What can I claim for?

[peaches' mum]

Hi All

 

This site is great - thank you

 

Only problem is I cant find assistance on what I can claim for from Capital One. Can anyone help me? Can I claim for the following: purchase interest, balance transfer interest, overlimit fee, late payment fee, cash advance fee & cash interest?

 

Your replies would be greatly appreciated

 

Ive been given a spreadsheet from a friend who was successful with NatWest but Im guessing that this is a spreadsheet only for banks and not credit cards - am I right? If so where do I find the spreadhseet for credit cards? Ive tried Vampiress's spreadsheets and for some reason cant open any of the pages from her links....

 

Thanks

[s1h]

Im also only just starting my claim against them so can't help you a great deal. But from what I have read you cannot claim for :

 

purchase interest

transfer interest

cash advance fee & cash interest

It is only the penalty charges and interest on those that you can claim. Maybe you need to read up a bit more first?

[ukaviator]

Overlimit fee, Late payment fees are claimable. The rest are normal interest they charge you every month. That cash advance fee is 3% of what you take out in cash. Better to use the card and pay it off in full at the end of the month.

 

You can claim back Contractual Interest as well. There are links below to the spreadsheets you need to do this. If you look at your statements, the transaction section should have some figures like: 2.023% at the bottom left. This is the interest they charge you every month.

 

To claim back your contractual interest you times this by 12.

 

2.023% X 12 = 24.27 OR 24.3% rounded up.

 

Add this to each charge on your spreadsheet.

 

Uk

[peaches' mum]

Hiya

 

Have looked on my statements for the contractual interest but can only find: Cash Withdrawal interest, Purchase Interest, Balance Transfer Interest - is this what you mean?

[redsonja]

Hi Peaches' mum,

I am in process with Capital one and if you look on your statement, under totals it will give you the monthly % for purchase interest. Mine is 1.708%.

[peaches' mum]

Hi redsonja

My cash withdrawal interest is 1.804%, my purchase interest is 1.873% same as bal transf interest. So to do contractual interest do i take the purchase interest and x12?

[redsonja]

I think it will depend how they do your interest. i.e. do they take it off lower % first cos if so you should use the highest one....also....are you claiming compounded contractual as if you are muliplying it by 12 wont give you the compounded contractual rate.

[peaches' mum]

I was hoping to add the compounded contractual to the spreadsheet, i was x12 as ukaviator said above...oh dear im totally thick!

[redsonja]

No you're not thick, it is very confusing. I made the mistake of doing this (x12) and was told it was wrong. Hang on I will check what thread of mine it is and send you a link and then you can have a read of it.

[peaches' mum]

thanks! ive started to fill in spreadsheet 16, have got to B15 and have entered overlimit fee charged...HOWEVER on B14 it says 'estimate of previous charges' - what on earth is that all about?!!? THEN on F15 it says interest charged +...now im totally confused?!

[redsonja]

It is in post #12 of this link

 

http://www.consumeractiongroup.co.uk/forum/capital-one/59273-new-claim-another-capital.html

[redsonja]

We also do talk about it a bit in my thread

 

http://www.consumeractiongroup.co.uk/forum/capital-one/57454-redsonja-cap-1-stage.html

[redsonja]

The estimate of previous charges you dont really need to use unless you were estimating previous charges that you dont have on your statements.

The interest charged+ is where you enter how much you were charged in interest after you had the charge levied

[peaches' mum]

oh my goodness sooo much more to read on your threads! thank you! how on earth do i work out interest charged+? say charged levied is £20 (ive noticed they have reduced it down to £12 now but we will go on £20) then what do I do?

[redsonja]

You just need to put the interest that you were charged after the charge was levied and the spreadsheet will work out how much was in respect of the charge. I am currently in a conversation at the moment that you are supposed to add all the interest for every month after the charge on this spreadsheet until the balance was clear but am waiting for proper outcome of this at present.

[ukaviator]

The best thing to do is ask what the rate is by calling Cap One and asking for it. Some people use their website for the APR, but some pay a different rate due to their standing with the card company.

 

The monthly x 12 is'nt the unauthorised borrowing rate.

 

Uk

[peaches' mum]

Hi Redsonja

 

I think Ive finally finished my spreadsheet, would you mind checking over it to see if what ive inputted is correct?

 

For the interest charged + section, i was either charged 1.571% or 1.873% so that is what i put in the box and then moved right and the figures changed automatically for me.

 

Thanks!

[redsonja]

You need to put the actual amount of the interest (£) in the interest charged box. Ive Pm'd you.

[peaches' mum]

Hi All

 

Redsonja has been amazingly helpful to me, however I have another question on the spreadsheet matter...F15 is Interest Charged (+), from what I understand you should put 'purchase interest' in this column. Purchase Interest being something that is listed under 'details' on your statement. However I have also been charged 'cash interest', do I add that to purchase interest and then put that total into Interest Charged (+) column?

[redsonja]

Hi again Peaches.

I have just checked with someone and they recommend adding both together so put the total for both in that column.

 

Im logging off now but if you have any more questions, I will pick them up tomorrow. Feel free to send me your updated copy if you want me to check it for you.

Happy spreadsheeting

[thesergeant]

I am currently preparing my N1 to lodge my claim.

 

Regarding interest I have searched through the Crap1 site and eventually rang them 08009525150.

 

The call staff was very helpful (should be on the money they make out of us!) Anyway he stated that the rate chargeable on "charges" is the same as the purchase interest rate, which in my case is 2.05% equivalent to 27.56%.

 

That is the rate I will be using ...................

 

My claim is £697 charges & Interest £786.25 plus costs :)

[peaches' mum]

Hi Sergeant

 

How did you work out 2.05% = 27.56% ? What was the maths behind that?

[thesergeant]

Peeches,

 

Damn good question, I didn't that is what I was told by Crap1.:rolleyes:

[redsonja]

Peaches/Sergeant

If you type the monthly rate into Mindzais bank spready it will work out the APR for you....its a good way to check it. I just did it for 2.05% and it indeed comes to 27.57% (only 0.01% out which is probablya rounding issue) you dont multiply 2.05 by 12 (which was what I did to start) as that is not the proper CCI rate.

HTH

[peaches' mum]

Guys

 

I think Im going to take the easy route with this one as it is my first time...Im going to add up all the charges and then add on the 'statutory' 8% and just file a cliam for that...All these CCI charges are really doing my head in! Plus I think I found a calculator to do the 8% for you on another site...

 

Redsonja - will look at what you've sent me - THANK YOU