alanalana v capital one

[alanalana]

SAR sent 9 Jun 09

[banker_rhymes_with]

Hello aa!

 

Just pulling up a deckchair and have a crate of Beer on a table next to me.

 

All ready now waiting for the fun to start so, when ever you are ready, away you go!

 

Cheers,

BRW

[citizenB]

Oh goody, I have a front seat as well

[pompeyfaith]

Pompeyfaith sits on Citizens lap .

[alanalana]

Right,

 

PPI bundle arrived today. Had a look through no valid CCA just an application form for a capital one card. No mention of PPI on the application form, no demands and needs/customer duty of care questionnaire. Bunch of statements showing PPI payments being taken every month up until the PPI was cancelled on transition of the card to DMP on 23/6/03.

Figures for the PPI payments are:

 

6/8/02 £10.65

6/9/02 £10.46

5/10/02 £10.08

6/11/02 £10.68

6/12/02 £11.39

6/1/03 £12.09

6/2/03 £12.59

6/3/03 £12.71

5/4/03 £13.31

6/5/03 £13.45

6/6/03 £14.24

 

I have done some calculations just need confirmation my figures are correct on adding the 8% stat from the relevant dates up to now.

 

Pompey I have a final figure with the interest if you can use one of your calculators and manage to double my figures that would be excellent:grin:

 

aa

[pompeyfaith]

Thanks for that Alan, now my bet is the PPI was added before the interest meaning you have paid interest also.

 

So with that in mind do you have an Apr for those figures.

 

PF

[havinastella]

SUBBING

 

What was the APR Al?

[pompeyfaith]

These figures should be calculated as thus:

 

PPI AMOUNT + COMPOUNDED INTEREST AT THE RATE ON STATEMENT + S69 8% INTEREST FROM DATE OF PAYMENT TO DATE OF PAY OUT.

 

PF

[pompeyfaith]

Right calculating just the 8% stat the figures are thus:

 

6/8/02 £16.73

6/9/02 £16.36

5/10/02 £15.70

6/11/02 £16.56

6/12/02 £17.58

6/1/03 £18.58

6/2/03 £19.27

6/3/03 £19.37

5/4/03 £20.20

6/5/03 £20.32

6/6/03 £21.42

 

But remember these figures do not included the compounded interest at the rate on the statements.

 

So once the compounded interest is put on first these 8% stat figures will be higher.

 

Regards

 

PF

[alanalana]

I will have to have another look for the APR on the paperwork.

 

PF do you have a link to the calculator you used for these figures?

 

 

aa

 

PS

Just checked again no APR rate just a flat ppi rate of 73p per £100 of the balance.

Edited July 21, 2009 by alanalana
PS

[havinastella]

With interet @ 29.9% I make the claim

 

£131.65 paid

£593.93 interest

£513.58 S69 interest @ 8%

 

So about £1238.56

[alanalana]

I came up with different figure to PF but used this calculator.

 

New Square Chambers - Interest Calculator

[pompeyfaith]

Yup the calculator i used is this one:

 

Blake Lapthorn - simple interest calculator

[alanalana]

Thanks again PF:D

[pompeyfaith]

that is the calculator used by blake lapthorn solicitors cant see them being wrong

[beachcomber60]

Subbing - Watchin & Learnin'

[alanalana]

With interet @ 29.9% I make the claim

 

£131.65 paid

£593.93 interest

£513.58 S69 interest @ 8%

 

So about £1238.56

:eek:

 

I am now going to get a magnifying glass out to check the paperwork again

 

Then send off a non compliance for the SAR saying they forgot to tell me the APR on the card. I worked the figures out to just over £200.

[pompeyfaith]

Indeed Alan the APR is what you want 73p per £100 of debt is that not misleading all agreements must quote an Apr

[alanalana]

I have gone over the paperwork again and have found the following:

 

APR for purchases 12.23% variable

APR for Balance Transferes 12.23% variable

APR for cash withdrawals 18.28% variable.

 

The statements show no evidence of any cash withdrawals but there were two balance transfers and of course a few purchases.

 

Indeed the statements also show interest applied on the same date as the PPI was applied.

 

I assume here that I can now go back to the original figures and add 12.23% but compounded as the card was never fully cleared so there will have been interest on the interest month on month.

 

Then once the figures have been calculated I can then use the revised figures and add on the simple interest at 8% from the date of the statement to the date of any settlement.

[e28bigalbexley]

Hi Alan

I am also chasing Cap 1 for PPI which i did not ask for.

The Interest for 2002 is 18% and for 2003 16%

HTH.

 

AL.

 

PS Is there a name for the document that lists commissions payed for single, up front, lump sum payment for ppi.

[alanalana]

Have had another look through the SAR bundle and found this:

 

APR for purchases 12.23% variable

APR for balance transfers 12.23% variable

APR for cash withdrawals 18.28% variable.

 

The statements show no evidence of any cash withdrawals but there were two balance transfers and several purchases.

 

The statements also show that interest was added on the same date as the PPI was added.

 

I assume I can now recalculate the figures as posted earlier and add on 12.23% contractual interest but this should be compounded as the card balance was never cleared so there would have been interest paid on interest month after month on the life of the card.

 

Then once I have the revised figures I can then us the simple interest calculator to add on the 8% and this would be calculated from the date of the PPI payment shown on the statement to any settlement date.

 

I think I have this correct.

[alanalana]

sorry about the duplicated posts

[e28bigalbexley]

Hi Alan

i believe you use their cash withdrawal rate (normally their highest rate) when calculating the interest taken as they are using your cash to enrich their pockets. I think they call it a reciprocal agreement.

 

AL

[citizenB]

Pompeyfaith sits on Citizens lap .

 

Ok, PF.. you can get up now :lol:

 

sorry about the duplicated posts

 

S'ok, aa.. we dont mind

[pompeyfaith]

Hiya Alan,

 

Great you have the APR, I will work this out for you tonight with those figures and post my result here.

 

Regards

 

PF