Capital One

Ive tried to read as many threads as possible, so i hope im not repeating what someone else has asked!

A few years ago i got a capital 1 card with £200 limit. due to circumstances i didnt pay it back. a few months ago they got in touch with me (id moved house and forgotten about them!) and said i owed £850 due to interest. ive been paying back £80 a month. am i eligible to claim this back? im actually paying a DCA, not capital 1. plus i havent got any 'receipts' for how much ive paid to the DCA, as its been direct debit.

help!!!!

Have a listen to Martin's Musings regarding adding the interest...

Charge interest on top
If you won via the courts, you would be entitled to add 8% interest (not compounded) on top from the date you were ‘first deprived’ of the money (i.e. the date of each charge). Therefore you may want to ask for the interest as part of the initial claim. It's important to understand that you are not legally entitled to interest unless you win in court, yet all prior letters are a tool of negotiation; think of it a bit like haggling.

You may get lucky and get the interest on top, but even if not, the legal feedback I've had is that it’s one route to pushing the bank to settle quickly so it can offer to pay you without the interest. Of course there is a risk that asking for too much makes them less likely to settle too - sadly this is an art not a science. This isn't an easy concept so I've recorded a quick audio file which may help explain it.
For those who do want to ask for interest, I’ve had the calculator below specially built to work it out for you and included it as an option in the template letters later. However, if you'd prefer to play safe simply ask for the charges without interest in the early stages.

fairmorn308 wrote:

what i mean is the interest they were charging me on the credit card?

No, you can claim for late payments or going over your credit limit but not the interest they charge you for using a credit card.

Has anyone had problems getting statements from Cap 1 under DPA? I wrote to their Euston Road address on 10/01/2007, but according to the Royal Mail the letter hasn't been delivered yet.