CAGisforME - V - Capital One

[CAGisforME]

I too am using 34.9%. This is the rate quoted on their website.

 

Actually I think I was being charged 39% at one point. I've had mine checked. I'm claiming from 2000 onwards and it IS correct.

 

It does seem a lot, but it's what the spreadsheet came up with and a mathematics-wise person I know checked it and came up with the same figure!

 

 

Is the letter ok?

 

[rory32]

Letter looks fine.

[CAGisforME]

Thanks Rory.

 

I will get that off tomorrow and see how they respond to that!

 

I'll be honest, had they not been such a bunch of XXXXXXXXs and not ignored my request for a breakdown of ALL the charges, had they been available to speak to, had they not put me through to the DEBT COLLECTORS (I paid this off in 2003) when I asked to speak with their legal team and had actually responded within the very reasonable timescales I set them, I would NOT have gone for the compounded interest.

 

But hey - they dug their own grave on this one!

[CAGisforME]

Well, suprisingly (NOT), i received a letter this morning from Ellie Renshaw, Executive Office Manager, offering me £128.

 

The phrase "Not a cat in Hell's chance" sprang to mind.

 

No mention of the default either!

 

So, I'm off to find the rejection letter that I need in the library, so I can tell them to get stuffed and I guess it's time to file my claim.

 

Hey, they were only £2600 odd short of what I asked for!!

 

Any advice or comments would be appreciated.

 

[chocolatte]

They owe me £1479.48 which most is Contractual Interest, and they have been dragging their heals so it's going up daily at a rate of 67p a day. I also used the 34.9% figure. I have filed a claim in court, it's been going on since March and I'm bored waiting!

[CAGisforME]

Thanks Chocolatte.

 

Boring waiting about for them to cough up isn't it?

 

Have you got a Court date then?

 

I'll dig all my CrapOne paperwork out tonight and draft an appropriate "not even close" letter and see what transpires I guess.

 

[chocolatte]

31st July, I'm hoping they cough up before then though, I'm so fed up with it all, been through similar with Shabbey! At least the court dat was in good time with them and they did cough up a week before. I went through the FOS with Crap 1 though and that has wasted some time.

[CAGisforME]

How Kind!

 

Crapital One have offered me the HUGE sum of £128 against my claim of nearly £3k.

 

Just drafting the "I don't flipping well think so matey" letter.

 

What a joke.

 

[ukaviator]

Yes, they are rather good at the joke offers..Stick to your timetable your in charge .... are you enjoying this yet?

 

UK

[CAGisforME]

Hi UKaviator

 

I was just saying to the OH yesterday how I'm beginning to think I'm "Spiralling INTO control" and that I feel so much better about all this!

 

Having won my two claims against Barclays it's really given me a boost and ensured that I'm not afraid to battle on with the more stubborn of them.

 

I'm sending the rejection letter and an LBA today. They have 14 days then (for more joke offers no doubt) before I start the claim proper.

 

All they are doing now is adding more interest to my claim.

[ukaviator]

I thought you would be enjoying the challenge. It will make you more aware in the future as well about Credit, and possibly help out family and friends too. It does boost your confidence dealing with money issues.

 

Uk

[CAGisforME]

Well, LBA and rejection letter went 11th June.

 

Ellie Renshaw responded on 15th June, but somehow the letter didn't arrive until today (12 days later!)

 

The usual "fob off" - we don't have to refund because the OFT didn't tell us to, this is our final response in the matter blah blah blah......

 

However,

 

Interestingly the "missing" statements were also enclosed in the envelope, so my claim figure now stands at £551 + compounded interest comes to a whopping £3415.55.

 

She didn't respond about the default removal request. These statements now prove my point. The amount of charges is exactly (almost to the penny) what they supposedly defaulted me for. Even though I never received a default notice etc etc.

 

So.......

 

I'd be grateful for some advice as to where to go from here.

 

Can I proceed to Court now?

 

I'm just a little concerned that my figure has now increased, as they have finally sent the "lost" statements.

 

Please help.

 

[ukaviator]

Yes next stage now the N1. As you have to get the default removed as well, you will need to fill in an N1. I would enter the Lost information on to your spreadsheet and send them a copy explaining why the change. They have already said no to the refund anyway.

 

Uk

[jubaxt]

hi cagisfor me-i'm at the same stage as you and received the same fob off-we dont have to ..... letter today-tomorrow is my n1 day-£1100 + cci=£2700.

good luck x

[CAGisforME]

Ok, been down to th Court and grabbed a handful of N1 forms.

 

Could some kind soul post up a Particulars of Claim as I don't want to mess this up now! I'm claiming the charges and CCI plus want the default removed.

 

Thanks in advance for your help. I really want to make sure this is right first time to ensure they cough up at the earliest opportunity.

 

[ukaviator]

Have a play around with this one...

 

Draft Particulars of Claim

 

1. The claimant has a Credit Card Account xxxxxxxx with the defendant, governed by the defendant’s Standard Terms and Conditions (“the contract”).

 

2. The claimant admits to breaches of the terms of the contract that require the claimant to stay within any agreed limit.

 

3. The breaches have led to the defendant debiting the account with numerous default charges, and interest on the default charges, between Date and Date. A list of the charges and interest on the charges is annexed to the Particulars of Claim.

 

4. The defendant has declined to answer the claimant’s written requests for information about any manual intervention necessitated by, and/or any administrative costs incurred as a result of, the said breaches. The claimant avers that the defendant’s default charges are not intended to represent any alleged actual loss, but instead unjustly enrich the defendant, which exercises the contractual term in respect of such charges with a view to profit.

 

5. The claimant will rely on a report from the Competition Commission entitled “Northern Irish Personal Banking,” published on 20/10/2006, as evidence that the defendant is aware that the income derived from its default charges is calculated to generate material profits and is not merely a means of recouping losses incurred in relation to account defaults.

 

6. The claimant will further rely on the statement of the Office of Fair Trading (OFT) concerning default charges in credit card contracts, published on 05/04/2006, to demonstrate that:

 

a.The OFT’s recommendations regarding standard default terms in credit card contracts have wider implications, as regards bank current account agreements.

 

b. In a consumer contract, where the parties are not of equal bargaining power, any estimate that included costs which could not legitimately be claimed as damages from an individual consumer in a case brought at common law, and which made a material difference to the overall charge, is likely to constitute a penalty at law.

 

c. The interest ordinarily charged on an overdrawn balance of account would of itself be deemed sufficient compensation to the defendant in a claim for damages arising from account breaches of the said nature.

 

7. Accordingly the defendant’s default charges are:

 

a.A penalty and therefore unenforceable as they are an unreasonable pre-estimate of the probable loss to the defendant and therefore contrary to common law - Dunlop Pneumatic Tyre Co Ltd v New Garage and Motor Co Ltd [1915] AC 79.

 

b.Invalid under s.4 of the Unfair Contract Terms Act 1977.

 

c.In the event that the court finds that the charges are not a penalty they are unreasonable within the meaning of s.15 of the Supply of Goods and Services Act 1982.

 

8. The claimant is seeking the return of charges totalling £xxx.xx, and interest applied on the charges totalling £xxx.xx.

 

The facts relevant to the claimant’s right of action are that the defendant is unjustly enriched by exercising the contractual terms in respect of default charges with a view to profit. If the defendant has elected to present its charges as if they were a legitimate loss or cost, whilst it is in actual fact profiting in a material sense from the charges, the defendant can be seen to have been operating without accountability to its customers, and to have consciously concealed the facts. The defendant is clearly in a privileged position to have a direct means of withdrawing monies from the claimant’s Card Account. The claimant is entitled to know whether the charges paid represent a justifiably incurred cost to the defendant’s business, or whether they are in fact a penalty, and to expect that the defendant will always conduct itself with integrity.

 

9. The claimant claims compound interest on the amounts claimed - using the rate and method specified in the said contract, and applied by the defendant to monies it is owed. The claimant’s grounds for seeking to be compensated for the defendant’s unauthorised use of the claimant’s monies in the terms provided for in the contract, follow the principle advocated by the OFT - in its published guide to The Unfair Terms in Consumer Contracts Regulations 1999 - that “fairness and balance require that both parties to a contract are equally bound by it, and equally liable to pay compensation for failure to abide by it.”

 

10. Alternatively, if the court decides that the claimant is not entitled to interest in accordance with the contract, then the claimant claims interest under s.69 of the County Courts Act 1984.

 

11.Accordingly, the claimant claims:

 

a. The return of £xxx.xx taken by the defendant in charges and interest applied on the charges between Date and Date

 

b. Court costs

 

c. Compound interest at the contractual rate of xx.x% APR from Date to Date of £xxx.xx, rate up to the date of judgement or earlier payment.

 

d. In the alternative to c., interest under s.69 of the County Courts Act 1984 at the rate of 8% a year, from xxxxxx to xxxxxx of £x and also interest at the same rate up to the date of judgement or earlier payment at a daily rate of xp.

 

Have a good read through this and amend it to suit your needs. The daily interest rate is calculated by:

 

Total claim amount including interest x 0.00022 This gives you the daily rate.

 

Hope this helps

 

Uk

[jubaxt]

have just filled in n1 aviator-have put both points aboutc) cci and d)stat interest on-thus indicating either one or the other-is this right-i dont want crap one thinking i'll settle for stat as an easy option.

should i have just added point c OR point d

[ukaviator]

No that's ok...you need to give the judge an alternative to CCI. Your main claim is for CCI added. Capital One will now acknowledge your intention to sue them thriugh the courts, say they will defend and then pay up. This has been seen for nearly a year now.

 

Uk

[CAGisforME]

Just a quick note to say thanks for the POCs, I've been away for a couple of days, I will get on to this first thing Monday.

 

Cheers

 

[elliejay39]

Hi,You're welcome to amend & use mine. Not tried & tested yet as i only filed on 11th June and as yet have to recieve Cap1's defence but it was based on the template from here with additonal info regarding the CCI element. As I am claiming statutory (8% simple) interest in the alternative I attached 2 different spreadsheets with each interest rate detailed separately.

1. The Claimant has an account xxxxxxxxxxxxxxxx ("the Account") with the Defendant which was opened on ?????.

2. During the period in which the Accounts have been operating the Defendant debited numerous charges to the Accounts in respect of purported breaches of contract on the part of the Claimant and also charged interest on the charges once applied. The Claimant understands that the Defendant contends that the charges were debited in accordance with the terms of the contract between itself and the Claimant.

3. A list of the charges applied is attached to these particulars of claim.

4. The Claimant contends that:

a) The charges debited to the Account are punitive in nature; are not a genuine pre-estimate of cost incurred by the Defendant; exceed any alleged actual loss to the Defendant in respect of any breaches of contract on the part of the Claimant; and are not intended to represent or related to any alleged actual loss, but instead unduly enrich the Defendant which exercises the contractual term in respect of such charges with a view to profit.

b) The contractual provision that permits the Defendant to levy such charges is unenforceable by virtue of the Unfair Terms in Consumer Contracts Regulations (1999) and the common law.

5. Accordingly the Claimant claims:

a) The return of the amounts debited in respect of charges in the sum of £xxxx and interest charged thereon totalling £xxx.xx

b) Court costs;

c) Additional costs incurred by the Claimant in S.A.R fee pursuant to this claim in the sum of £10 as set out in the attached list of costs.

d) The Claimant claims contractual interest at a rate of 29.9% per annum, from the date of each transaction to 11th June 2006, which is £xxxx.xxx, as set out in the attached list of charges.

The Claimant further claims interest, on the resulting total of £xxxx.xx, at the same rate up to the date of judgement or earlier payment, at a daily rate of £x.xx per day.

The claimant’s grounds for seeking restitution of the compounded contractual rate of interest is that the defendant would be unjustly enriched if the claimant's entitlement was limited to the statutory rate of interest in that the defendant has had use of the sums and would have used these sums to re-lend at commercial compounded rates.

Alternatively, if the court decides that the claimant is not entitled to the contractual rate of interest, then the claimant claims interest under s.69 County Courts Act 1984. A schedule of the interest calculated is annexed to the Particulars of Claim at pages 5 & 6.

 

 

Phew - hope no-one comes on and pulls this to shreds now its gone in....!

 

Ellie (NOT Renshaw! )

[elliejay39]

perhaps i should change my Avatar...?

[elliejay39]

oops sorry - missed the last page there. Didn't realise you already had the POC's!