MIKE770 v Capital One

[MIKE770]

Re: MIKE770 v Capital One

:carolers:Received to-day letter from Ombudsman syateing that Cap one offer a figure to settle the dispute (no liability) of 352 + 94.58 int , clever the joint figure is nearly right without interest added, I am claiming 1,113.58, so will send Financial Ombudsman a non- acceptance letter and copy of compound intereset spreadsheet @ 21.10%????? any comments anybody???

attachment below:santawalk:

[MIKE770]

Re: MIKE770 v Capital One

bump

[shas]

Re: MIKE770 v Capital One

Credit solutions have passed mine back to capital 1 Mike! Update on my cap 1 thread.

[MIKE770]

Re: MIKE770 v Capital One

Received letter from FOS to-day, acknowledging my non acceptance letter of Capital One offer for charges refund, that the correspondence from me has been received safely on 21/12/2009.:bedjump:

[MIKE770]

Re: MIKE770 v Capital One

Received reply from OMBUDSMAN. sent to admin - unable to attach.

[MIKE770]

Re: MIKE770 v Capital One

Received reply from OMBUDSMAN. sent to admin - unable to attach.

bump

[MIKE770]

Re: MIKE770 v Capital One

Received reply from OMBUDSMAN. sent to admin - unable to attach.

Received reply from OMBUDSMAN. sent to admin - unable to attach.

Have admin received the copy Ombudsman letter? they only gave me 14 days to reply, getting a bit near, any thoughts on subject pls?????

[Amethyst]

Re: MIKE770 v Capital One

Hi mike

I cant get it out my emails to attach sorry

They have offered all charges and interest accrued on the charges for 6 years preceeding the complaint in August 2009.

You have asked for contractual interest on top ? you should at least get 8% on top anyway. I'll ask Budgie to take a look a bit later as he'd the Cap One/CI expert, and will fwd him a copy of your letter.

Ame
xx

[Curlyben]

Re: MIKE770 v Capital One

Mike are they offering all charges and all interest paid for that period ? I know you want CCI, but this is the FOS where the attempt mutally acceptable resolutions

[ed.]

Re: MIKE770 v Capital One

I've not known the FOS ever award CI in any claims to be fair.

[Amethyst]

Re: MIKE770 v Capital One

FOs do though do the 8% interest don't they, I agree with you on CI not being in Fos's remit.

[Curlyben]

Re: MIKE770 v Capital One

I'd be inclined to push for ALL charges plus interest paid and 8% stat, ignoring the 6 year "limit".

That's what I settled on, but I did file in court..

[Budgie]

Re: MIKE770 v Capital One

OK,

As usual the Capital One mathematics is shot to pieces.

However

Cap One have offered :-
Last six years charges £352 plus a part of all the purchase interest you have paid that they consider is due to the charges of £352 = £94.58.
So a total settlelment of £446.58

You will not negotiate a higher figure via the FOS route.

If you file at County Court, Capital will will probably ( if they follow normal practice ) increase refund of charges to £438 ( inc pre six years charges ) plus increase purchase interest figure to total of purchase interest you paid = £795.76. Additionaly you would likely get 8% stat interest on charges, an additional £40 approx.
Making a total settlement of £1273.76

Note, you would probably NOT have to attend a court hearing to get the above settlement and process would take about 6 - 8 weeks. Success is highly likely !!

To get compound interest you would have to spend a lot of time preparing your arguments and most likely attend court hearings on a number of occasions. Your potential settlement would increase to maybe £2000 ish ( could give you an accurate figure once spreadsheet has been prepared ). But there would be a lot of risks, a lot of work and no guarantee of success.

Summary

Personally I would suggest you proceed with a court claim as there is a big difference between £446.58 and £1273.76.

It would be up to you if you wanted to drop out at the £1273.76 offer stage or carry on with the compound interest claim to gain an extra £800 ish on top of the £1273.76.

I will of course be more than happy to assist you with your claim, whichever way you decide to go.

Let me know and we can get things started.

[MIKE770]

Re: MIKE770 v Capital One

off for a couple of hours work now but will respond later, thank you all.

[MIKE770]

Re: MIKE770 v Capital One

Fact is no financial gain personally, as refunds would go to disputed account, go court route may be worth more but would cost me to impliment proceedings to no return, if you see what I mean. Might just keep it as with CCA & keep it part of dispute if necessary, what do you all think, comments would be appreciated.
------------------------------- merged -------------------------------
Will type the actual letter over the next few days for you to see.