BF v Cap One

[bloomingflower]

Hi All !

Hurrah !! Woke up this morning to find a nice large white envelope with my O/Hs Capital One statements in our letterbox !! have been waiting for these to come through for a few weeks now..

To start off with.. I guess by looking at the statement,we can claim back from 2001 to 2003 ( the actual credit limit was taken out in 2000..and it was a Classic account. ( I think)

The reason why we would like to claim up until 2003.. is because CapOne had stopped applying more charges to the account..

So.. just need to clarify what I should be claiming on behalf of O/H..please can someone tell me what these are?...

1. Late payment Fee - £20
2. Over limit Fee - £15
3. DD returned Fee - £10
4.interest (applied) - amount is variable

5. PPI - the amount is variable


I've also scanned and attached the actual statement. if anyone needs to see it................





Bf xx

[enaid]

Re: BF v Cap One

The PPI is Payment Protection Insurance, the amount varies depending on how much you owe them each month. You can reclaim this if it was mis sold to your OH. There are loads of reasons it could have been mis sold, have a read in the PPI forum.

I am sure Bud will put you straight on reclaiming your interest lol
1,2 and 3 are all reclaimable. Enaid x

[bloomingflower]

Re: BF v Cap One

Hi Enaid.. thankyou for that ! I'll get cracking on typing in the charges into the spready now..will do that first.. then PPI



BF xx

[Budgie]

Re: BF v Cap One

Hi Jas,

Good luck with this new claim.

I presume that you will be entering a claim based on compound interest.
I suggest starting off the claim on this basis anyway ( at least as far as the preliminary and LBA letters are concerned ) and then making the final decision as to which way to go once you get to the filing at Court stage.

If you enter the charges onto a new compound interest spreadsheet we can then attempt to calculate the amount of interest that Capital One may have charged to your account in connection with these unlawful charges.
This interest can then also be added to your claim as it is effectivley an additional charge ( if the charges themsleves hadn't existed then you would NOT have been charged interest on them.)

This account looks like it started life as the same type as my own, a classic account with a credit limit of £200, which doesn't appear to have been altered throughout the life of the card. In this case the interest rate that Capital One charge for either purchases or cash advances is 34.9% APR so that's the rate you should use on your spreadsheet.

Jas, I really need to know what happened between 12/2/2003 ( where the balance was £1164.45 ) and now ( where the balance is £860.24 ). You said in your first post that they havent added any further charges ( or interest ) to the account during that period. Have you made some payments to reduce the overall balance? If so please can you provide a summary of the payments you made or please let me know how and why the balance has been reduced. THis will help in calculating the overall value of your claim for you.

Rgds Budgie

[bloomingflower]

Re: BF v Cap One

Hi Jas,

Good luck with this new claim.

I presume that you will be entering a claim based on compound interest.
I suggest starting off the claim on this basis anyway ( at least as far as the preliminary and LBA letters are concerned ) and then making the final decision as to which way to go once you get to the filing at Court stage.

If you enter the charges onto a new compound interest spreadsheet we can then attempt to calculate the amount of interest that Capital One may have charged to your account in connection with these unlawful charges.
This interest can then also be added to your claim as it is effectivley an additional charge ( if the charges themsleves hadn't existed then you would NOT have been charged interest on them.)

This account looks like it started life as the same type as my own, a classic account with a credit limit of £200, which doesn't appear to have been altered throughout the life of the card. In this case the interest rate that Capital One charge for either purchases or cash advances is 34.9% APR so that's the rate you should use on your spreadsheet.

Jas, I really need to know what happened between 12/2/2003 ( where the balance was £1164.45 ) and now ( where the balance is £860.24 ). You said in your first post that they havent added any further charges ( or interest ) to the account during that period. Have you made some payments to reduce the overall balance? If so please can you provide a summary of the payments you made or please let me know how and why the balance has been reduced. THis will help in calculating the overall value of your claim for you.

Rgds Budgie

Hi Bud ! Thank you for your reply.. Yes I'm now in the process of entering the charges in the compound int spready as we speak.. so will let you know what the overall total will be when completed..


With regards to the above 4th paragraph.. I think I remember it was when we joined a debt management company and we agreed to organize a monthly payment plan with the company in question..out of this monthly arrangement an agreed monthly figure was distributed to each creditor. (plus paying a fee to the DMC for the pleasure, and this was before the time we knew about reclaiming back charges)


The total balance at the time was £1164.45, and if my calculations are correct..we paid off £304.45..leaving a balance total of £860.24 as of today. I called the DMC to let them know that we wish to close our account with them.. and we would like to pursue reclaiming back the charges on P's Cap One account. We didn't hear from them again. (The Cap One account has been stuck in limbo for a while and has obviously been in dispute)

I was a bit scared and confused TBH to pursue this claim.. cos its not as straight forward as bank charge reclaiming (as with the bank we actually paid the charges.. but not the charges with CapOne. So didn't know if we were entitled to make a claim.

Bud.. I'm still not sure what the figure is we can claim back.. if any. but as we all know the debt mainly consists of charges and interest (huge jump from £200 to £1164.45 !! but never the less.. i'm still filling in the spready just in case lol..



BF xx

[Budgie]

Re: BF v Cap One

Hi Jas,

Fill in the spreadsheet as you are doing.

Once that is done we will have a look at things and see how the land lies. We can take onto account what you have actually paid across and what you havent and work out an exact value and strategy for your claim.

I think you will be quite surprised by the size of your claim


Budgie

[TANZARELLI]

Re: BF v Cap One

Hope you get a quick result from Cap One, they will drag it out a bit but tend to offer a settlement when you file. However they could drag it out a bit with the CI but no doubt they will roll over a play ball when they see you mean business.

[bloomingflower]

Re: BF v Cap One

Hi all, Bud and Tanz..


thanxs guys.. will now complete the sheet and then post up when finished....here goes !!!

BF xx

[bloomingflower]

Re: BF v Cap One

Hiya me again...


Hi Bud..Have now just completed the compound spready sheet.. and am gob smacked at the amount of interest that has accrued :faint2:

I'm having trouble attaching the spready to this post..its saying file too big.........cant figure out what i'm doing wrong lol



Bf xx

[Budgie]

Re: BF v Cap One

Hiya me again...


Hi Bud..Have now just completed the compound spready sheet.. and am gob smacked at the amount of interest that has accrued :faint2:

I'm having trouble attaching the spready to this post..its saying file too big.........cant figure out what i'm doing wrong lol



Bf xx

Pop it through to me on an email Jas.

I believe Tools is aware of the problem with attachments and is in the process of sorting it out.

Regards Budgie

[bloomingflower]

Re: BF v Cap One

Pop it through to me on an email Jas.

I believe Tools is aware of the problem with attachments and is in the process of sorting it out.

Regards Budgie

ok lol will send it through via email now...


Jas x

[Budgie]

Re: BF v Cap One

OK, I received it.

I will do some work on it and try to post it up on here for you.

We need to take into account which charges you have actually paid and which are just sitting there on the account and which you havent yet paid them for.

Obvioulsely you can claim back any charge that they have levied on the account and any interest that they have levied as a result of those charges. However you cannot justify claiming interest on those amounts if you havent actually paid them to Cap one. Well there is a way that you can still argue that this could be the case but it's a very difficult path to take.

Will report back as soon as I can.

Budgie

[bloomingflower]

Re: BF v Cap One

OK, I received it.

I will do some work on it and try to post it up on here for you.

We need to take into account which charges you have actually paid and which are just sitting there on the account and which you havent yet paid them for.

Obvioulsely you can claim back any charge that they have levied on the account and any interest that they have levied as a result of those charges. However you cannot justify claiming interest on those amounts if you havent actually paid them to Cap one. Well there is a way that you can still argue that this could be the case but it's a very difficult path to take.

Will report back as soon as I can.

Budgie

Thank you for clarifying that to me Bud.... thats what was worrying me in the first place, as I didn't want to claim back monies for which we are not entitled to.. it makes alot of sense to only claim back what was paid in..

We are not too worried about the size of this claim.. just want to claim back what is due...


BF xx

[Budgie]

Re: BF v Cap One

Jas, I have knocked up a draft preliminary letter for you this afternoon.

It's only a draft and we need to knock it into shape for you over the weekend.

I have also done some work on your spreadsheet ( updated copy emailed to you ).

Will chat with you about this later.

Rgds Budgie


Account No: xxxxxxxxxxxxxxx

Dear Sir/Madam

It has come to my attention that the charges you have levied from my account for breaches of contract by way of exceeding my agreed credit limit, late payment, card misuse, etc. are unlawful.

It is my belief that these charges bear no relation to the costs to which you were put as a result of my contractual breaches.
This being the case, the charges levied from my account amount to contractual penalties which are irrecoverable at common law. Even if there is a clause in the terms & conditions of the account that states that penalty charges become payable for breaches of contract, such a term would be Invalid under Sections 5 thorugh 8 of the Unfair Terms in Consumer Contracts Regulations 1999.

You may consider that since some of the charges were levied more than six years ago, part of my claim may be time barred under the Limitation Act 1980, and you might want to rely on this to dismiss my claim. However, please be advised that should we not reach an agreement over repayment, I will proceed with the claim under either:

s.32 (1)(b) of the Limitation Act 1980 on the grounds that I could not reasonably have discovered the your deliberate concealment of the facts relevant to my right of action before the report of the OFT was published in April 2006, or alternatively,

s.32 (1)(c) of the Limitation Act 1980 on the grounds that the payments were conceded on the mistaken belief that the said charges and interest thereon did not amount to penalties and that I could not reasonably have discovered the said mistakes before the OFT report was published.

The charges you have levied total £761.00. I have also estimated the equivalent amount of interest that you have levied on my account as a result of these charges totals £63.13. These figures are detailed in the attached spreadsheet.

Since opening the account I have actually made payments to you totaling approximately £650. I believe that you normally apply Customer payments firstly to default charges and interest balances so in effect you will have applied the £650 I have paid you against the total of charges and applied interest described above.

You are currently profiting by charging 34.9% APR for re-lending my money. Indeed you have been unjustly enriched by way of profiting from re-lending money that was rightfully mine since these unlawful charges were imposed. Further you have denied me the opportunity to invest funds you have unlawfully taken, and denied me the economic benefit of these funds in the first instance.
I have therefore applied the same rate to my request in accordance with current consumer contract legislation. Please note however that I have only applied this rate and calculated compound interest on the charges and applied interest for which I have actually paid across to you.

I hereby give you 14 days in which to repay £761 in unlawful penalty charges plus £63.13 in respect of interest you have applied to my account in relation to these charges plus £5908.83 compound interest at the contractual rate of 34.9%APR which has only been calculated upon the charges and applied interest that I actually paid across to you. This makes an overall refund request of £6732.96. You may deduct the present account balance of £xxxxxxx from this amount and send me the residual balance of £xxxxxxxxxxxx via a cheque made payable to myself.

If I do not receive payment of the highlighted sum within this time, I will issue you a further letter before action and allow you an extra 14 days to refund me. If this further deadline passes I will commence legal action to settle this matter.
Please note that should legal action become necessary, interest will continue to accrue until the date of judgment or earlier settlement.

[bloomingflower]

Re: BF v Cap One

Hiya All


Thanxs for this .. you have worked hard on this draft prelim. Bud. I really do appreciate it, and in all honesty I would not have done a better job myself lol. I have yet to look at the spready.. but I will do in a sec. Have been busy updating everything and giving our pooter a thorough clean -up this morning. cos I have been given a slap on wrist by my O/h to make sure that I do this lmao... so I haven't been on here most the day..

I will catch up on this with you tomorrow Bud...thank you once again



Bf xx