Cap1 CCA request

[jon1965]

I sent Cap 1 a CCA request and they sent me back what I can only think is a recon.
However they have also stated they do not have the original but that what they sent a scanned copy of my original agreement.

The reason that I suspect a recon is that it is a 2005 agreement. In it is says that my credit limit will be as decided (thats ok) but when it comes to the total cost for credit it says it is actually based on £1500 or my credit limit (which at that point I would have had no idea of)

Doing the maths the total charge for credit is correct for my credit limit but not for £1500

Any thoughts?
When I get home and check what T&C's they sent there may be more

This has been discussed before with someone who I would rather not name

[Kafka]

Re: Cap1 CCA request

When was the account taken out?

[gravytrain]

Re: Cap1 CCA request

I sent Cap 1 a CCA request and they sent me back what I can only think is a recon.
However they have also stated they do not have the original but that what they sent a scanned copy of my original agreement.

The reason that I suspect a recon is that it is a 2005 agreement. In it is says that my credit limit will be as decided (thats ok) but when it comes to the total cost for credit it says it is actually based on £1500 or my credit limit (which at that point I would have had no idea of)

Doing the maths the total charge for credit is correct for my credit limit but not for £1500

Any thoughts?
When I get home and check what T&C's they sent there may be more

This has been discussed before with someone who I would rather not name

The £1500 will be the assumption that agreements used as per the 2004 1482 agreement regulations. It is used to calculate the APR on a credit card agreement.

The regulation came into force in may 2005 although many creditors started using them up to six months before this date.

[jon1965]

Re: Cap1 CCA request

Dec 2005.

I fully understand the £1500 bit, it is to base an example. However in the part that says total charge for credit, by some backward calculations they figures only work out if you substitute my credit limit for the £1500. As all it says about my credit limit is that it will be determined form time to time (which again I know is ok). So if as I was given to believe my credit limit had not been set, or I was unaware of it how can the total charge for credit be a fair point. If needed I can post up the relevant pages

[gravytrain]

Re: Cap1 CCA request

Perhaps I could see the agreement?
It is unusual to give a TCC figure on a credit card because it is open ended.
This is why they use the assumption, it assumes that 1500 is repaid over twelve months at the stated interest rate and works out the effective APR on those figures.

[FlamingParrot]

Re: Cap1 CCA request

Normally total charge for credit is used on loans rather than revolving credit such as credit cards. As gravy says above, do post up the agreement, but remember to remove ALL personal details before you do! :censored::whip:

Remember, your former PA no longer has access to edit and re-upload your attachments. :typing: :okay:

[jon1965]

Re: Cap1 CCA request

This is what I was sent in response to my CCA request.

They have also said they do not have the original

[FlamingParrot]

Re: Cap1 CCA request

There's a page headed 'original agreement' with nothing on it... What I can't see is anything resembling an application form, where you would have provided all your details such as name, address, etc... :confused2:

[jon1965]

Re: Cap1 CCA request

FP on that page was just my name and account number, if anyone needs to see it I will consider it

[gravytrain]

Re: Cap1 CCA request

It seems OK to me, the TCC seems about right for an assumption of 1500 IMO. It is V difficult to work out because the interest is applied daily and billed monthly on the reducing balance, but the default charges seem to be pre oft £12 so it is unlikely to be a recent recon

[jon1965]

Re: Cap1 CCA request

Gravy, with respect to get anywhere near that figure of 425 interest when it is made in 12 equal instalments the APR would be nearer 50%.
On an interest rate of 15% the total charge for credit would be nearer £125

However on a credit limit of 5500 with an interest rate of 15%APR TCC would be c.457 so do you see my dilemma?

http://www.calculator.co.uk/credit-card-calculator/

[gravytrain]

Re: Cap1 CCA request

Gravy, with respect to get anywhere near that figure of 425 interest when it is made in 12 equal instalments the APR would be nearer 50%.
On an interest rate of 15% the total charge for credit would be nearer £125

However on a credit limit of 5500 with an interest rate of 15%APR TCC would be c.457 so do you see my dilemma?

http://www.calculator.co.uk/credit-card-calculator/

Perhaps your right, I will check the actual figure.

[gravytrain]

Re: Cap1 CCA request

Just looking at the regs, I have a feeling they say cash withdrawal, this would be 20% does that make a significant enough difference ?
I will double check.

[jon1965]

Re: Cap1 CCA request

The last paragraph of section 11 in the T&C's says it is based on purchases and assumes 1500 unless they know the limit at the time . As there was no agreement at the time the document was signed by me it should be 1500.

that is my argument but i am not sure if it has legs

However it is academic at the moment as if the new owners were to issue a SD I would happily go along with it

[gravytrain]

Re: Cap1 CCA request

I will continue looking into it for you.
I don't think this has legs as regards unenforceable under section 127, as it is not a prescribed term.

I am not sure if it would be a technical breach of section 78 as it was not a true copy of the executed agreement, i think it may struggle.