Offer recieved, advice required

[drufcdragonno12]

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?

[drufcdragonno12]

Bump

[WendyB]

It seems to me that you gave them 8% as an alternative to 34.9%. They've taken the alternative and are offering the 8%. I think you'd find it hard to go to court just on the basis of CCi alone, there's a thread on here somewhere, lynsey v cpaitla one, which might be worth reading.

 

I personally think it would be as well to take whats on the table, but obviously don't stop the court action till you get your cheque. I would send them a letter back accepting their offer but make it clear action wouldn't stope till cheque was cleared.

 

Just my personal opinion.

[drufcdragonno12]

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.

[ncf355]

I'd push it to CI

 

If you had cash from them, thats what they charge you, so whats the difference - this is a legit argument and they damn well know it

 

 

I went for CI and won b4 court, but must add that I offered no 8% alternative - CI only!

 

All above IMHO

[drufcdragonno12]

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??

[ukaviator]

Hello

 

It is difficult to go into court for CCI alone. They have very recently started paying out Purchase interest and 8% as well as all of the charges.

I would write back and say that you will accept the offer as a part settlement to your claim, and remind them that the claim has been filed for xxx.xx amount in your local court.

 

From what we have seen recently, they sometimes pay CCI on an open account, purchase interest has been paid on closed accounts. Remember this amount of interest is what they have charged you compounded. It's only fair that they should pay it back.

[drufcdragonno12]

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.

[drufcdragonno12]

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?

[Fully_charged]

might be a little too late now.....but have you checked if you have been defaulted on your credit file by cap one? its worth tying in default removal before coming to any settlement.

[drufcdragonno12]

Hi

 

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