Flangies v Capital One

[Flangies]

Re: Flangies v Capital One

yeah I will scan it in and email it over in ten; it very sad about the bank charging Barstewards!

thanks again for ya help
Send it in ten
x

[Curlyben]

Re: Flangies v Capital One



Nice Result.

Cap1 always tend to fold when court action is filed.

[Flangies]

Re: Flangies v Capital One

I too have a claim in for bank charging for 11,000 with interest and i gotto the last letter stage to be told claims were being stayed, where do we go from here??

[TUTTSI]

Re: Flangies v Capital One

Flanges - a fabulous result and well done.

As for the Bank Charges Budgie and others in the team are working on that - do not fear where there is will there is way.

Tuttsi

[Flangies]

Re: Flangies v Capital One

[ATTACH][ATTACH]2406


Not sure if worked??

[Budgie]

Re: Flangies v Capital One

Yes, I can read them fine Flangies.

Please remind me of the present balance on your account. IE the amount required to clear the outstanding balance, approx figure will be fine?

I will come back to you ( quickly ) with a review of their offer.

Budgie

[Flangies]

Re: Flangies v Capital One

£920 is the amount I owe

[Budgie]

Re: Flangies v Capital One

OK here we go.


Your claim was for £1024 charges plus compound interest ( at a rate of 25% per annum )from the date of each charge to the date of judgment or earlier settlement, plus your court fee of £108.
Total value of your claim on the above basis was £5038.98 ( COMPOUND )


If you had actually entered your claim based only on statutory court interest the
The total value of your claim would have been £1618 ( STATUTORY )


Capital One have offered you a total of £2434.30
They have calculated this figure in a very strange way. They plan to refund your charges in their entirety. But also plan to refund all of the purchase interest that you ever paid to them. Bear in mind that you didnt actually claim for this purchase interest refund and a Claimant could never justify a claim for return of that type of interest anyway.
This method of calculation is their typical approach and is basically intended as an attempt to confuse the Court regarding the interest calculations and cast aspertions on the claimants ability to calculate the interest portion of the claim correctly.
The letter they have sent you is virtually identical to the version they ALWAYS send out at this stage of a claim with one exception, they also usually add an incorrectly ( too low ) calculated amount of statutory court interest to the charges and purchase interest figure. I suspect they have not done so for you because the total amount of purchase interest you paid ( and that they are refunding ) is quite high.

In summary you now have three options

1) Carry on regardless and fight for the full amount of compound interest. On the plus side this would yield you a bigger settlement but on the negative side it would take at least another six months or so and probably involve you in loads of additional work and a couple of court appearances which I know you are worried about.

2) Accept their offer of £2434.30. This amount will give you back your Court fee of £108, settle your account balance of £920 and leave you with £1306 to use for assisting with any other debts and having a bloody good Xmas.
Interestingly, what they have offered is equivalent to a settlement at a compound interest rate of around 13% per annum. So would be an excellent result.

3) The final cheeky option. One last telephone call. And try for just a little bit more. You could speak directly to Alana Swain and say that you are considering their offer but notice that, unlike other similar claims you are aware of, they have not included any element of statutory court interest in their offer.
Say that you would probably be inclined to accept their proposal provided they added an additional straight 8% to the £2434.30 figure. Making a total settlement of £2629.04. I think you could probably get away with this without too much difficulty and it would give you a couple of hundred extra quid to play around with. If they give you too much grief over this request you can always just fall back to the £2434.30 figure.

As far as the account is concerned you dont really have any option other than to request that they close the account, they will do so anyway.

As far as the Court claim is concerned you do not need to do anything until you have received the settlement cheque and it has cleared and they have provided you with proof that they have cleared the balance on the account and closed it.

We can draft out a little letter to this effect but let me know which way you wish to go.

I hope it's (3) but won't be disapointed if you just wish to go for (2)

But the most important thing is

BLOODY WELL DONE

[Amethyst]

Re: Flangies v Capital One

Ahhhh lovely Flangies, brilliant news Well done you, and Bud xxx

[Flangies]

Re: Flangies v Capital One

Ha Ha your so funny; think I may go for number 3! just need to get in my head what I need to say. tell me again exactly what to say again tee hee - what do you think they will say to this request??

Are you sure they will close the account? they are telling me to close the account anyways if I not happy with terms & conditions.

Yes please for help with letter to courts.
------------------------------- merged -------------------------------
Thanks Curleyben,Tuttsi and Ame, it is a good bit of news.... especially today
xxx

:tinysmile_grin_t:

[LuggerBugs]

Re: Flangies v Capital One

It's a damn sight better than the poxy £80 they have just offered me.

Nice one.

[Flangies]

Re: Flangies v Capital One

ah luggerbugs get Budgie on the case tee hee

[WendyB]

Re: Flangies v Capital One

Great news Flangies! The format of their offer is almost exactly how they did my offer 2 years ago, charges plus interest but in my case they did also add on the 8% which I'd asked foras well.. Strangely enough I'd claimed charges plus compounded interest of 14%, which is very close to the figure they've worked out your interest on.

Have a good Christmas with the leftover dosh!!!

[LuggerBugs]

Re: Flangies v Capital One

AHAHA. Budgie and I have a slight difference of opinion regarding the style of my letter writing.

[calamity jane]

Re: Flangies v Capital One

Well done Flangies. Great result.






CJ