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MIKE770 v Capital One

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  • #31
    Re: MIKE770 v Capital One

    My claim against Capital One was actually settled using a rate of 27.5% compounded.

    The final hearing, which they settled just before, was to have decided the rate to be used for settling my claim. I was actually claiming 30.34% which is the Capital One equivalent annual rate for cash advances.

    All credit card companies use a variety of interest rates depending on the type of card, purchases or cash advances etc etc. For Capital One the rate varies between around 8% and 30.34%.

    So I claimed for the maximum rate and actually settled for a lower but still quite high rate. IMO it would have been just as risky for me to go to the final hearing and try to argue for an extra 3% on the rate as it would have been for Capital One to go to the final hearing and risk having a judgement against them in respect of any rate of compound interest at all.

    In reality, I suppose that if our argument is............. that they have taken money from us in unlawful charges and then used that money and turned it to account by being able to lend it out to others at their usual commercial rates of interest............. then perhaps we should really be thinking about applying some form of average rate in line with the average rate of return that they actually achieve in their commercial activities. Following this line of argument it could be considered that it is just as incorrect to use the cash advance rate as it is the purchase rate and vice versa.

    However, as any credit card provider is never likely to divulge this information just as they are never likely to divulge how much it actually costs them when we breach our contracts and go over our limits or make a late payment then I see absolutely no reason why we should not submit our claims at the highest rate of compound interest that we can actually justify and then let them argue against it.

    Rgds Budgie

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    • #32
      Re: MIKE770 v Capital One

      Just a quick thought, if I send CCA request first, then if it gets to a settlement figure, would it be best to not send LBA and adjust the figure for any final settlement figure , or send off both???????? At the present time I have an agreement with them to be reviewed in January (just to put you in the picture)
      Last edited by MIKE770; 7th August 2009, 20:41:PM.

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      • #33
        Re: MIKE770 v Capital One

        Send the official CCA request, as per our library, it will be £1 well spent. You can then base your case on the response to it.
        Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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        • #34
          Re: MIKE770 v Capital One

          CCA request sent recorded delivery 07/08/2009

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          • #35
            Re: MIKE770 v Capital One

            Recorded delivery recorded 10/08/2009 as left p.o. Nottingham Office.:beagle::beagle::beagle::beagle:

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            • #36
              Re: MIKE770 v Capital One

              Mike was it you that emailed me today? If so you didnt explain it was you lol.
              Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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              • #37
                Re: MIKE770 v Capital One

                Yes it was, I have been trying to forward you copies of your template letter with addendum - requesting refund of charges, but had difficulty sending normal route,, so I sent via another sysytem , should of been more specific to you - sorry.:beagle:

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                • #38
                  Re: MIKE770 v Capital One

                  Thats ok, I assumed it was from you but as you say the route did not tally with me.

                  The letter you emailed was fine, I look forward to it's reply, no doubt they will offer you the difference down to £12. If so then accept that in writing as a partial refund and inform them you will seek to recover the remainder through the courts.
                  Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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                  • #39
                    Re: MIKE770 v Capital One

                    item 8 on my tread was the respose Tools.:beagle::beagle::beagle:

                    dtd 23 july 2009

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                    • #40
                      Re: MIKE770 v Capital One

                      Of course it was, sorry.

                      In that case its time to carry out what you said you would, take them to court.

                      As for which rate of interest to use is entirely your choice. If you feel confident enough to argue CI in court then go for it, otherwise the easier option is stat 8%. You could also cover both angles, claim CI but with 8% "in the alternative". Budgie is probably the best person to speak to with it being Cap One, it may be an idea for you to PM him a link to your thread.
                      Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

                      IF WE HAVE HELPED YOU PLEASE CONSIDER UPGRADING TO VIP - click here

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                      • #41
                        Re: MIKE770 v Capital One

                        oops
                        Last edited by MIKE770; 21st August 2009, 12:42:PM. Reason: duplicate

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                        • #42
                          Re: MIKE770 v Capital One

                          Does it even come close to identifying you as the person that maybe signed the card ?

                          If not they are probably doing their normal reference to SI 1983/1557 and saying they don't need to include personal information

                          Utter Bovine excrement.
                          If they want to enforce it then that simply doesn't wash..

                          Comment


                          • #43
                            Re: MIKE770 v Capital One

                            Have received reply to CCA request with a letter "Terms of your Capital One Credit Card Agreement", just on the 14 th day mark, only thing on the back of the letter is a copy of up to date so called agreement no area for signatures and show £12 default charges, I applied in December 2001. Also leaflet Important Changes about your Capital One Credit Card. The main letter stating usual copy of agreement as requested in accordance with Section78 of the consumer credit act 1974 blablabla
                            ------------------------------- merged -------------------------------
                            Originally posted by Curlyben View Post
                            Does it even come close to identifying you as the person that maybe signed the card ?

                            If not they are probably doing their normal reference to SI 1983/1557 and saying they don't need to include personal information

                            Utter Bovine excrement.
                            If they want to enforce it then that simply doesn't wash..
                            Nothing could of been for uncle tom cobly & all??????? as I see it
                            Last edited by MIKE770; 21st August 2009, 12:44:PM. Reason: Automerged Doublepost

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                            • #44
                              Re: MIKE770 v Capital One

                              Attachments :beagle::beagle::beagle::beagle:

                              Comment


                              • #45
                                Re: MIKE770 v Capital One

                                Yep that'll be their all new agreement they would of sent assuming they got their collective heads out of their neither regions long enough to realise they where signing people up on cobblers agreements

                                In PIL, utter Bovine..

                                Comment

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