Capital One - Default & Charges

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from the date they stopped charging their interest on any penalty charge and refunded that charge, along with associated int at their rate, they should be also adding 8% simple interest upon that sum until the day they settle the claim. as you have been deprived of investing all that money elsewhere that they stole from that date going forward.

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FOS are trying to wipe their hands of it saying they don't get involved in the calculations.

Fact is they aren't just only depriving myself but there is also the tax element - although small, it's still HMRC they are not deducting the correct amount.

 

Who do I have to address this with seeing as FOS adjudicator is remaining impartial?

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So they've replied to FOS and it's a pitiful response:

 

"Capital One has come back to say to bring this matter to a close its willing to refund £14.36 as per your earlier calculation. Please confirm you are now in agreement and I will then ask them to make the payment."

 

 

My reply:

 

"Forgive me for the time I've replied, sitting round a pool in Portugal all day.

 

In regards to their offer, I reject this completely.

 

They are making a mockery of myself and the Financial Ombudsman.

 

How many other customers have they defrauded/stolen money from by being so inept?

 

Originally I was prepared to forgo any financial redress by way of removing both defaults - how ever as they refused this as they need to do things "correctly" by their own words, then they will need to calculate the redress correctly.

 

If they do not know how to calculate simple interest on an account then they should be directed to the FCA as it's schoolboy/girl maths!

 

I provided the correct way to calculate the interest a number of times now to both yourself and CapitalOne directly.

 

As stated in my original email the calculation of the £14.36 was an example as to how completely incorrect their 21 pence calculation was. "Even if you incorrectly apply the 8% directly to the Fee & Interest charged and not by Days Elapsed as they are supposed to then that should be £14.36 before Tax.

(£179.58 x 7% = £14.36)"

 

The £14.36 is based on a total or Interest + Fees at 8% - this is NOT the correct way to calculate this, and even the FOS website tells you how to calculate it.

 

What Capital One need to do is EXACTLY the following:

 

1) As requested a number of times - Provide me with the list of Fees and Interest plus the date they appeared on my statement - this will be what they have already refunded. 

If they can not then why not? What are they hiding? - I have asked for this breakdown again via yourself and CapitalOne repeatedly but this has not been forthcoming. If they want to be funny about it, then I will demand that they provide this under the GDPR.

 

2) Calculate the 8% simple interest correctly as follows:

(i) Copy each Fee and Interest into a spreadsheet with the date it appeared on the statement.

(ii) Next to EACH entry calculate the number days it has taken from Statement entry date to refund date.

(iii) Next to EACH entry times this by 8

(iv) Next to EACH entry divide this by 36500

(v) Total EACH value that has been divided - this will give you the TOTAL 8%

 

Formula is:

 

Payment being refunded x number of days elapsed from statement entry to Settlement Date x 8 / 36500 = 8% simple interest

 

For example:

Interest applied to the account on 05/06/2018 was £0.30

 

So the formula would be entry amount (a) x number of elapsed days (b) x 8 / 36500

 

a*b*8/36500 = 0.30*1491*8/36500 = 0.98

 

This must be done for each statement entry being refunded.

 

If they do not agree to doing this correctly then I would like the matter escalated for deception and fraud against HMRC.

 

It's gone beyond being reasonable with them now.

Here I am, unable to get a full-time job in finance due to the default they've placed, where a group of people have looked at this for months and still can not get a calculation correct. It's sickening and heartbreaking."

 

I'm getting really p##### at how inept and how they think they can pull the wool over my eyes. Yes it's only a 40-50 difference, but it's now the principal - Do it right or I will take it even bloody higher to show how Capital One are defrauding their customers past and present due to how they calculate redress and also how they are not calculating this correctly so HMRC can have this cut.

 

 

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Capital One has responded to say

“We're confident our calculations are correct but we propose awarding a further £60, which corresponds to 8% interest for 4 years on the fee and interest refund amount of £179.58.”

I'm accepting this £60 as it's greater than what it should be. 
However, if I really do not understand their reluctance at providing a breakdown of the redress. If they are that confident their figures are correct then why not supply it.
Isn't there anything under FCA regarding companies are required to provide breakdowns of redress?

So final outcome on this matter is:
1 x Defaulted account to remain - Default date Feb 2020, amount was £285 - account Settled 23rd Nov 2020.
1 x Defaulted account removed entirely from credit report under irresponsible lending. (Original Default £282)
Redress amount - £254.75 + £60 = £314.75
Fees £63 + Interest £116.58 + 8% interest 21p minus 4p applicable tax + £75 compensation + £60 additional Interest.

Just wish there was something I could do to have this one default account removed - such a small balance having a large impact.