neil101 v Cap1 - Claming with CCI

[neil101]

OK I sent my Prelim letter out today by recorded delivery. I'm claiming with Compounded Contractual Interest. I worked out my APR at 35.60% from a monthly purchase interest rate of 2.570% on my most recent bill.

 

My Charges = £800.02

Interest applied = £2,113.95 (on the basis of 35.60% APR)

 

Total claim = £2,915.95

 

This seems a hell of a lot as its over 3 times the original charges, the majority of my charges were from about 4 to 5 years ago therefore gained a lot of interest on those.

 

Has anyone else's APR been this high?

 

Anyway I'm gonna sit back and wait for a response from Crap 1 now, I'll keep you updated

[rockinrodders]

Hi, I added the compounded contractual interest on to my Cap One claim. The charges only came to about £400 but with compounded contractual interest the total was running close to 2 grand. I only used 29.9% as that was the rate when the aco**** was open (The account was closed in 2003 and all the charges were from 2001/2).

 

I know their going to kick off a lot before paying these sorts of claims. The credit limit was only ever £200!!

 

Sent the Prelim off a couple of weeks ago and sent the LBA last Thursday (signed for friday).

 

Still waiting for any response or acknowledgement.

 

I don't even care about the money, I just want them to remove the default so I can clear up my record. Thats worth more money in the long run.

[dx100uk]

well as long as you have put about the default removal from the Pre-Lim stage then you stand a chance.

 

though just remember that you must be able to PROVE that when the default was registered, your A/C was only O/D SOLELY because of their unlawfull charges.

 

not as easy as it sounds.

 

just also be aware that CRA 'late payments' markers although 'a default' cannot be removed by this method or at all?

 

dx100uk

[rockinrodders]

Over £400 out of the default balance of £507 was made up of penalty charges

 

The balance only went out of control because there was some fraudulent activity on the card which took it overlimit. Even though Cap One eventually reversed the transactions, they didn't reverse the penalties incurred by the account being overlimit.

 

From then on I was incurring £36 a month in charges and could only afford to pay £20 a month towards the balance so it was still increasing and increasing.

 

Do you think they will agree to remove it. I'd even say forget the money and just wipe the slate with the CRA to cut a quick deal.

 

Sorry to hijack the thread Neil101!!

[dx100uk]

as this appears to be amounts that were not of your doing

i think you stand a very good chance.

i would write them just what you have told us here.

 

dx100uk

[neil101]

UPDATE

 

I've just today received a reply to my Prelim letter offering a goodwill gesture of £298 along with a form for me to sign and send back. What made me laugh was that they included a leaflet titled 'Please tell us when we make a mistake.............because nobody's perfect'.

 

I'm of course declining this offer and sending out my Letter Before Action tomorrow. Am I right to combine my rejection with the LBA?

 

Please see letter below

 

 

 

Capital One Services Inc

Trent House

Station Street

Nottingham

NG2 3HX

 

 

20th June 2007

 

 

LETTER BEFORE ACTION

 

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: ****************

 

Thank you for your letter dated 12/06/2007.

I respectfully decline your offer of £298.00 as settlement and request, once again, that you return to me all charges including interest imposed on this account, totalling £2,915.95

 

I will accept the sum offered only as part settlement and on the clear understanding that I will pursue recovery of the remainder, with a County Court claim if necessary.

 

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 £802.00 which you have charged me in unlawful late payment and overlimit fees. I expect full settlement of my claim, the balance of which is £802.00, plus interest (35.60% the current APR rate applied to my card) of £2,113.95; Total owed: £2,915.95. I enclose a schedule of the charges which I am claiming with this letter.

 

Additionally, you have entered a default notice against my credit record. This default occurred merely in respect of unlawful charges levied by you, or was the result of impecuniosity caused directly by the taking by you of penalty charges which you had applied unlawfully to my account.

 

In addition to full payment of the sum mentioned above, I require that you remove the default entry from the register. Please note that mere correction or amendment to the entry will not be acceptable.

 

I require repayment in full of this money and removal of the default notice. 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.

 

You are also reminded of my request that you forward 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 your continued failure to provide them will be brought to the attention of the court, should it be necessary to commence a county court action.

 

 

 

Yours faithfully,

 

 

 

Does this look Ok?