Jazzer vs Capital One (PPI)

[jazzer1899]

Hi all,

 

I'm in the middle of a dispute with Capital One over the calculation of contractual interest on PPI charges.

 

I have calculated the contractual interest in the same way I calculated it for credit card charges previously, in that I took their interest rate and applied it in a compound fashion from the date of the charge on my account until todays date. I used the spreadsheet to caculate the interest.

 

Just want to check that I've done this correctly.

 

Kind regards,

 

Jazzer

[ims21]

Not if you are going to rely on a regulatory based award.

 

Is the account still live or is it closed and paid off?

[jazzer1899]

Account is long closed, and I'm doing this through the county court.

 

Jazzer

 

Not if you are going to rely on a regulatory based award.

 

Is the account still live or is it closed and paid off?

[ims21]

Ah well you are OK then

 

Interest in restitution and all that.

 

What stage are you at and what is the value of your claim?

[jazzer1899]

Allocation questionnaires have been done, total value £1560, including court fees.

 

They are trying to fob me off £280

 

 

 

Ah well you are OK then

 

Interest in restitution and all that.

 

What stage are you at and what is the value of your claim?

[jazzer1899]

Hi,

 

Capital One aren't budging, and I now have a court date. Before I submit the £325 hearing fee is there anyone who could advise me that I've done my spreadsheet properly as Cap One are still bleating that I'm not calculating the interest properly, though I'm sure I am. Also some idea of what I should bundling for court would be helpful.

 

Jazzer

[ims21]

It doesn't matter what Cap1 think about the interest, it is the Judge who will decide.

 

If you are claiming interest in restitution then that is the case you will put to the court.

 

I'll flag this for the site team legal folks to look in for you on the legal specifics for you.

 

ims

[slick132]

If your claim involves charges older than 6 years, you will need to include in your court bundle reference to the case of Kleinwort Benson v Lincoln City Council. http://www.bailii.org/cgi-bin/markup.cgi?doc=/uk/cases/UKHL/1998/38.html&query=title+(+kleinwort+)+and+title+(+benson+)+and+title+(+v+)+and+title+(+lincoln+)+and+title+(+city+)+and+title+(+council+)&method=boolean

 

You'll also need to refer to the case of Sempra Metals v Inland Revenue Commissioners, to support your claim for restitutionary interest. http://www.bailii.org/ew/cases/EWCA/Civ/2005/389.html

 

An internet search on each case will also lead you to brief summaries made by lawyers and/or barristers which refer to the salient points of each ruling.

 

[jazzer1899]

Thanks Slick,

 

Nice to see you again.

 

Can anyone give me an idea of what should go in my bundle? I think I know what to do with the bits Slick mentions, but just a list would be useful.

 

Just to further clarify Capital One are trying to deny the misselling as well as the refusal over interest calculations.

 

Interestingly got an email from the trainee solicitor at CapOne that has been dealing with me asking for an extension for the witness statements to be in. They seem to want extensions for everything do CapOne!

 

Any help very much appreciated.

 

Jazzer

[jazzer1899]

Ok, so regarding interest I get charged a ppi fee on my account in 2002, then i stick that into my spreadsheet in 2012 and it calculated the compound interest at capital ones rate over the ten years and then adds 8% simple interest on because this is a court claim now.

 

CapOne are trying to say the FSA calculator says different, however I think this is irrelevant as its a court claim.

 

Could someone tell me if I'm wrong before I hassle capital one.

 

J

[Fur]

After fobbing me off for 1 year Cap one have capitulated and admitted that they owe me it and they are paying pretty much to the penny that the various spreadsheets on here calculated. Their letter crossed in post with mine saying I had enough and want sar and my costs though but they have admitted in open correspondence they were wrong and that I could never have claimed on it under the terms of policy, and also my umpteen letters were ignored. The power of sar - made them look at it all again I suppose. Getting back only about £500 but only had card for 2 1/2 years. Paid full 8% from closure of account to date.

[jazzer1899]

So I'm right then?

 

Just checking before I pay the listing fee and before I ring crapital one back.

 

J

[jazzer1899]

URGENT

 

Had a conversation with Capital One this afternoon. They claim that they only need to pay interest in restitution whilst my account was open (account was closed in 2008) and then 8% statutory from then on. I have to file the hearing fee tomorrow so I need to know definitively if I am right in claiming 27.9 % from the day the ppi charge was levied and 8% simple on top.

 

J

[slick132]

I would claim restitutionary interest from the date of the charge to the date they refund it, regardless of when the a/c was closed.

 

As regards claiming 8% on top, if that's what is recommended in PPI cases, go with it.

 

When dealing with Credit Card Penalty Charges, I recommend either Compound Restitutionary Int't or 8% Simple Int't but not both. But PPI is treated differently and I'm not the best to comment on this.

 

What I can say is that the amount you claim can be negotiated between the parties before, and to avoid, the final court hearing. So you can negotiate and accept any offer you find acceptable - you don't HAVE to stick to the exact amount on the court claim.

 

[jazzer1899]

Their idea of negotiation is offering 10% of the total claim.

 

I'm tempted to let go to the judge to decide.

 

J

[slick132]

Noted, but remember you are the Claimant in the matter. Accordingly, you have to prove to a judge that your claim is valid.

 

Negotiating may be a very good way to settle this and avoid the court hearing completely.