HoW dO I SoRt this MeSs Out?

[anya]

I am a couple days away from filing a claim. I sent off the prelim and the LBA and now have heard from Capitol One. As well as from Buchananclark + wells..

 

See, here's the "Mess" Part. I have a long standing debt with Cap 1. This came about because their charges put me over my credit limit of £2000, I was on a tight budget and only could pay the charges each month , but not enough to put me back in credit, so amount grew ever onward and upward, hitting totals of £2800. Even after paying over £700 in charges my account still stands at £2429. For over 6 months I have been paying their agency £5 a week towards it which has just been paying more against the charges, still on a tight budget.

 

So today I get a letter from the debt collection agency, making me an offer for me to pay 60% of total amount, and have rest written off, If I pay it in one lump sum by Monday. I'll just get my purse...

 

At the same time I have recieved an offer from Cap One, the difference between £12 only of course.. but worse- to be paid into my account toward reducing the debt!! So effectivively paying themselves back the portion of the charges they are offering to refund!? Which incidentally doesn't even take me back within my original credit limit.

 

So how do I sort this mess out?

 

I want the FULL amount of Charges, paid to me- Not to my C1 account.

 

And as for BC+W - I can't afford to pay off the debt, even though the reduced amount brings the debt to a fairer amount for which I would almost be willing to pay- over an extended period of time. What should I say to them? Anything?

 

So Please, anyone who knows how I might respond to each of these? please let me know.

 

Especially - How do I proceed with court claim so the money goes to me & not back to C1?

 

TIA

[JMio]

If you still have an outstanding debt to Capital One, then it's not unreasonable to have any refunds from them going into your account, and thus reducing your debt. Harsh I understand, but that's the way it goes I'm afraid.

 

Capital One WILL pay out the full amount of charges that they've taken from you, it's just a case of going through the motions and hitting them with a Court Claim at the end of it.

 

On the plus side, once you've had your refund, at least your outstanding debt to Cap One will be substantially reduced.

[gizmo111]

If you still have an outstanding debt to Capital One, then it's not unreasonable to have any refunds from them going into your account, and thus reducing your debt. Harsh I understand, but that's the way it goes I'm afraid.

 

Capital One WILL pay out the full amount of charges that they've taken from you, it's just a case of going through the motions and hitting them with a Court Claim at the end of it.

 

On the plus side, once you've had your refund, at least your outstanding debt to Cap One will be substantially reduced.

 

How much do Cap 1 owe you? And have you started a claim yet?

[anya]

Cap One owes me just over £700. I am putting my claim in tuesday. When they make an offer I will be asking for a cheque. I am not refusing to pay them back what I owe them, but I have other more pressing needs for the refund money at this time, and if they really want their money that much faster, or to keep the refund for themselves then they can counter claim, right?

[gizmo111]

Cap One owes me just over £700. I am putting my claim in tuesday. When they make an offer I will be asking for a cheque. I am not refusing to pay them back what I owe them, but I have other more pressing needs for the refund money at this time, and if they really want their money that much faster, or to keep the refund for themselves then they can counter claim, right?

 

That is possible but they do have the right of offset so just be aware that all you may get is a reduced settlement - is £700 correct cos reading your first post I thought it would be more like £1100 plus interest.

[JonCris]

if you have an outstanding balance then your demanding the bank refund the monies plus interest. In all fairness you cant expect the bank to refund you & leave their charges on your account.

 

If you are expecting that they should remove their charges & give the money then that is not only unreasonable but if I may say so a little foolish

 

Just remember to make sure you include EVERYTHING in your claim such as contractual interest, your costs in chasing them & depending on your account balance you might find they DO actually owe you money which would be nice surprise don't you think

[anya]

I didn't ask for any interest or any charges listed as 'financial charges'?. I only asked for the charges specifically made for over limit and late payment. That's the £700 part. The rest of the money I owe is mostly made up of purchase/cash interest, financial charges, and fees. Fortunately they have now stopped piling on the interest and closed my account and I am simply paying back the money to the DCA. I suppose I should just be thankful to get the debt reduced.

 

It just would have been useful to have the charges in my hand now and just continue to pay the account as I have been doing - our roof has come down in our house and it would have been nice to afford to get it fixed. arrgh.. oh well, if we can't get a cheque we'll just have to look on the bright side - we won't be any worse off than before, and will be closer to paying off the debt.

[gizmo111]

I didn't ask for any interest or any charges listed as 'financial charges'?. I only asked for the charges specifically made for over limit and late payment. That's the £700 part. The rest of the money I owe is mostly made up of purchase/cash interest, financial charges, and fees. Fortunately they have now stopped piling on the interest and closed my account and I am simply paying back the money to the DCA. I suppose I should just be thankful to get the debt reduced.

 

It just would have been useful to have the charges in my hand now and just continue to pay the account as I have been doing - our roof has come down in our house and it would have been nice to afford to get it fixed. arrgh.. oh well, if we can't get a cheque we'll just have to look on the bright side - we won't be any worse off than before, and will be closer to paying off the debt.

 

I am not clear what the financial charges are - can you clarify amounts?

[Guest]

Anya,

 

I'm in the same situation, my advice is to keep pressing them for the cheque payment.

 

I've been advised that I should have stipulated this in my MCOL Particulars of Claim. Oh well, that still doesn't preclude me from not getting what I want.

 

I guess the key is whether or not the account has been sold to a DCA, or just passed out for collection on behalf of Cap 1.

 

Keep going though, incidentally, MBNA and Citibank are all doing them same.

 

Fu**ers :-P

[JonCris]

I didn't ask for any interest or any charges listed as 'financial charges'?. I only asked for the charges specifically made for over limit and late payment. That's the £700 part. The rest of the money I owe is mostly made up of purchase/cash interest, financial charges, and fees. Fortunately they have now stopped piling on the interest and closed my account and I am simply paying back the money to the DCA. I suppose I should just be thankful to get the debt reduced.

 

It just would have been useful to have the charges in my hand now and just continue to pay the account as I have been doing - our roof has come down in our house and it would have been nice to afford to get it fixed. arrgh.. oh well, if we can't get a cheque we'll just have to look on the bright side - we won't be any worse off than before, and will be closer to paying off the debt.

 

If have yet to issue legal proceedings recalculate your interest & send them an ammended claim

[anya]

Working out interest to add now, will put in claim tomorrow. Think the finance charges are a combined total of cash and purchase interest? Adding about £60 a month to the owed total.

 

Good luck getting a cheque Tekcom. My fingers are crossed for you. Do you think I should add that I want payment by cheque into my particulars? I will be filing in person at the county court tomorrow so it's not too late to tag something like that on..

[anya]

BTW- I don't suppose anyone has a copy of the spreadsheet for advanced interest on credit cards in works format? I think vampiress's email is overburdened and I can't download the ones linked in the library.

TIA