BF v Cap One

[Xena]

Re: BF v Cap One

I got CI back on my Cap One claim - mind you it was only £200 in total. Like Wendy, I added 8% on my claim aswell (it is either CI or 8% not both!) - it was my first one back in 2005.

Often I think, we are confusing simple CI and CCI rates, which are totally two different areas.

[Budgie]

Re: BF v Cap One

Yes Xena you are probably correct.

There are so many different types of interest to try and explain and / or understand how they all fit into the overall scheme of things is a major task in itself.

Steven4064 over on CAG has produced a document explaining interest in relation to Bank charge and credit card claims.

I will try and do a similar version for LB as I think this would be a very useful reference tool.

Purchase interest
Cash advance interest
Debit interest
Contractural interest
Simple interest
Simple compound interest
Contractural compound interest
Authorised interest rate
Unauthorised interest rate
Applicable interest rate
Equivalent interest
APR
Gross interest
Net Interest
etc etc etc............................

The list goes on

[bloomingflower]

Re: BF v Cap One

Jas,

I have quoted the post I made earlier on your thread.

Reason for doing this is fairly obvious, it keeps your options open!

You are aware that I am currently awaiting judgment in my own Capital One claim. If I am succesful then you stand a very good chance of achieving the same result especially as your claim would be filed in the exact same County Court as my claim has been heard.

In any event Capital One will NOT settle your claim until you file a County Court claim. Once you have filed your claim they will make a settlement offer / forced payment based on statutory court interest ( 8% ) anyway. So you can decide to accept that offer when it is made anyway if you wish to avoid the stress of a Court appearance.

You haven't sent your preliminary letter yet so will have to allow 14 days for their response, plus a further 14 days for them to respond to your LBA. By that time the situation ( judgment ) with respect to my own claim will certainly be resolved and you could review things at that stage ( prior to filing your court claim ).

I don't wish anyone to get the opinion that I am trying to forcefully persuade you to embarke on a course of action that you don't wish to follow. I am just trying to give you some alternatove options to consider.


Budgie XX

Hi Bud !

After reading your above post Bud and have thought about it long and hard, we will definatley now keep our options open with regards to the CI route..

My way of thinking is.. you are always scared of what you don't know ( CI )..but will certainly give it a go !...lol

Thanks Wendy,

I will have a look at your thread and post there.

Sorry to hijack your thread BF but I thought it would be interesting for Wendy to expand a bit on her claim.

Budgie

No probs Bud.. am also reading with much interest lol




Bf xx

[Xena]

Re: BF v Cap One

It has always been advised to go for simple CI on credit card claims and normally more often, than not it gets paid out. But generally Cap One do pay out CI.

I won CI on all mine, have never attempted compounded contractural interest, though.

[Budgie]

Re: BF v Cap One

An ideal demonstration of the problem I eluded to Xena.

Exactly what is your understanding of the meaning of "simple CI", "CI" and "compounded contractural interest" as referred to in your last post.

Because in my experience Capital One NEVER knowingly pay out on a compound interest basis. They generally attempt to force settlement of a claim ( once it has been filed at Court ) by refunding all charges plus statutory court interest at 8% plus all the purchase interest actually paid by the Claimant through the life of the account plus the court fee.

I have also just read through Wendy's thread. I believe that in her case the difference in value between Capital One's estimation of Wendy's claim ( using the above method ) and Wendy's actual filed Court claim on the basis of compound interest was so minimal that Capital one basically just paid out the total amount of her claim anyway. Settlement was made as a gesture of goodwill and without liability etc etc so Capital One did not actually agree that they were paying her out on the basis of compound interest. The actual interest rate that Wendy was claiming ( applicable annual rate of 14% ) is fairly low for a Capital One credit card and the interest portion of a claim is very dependant on the interest rate used and also the age of the charges being reclaimed. I appreciate that this may be difficult to grasp but I have tried to expalin it as simply as I can.
Basically, I believe that in Wendy's case Capital Oneactually made a commercial decision to just pay out her total claim because it was actually very close ( maybe actually even less ) than they would have been prepared to pay her just so as to avoid having to actually go to Court and defend the claim.

Hope that makes sense !

Budgie

[WendyB]

Re: BF v Cap One

You're probably right Bud.

Have looked at my figures I claimed 638 charges, CI (14%) of 194.26 total 832.26. Then I filed N1 and added 8% (109.76) onto the 832.26 plus £85 filing fee, total 1027.02. They paid the lot, less the 28 quid or so balance on my closed defaulted account. I ended up with a cheque for 998.18. So basically I got over £300 in interest on charges of 638, which on a straight calculation works out at over 47%. I was quite happy with that, all in all

[bloomingflower]

Re: BF v Cap One

HI All !

I nipped out to the post offy this morning and have now posted off the prelim letter to CapOne by recorded delivery...they should receive it first thing Monday morning. So here goes round one ...ding-a-ling lol.




BF xx

[bloomingflower]

Re: BF v Cap One

Hi All

Hmmm.. am still awaiting a response from CapOne after sending off the Prelim. Have given them ample time and more than the 14 day deadline to reply and we should of had a reply by now..

Should I send them a chaser Prelim just in case they didn't receive the first one? (cant think why, if they didn't receive it, tho I sent it by recorded delivery) or shall I just go-ahead and send the 14 day LBA?


Thanxs muchly.


Bfxx

[Amy]

Re: BF v Cap One

If you wrote on your preliminary that you would be sending the LBA after 14 days then send that.

[bloomingflower]

Re: BF v Cap One

Hi All x

Update -


After sending off an LBA to Capone on the 25th October and we have now waited nearly 14 days for a response. No response to either the Prelim or LBA,which is kind of strange, cos I thought they would of sent us one of those bog standard 'fob off' letters that they normally send.


One of 3 things has happened -

1. They haven't received either of the letters, (which is unlikely, cos I sent both by signed for post with the Royal Mail tracking system, Ive checked on the Royal Mail website and both letters had been delivered.)

2. they've 'lost or mislaid' both letters 'internally'(which is quite common)

3. they have deliberately ignored both the letters. (which is also common)

I suspect its number 3

However, I don't wanna file the N1 at this point if they haven't had any notification of our claim, and we will be seen as not following 'correct procedure'

Think I will give them a call to find out whats going on.



bfxx

[Amy]

Re: BF v Cap One

However, I don't wanna file the N1 at this point if they haven't had any notification of our claim, and we will be seen as not following 'correct procedure'

You have followed the correct procedure and you have proof of that. File your claim.

[Budgie]

Re: BF v Cap One

I agree with Amy.

Don't waste any time or expense with these cowboys.

Let's get that claim filed Jas !!

Budgie

[WendyB]

Re: BF v Cap One

File the N1 now. You might get the cheque in time for Crimbo

You have followed the correct procedure, which you have proof of. If they can't be arsed to anser you then that's their problem.

[TUTTSI]

Re: BF v Cap One

I agree with Budgie and Wendy, file your claim, you have proof that they signed for the letters. That is all you need to prove. Don't worry about them they will acknowledge the N1 claim and if they run true to form you might just get paid out becore xmas, after all you have given them loads of time.


xx

Hi All x

Update -


After sending off an LBA to Capone on the 25th October and we have now waited nearly 14 days for a response. No response to either the Prelim or LBA,which is kind of strange, cos I thought they would of sent us one of those bog standard 'fob off' letters that they normally send.


One of 3 things has happened -

1. They haven't received either of the letters, (which is unlikely, cos I sent both by signed for post with the Royal Mail tracking system, Ive checked on the Royal Mail website and both letters had been delivered.)

2. they've 'lost or mislaid' both letters 'internally'(which is quite common)

3. they have deliberately ignored both the letters. (which is also common)

I suspect its number 3

However, I don't wanna file the N1 at this point if they haven't had any notification of our claim, and we will be seen as not following 'correct procedure'

Think I will give them a call to find out whats going on.



bfxx

[Budgie]

Re: BF v Cap One

Hi Jas,

I suggest that you consider filing your claim at Court asap.

I suggest filing claim based on compound interest.

By the time Capital One defend ( and no doubt they will defend by trying to force a payment based on stat interest ) we will know the full outcome of my own claim and I can then advice you properly. You always have the option of accepting their inevitable forced payment in settlement of your claim and as we worked out previously a statutory interest settlement would clear your outstanding balance with Capital One and give you a few hundred pounds of usable cash

Bear in mind that your claim would be filed at the same court as my claim and most likely under the same District Judge.

Budgie