Killercop v Capital One

[enaid]

did it come out about 27% ish for apr

[killercop]

28.38% is what it came out as

[enaid]

i think it will be ok then. I told you it would make a big difference to your claim. Anyway hang on and let's see what paintball says, like I said I did not take this route so i do not want to ill advise you. If you can't hang about on here if i see she has posted later on I will nab her and ask her to take a look. Going away tomorrow only till Teusday, you shoulbd be sorted by then. Exciting isn't it?

[killercop]

Yeah, I really wanna get these guys, their charges are ridiculous. I just got my latest statement through, the interest on my balance made me go over my credit limit by 97p so they slapped another £12 charge on me :o ... Oh well more money in the claim LOL

[enaid]

Saving up really I suppose, but please make sure you do not cut any corners with your claim, do it all as it says on here and you will be ok. You may think it's taking ages but it will be worth it.

[killercop]

I wont cut any corners, im gonna cross the t's and dot the i's i want my £1700 back. I'll wait for pball to see what she reckons though I just looked at her thread and she charged 30% interest and got a settlement in full

[Paintball]

Hi K

I have checked the APR for the Monthly Purchase Interest Rate you have given above (2.13%) in both Martin's interest calculator and Mindzai's spready, and it comes out as 28.88%.

 

What I did was, in the interests of fairness and equality and to be able justify such an action in a court of law, got all the varying interest rates over the period of time I had my card and which I found in my Cap One statements, and took the average (median) rate. This came out at 29.99% which I rounded up to 30%.

 

In my N1 POCs I claimed CCI at 30%, or stat 8% as it's either one or the other ...

 

Below is my thread which will help you work your interest out. See post #9 which shows Martin's calculator (sadly,the link doesn't always work but you could try accessing the calculator from the URL and saving it which is what I did:) ) and post #12 which gives Mindzai's spready.

 

So, you do have some work to do, but it's important to get this one right and there are no short cuts, I'm afraid!! Please be aware that you should only be claiming the statutory 8% at court stage and, if you are claiming interest at all, you would claim EITHER CCI OR stat, not both and not just stat. Ultimately, it's for a judge to decide.

 

Do have a read of the FAQs on this especially the Interest section as this explains things much better than I have here.

 

What's the contractual rate for Cap One pls?

 

Let us all know how you get on chick

[killercop]

Thanks for all the help and information but I'm gonna run with claiming just the standard 8% interest as I dont feel confident enough with the 28%.

 

Do i include the 8% interest on the next letter I send ?

 

Thanks again

[enaid]

Hi killer,

You do not add the 8% interest until the court stage, but do include a schedule of charges with your next letter. Enaid

[killercop]

Thanks for that I'm sending the letter off today, I'll let you know what their response will be... although I bet you can guess.:grin:

[enaid]

Don't forget signed for post, you can then check when it's received, it's only a quid but worth it i think. i have just done the claim on line, my typing finger is very poorly now:D

[Atlantic]

my god.......... having spent the last 5 minutes reading through your thread and especially the stuff by paintball and enaid I can now more than see why credit card companies are the most shirty of all finance companies in coughing up!!!!

 

The CI stuff is fascinating. I think maybe it is more applicable to credit cards than to banks - as I know several people (mcuth vs RBoS for example) that tried this route and were forced out of it by banks solicitors and in end had to simply add on the standard 8%.

 

Good luck - I'm going to follow your thread with real interest as am just starting my thread with them. I only opened a Cap One credit card in february 2005 and I kid you not..... every month there's been a charge - it's as if they find any excuse just to stick one on there......

[Atlantic]

from what I've seen too...... I think the idea of being able to easily explain to a court why and how you have gone for CI is vital - this way you pretty much have your case built owing to your careful preparation in first place and they will see that and as such very likely not take it as far as a trip to the court.

 

It's worth remembering that taking a case all the way through to a court appearance will likely cost Cap One a small fortune in terms of corporate solicitors fees (solicitors charge in excess of £130 per hour) so with a good case they'll likely rather bottle out and cash up as it's not "cost effective" to fight you all the way.....

[killercop]

Ok so if I go for CI interest do I just send the preliminary approach for repayment letter along with a copy of the spreadsheet page for CI interest which lists my schedule of charges ?

[killercop]

Is this what I send to Cap1 to claim CI as well

 

My request

I am writing to ask you to refund to me the charges which you have levied from my account over the last six years.

 

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 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.

 

Your responsibilities

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.

 

What I require

I calculate that you have taken £638 plus £1101.33 which you have charged me in overdraft interest for the sum which you have taken. Total £1739.33

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

 

 

My targets to resolve this matter

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 dispute that I am entitled to a refund of these charges, I request that you forward within the above mentioned time scale, a copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions. These are requested under CPR Pre-Action Protocol 4.6©, and failure to provide them will be brought to the attention of the court, should it be necessary to commence a county court action.

 

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.

 

[lindylou1974]

Hi Killer

Under the section

What I require, i added this paragraph

 

"I calculate that you have taken £XXX in unlawful charges from my account. I enclose a schedule of the charges which I am claiming with this letter. In addition, and as shown on the enclosed schedule of charges, I require that you pay me contractual interest on this amount at a rate of XX.X7% (APR rate), this rate is based on an average of the monthly interest rates that you have charged under the terms of the above mentioned account, totalling £XXX. .

"The total amount of my claim is therefore £XXX.XX", combining the amount of charges and interest.

 

This was given to me by the lovely Glav.

Hope this helps

Lindy x

[lindylou1974]

Hi

Me again, Ive just noticed you refer to Direct Debit refusals and overdraft limits and i take it this is for a Capital One Credit Card?

I used this letter and just added the above paragraph to include the CCI

 

Credit/Store Card Letter Template (thanks Bookworm01036)

 

 

 

Lindy x

[Atlantic]

killer - as regards CI check out the successful post of mcuth vs RBoS. Now.... although he didn't manage to secure CI - he did all the correct LBA's etc in order to certainly get it all the way to court stage.

 

You should be able to find his thread if you search under "mcuth". The reason I point you to him is because his thread is easy to follow and the letters are both well written and easy to reformat to your own needs/ situation.

 

Killer - make sure you clearly state in letter above that your going for CI and *not* overdraft interest - there's a big difference!! In the letter above it does say:

 

"...I calculate that you have taken £638 plus £1101.33 which you have charged me in overdraft interest for the sum which you have taken...."

 

so i'd modify the overdraft interest bit and as paintball said you might want to maybe stick in the interest rate that you're using as a basis for charging CI. It's just a thought, but if you're as clear as possible at this stage then there's no way that you can be accused of being "vexacious" (making annoying changes and disturbing legal process) later on which runs the risk of entire claim being struck out of court.....

[killercop]

Thanks for all the information.

 

how does this look ?

 

I now understand that the regime of fees which you have been applying to my account in relation to late fees and over limit charges, are unlawful at Common Law, Statute and recent Consumer regulations.

 

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 calculate that you have taken £638 in unlawful charges from my account. I enclose a schedule of the charges which I am claiming with this letter. In addition, and as shown on the enclosed schedule of charges, I require that you pay me contractual interest on this amount at a rate of 28.38% (APR rate), this rate is based on an average of the monthly interest rates that you have charged under the terms of the above mentioned account, totalling £1101.33

The total amount of my claim is therefore £1739.33 combining the amount of charges and interest.

 

I require repayment in full of this money. If you do not comply fully within 14 days, I shall begin a claim against you for the full amount plus interest, plus my costs, without further notice.

[enaid]

Have a look

[enaid]

Tis ok to me get an expert on it!

Congrats Killer go for it, when you have your dosh, please explain your user name . Enaid XX

[killercop]

Tis ok to me get an expert on it!

Congrats Killer go for it, when you have your dosh, please explain your user name . Enaid XX

My user name is quite simple I'm a killer and a cop lol

[killercop]

maybe not so much of the killer though :grin:

 

What sort of expert ? paintball ?

[enaid]

I would say so, but I think you are ok!

I knew you were a softy really:eek: Good luck, just make sure you get it right with the interest and don't forget we are all meeting up in machester 6th July, all welcome;)

[killercop]

Just realised is this spreadsheet ok to work out CI ?

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls