Mrs StevoKenevo v Capital One***WON***

[ukaviator]

Hi Stevo

 

To work out your APR, on your monthly statement you should have below the transaction box, your current Purchase interest and cash advance interest. It will be some thing like:

 

Purchase Interest 1.897%

Cash Interest 1.976%

 

Add these 2 figures together to get an average, then type it into this calculator found here:

 

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

 

Do not use the spreadsheet on here, as it's for bank charges only. The calculator is very accurate. If you don't have your APR or % figures, call them asking what it currently is.

 

When you have your APR, type this into your spreadsheet on each charge. It is not uncommen for people to have an APR of 34%...

 

Hope this helps

 

Ukaviator

[ukaviator]

It is a standard reply. Next stage is the Rejection letter. The later stages are:

 

You file with the Court

 

They Acknowledge

 

Say they are going to defend

 

Pay up in full

 

Been that way for nearly a year now..

 

Uk

[ukaviator]

Looks ok to me matey! Go get em

 

I've chickened out of going for contractual interest in my current claims.......my experience with BOS put me off!! Almost done with Lloyds now tho, only two to go after that!

 

I've used the English system every time now and swear by it. Much simpler!

 

Good luck!

 

Capital One are a lot easier to deal with on CI..

 

uK

[ukaviator]

Hi Stevo

 

Are you using MCOL or filling in an N1 form for your local court?.. POC has'nt the daily rate added. Your settlement could be 8 weeks away, so the amount per day could add up. Also you can't claim the s.69 if your claiming contractual.

 

Uk

[ukaviator]

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

[ukaviator]

Congratulations . .your refund will come in handy...

 

Uk

[ukaviator]

Yep . .just the wait now. .

 

Uk

[ukaviator]

No . .just the wait now. . .any more claims to be looking at?

 

Uk

[ukaviator]

Depends on how much it is for. Below £5000 will keep you in the small claims section of the court. .

[ukaviator]

Good to see your still around Stevokenevo. .

[ukaviator]

Hello Steve. .

 

Ref the interest on the fees, have they offered something close to the amount you were asking for ?.. Sometimes they will offer the purchase interest only and leave us to fight for the rest, which is difficult to take to court for. I see they have offered 8% as well, which is not normally done if you have been paid another rate of interest as well. If this is the case, i would take it.

 

I will look in later as i am at work with a duff PC. I can't open and reply to e mails until i get home tonight. Have'nt a clue what's wrong here.

 

Uk

[ukaviator]

Ok. . a very strong letter informing them that the claim is still ongoing because the claim is for full settlement of your court claim, and not what they think it should be. Difficult to go into court for CCI alone, but with the case settled recently on CCI it may help to get your full amount.

 

Link is here:

 

http://www.consumeractiongroup.co.uk/forum/cases-library/106112-sempra-metals-irc-july.html?highlight=SEMPRA+METALS

 

Uk

[ukaviator]

Hi Steve

 

Just the wait now to see what their next move is.

[ukaviator]

Maybe worth a call to the court, things seem so slow at the moment.

[ukaviator]

That's not a bad ending, interest as well as 8% on top. Congratulations on your win.

 

Uk