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CB Vs CapOne + CI, Advice ?***WON***


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OK so I had a crap1 card back in 2000.

The normal story low limit, stopped paying and it was passed to a DCA.

They contacted me a couple years later and I made an arrangement to pay it off.

 

This is where the story should end.

 

Fast forward to end of 2006.

Out of the blue I received, or my folks did, a letter from Lowell saying that they have bought the debt from crap1.

 

Now this is odd as I remember paying this off.

So I gave them a call and explained this and that they should go back to crap1 and check their records.

 

So all goes quiet.

 

Then mid march received a letter from RED debt collections, oh look it's Lowell under a different name.

Now this spurred me into action so SAR'd Crap1 for everything.

 

Well so far so good.

Had delivered, special deliver no less, ALL the paper work from Crap1.

So this weekend I'm going to sit down with a highlighter and see what they owe me.

 

Now as I have been mucked about and I have nothing to loose I'm going for everything WITH CI as well.

Also as this is over 6 years old I feel they will try and fight it.

Should make them sit up and take notice and get RED/Lowell off my back once and for all.

 

I have a slight issue, now there's a surprise.

 

As this account ran 2000 - 2002 the CI will add up to a tidy sum.

Should I stop the interest on the date the agreement ended or go for present day ?

Any idea what rate of CI to use ?

The 2000/02 one or current ??

 

Well in for a penny in for a few hundred pounds ;)

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Be VERY careful whose advice you listen too

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OK just run through my transactions and found the following:

Jun 2000 - Jan 2002

Lates - 14

Over Limit - 15

Total Penalities - £504

CI (29.9%) - £895

TOTAL - £1399.

 

Cripes !

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Hi CB,

As i understand it you have been denied the money to date so if it was me I would probably continue with interest until present. As far as which rate to use I'm not sure about this - do you know what the difference is? Perhaps someone with more experience could advise.

As you know my prelims have gone out for £2399 and £728, including compound interest at 29.9% - accounts are still active and I've used current rate.

 

Good luck

Ellie

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Ellie, thanks for that.

Well the paperwork I received, which was very detailed, didn't mention the rate .

After reading a whole bunch of other threads I think the overall message was one of use the current rate.

Time to get my prelim all typed and await post from Mt Uddy.

Be VERY careful whose advice you listen too

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Well they have received and signed for my prelim 01/05.

The clock starts now.

Just waiting to hear from Mr Udy, should be interesting.

Be VERY careful whose advice you listen too

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great stuff. Don't do your warm up just yet though -theres a bit of a two step takes place before the real action.

Got two replies from two different people to my two prelims!

Hmm, who to bestow my combined LBA on...?

Ellie :)

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Hi Curlyben & Elliejay39

 

Sorry to jump in on your thread but am looking for some help and wondered if you two would oblige? :)

 

I've just had my so called statements back from [email protected] 1 and have gone through them.

 

I've been scouring the message boards for information on claiming back on credit cards and am getting lost.

 

Is there a spreadsheet about somewhere for adding on the CI? or did you do it yourself? - sorry to seem dull but really eager to get the ball rolling and it seems to take me an age to find relevant info.

 

IS CI what the courts would add if/when it gets that far?

 

Now i';ve lost my train of thought so i'll leave it there (lol) all mind boggling to me at times.

 

Thanks for any help you may be able to offer me & good luck to you both on your claims. ;)

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For the CCI sheets have a look here: VAMPIRESS'S CHAMBER

Try sheet 13.

Now CI is the rate the card charges you each and every month.

This should be confused with the 8% stat rate that the courts can award in cases like this.

Be VERY careful whose advice you listen too

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Thanks for that curlyben should I use CI or stat? Really don't want to mess things up and choose the wrong one. £1056.38 is the total of charges from [email protected] 1 although in that are 4 x £12 charges which I am unsure as to whether I should be reclaiming or is that a magic £12 charge that they seem to think is ok?

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Right in your prelim you go with CCI, the 8% stat can only be claimed at MCOL stage.

 

Now claim for EVERYTHING.

The £12 is NOT a hard limit as this hasn't been proved to be lawful.

The OFT recomended this as a limit for charges, saying that they wont investigate levels below this "limit".

Be VERY careful whose advice you listen too

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Hi,

 

just to clarify though, if you DO decide to go with CI at prelim and henceforth you should NOT claim 8% except in the alternative. That is if the judge awards charges but disallows interest at the contractural rate you can ask for 8% statutory instead.

 

If you decide to go with the contractual interest you must read up on the arguments for this (there are plenty on the forum) as you need to be clear in your mind why you deem it fair to be claiming a fairly high interest rate on top of your charges refunded.

 

The spreadsheet will also calculate how much interest you have PAID on the charges and this should be claimed in either case.

 

Hope this helps

 

Ellie

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I know but I think the rule of thumb is either/or. I don't think I'd feel confident enough with arguing both if it came to court although I understand that those who have been successful have done so through their own confidence that NO financial institution will dare face court so all you have to do is stand firm. I'll be quite happy if I get all I've paid with compounded CI (which trebles the amount anyway) I'm a bit scared that they'll start to work harder on their arguments and the judge will award no interest at all (I think that also happened to one member, although it was a while ago)

This is only my understanding though and I am happy to be corrected. Good luck if you decide to go for both!

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...we may be at cross purposes too as I used spreadsheet 16 which calculates charges, interest paid on charges (compounded) then calculates the interest accrued on both at contractual rate (also compounded). Its this one that I would feel too cheeky also claiming stat 8% on top!

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Go for both?? I don't think so.... i'm finding the whole thing difficult enough as it is (lol).

 

So... if I go with CI (29.9%) in prelim letter if it then went as far as court I may only get the 8% or even just the charges back and at the very worst (and rare by the sound of it) zippo! Have I got the hang of this yet guys? (lol) Sorry if I am giving you a headache. Your help is so very much appreciated by this single mum :D

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1 or the other, the people who got both made a mistake and the only reason they got both was that the banks don't want to appear in court, so just paid them

OK I GIVE IN

 

Halifax £3600 charges, won with C/I £6400

 

NatWest S.A.R-05/06/06

Bug**r all recieved 03/11/06

Prelim guesimate sent for £3000 03/11/06

Cr*p one CONNED statements 08/06 ROFLMAO

Cr*p one charges=£976

con int 34.9% £1,003.75 £1,979.75.

 

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  • 2 weeks later...

Well my Prelim was signed for on the FIRST, but it seems that Mr Udy doesn't want to talk to me.

I'll leave this till next week and send my LBA.

Be VERY careful whose advice you listen too

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