Capital One Rejected claim - now I need to contact the FOS

[loobyloo35]

Ok so having worked this out my figures are:::::

 

£856 total charges

£709.48 interest at the APR card rate of 28.82%

£153.33 8% compound interest rate

 

TOTALS - £1565.48

 

So..... what are my chances of that lot being refunded???

 

Shadow - have I done this correct please? Thanks

[the_shadow]

Ok I am starting to get confused again!

 

I have claimed the APR interest from my card for one section and the 8% interest - that IS called compounded interest - am I right in thinking that?

 

Where would the s69 interest come from or can you not claim both?

 

Ok as I understand it you cant claim both stat s69 court interest @ 8% and compounded interest at the same time but I have seen cases where people have done it and won due to the defendant caving in prior to court.

 

the 8% you have added on top of everything is the stat s69 interest.

the apr% interest is the Contractual compounded interest

 

Fraid I cant help you fill out the N1 with both as I've not done it myself.

 

S.

[loobyloo35]

Ok as I understand it you cant claim both stat s69 court interest @ 8% and compounded interest at the same time but I have seen cases where people have done it and won due to the defendant caving in prior to court.

 

the 8% you have added on top of everything is the stat s69 interest.

the apr% interest is the Contractual compounded interest

 

Fraid I cant help you fill out the N1 with both as I've not done it myself.

 

S.

 

Great thanks for clearing that up, I am as thick as you like when it comes to all this legal stuff LOL

 

The link that I added in this thread is whereby they have succeeded in claiming for both and Cap One have refunded partial or most of it so I am going to give it a go. I have the relevant N1 form from this thread which I am going to use so will see what happens.

 

I really hope this doesnt go to court lol, but if I win it will clear the £333 they think I owe them PLUS give me a few pennies to spend as I wish! FINGERS CROSSED!

[the_shadow]

Great thanks for clearing that up, I am as thick as you like when it comes to all this legal stuff LOL

 

The link that I added in this thread is whereby they have succeeded in claiming for both and Cap One have refunded partial or most of it so I am going to give it a go. I have the relevant N1 form from this thread which I am going to use so will see what happens.

 

I really hope this doesnt go to court lol, but if I win it will clear the £333 they think I owe them PLUS give me a few pennies to spend as I wish! FINGERS CROSSED!

 

Cool

 

Best of luck and keep this thread updated with your progress.....

 

S.

[caro]

Ok, there still seems to be some confusion on the different types of interest.

 

Section 69 interest, which is also known as statutory interest is 8%. It is intended for claims where no interest has been claimed to compensate for the loss of the use of your own money when you didn't have it. You can claim it on the interest that you've paid out on the charges, as bookie did in her claim, because she didn't have the use of the money she paid on the charges. The advanced spreadsheet on this site calculates this, and would be my personal preference. It updates daily and the interest can be claimed from the date the charge was added to the date payment is received. It should not really be claimed until you begin your court claim.

 

Contractual interest is where you simply claim interest at the rate that you have been charged. If you use this, you should not be claiming 8% as well. Do not make the mistake of thinking you can claim all the interest you've paid. You can only charge interest on the charges you've paid.

 

Compound interest is different again. This is where you claim contractual rate interest on the contractual rate interest.

 

If you do not understand what is meant by contractual or compound interest DO NOT CLAIM IT. If you want to use it then you need to put in a lot of work to understand it well enough that you could go to court and explain to a judge why you believe you are entitled to it. I personally would not be confident enough to explain either in court, and could not offer any advice on it, simply because I know enough to know I don't enough!!!