Flangies v Capital One

[Paule]

Re: Flangies v Capital One

ah so the purchase interest too? thats loads charges lol!
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Just the interest on your charges, not all the interest you have paid.
just use the 'purchase rate' of interest as this will be the highest

[Flangies]

Re: Flangies v Capital One

Yes I only added purchase interest charges to the CI speady; hope this is ok; Robster said prob best to use this spready although I have done the same charges exactly on the Statutory spreadie. So got two spreadies and need to make my mind up

[ROBSTER]

Re: Flangies v Capital One

Pkea is right take out amounts 53-62, 64, 66 and 67 for the "purchase rate" of interest calculation.

But lerave those cells in for the 8% statutory interest calculation as by that time those interest deductions from your account would not have been there had they not applied the charges in the first place.

Does that make sense?
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Dont dwell too much on this bit:
Once you have issued to court you will receive their own calculation of interest which is usually less depending on the cash flow of your account and things you may have had such as interest breaks or introduction interest rates. But at least going about it in this way you will ensure accountability in respect of the charges as this bit of interest is often overlooked.

[Flangies]

Re: Flangies v Capital One

Robster
Once again thanks so much for watchin this post and being so helpful; SO take out the info in these cells you have stated? you mean the wording purchase interest and dates? leave in the amount? I think I understand that bit! ha ha maybe not

But then leave those cells empty? is this what you saying? this bit I dont understand sorry!

You must be thinking "agh Flangies" tee hee. Just want to get it right

[ROBSTER]

Re: Flangies v Capital One

I know it says purchase interest but for the object of the exercise you do not want to include those elements on your spread sheet to establish what your interest (on your charges only) equates to when you apply (in your case 25%) the Purchase rate of interest to each and every charge. .

So leave those cells blank for now. the danger being you will be accused of double counting the "purchase rate" interest (and that argument could take some time).

However, when it comes to calculating the Statutory rate of interest you can include those "interest charges" as well , on the basis that your account would not have encumbered them had they not applied the charges.

Budgie went for a more complicated argument whereby he went for "compound contractual interest" (30.4%) in the alternative to "Statutory Interest" (8%). And he did a brilliant job, it's your call:

If having studied Budgies case you want to go down that rout you will have to be prepared for the long haul, what i'm suggesting could have your refund settled sooner (about 8-12 weeks after the court application).

You decide you will get all the help you need here.

[Flangies]

Re: Flangies v Capital One

Ok; taken them out and printed off spreadsheet; added to letter and sent off.
Thanks very much

I will let you know if I hear anything. But dont hold you breath tee hee

x

[ROBSTER]

Re: Flangies v Capital One

Good luck,

you are unlikely to get the settlement requested this side of issuing the court papers...thats Cap 1s MO.

Stick to YOUR time scales and issue as (and when) they do not comply.

[Flangies]

Re: Flangies v Capital One

Hello folks

I received my letter today from Cap One in reply to my letter requesting my charges bck, I states the following:
Thanks for writing to me about the default charges sums we have added to your account, I understand you think them to be unlawful and sorry you feel we have treated you unfairly blah blah,

We add late or failure to pay default sums if your payment is misses, rrives late or isnt enough to cover your minimum payment,

When we opened your account in 1999, we sent you a credit card agreement etc etc. By signing this you agreed to the termd etc.

The office of fair trading has not challenged us with regard to default charges only the level of the default sum; cap one reduced these charges in Sep 2006 to £12 following the OFT reccomendation; we appreciate youve incurred previous default charges at a higher rate and we wouldlike to address this; the account has been reviewed and as a matter o goodwill we will reduce the sums added to £12 each and this amounts to £160; we would also like to add another £10 as an acknoledment of interest that you may have inccured.

If you would like to accept this offer please sign and return the settlement; it also states I should pay my balance on time etc etc... blah blah bloody blah

OK so its time for the next letter now isnt it? Obviously I am not going to accept this figure; it barely touches the balance
x

[enaid]

Re: Flangies v Capital One

Yes it is now the Letter Before Action :tinysmile_grin_t:

[Flangies]

Re: Flangies v Capital One

Thanks hun; what will I expect now though? are they usually quick in replying because this one was very quick after requesting charges...........

[enaid]

Re: Flangies v Capital One

They always have been very good as a matter of fact, but you never know.
Just keep to your timescale you will get there.
Enaid x

[Flangies]

Re: Flangies v Capital One

ok then I wont reply by signing the letter offering me the £160 plus £10 interst; I will ignore that; and send LBA with copy of spreadie.

Quite exciting realyy isnt it in a funny sort of way....... certainly do not want to attend court; so hope it is all sorted before that stage

Thanks again for soooooooooooooo much help on this site; everyone is so helpful giving your time to others. Perhaps/hopefully I will one of those people soon being able to help others.

[Flangies]

Re: Flangies v Capital One

ok letter gone off LBA letter. they offered me £160 plus £10 interest........ which I am not happy to take - Cap One got till 10th July to reply with an acceptable offer, can anyone tell me what happens if they do make you a good offer with regard to where the money goes; do they put it in your cap one account for you to draw fron there oe do they give you a cheque? Iwill obviously pay off the acount and then want to close account.....

Help v much appreciated
x

[Budgie]

Re: Flangies v Capital One

Hi Flangies,

If they follow their usual methods they will not increase their offer until you have filed your claim with the Court.

Once you have filed your claim in Court they will attempt to force settlement of your claim by paying what they think is the correct settlement figure directly into your acount ( reducing your balance ).

Have a read of this post which also help you understand the "interest" side of things. Budgie's strategy for reclaiming credit card charges - Legal Beagles

[enaid]

Re: Flangies v Capital One

I would in that case, if you accept the offer write and tell them you accept, to pay off the balance on our account, close the account and send you a cheque for the remainder.