rockinrodders V Cap One inc contractual claim

[rockinrodders]

Hi

 

Statements received today from Capital One. total penalties including interest paid on fees is £372 and fees date back to 2001/2002

 

I ran it through the compound contractual interest sheet and total including compound contractual interest comes to £1657

 

I used the rate at which I used to pay on the card which was 29.9%

 

The interest is very high which is why I wanted to make sure that the claim was reasonable. Does this look ok or will a juge laugh at me?!

 

The tricky bit though is that the debt went into default in late 2002 with balance of £507 and after a few weeks of letters from the collector they rang and said if I paid today they would accept £250 in full and final settlement. I did so paid the £250 and heard no more. My credit report shows the default at £507 and shows as satisfied "A partial settlement has been accepted in ful and final settlement"

 

Therefore I saved paying £257 so will they insist on taking this off the amount of the charges or am I ok to claim the full amount seeing as the account was payment was accepted as 'full and final settlement'?

 

Thanks again for the great help of the CAG and its members!

[doo]

Have you got your letter from DCA to say full and final, if not give them a ring and just get them to confirm the details, maybe even get a letter so you have this to use later. In answer to your question about reclaiming all charges, the answer is yes, claim for every one of them. Don't forget as well if they have registered a default against you, make that part of your claim as well.

[rockinrodders]

Thanks for the reply.

 

I havent got a letter from the debt collector anymore as it was a few years ago.

 

The data reported by Cap One to equifax confirms that the account was satisfied by a partial payment in full and final settlement.

 

I'll try and track down the debt collection agency and ask them to send a letter to confirm.

 

Are they likely to send me this again or will they try and be difficult?

[rockinrodders]

Prelim sent off today.

 

Total charges and interest on charges £372

 

New total as of todays date including contractual interest at 29.9% compound = £2016

 

14 days - time is ticking

[rockinrodders]

Been away, so slight delay to sending LBA.

 

No response or acknowledgement/pi$$ off reply from Cap One yet

 

I sent the LBA today so start ticking down the 14 days to MCOL.....

[rockinrodders]

Just got the measly offer letter from Cap One. £114 against my total claim of nearly £2k

 

The letter said we have refunded the £114 against the outstanding balance which now leaves the balance at £126

 

The account has been closed for 3 years although I did settle it with a partial payment to the debt collection agency which was a full and final settlement.

 

They have reported the account as satisfied and 'a partial payment was received in full and final settlement of the account' to equifax and experian.

 

I'll write back and remind them of this when I reject the nonsense offer.

[CAGisforME]

Keep going!

 

They have just offered me £128 against a claim of nearly £3k

 

I'm just drafting my "I don't flipping think so" letter!

[Trucker]

Keep going!

 

 

 

I'm just drafting my "I don't flipping think so" letter!

 

 

Is that a new legal term!!!

[CAGisforME]

I don't know Trucker - but maybe it should be!

[chris_d]

How come you have nearly £1700 in interest? where did you work that out from 300 quid in charges?

 

My claim is for £120 of charges and my contractural is nowhere near half of yours. in fact its about 50 quid at the rate of 18% APR.

 

account was closed a year ago and i'm claiming over about 3 years (time at which i had the account).

 

incidently, they offered me £48 as full and final settlement. Trouble is i want to call them, on the number provided, and discuss (as i'm currently offshore) but all i get is a bloody call centre in india.

[rockinrodders]

Chris_D

 

I got the £2k figure by using the Compound contractual interest spreadsheets from Vampyres chambers and I used my rate of 29.9% which is what they charged me for purchases when I had the card (Some people use 34.9% as that is their current rate)

 

All of my charges were from 2001 and 2002 so the interest had been building for a few years.

 

I double checked the calculations using another spreadsheet I found on the site and it added back to the penny, so the numbers look ok.

 

If yours is really low are you sure your using the contractual interest spreadsheet and not the stat interest spreadsheet?

[rockinrodders]

With regards to the partial settlement that I made on this Cap One account to pay it off thru the debt collector, although they agreed it was a full and final settlement of the account, they now said that the goodwill £20-£12 refund they gave me was offset against the balance of the account as it was partially settled leaving a balance of £113

 

Obviously I wrote back and refused the goodwill payment and also reminded them that the final payment (260 vs actual outstanding balance of £500) was accepted as full and final settlement by them in 2002.

 

As I am claiming Contractual interest, do I need to deduct £240 (unpaid balance) from the total, or do I need to add it as a minus to the contractual spreadsheet or just ignore it?

 

Value of charges and purchase interest was £372 but with contractual it comes to just over £2k now as it dates back to 2001-2

 

If I add the minus figure to my spreadsheet as at the date of the partial settlement it reduces the total by £700 because of the contractual interest.

 

Any help much appreciated.

[doo]

I also paid a full and final settlement to DCA on my O/Hs account but backed myself up with a letter to that effect from both DCA and Capital One before I started the claim. If I were you I would get in touch with the DCA and ask them to send you out a letter of confirmation saying it was a full and final payment. Just stand firm with Cap One - I'm not sure they should be collecting the £240 towards this balance as it was a full and final settlement so get it in writing from DCA and forward a copy to Cap One.

[rockinrodders]

Thanks Doo

 

Ive just read the thread about some guy losing a high court case to claim contractual interest and thus set a precedent.

 

As Ive got to file my N1 on Monday, shall I still continue with the contractual or concede loss and go with Statutory only?

 

The main argument was the reciprication of their ratees etc and that was what the judge ruled against. Some people are talking of slightly different arguments for contractual interest but their not well developed yet, so dont want to waste my time filing (and paying a higher fee) if Im likely to lose.

 

Any thoughts guys

[KM_S]

rockinrodders I am claiming contractual but put in my POC statatory interest should the judge not approve contractual. Basically it gives the judge options. My claim is being heard this week and cap1 havent acknowledged it so if you want to hold on a couple of days I will let you know the outcome. Here is a link to my thread with the full poc on it KM_S v Capital One

[rockinrodders]

Thanks KM_S that is just what I needed.

 

I hope you didnt mind me 'borrowing' a couple of paragraphs from there.

 

Only problem is when I paste onto the N1 template it is too big and scrolls down the page, then when you print it some of it is missing.

 

Do you know if I can continue it on a seperate sheet and attach it?

[indigoblue]

Hiya yes you can attach a seperate sheet just make sure it has your name and account number on and attach it to the claim form. I did and it was processed fine

[rockinrodders]

Cheers Indigoblue

 

I sent the N1 to the court today, so should go through in a couple of days

 

Hope the court wont wait for the cheque to clear until they issue the claim.....

 

Now its just a case of waiting.....

[jordy78]

Good Luck with your claim.

 

 

Did you also address the removal of the 'default' placed on your Credit file on your Particulars of Claim N1 form at the same time?

[rockinrodders]

Yes I included the removal of the default as one of the conditions on the POC, I borrowed the wording from KM_S thread, the link is a couple of messages up

 

The default was much more important to me than the money, so I'd negotiate a lower cash refund as long as they wipe the default and all other data off.

[jordy78]

That sounds fine then.

 

I would also advise you to read up on and send a Section 10 Letter, based on the circumstances of your claim.

 

Take a look here.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/5078-10-data-protection-act.html

 

 

 

 

Regards

 

Jordy :grin:

[rockinrodders]

I sent the S.10 letter to Cap One, Littlewoods and a rental company back in April. Within 7 days the rental company (dialatv) had removed the default no problems, eventually Littlewoods removed one default grudgingly saying they didn't have to but would as a gesture of goodwill as it was due to come off in August anyway. I'm still pursuing them for the second one.

 

Cap One never replied to my S.10 letter, despite me including £1 for a copy of the agreement and default notice. Its well outside their legal timeframe, so I included it in the particulars on my N1

 

The N1 was posted to the local court yesterday, does anybody know approx. how long it takes for them to issue? Do they wait a week for my cheque to clear before issuing?

[puddinpie]

Hi rockinrodders ............

 

I posted my N1 on Friday 25th May .......... The cheque came out of my account on Wednesday 30th ........

 

I went on holiday on 5th June for a week but the court had sent me confirmation and dates for acknowledgement, and date deemed as served. That was waiting for on 12th June.

 

Cap one paid up on 20th June inc 34.9% CCI

[rockinrodders]

Nice one, 34.9% thats amazing, considering only last week people were saying how contractual claims were dead and buried since that high court judgement the other day.

 

At least Cap One are still paying out!

[ukaviator]

They still are paying out with little hassle. Just the wait now.

 

Uk