Karma1 Vs Capital one

[Karma1]

I just need to know where to start. took a credit card out with crap one in October 2005 for £200 limit. Took the insurance policy too. That took me over the limit by £1.60 .. recieved charges in 1st month of the card for £40 plus interest. No way didn't have that money to pay a huge charge. The card is now at £577 with debt collectors. After asking for payment plans and making £50 payments here and there.. minimum wasn't possible with overlimit building up. They eventually defaulted me and It was a stressful situation with being in university trying to find money. Let me make it simple, I believe the charges are excessive and just really need to know where to start this. I have paid alot onto this account but the next month it's useless with another charge. Where do I start I'm angry, stressed and my education suffered. Same situation with barclays Just advice as to where I stand

[ukaviator]

Hello Karma

 

You can get a refund on the charges, and by the looks of things the default removed as well. The charges put you into the default situation.

 

You need to ask for an S.A.R.(Subject Access Request). This is for all of the information they have on you, statements, fees comments etc.

This costs £10 in total, so enclose a cheque with the S.A.R.

If you phone Capital One and ask for this you may get lucky and not pay anything.

 

When this comes back, add up your charges for Overlimit Fees and Late Payment fees. Add Contractual interest to each charge too. You may have enough money on the refund to have the account settled and the default removed. You must not settle if they offer you money only to settle the account. You will lose your bargaining power for your default removal if you do this. It's all or nothing.

 

You may eventually have to file a claim with the court service to get your refund. We can explain that later.

 

Please raed this site over and over again. It is addictive reading, but you will be wiser in the future on how to deal with debt.

There are some links below to help you.

 

Ukaviator

[Karma1]

Thanx

[Karma1]

OK have sent the letter under the data protection act requesting for all statements.Sent it with the £10 postal order. Looking forward to recieving them

[Karma1]

Hey, have finally recieved the Statement today from crap 1 Total charges £300. Not sure about the interest but much advice would help on working that out. So where do I take it from here with Capital one ??? Much advice would be appreciated

[doo]

You need to decide whether you are just going to claim 8% statutory interest at court stage or claim compound contractual interest from the outset, this needs to be added to your prelim and LBA letters. There are many threads on cap one forum where people are claiming CCI, I for one have just issued a claim and was deemed served on 6 April. As for interest rate what I did was take my monthly purchase interest rate and worked that out for APR - also double checked with cap one and they came back with the same figure, although some people claim amount of 34.9% (I think thats right) which is on their web site but as you probably know we are all charged differently. Post up your monthly purchase interest rate and I will check it on Mindzai's spready.

[Karma1]

You need to decide whether you are just going to claim 8% statutory interest at court stage or claim compound contractual interest from the outset, this needs to be added to your prelim and LBA letters. There are many threads on cap one forum where people are claiming CCI, I for one have just issued a claim and was deemed served on 6 April. As for interest rate what I did was take my monthly purchase interest rate and worked that out for APR - also double checked with cap one and they came back with the same figure, although some people claim amount of 34.9% (I think thats right) which is on their web site but as you probably know we are all charged differently. Post up your monthly purchase interest rate and I will check it on Mindzai's spready.

 

Thanx mate. I will do very soon, it's a complicated part but I will do it before the weekends over. Thing is, on my statements, it shows for each month TWO different sets of interest. I did withdraw cash on the card so I guess this makes it that bit more complicated with the interest they charge on cash withdrawels. I will post up the total interest for each month soon

[doo]

I used my monthly purchase interest as I had not used my card for cash withdrawals, then worked out the APR on Mindzai's spready which worked out to 26.94%, then I rang cap one and asked them what APR was being used for my account and they confirmed exact amount so went with that. Important thing is to take your time and do lots of reading in cap one forum.