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Letter from Cap 1 with offer after MCOL


Money_penny
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HELP REQUIRED

Received letter from Cap 1 today with 5 days to go before 28days are up, letter stated calculations on interest are incorrect. total amount claimed £3674.38 including £120 court fees. £975 default fees. court fees £120 interest on fees £680.48 (I am claiming £2579.38 which is 1.701 monthly purchase interest) which they say they have only charges interest on fees of £680.48 since June 2000, and £272.19 which is 8% i am entitled to claim under section 69 of county court act, giving a total of £2047.67, they also say they have arranged for a chequue to be sent to me in 14 days and they will now defend the claim on the basis they have refunded the correct amount. and they want me to contact court to confirm settlement and avoid wasting courts valuable time, they have also written to the court confirming they have paid in full.

What do I do now, they are offering £2047.67 and I am claiming £3674.38, do I accept their offer or write back to them saying I am continuing the claim, do I notify court claim is not settled. If I don't accept their offer should I wait for cheque to come in case I dont't get another offer, as I can't afford not to get anything.

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Yes thats right, I calculated interest on statements where it said Purchase Interest 1.701% - Cash Advances 1.419%,

Purchase interest varied so I took 1.701 x 12 = 20.4% so that what I calculated = £2579.38 interest on £975 default fees = £3674.38 which is what I am claiming but Capital one said calculations are incorrect:

 

All default fees charged to any account are always charged at purchase interest rate, the total amount of interest we have ever charged on fees to your account since June 2000 is £680.48. On the basis of this I cannot agree to the proposal of refunding to you the sum of £2579.38 to cover the interest I am prepared to offer without admission of liability a refund of the total amount of interest charged on fees to your account in sum of £680.48 plus £272.19 which is 8% you are entitled to claim under section 69 of the county court act 1984 plus default fees of £975 and the court fee bringing total offer to £2047.67.

Do I accept this figure or write back and ask for full amount I claimed £3674.38.

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Money penny, same letter as mine, basically paying court fee, charges, 8% and all purchase interest. My letter goes back to April and am still fighting it with no advances at the moment.

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Did you write to Cap 1 refusing their offer and did you notify court as they said in my letter they were notifying court they had settled claim. I received their cheque this morning less £800 which was still owing on account. Did you receive a cheque? I don't know what to do now, whether to notify court that they have not settled and that I don't accept their offer or write to Cap 1 saying I dont accept their offer and want full amount claimed, their offer is £1600 less that I am claiming due to them not paying contractual interest. I dont want to come out with nothing at the end of this, has anyone else had this problem. Urgent help needed as I don't know what to do with this dam cheque now.

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Hi Money penny, yes I wrote to Cap One and refused their offer, then sent my cheque back, also notificed the court, then filled out the Allocation Questionnaire that was sent to me. There are a few of us where they have refused to pay the contractual and we are fighting it but I am afraid I have no good news at the moment. My Husbands claim was paid out in full including contractual about 3 weeks after mine and they do now realise this, I have come to the conclusion that if your purchase interest is less than your contractual claim that is what you will get and vice-versa. I will find my thread and send you a link, I have not updated it at the moment as I am keeping things in the background but if I can help you I will. At the moment my funds are sitting on a closed account.

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The problem when working out the CCI on the spreadsheets, and Capital One unfortunately are quite right, such calculations do not take into account any payments made to the accounts.

 

I was claiming £1230 in interest alone, but after going through all of my statements, realised that the total amount of interest I had ever paid on all purchases was £574!!

 

Also which is correct, is the fact that usually only a small percentage of the total interest I was charged over the years was in fact charged on the default fees.

 

Thus the spreadsheet calculations are ONLY correct if you have NEVER made any payment to your account(s).

 

Capital One have informed me that they will not be paying me the £1230 claimed, but will pay the £574 which means I have never paid any interest throughout my history with them!!

 

Can't exactly say fairer than that.

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