New Claim - Another Capital One

[doo]

Well have just finished a successful claim with Halifax so have switched attention to cap one. Am claiming on two accounts, mine and hubbys, sent off SAR and so awaiting statements. While I twiddle my thumbs I am very interest in claiming contractual interest. Have many claims been won by using this rate of interest - have been reading threads but they are still ongoing. Also if anyone can help in simplistic terms - I can start doing some practice runs (Bill are you there - you seem to be the contractual king).

[thesergeant]

Doo,

 

Like you I have just finished with Halifax. I claimed "simple" contractual interest, which they initially resisted.

 

However by the time the claim was lodged they finally relented and paid up at 29.8%. They did fail to pay the daily rate of interest, but after pointing out my claim was still ready at court they finally paid that up.

 

I am now on to Crapitol and their interest rate for classic customers is 34.9%.

 

If you search the various forums you'll find quite a bit on contractual interest. The simplistic view is that because the charges are without your permission and are unlawful then you are entitled to reciprocate the interest onto their debt with you.

 

You could charge them compounded contractual interest, which will give you a better return (if they pay up), however I found that to be complicated, therefore I've gone for simple interest at the applicable rate.

 

I have an amended N1 template giving the judge a range of options, ie the higher unauthorised interest rate, if not the lower authorised interest rate, failing that the statutory 8% rate. If it does end up in court at least the judge can see that you have thought about the various options.

 

For simple interest calculation the Vamp spread sheets are fine with a bit of tweaking .....................

 

Good luck - Go for it :-):lol:

[doo]

Thanks for that, will have a look at templates, just used the simple one for my halifax claim - is this what I use but change the interest charged (hope this is not a stupid question). Will find your thread so I can follow how your claim is going, may have to get back to you at a later date with help for NI, sounds like you have it sorted. Much appreciated.

[doo]

Oh happy days..... Received statements and found £1,084 - I owe them £1,213 so with a bit of interest should hopefully cancel this debt out, not bothered if I don't see any money, just want this debt cleared.

 

However have found on file they issued me with a default in July 06 this year, balance then was £1,313 - does anyone think I have a chance of getting this removed? All the cases I have read none have been successful so not sure it is worth the hassle - but to argue a point I suppose would not have defaulted had they not imposed ridiculous charges. Need advice on this.

[millymollymoo]

Hi doo:)

 

Claim contractual Interest and your days will be even more happier:D

 

Milly X:)

[doo]

Thanks, are seriously contemplating this, have you got experience of this on your claim, must find your thread and read it.

[doo]

OK, have spent as much of today as poss trying to work out CCI. I thought I would x purchase interest rate by 12, bit confusing as I have quite a few different interest rates, which one should I use, perhaps the lowest to be safe?Have looked at various spreadsheets and have read somewhere to use No.13 but can't work it out - can you change the interest rate. Help needed please.

[TANZARELLI]

OK, have spent as much of today as poss trying to work out CCI. I thought I would x purchase interest rate by 12, bit confusing as I have quite a few different interest rates, which one should I use, perhaps the lowest to be safe?Have looked at various spreadsheets and have read somewhere to use No.13 but can't work it out - can you change the interest rate. Help needed please.

 

Whats the APR rate of the card you had/have as you can use this. Crap one classic is 34.94% if I remember rightly.

 

Add this into the interest bit on spreddie and the rest is calculated all you should need to do is add the date, charge description, amd charge amount.

[thesergeant]

Doo,

 

Make sure you read up on the various ways of applying contractual. Such as http://www.consumeractiongroup.co.uk/forum/general/18313-why-no-one-claiming.html

 

You can apply simple interest or compound interest. There are conflicting views as to whether it is applicable or not. It has not as yet been tested.

 

My personal view is that if you get the balance right in making the bank pay a fair amount back to you, then you wont be the one in court arguing why it is applicable.

 

I dont want to put you off. I was successful in my first use of it and I hope to be in my next. But this is a help forum, it is you who has to make the decisions and face the consequences.

 

Sheet 13 is ok to use, you need to make adjustments by making the calculations of that the multiplier for your rate is. For Crapital1 34.9% I am using 0.0009572.

 

Hope I haven't scared you, it is not that difficult, however to be fair to you you need to understand the potential consequences of all this. ie explaining it all to judge to win your case.

 

Good luck ............ :D:D:D:D

[doo]

OK thanks Tanzarelli, we have started spreadsheet put in charge, date, amount but it isn't adding up the interest only the charges are adding up the interest column does nothing.

[doo]

the sergeant, yes thanks for all that, thats why I am going to multiply my lowest monthly purchase interest by 12, I know it works out lower than card APR but I feel it is fair. I have just finished halifax claim but just used simple spreadsheet with 8%. Am happy with interest rate and as you say it is my decision and yes I think we all have to realise that at the end of the day we could end up in court. We are trying with spreadsheet 13 but as you can see in post 10 the interest is not adding up so help needed.

[bill-k]

Hi Doo - I followed your link here.

 

Do NOT multiply the monthly rate on your statements by 12 - that gives the wrong result. It's best to get the current annual rate from Crapitall's website, as it is the currrent rate that we must use throughout the claim. I believe 34.9% may well be right - but you should check.

 

You ONLY use one rate of interest throughout the whole spreadsheet, and you MUST put this in at the top of the sheet, along with the correct date.

 

You may have missed them, but there are 2 brief guides at the top of the Google Chambers index page. Have a read of those - they're fairly short, but useful.

 

HTH, matey.

[thesergeant]

Doo,

 

What I did with Halifax claim was go to my local county court with my N1 (The hard copy version of MCOL for your local county court) There is no space restrictions on this one. I then set out the alternatives, Unauthorised borrowing rate, authorised borrowing rate and failing all that the 8% statutory rate.

 

Anyway your difficulties with the spreadsheet, I edited the available ones, for Crapital I use =SUM(C8*0.0009572)*E8, where C8 refers to the cell where the penalty fee is, and E8 is the cell where the number of days since the charge was made is.

 

Hope that helps.

[bill-k]

Anyway your difficulties with the spreadsheet, I edited the available ones, for Crapital I use =SUM(C8*0.0009572)*E8, where C8 refers to the cell where the penalty fee is, and E8 is the cell where the number of days since the charge was made is.

Sorry, I thought you were using one of Vamps compound interest sheets. What you are doing here is calculating simple interest, not compound. As this is neither statutory nor contractual, I would suggest you re-think this, as you will have no legal basis for your claim.

 

PS - You will also be losing out on some possibly serious dosh !!!!

[doo]

thesergeant. thanks will check this out.

 

bill-k, thanks for getting in touch, will only use one rate, will go now and read the guides, made a start but as I say could not get the column with interest activated, just stayed the same. Off to do some reading.

[millymollymoo]

Thanks, are seriously contemplating this, have you got experience of this on your claim, must find your thread and read it.

 

Hi doo, I am claiming it on two claims ((the relevant one to your thread) is with Capital One for my O/H and he is at court stage, papers served claiming the lower rate, but that was his choice!

 

http://www.consumeractiongroup.co.uk/forum/capital-one/55155-capital-one-no-offer.html

 

seargant is right it is entirely up to you an you have to feel entirely happy with your choice!

 

P.S I have used Vamp,s spreadsheet 13 for both claims (simple)

 

Milly X:)

[doo]

bill-k, am I not right then in using No: 13 in vamps chamber?

[millymollymoo]

Also on the N1 submitted 8% stat offered in the alternative

 

Milly X:)

[doo]

millymollymoo, good point on 8% will do same. Am just waiting for more help with spreadsheets, am now confused as to which one to use. Need to get this right so am not going to rush it.

[thesergeant]

Bill-k,

 

Yes you are right. However due to the controversy over the legitimacy of contractual interest I have taken the view that there is a need to apply a balance, due to the possibility of challenge.

 

Applying contractual "simple" interest, may attract a reduced possibility of legal challenge.

 

I have gone through many of the threads referring to contractual interest. There are numerous views on the issue. From the this is not applicable to the the be damned with it go for the jugular approach.

 

What I decide to apply is my approach. I have stated this in my prelim letter and in the LBA on route. It worked with the Halifax. Most likely on the basis that it is not worth challenging, hopefully that will be the same next time. Compounding my current claim adds over £1000 to the amount. At some point the balance will be tipped and it will be worth the bank sending the legal boffins in.

[millymollymoo]

From what I understood when I asked and wait for bill on this!!!

 

No 13 is contractual compounded interest but simple (no balances required) and not trying to work out what portion of the interest charged is due to charges. It is purely contractual compound on the penalty charge from the date applied to current date of prelim sending!!

 

Bill am I right?

 

Milly X:)

[bill-k]

bill-k, am I not right then in using No: 13 in vamps chamber?

Yes, but why are you changing the calculation formula from compound to simple interest ? Contractual interest has to be applied at the contractual rate, which is whatever Crapitall's current annual rate is, and compounded daily. Any other way of applying the interest is not contractual. If you are going to claim simple interest, then you will have to use 8%, as statutory interest is the only simple interest you can lawfully claim here.

If you want to accept a lower offer when they make it, then by all means do - that is indeed your choice. But if you demostrate to C1 that you don't really understand what your claim is based on by claiming just simple interest, they may well decide that YOUR claim is the one that they will take up the steps and win. Don't give them that opportunity.

Start with the max. you are entitled to, then work down from there. Don't start halfway down the ladder with a nondescript rate - that is not good business, and certainly not good law, IMHO, matey.

[millymollymoo]

Bill-k,

 

Yes you are right. However due to the controversy over the legitimacy of contractual interest I have taken the view that there is a need to apply a balance, due to the possibility of challenge.

 

Applying contractual "simple" interest, may attract a reduced possibility of legal challenge.

 

I have gone through many of the threads referring to contractual interest. There are numerous views on the issue. From the this is not applicable to the the be damned with it go for the jugular approach.

 

What I decide to apply is my approach. I have stated this in my prelim letter and in the LBA on route. It worked with the Halifax. Most likely on the basis that it is not worth challenging, hopefully that will be the same next time. Compounding my current claim adds over £1000 to the amount. At some point the balance will be tipped and it will be worth the bank sending the legal boffins in.

 

 

My reasoning for going with 13 too, however did not adjust any formula, left the sheet exactly as it was for true compound interest!

 

Milly X:)

[doo]

OK thanks for above posts, I take on board what you say bill-k on interest, and I did go on capital one site to check interest rate on credit cards but it seems so high, read other points and it all gets sooo confusing.

Anyway back to spreadsheet, when I open No 13 there is an interest rate showing of 18.2 and so thought I obviously had to change it (hope I am not sounding too stupid, but I know lots of people have strugged and given up). I think I need an idiots guide, both hubby and I cannot work it out, we did normal spready for halifax and that was easy.

[bill-k]

OK thanks for above posts, I take on board what you say bill-k on interest, and I did go on capital one site to check interest rate on credit cards but it seems so high, read other points and it all gets sooo confusing.

I have used that rate and they have paid.

Anyway back to spreadsheet, when I open No 13 there is an interest rate showing of 18.2 and so thought I obviously had to change it (hope I am not sounding too stupid, but I know lots of people have strugged and given up).

There are sample figures in the sheet, just to get you started. You have to put your own figures in !! Make sure that you have put the interest rate and the date in the boxes near the top. Then carry on filling it in (overwrite the first line with your figures !!)

I think I need an idiots guide, both hubby and I cannot work it out, we did normal spready for halifax and that was easy.

Here it is, remember ? >

You may have missed them, but there are 2 brief guides at the top of the Google Chambers index page. Have a read of those - they're fairly short, but useful.