Capital one interest charges

[KM_S]

Hi

I have just started a clain against Capital One (see thread KM_S v Capital one. I have already sent out prelim letter and now thinking about what interest to charge.

My question is in two parts.

1. I have worked out that had it not been for the excessive charges my account balance would have been zero in Dec 03 therefore can I claim the purchase and cash interest they have charged me as well since.

2. I am thinking about using compound contractual interest but it looks like my claim really gets bumped up --- have the courts refused compound contractual interest.

 

Sorry for starting another thread but I thought the quests are one probably bothering a few peeps.

[doo]

You need to state that you are claiming CCI in your preliminary letter, so if this is the interest you are going to claim do your spreadsheet again claiming CCI and re-send prelim and send both off. Cap One have been paying out CCI but recently they have had a change of tactic offering all charges, all interest charged on account plus 8% statutory, I do not know of anyone that has pursued this further yet as the 2 cases I know of have accepted this. There are a few of us though that I know of that have put our claims in this last week and we are all claiming CCI so just keep reading.

[KM_S]

Tanks

But I need some serious personal advice can i message you with my complete details, sorry I am a complete novice here and worried that i might bugga things up for everyone.

[doo]

When I did my spreadsheet for CCI I used No 13 in vamps spreadys. In your prelim letter add the CCI bit in the 'What I require'.

 

My statements show that you have taken xxx in unlawful penalty charges (late payment and overlimit fees) from me over the period of the past six years (put dates). In addition, I claim contractual interest at an annual rate of xxx (compounded daily) on the above charges amounting to xxx. Thus, my refund request amounts to xxx in total.

[KM_S]

thanks for that, do you have a link to the spreadsheet

[KM_S]

Forgot to ask, should I re-do prelim letter telling them that I am charging CCI

[Redrob]

Spreadsheets are here

[doo]

If it were me I definately would send out a new preliminary letter, this was the advice I was given to claim CCI from the beginning. If you do not have any luck with the spreadsheet let us know, for some reason I cannot get a copy now it stays view only but may just be me. Don't forget you want vamps spreadsheets No 13 for compound contractual interest. See the link in the post above.

[KM_S]

Ok done that many thanks.

[adamc6671]

Hi - on the 'Purchase Interest' thing, I did exactly as you're suggesting with mine - worked out when balance would have been zero had it not been for excessive charges, and claimed PI from there. I left out cash interest though - interest rate for that wouldn't be affected by charges as far as I can see, and I think cash is a seperate issue - not certain, though.

[KM_S]

Hi - on the 'Purchase Interest' thing, I did exactly as you're suggesting with mine - worked out when balance would have been zero had it not been for excessive charges, and claimed PI from there. I left out cash interest though - interest rate for that wouldn't be affected by charges as far as I can see, and I think cash is a seperate issue - not certain, though.

 

Right calculate I have paid £386.67 in purchase interest question is do you add interest to that amount as well.

[adamc6671]

Right calculate I have paid £386.67 in purchase interest question is do you add interest to that amount as well.

 

I certainly did with mine - did 2 seperate sheets - 1 for charges & one for PI, then did the 8% thing on both. Prelim letter had the 8% interest info 'hidden', but next step (LBA) will show interest on both. Hope that helps!