KM_S v Capital One ***WON***

[KM_S]

At last my statements arrived (40th day would have nee tomorrow) so I am now chasing £1480.00. Now I need a bit of help, I have looked at various letters and spreadsheets and I ask do I send a preliminary letter and spreadsheet without interest or do I include it.

I am a little nervous about getting this right and dont want to make a fool of myself.

 

Cheers

[adamc6671]

As far as I'm aware, 8% interest only becomes valid when Court claim is actually issued - i.e. you can only legally claim it in Court. Therefore with my claim (for my other half) my prelim letter included a spread sheet of charges but I hid the interest calculation and 'days since default' columns. When I get to doing my 'Letter Before Action' (LBA), I'll show these columns at that point on the schedule of charges, and of course when I actually issue the claim in court. Hope that helps.

[KM_S]

Thanks for that, I have just looked at the preliminary letter but it looks like one for bank charges. Is there one for credit cards?

[adamc6671]

As far as I know there isn't, but I found it quite easy to modify the bank one. I simply asked for all overlimit and late payment fees to be refunded, plus all purchase interest from point in time when had it not been for excessive charges my a/c balance would have been zero, and put that lot onto spreadsheet, which totalled over £1200 in charges plus nearly £300 in interest. Hope that helps

[KM_S]

I have modified the letter accordingly, I thought you didnt put interest on the spreadsheet for the prelim letter. If you do how do you calculate the amount on a fee of £18 charged on the 26/06/2001

[adamc6671]

What I did with mine was to use 'Vamp's' sheet, made the whole sheet up, including columns for 'date of default', 'days since default' and '8% Stat Interest'. If you do that, you simply enter the 'date of default' and the rest is automatically done for you. I then got 'excel' to hide these 3 columns while I printed off the remainder for my prelim letter - do this by selecting the whole column, right clicking, and selecting 'hide'. Reverse this after printing by selecting 'unhide' and these columns re-appear, ready for your LBA.

[KM_S]

Got it, great thanks, I will not add interest to prelim letter but if they do not respond positively I will then add it in. That would mean the new claim would be £1838.24.

Letter going off today.

[adamc6671]

Go for it - looking at all the previous history, you'll almost certainly get the lot! I've got 3 claims running (Lloyds, Abbey, & Cap One), all for other people - never been charged myself, so can't claim anything back!!!!!!!

 

By the way, if I've helped please click my scales - many thanks.

[KM_S]

Prelim letter posted yesterday (29/03/07). My next question is when they refuse my offer and I send next letter do I then add the interest, I am thinking of using compounded contractual interest, this would take the claim to £3233.82 by using their current monthly rate of 2.08%. Am I right in doing this.

[adamc6671]

You're spot on - your next letter will be the 'Letter Before Action' (LBA). In that you'll tell them exactly what you'll be claiming in Court if they don't pay up within, say, 14 days. Thats when you send the schedule that shows charges AND interest, and I don't see why you shouldn't go for contractual interest - others seem to have succeeded doing that, but bear in mind if the case actually did go to Court (which seems VERY unlikely), the Court would only award Statutory interest as far as I understand it. Don't forget to claim for your expenses and time preparing the case as well - many seem to be claiming 20 - 40 hours at around £10 per hour!

 

I'm only just ahead of you with Cap One - sent my prelim. letter last week. That reminds me - must start my thread for that one - will be titled 'Tish vs Cap One'. I'll find it very handy to compare notes as we go along!

[KM_S]

Good idea I will look out for that thread and since my last work contract was at £24 per hour I might claim that lol. I really appreciate the help and support that this site give to newbies, maybe the banks and credit card companies will soon get the message and drop their charges all together---------- now that would be a real victory.

[adamc6671]

If you're paid £24 per hour, then thats what Cap One should be paying you - sounds fair to me! I agree about the site - I'm a newbie myself & couldn''t be doing this without what I've learned from CAG.

 

Don't think they'll drop charges altogether, but they'll certainly have to vastly reduce them. What I hope is that v. soon the Courts / Judges will get totally fed up with Banks wasting their time by filing defences that they have no intention of actually taking into Court, and do something about it - that would really help us all!

[KM_S]

Right after posting a thread (Capital One Interest Charges) I have discovered I have to re-do my prelim letter advising them I will be charging CCI. What I Have said at the top of the letter is that "This letter amends my letter dated 29th March 2007" and changed trhe paragraph What I require to read My statements show that you have taken £1480 in unlawful penalty charges (late payment and over limit fees) from me over the period of the past six years 20/06/2001- 08/02/2007. In addition, I claim contractual interest at an annual rate of 28.02% (compounded daily) on the above charges amounting to £2372.16. Thus, my refund request amounts to £3867.16 in total.

I enclose a schedule of the charges which I am claiming with this letter

 

[adamc6671]

Hi - that sounds fine to me, but having said that I'm not too certain about the complexities & legalities of CI - kept mine simple by just going for the 8%. Thinking logically, though, if they charge you 28% to 'borrow' their money, why shouldn't you charge them the same to 'borrow' yours ?????????? Makes sense to me!

[KM_S]

Jesus this gets complicated, before I post off my new prelim letter, I have read threads where people claim the purchase interest back from where the account would have been zero but for their charges so I am going to go for it, think they may bulk when they see the total hehehe. I am taking a guess but will charge CCI on that as well so should I also include this in the prelim letter and spreadsheet.

[adamc6671]

I 'hid' interest charges on my prelim - full reply on your other thread 'Capital One Interest Charges'.

[KM_S]

Ok here is my ammended prelim letter paragraph

 

What I require

My statements show that you have taken £1480 in unlawful penalty charges (late payment and over limit fees) from me over the period of the past six years 20/06/2001- 08/02/2007 plus £386.67 which you have charged me in purchase interest from when the balance would have been zero but for your charges. Total £1866.16 . In addition, I claim contractual interest at an annual rate of 28.02%. I enclose a schedule of the charges which I am claiming with this letter

 

Like you I have hidden the actual interest ammounts on the spreadsheets, boy will they be impressed------not, claim will go up to over £4,000

[adamc6671]

Sounds good to me - lets face it - they CAN afford to give us OUR money back PLUS interest (at the same rate as they charge us to use their money)!

[KM_S]

Right cap one havent replied to my LBA so now is the time to file with MCOL, never having done that before is there any help I can look at.

Cant do anything yet as I am still waiting for my last pay.

Just checked my spreadsheet, by the time I file with MCOL the claim will have risen to £4,500. Somehow I think they might decide to fight that.

-----More worry.

[adamc6671]

Hi - good to hear from you again! Cap1 will fight, but from what I've read, not as much as most. They seem to settle after claim issued, without going too much further - at least thats what I'm hoping!

 

Have a look at these - they should help -

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/

 

All the best, & don't worry - you will almost certainly win!!!!!!

 

Adam

[doo]

kms, if you are claiming contractual interest you may be better to use N1 form and take it into the court, there is more room on there for your Particulars of Claim.

[KM_S]

Having just read through the guide to MCOL I think it would be better to use N1 at local court. Must admit having read through the guides it does look daunting im sure I will get something wrong.

[KM_S]

Forgot to add, when do you pay court fees? as I cant afford that till I get paid.

[adamc6671]

Hi KM S - Don't worry - it's not difficult to get it right! This is what you need to put on your N1 -

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/681-4-particulars-claim-n1.html

 

Don't forget to include your a/c number - some banks delay things by saying there's insufficient info on the claim if you don't! However, history to date shows that Cap 1 do tend to settle after the claim is issued, without forcing you all the way to the Court door - AQ, Court bundle etc. Unfortunately the Court fee (in your case £120) has to be paid when you hand the form in at the Court - no way round that one, but you will get it back when they settle.

 

This is the N1 form itself - fill it in with the details above, then print off 3 copies - you can't actually save it to your computer.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/844-n1-claims-form-pdf.html

 

All the best, & stick with it - you WILL get your money back - Adam.

[KM_S]

Can someone take a quick look at this part of my POC and make sure I have got it right.

7. Accordingly the Claimant claims:

a) the return of the amounts and interest debited in respect of charges on the Account in the sum of £1,868.96

b) Compound interest on the said charges at the contractual rate of 28.02% of £2,664.69,

c) Interest at the same rate up to the date of judgment or earlier payment at a daily rate of £1.43.

d) In the alternative to points b and c above, interest under s.69 County Courts Act 1984 at the rate of 8% a year and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of 41p.

f) Court costs;