cap1 NC1 Purchase interest only payout info needed

[baslow138]

Ive noticed that Cap1 seem to payout after filing NC1 but only pay purchase interest only rather than CCI. Can anyone explain the difference to me please and perhaps attach a link to a purchase intersest applicable spreadsheet?

Ive prepared a spreadsheet but with compounded interest is this useless?

 

Cheers

 

Baslow

[steven4064]

Purchase interest is the one sort of interest you can't claim back, at least as far as it applies to actual purchases.

 

You can claim back:

 

1) any unlawful charges (late payment charges, etc)

 

2) the proportion of the purchase interest that is attributable to the charges reclaimed, that is interest levied on the charges at Cap1's normal interest rate.

 

3) at the court stage you can also claim 8% simple interest under s69 of the County Court Act 1984.

 

4) instead of 3) some people are claiming so called contractual interest. By that they mean interest on the charges and on the reclaimed purchase interest at some rate corresponding to a commercial rate for borrowing money and compounded. This is for restitution - putting Cap1 back to the situation they would have been in had they not unlawfully taken your money and used it to make money for themselves (unjust enrichment) without your permission. You should only do this after fully researching the issue and with full understanding of what you are doing.

 

I hope this helps.