Capital one response - should i settle?

hanging_on_in_there

Hi looking for some guidance. Have recently made a claim using Martin's templates on an old Cap One account - charges from 2002-2005 amounting to £1386 (not including interest). After using 'threatening court action' template have received an offer today, it reads

"Whilst you were responsible for incurring these charges...I am prepared, without any admission of liability, to reduce all default fees charged in the six years prior to your date of complaint to £12 and refund interest charged on those fees. This amounts to £399.99. This is made up of £296 for all default sums charged above £12, plus £103.99 for interest charged, in the six years prior to the date of your complaint. I am unable to refund any default fees prior to six years of you making your complaint because under the Limitation Act 1980 you are out of time to make any claimin relation to fees"

I'm not the brightest and feel I should accept as I'm pretty desperate just now, but can someone explain the highlighted part, I'm confused - is that not a contradiction? My initial claim was in Nov of this year.

Thanks guys

Penalty_charges

Well what they are saying is you can only claim back six years from the date of your claim. this is due to the Limitation Act 1980

I.e if you submitted a claim today, 4 December 2009 then you can only claim back to 4 December 2003.

Personally I would not accept this offer, as I would at least want the full amount of charges back prior to the OFT cap of £12. but the choice is yours.

hanging_on_in_there

Penalty_charges wrote: »

Well what they are saying is you can only claim back six years from the date of your claim. this is due to the Limitation Act 1980

I.e if you submitted a claim today, 4 December 2009 then you can only claim back to 4 December 2003.

Personally I would not accept this offer, as I would at least want the full amount of charges back prior to the OFT cap of £12. but the choice is yours.

Thanks for the speedy and clear response. Can you please tell me when the OFT cap was put into place?

Penalty_charges

hanging_on_in_there wrote: »

Thanks for the speedy and clear response. Can you please tell me when the OFT cap was put into place?

yes april 2006,

BankReclaimRebel

If I accept my offer from Capital One will they:

1. Give me the whole cheque or
2. Pay off what was outstanding on the card, if this was part settled a few years back and it's clearly marked as settled on my credit file?