Reclaiming Capital One Credit Card Charges

[bustthematrix]

Hello All

 

I wish to reclaim my credit card charges. I've got the full set of statements from 2002 to date and have added up all the late fees and overlimit fees.

 

Having read through various threads to better understand the process, I'm still confused as to what I CAN claim and what I can't? There's confusion over whether to claim: charges + contractual interest OR charges + compounded contractual interest OR charges + compounded contractual interest + statutory interest?

 

Contractual interest on my Cap One card is 29.9%APR but I'm not SURE if it's been at this level since 2002?

 

Also, I noted I've had roughly £100 in annual card PPI charges debited from my account. I cancelled (didn't renew) the PPI about 2 years ago so it no longer applies but I think I may have a claim there too as I've been self-employed since 1998 and the thing may never have triggered anyway (though I never tried to claim).

 

If I add PPI payments as well, should I treat them just like charges and add interest? Cap One are not the actual PPI company though they sold it to me. The PPI provider was CPP (Card Protection Plan i think).

 

Appreciate your input and pointers all - especially if you've successfully claimed against the above.

 

Peace:-|

[skintboy69]

Hi Bustthematrix.

 

You can reclaim your charges going back 6 years without too much trouble. Enter your charges into the spreadsheet and appy 29.9% to the lot.

 

If you have to issue a claim in the county court you can ALSO add 8% statutory interest under sec 69 County Court Act.

 

I can't help you with PPI because I've never had any but someone far better qualified than me should be along soon.

 

Just stick to schedule. I believe these guys always pay up but sometimes they drag it out.

 

Best of luck.

 

T.

[bustthematrix]

Cheers Skintboy - hope u don't stay skint for much longer!

[skintboy69]

Thanks Bustthematrix. It's shaping up, but it's still a long road.

 

Keep the faith.

 

T.

[bustthematrix]

Hmmnnn

 

No helpers have come along to comment? We're not supposed to hijack other people's threads to get help on our own issues so...

 

What to do next....

[skintboy69]

Hi Bustthematrix.

 

I think there is a section on here somewhere specifically for PPI issues.

 

It might be of help to put your questions there.

 

Keep the faith.

 

T.

[silverfox1961]

Got your PM. Is this the thread you are talking about?

[bustthematrix]

Hi Sf

 

Oh my gosh, would you believe I somehow lost track of this thread!!!?!?!?

 

Guess I was more efficient back in 09!!

[missy]

You can reclaim your charges going back 6 yearsicon without too much trouble. Enter your charges into the spreadsheet and appy 29.9% to the lot.

 

You can claim back as far as you want. The six years is from when the debt was known to you. I claimed back over 12 years from Halifax without a peep from them.

[bustthematrix]

Thanks for dropping by Missy. Seems there's life in this lil'ol thread after all...

[moneyproblem]

Sorry to hijack this thread, but we have a few capital one cards that we have charges on - I know we can claim late charges, overdraft fees, PPI but there are other charges such as cash fees, purchase int and cash int, can we claim these back. Also what about the annual account charges, can this be claimed back? TIA for your help.

 

ETA: Sorry if this is dumb question, just need to clarify especially on the cash charges and annually charges.

[bustthematrix]

Sorry to hijack this thread, but we have a few capital one cards that we have charges on - I know we can claim late charges, overdraft fees,

Yes

PPI

Where missold - yes

but there are other charges such as cash fees, purchase int and cash int, can we claim these back.

I know of no legal basis that allows these to be reclaimed - sorry.

Also what about the annual account charges, can this be claimed back? TIA for your help.

Not sure - it may be (probably on the same basis as the default charges) but I am not aware of anyone reclaiming .

ETA: Sorry if this is dumb question, just need to clarify especially on the cash charges and annually charges.

No need to apologise, we're all learning, asking is one of the big keys for doing that...8-)

8-)

[moneyproblem]

Thank you for answering that Bustthematrix, I am working on my figures at the moment and my letter to get the ball rolling.

[moneyproblem]

Sorry again, but i'm having problem understanding the interest claim issues

 

I was reading BankFodder's thread on reclaiming interest on charges and i've gotten myself all confused

 

For te capital one, which interest am i applying and how much?

 

For example, we £20 for overdrawn and £20 late fees and a mis sold PPI of £2.20

 

We know we can claim those back

 

Now, the issue is what percentage of interest are we claiming.

 

1. Are we adding 29.9% to the total of £42.20, and 8% on top of that?

2. Are we adding 29.9% to each individual charge on a daily basis (running to date), and then add 8% to the total?

 

Capital One charged me purchase interest (£3.50) and cash interest (£1)

 

3. Are we taking a percentage from the £4.50 to add to each individual charge (running to date), and then add 8% to the total?

4. Are we taking a percentage from the £4.50 to add to the total along with the 8%?

5. Are we taking 29.9% of the purchase and cash interest to get back, or is it a completely different percent?

 

Thanks in advance. I hope i haven't confused you as much as I have myself

[Still_surviving]

moneyproblem

 

Having just concluded a case against Natwest, can I offer the following advice:

 

1. Make a list, preferably on a spreadsheet like excel, of every late fee and over limit fee, together with the date the charge was incurred.

 

2. For each charge, enter the details into the compound interest calculator linked to from this site http://www.egalegal.com/compoundWindow.html Set the calculator to 12 monthly calculations and tick the box for a 360 day calculation period. For each individual calculation, take the very last figure from the calculator - this is the compound interest from the date of the charge. Enter this in a separate column on your spreadsheet. Use a further column to add the charge plus interest together.

 

3. Use the current contractual interest rate you are being charged by your credit card company. This is the rate they now see fit to charge you so the fact it may have been lower in the past is their problem not yours. Much of this will come down to negotiation anyway, either with the company or their solicitors.

 

4. If you file court papers you are allowed to charge a further 8% (simple not compound) on each charge. You can set up another column to do this.

 

 

Hope this helps - the opposing solicitor who I got my claim agreed with, actually enquired where I got my knowledge from - this site and its team are great!

 

 

Also the following article is very useful for helping understand interest as part of settlement negotiations http://www.bytestart.co.uk/content/legal/35_2/charging-interest-in-standard-terms.shtml

[moneyproblem]

Thank you very much for that information

 

It really really helped.

 

Here is our next problem.

 

We between 4-6 capital one cards, which are all closed and paid off.

 

The limit on each ranges from £200 - £1000

 

You said that we can use the current contractual rate, but because these accounts are closed would we use the rate that we

were being charged when those cards were closed, or do we look for what capital one is charging right now (in general

since we no longer have any live capital one cards)?

[bustthematrix]

I'd probably use the last rate I was actually charged as I'd have written proof of it.

[moneyproblem]

Ok, thank you very much for that.

 

1 last question

 

to clarify, the 8% i should be asking for is 8% of the actual charge, and not the charge + compound interest?

[Still_surviving]

8% on just the charge only

 

(Its a mistake I originally made lol)

[bustthematrix]

8% on just the charge only

 

(Its a mistake I originally made lol)

I concur. something like this.

e.g. £100 in charges from 2 years ago at 30% Contractual interest.

You may claim £100 + 30% compounded interest over 2 years = £100 + £69

PLUS 8% on £100 at simple interest over 2 years = 2 x £8 = £16.

Total = £100 + £69 + £16 = £185....in a nutshell

[dx100uk]

no sorry

 

its 8% on the charge + their interest.

 

they have deprived you of the money you reclaim under restitution , see the FOS website PDF's

you are entitled to the 8% on the complete claim for each charge.

 

use:

 

http://www.fscs.org.uk/news/2011/mar...cial-7pghpepm/

 

 

rest=12

days = 360.

 

HOWEVER, you do NOT include the stat 8% on your claim UNTIL you file for court.

 

dx

[bustthematrix]

The mighty dx chides in...

[bustthematrix]

So DX

 

To use my crude example, you would argue e.g. for £100 in charges from 2 years ago at 30% Contractual interest.

You may claim £100 + 30% compounded interest over 2 years = £100 + £69

PLUS 8% on the £169? How would that 8% be applied for the 2 years?

[bustthematrix]

Btw that Fscs link you posted didn't quite work...

[moneyproblem]

Just checking, I calculate that the compound interest from 2yrs ago on a £100 would be £82.37 according to the link that Still_surviving posted http://www.egalegal.com/compoundWindow.html, how did you arrive at £69 for the interest? Sorry to be a pain lol I am just trying to make sure I got it down right.

 

Also I noted that you calculate the 8% as a yearly figure (100x8% = £8 x2yrs = £16) and not a one off charge on the individual charges Or the total of all charges over the period. In that case would it not then make the 8% a compound interest? Also how would you calculate this on a figure that had an account that was closed before the end of the following year, if the 8% was being charged per year? Would you just go ahead and charge the full 8% for the following year when the account was paid and closed say a month into the beginning of the following year.

 

Ok I think this my last question, please give me for all of this asking........, PPI (mis-sold), would we calculate the interest for this the same exact way as we are doing for the charges being claimed?

 

Again thank you for your kind help and patience with all my questioning .