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rss1979 vs. Capital One Bank


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I recently received my SAR paperwork from Capital One and I am now ready to send in my prelim letter.


I intend to claim contractual interest and I have calculated this as £115.86 as a compounded amount calculated at a daily rate of .072% (29.95%APR, my typical).


The charges I am claiming back amount to £240.


This credit card account is now closed and I have received a default notice, although no default is shown on my credit file (the account is shown as seriously overdue/delinquent).


I was being chased by a DCA until I wrote requesting a copy of my credit agreement and deed of assignment. They replied advising me that the statutory payment I sent with my request had been accepted as payment against my account and totally ignored my request.


As the DCA didn't provide the information I requested, I could not verify their legal right to collect the debt, so I withheld payment. Several weeks later I received a letter from Cap One with a very poor photo copy of my signed credit agreement but no deed of assignment entitling the DCA to collect.


Jump forward several months and I receive a letter from Cap One advising me that payment against the debt should now be sent to them.


The outstanding debt is £359 and the amount I am claiming (including contractual interest) is 355.86.


So, questions..............


1) I can't find a template for a prelim letter referring to contractual interest....does one exist? If not can anyone suggest how I should word this?


2) I can't find a default on my credit reports, however Cap One did send me a default notice......should I be concerned?


3) I do intend to clear the debt with any payment I receive, as a very large proportion of the debt was charges and interest thereupon, would I have a case to argue that the payment history displayed on my credit report is unfair?


I look forward to your responses.

"If you owe the bank 100 pounds, you're the one with the problem. But if you owe a million pounds, the bank's the one with the problem."


Lord John Maynard First Baron Keynes of Tilton.


"If you owe the bank $100, that's your problem; if you owe the bank $100 million, that's the bank's problem".


John Paul Getty

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Make sure you understand all the ins and outs of "contractual" before you start there are a number of informative threads. Here's one of them http://www.consumeractiongroup.co.uk/forum/general/7252-new-way-looking-interest-38.html there are others. I prefer to claim simple interest as I believe the arguments are a bit stronger, others prefer compounded contractual ....... I am not aware of anyone who has had to fully argue this in court, as the banks tend to settle or they make an accepted offer.


Here is my Crap1 prelim for you to amend as you see fit. Good luck :D:D


Dear Sir/Madam,


ACCOUNT NUMBER: xxxxxxxxxxx



I am writing to ask you to refund to me the charges which you have levied from my account since opening.


I now understand that the regime of fees which you have been applying to my account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your actual costs.

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.


I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.


I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them. Your concealment of the true nature of your charges has prevented me from asserting my right until now.

Contractual interest is applicable to my claim. I calculate that you have taken £673.00 which you have charged me in late payment and overlimit fees. I expect full settlement of my claim, the balance of which is £673.00, plus simple interest (34.9% equivalent to your current APR rate for classic card holders) of £965.84; Total owed: £1,638.84. I am enclosing a copy of the schedule of the charges which I am claiming.

Additionally, if you have entered a default notice or if you intend to enter a default notice against my credit record, this occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.


In addition to full payment of the sum mentioned above, I require that you remove any current default or desist from any intended default entry upon the register. Please note that mere correction or amendment to any such entry, current or intended is not acceptable.


I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.


I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.


If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments. After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.



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Halicrap - Full settlement 12/06 £408.34

Crapitol 1 - Settled in Full 27/04/07 £15808-)

All & Pester - Claim served £5695 4/09, Stayed

Woolsnitch mortgage accounts - Claim served £2995 4/09, application to strike out 06/09

Lloybles - No CCA, CPR disclosure notices served.

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