Me v Cap one

[HadEnough]

Hi all, i am helping to get my friends PPI back from cap one but i have hit a snag, the only interest rate i can find on my statements seems to vary month to month, from 1.181% right down to 0.80%, does anyone know which rate i should use? and if so how do i convert the monthly rate into APR or EAR?

 

I should say that this dates from 1999 through to 2006 so this should be quite a lump:-D, i have almost all their statements from when i reclaimed the charges for her . That £10.00 for the SAR was money well spent, Oh I claimed that tenner back too:-D

 

Any help with the above be great Thanx

[ims21]

Hi

 

Take an average of their rate over the period of time and use that.

 

Alternatively go for a higher rate of interest in restitution, I believe a generally accepted rate is 24.9% but if you are confident in getting a claim together you could use 29.9%. Interest in restitution would need to be fought for in court.

 

If you use the card's rate, you can use this spreadsheet to work out the APR from your monthly rate.

 

Regards

 

ims

 

MonthlyToAPR.xls

[HadEnough]

thanks for that ims, i'll have to have a chat with my friend when she finishes work, after all it will be her in court having to argue her case so I'll let her decide which rate to use, although knowing her i can guess which she'll want.

[ims21]

Hi

 

Of course you do have to consider the route you are going to take with this claim as it does make a difference.

 

If they offer a refund on the first approach then it is likely to be in line with fos guidelines and indeed what fos would award if you took it to them. This seems to be the charge plus their rate of interest plus 8%.

 

If you are going to ignore the fos route then your refund could be greater due the higher interest rates which can be claimed but you would have to issue and be prepared to fight in court for it and appear before a judge to put your case.

 

Regards

 

ims

[HadEnough]

Thanks again, yes we both understand the pro's and con's of both routes, although going the court route will almost certainly be the way she'll go, but the main reason would be for speed rather than money, although I know the court process holds little fear for her, she was the first person i heard of winning back her bank charges way back in early 2006, and she got full contractual interest, just a pity she didn't compound it though.

[HadEnough]

I have sent a Sar request and a failure to comply but to no avail..

what do I do next?

I'm having problems finding the templates for failure to comply on the site too, probably me being special.

[dx100uk]

green library tab

dca section i think

 

dx

[HadEnough]

Thanks dx100uk, only a few statements short so I was hoping they would just send them. Court order it is then.

[citizenB]

Have a read of the following thread.. a successful claim against a bank for non compliance.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?208966-Me-and-Them-SAR-non-compliance-claim.-**SUCCESS**

 

However, if it is just a few statements, I would contact the Information Commissioner.

[HadEnough]

WOW interesting thread, I'm impressed with FUAFB's organisational skills. I have got proof of postage for the last failure to comply letter but I will look at sorting it through the IC first. Thanks for the help so far

[HadEnough]

just checked when the letter was signed for and the date was 29/11/11. 3 Days after I posted it, thats royal mail for you. Because of this and the fact that i don't have time before I will give them till the weekend.

[HadEnough]

Well,

I finally received my SAR after nearly 2 months!

 

They sent a letter saying I had't sent payment for the sar after they received my failure to comply letter,

but i was on the ball and had proof of postage and a photo of the cheque from the bank.

 

They then sent me the sar but they weren't proper statements and they had deleted everything bar the balance that predates 6 years!!

 

I called to see why it did not show any payments going in or out of my account before 2006 and you guessed it they said they did not have to give me any information

before that as it is past the statute limitations act time limit.

(I know don't call but I was curious and didnt cotton on at first why the miht have done this)

 

I have now wrote another letter and reported them to the ICo after calling them for advice today.

 

Lets see what they come up with next...

[citizenB]

This is a discussion that has been going on for some while.

 

There is nothing at all on the ICO site that states they should only go back 6 years.

 

For Money laundering and tax purposes companies are supposed to keep paperwork for 5/6 years after the end of the financial relationship.

 

Part way through the Bank Charges revolution banks suddenly started saying that they didnt keep this information further back than 6 years.. however some are still managing to supply. I really dont know what we can do.. !

 

Capone are actually fighting quite aggressively in court to prevent people obtaining charges earlier than 6 years and are quoting the limitation act.

[ims21]

Problem is that these banks interpret the Limitations Act to suit their purposes. The LA doesn't apply to a SAR as it relates to causes of action in court proceedings.

 

If they have data on you they must provide it...they cannot choose not to.

 

This is why complaints need to be made to the ICO for breaches of the DPA.

 

In addition folks do have the option of suing for breach of DPA and to require copies of certificates of destruction of data.

 

It all comes down to how hard people want to push.

 

ims

[HadEnough]

hi again,

thought i'd update and ask for some guidance.

 

I received an offer after filling out the FOS questionaire (tried this as I wasn't getting anywhere with my SAR requests)

The offer is significantly lower than what I have estimated.

There was no interest rate provided or breakdown of how they reacged their offer amount.

I refused the offer and had no reply so I called the FOS hoping that might help...

 

I have just received the same offer with a breakdown but no indication of the rate they have used to calculate interest

and the interest stops accruing in 2006 when i stopped the ppi, however, the 8% interest doesn't start accruing til after.

 

I was going to continue with the FOS but they have told me it might take 12 months and I really need the money.

 

I also noticed that there premiums offer doesn't even match what they have put in the breakdown sheet. (its £600 more according to that)

 

Can anyone tell me what to do next as I'm going to have go down the court route..

Thanks

[HadEnough]

oh yeah, i now have all the ppi payments I have made so I can now work it out myself..

[citizenB]

Yes, if you have all the PPI payments then you can pop them into the spreadsheet from the link below.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011(2-Viewing)-nbsp

[HadEnough]

Ok thanks, ive worked out the compound interest but struggling find right sheet for 8% simply interest. The Fos spreadsheet requires all statements which I don't have. The breakdown they have sent me gives total bal, ppi cost, starting ppi balance, ending ppi bal, effective bal and 8% calc on closure. Can you point me in the right direction please?

[dx100uk]

FosRunningPPI v102.xls

 

is the ony one you need

 

dx

[HadEnough]

I'm really struggling with that one due to lack of information. I don't have monthly balance or payment details.. the breakdown has total bal and ppi cost per month

[dx100uk]

you have total balance for what , each months on the card

 

and you have what they chagred you EACH month on PPI?

 

dx

[HadEnough]

I have total balance of card but the first two columns on the sheet are monthly spend and monthly payment, it is causing me more confusion as they couldn't give me the correct figures for 1999 so instead they have guessed a balance of 1327.44 for the first 12 months with ppi costs of £9.28. If its me being a but dim then my apologies but maths and computers has never been my strong point..

[HadEnough]

sorry total balance is per month

[dx100uk]

lets see that list

 

 

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

or

convert existing PC files to PDF [office has an installable print to PDF option]

.

'

BUT......

ENSURE: remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

.

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

.

dx

[HadEnough]

Thanks for the help, not sure i've done it right..

This is both sides so you can see how they have worked the figures out with regards to 8% simple.