue anything you originally claimed for at a later date; things like removal of a default or the difference in interest rates won't be easy to chase later. Some have accepted the offer as part payment and carried on with the full claim. And some simply decline the offer and continue with the claim by returning the cheque and informing Cap1 to remove any credits made to the account. I think the call is entirely yours......... Good luck whichever you decide.

Thanks Scott However, I have read of several cases on here (including WendyB above) where the Courts have refused to accept a PO Box as a valid address. Looks like yours was one that slipped through the net. Congrats on your success with Cap1, first class.

Thanks WendyB

Filed my N1 yesterday at local court and used the details below for the Defendent(s) section. Capital One Services Inc Trent House Station Street Nottingham NG2 3HX The receptionist queried the name and suggested it was incorrect, he didn't offer an alternative but said in his opinion Inc was not correct. I got the details from the contacts section on this web site, so was confident I was correct. Was my confidence well founded? If not and I've made a mistake, could this come back and bite me on the bum further down the line?

Go for it!!

Reckon I've read about as much as you on this one annie_s. It seems that there are a number of people claiming CCI but have also given the Judge alternative interest calculations (15% & 8%). I get the impression that this approach is very much up to the individual, being neither absolutely essential or a complete no-no. If you do go down this route it would be correct to supply the alternative rates with the N1, like I mentioned earlier if you change the details later it costs £35. A purely personnal view is that I am leaning toward supplying the N1 with higher rate of CCI only. I think it makes a clear statement that you mean business and offering an alternative may be seen as having a lack of absolute conviction. But like I said this is purely my thoughts at the moment. Perhaps someone else has additional advise to offer?

You can change the details of your claim as many times as necessary upto submitting the N1. Once the N1 has been submitted and you make a change there is a non-refundable charge of £35. It looks to me that the way forward is to submit the N1 with the correct details and inform Cap1 at the same time.

Hi annie s Like ABOVE, I believe that the MCOL form is too restrictive when claiming for a credit card & CCI. Hope this helps, but I'd check for other responses anyway

I am after some help; I have totted up my charges and am now ready to issue the RFP letter to Cap1. On the interest calculator spreadsheet (No 13) I have gone for CCI at 29.8%. Would it be possible for somebody to post a copy of the request for payment letter that also addresses the CCI issue.

Thanks Yanni, I will use this as my starter for 10. However, it's the wording in respect of CCI that I need to get right. Charges come to £366 but when the interest is added the total amount of the claim rises to £2400ish. DT

Hi Paul, everything there. However, sorted the spreadsheet to claim charges plus CCI but can't find an appropriate letter in the templates library, ideas anyone?

S.A.R posted on Monday 25th June, all information received back on Friday 29th. Such a fast turnaround suggests they have a team dedicated to this task. On with the RFP letter now.