default charges: how to check accuracy?

panny12

hi all

having used a template letter for a credit card with vanquis, i have today received a reply with an offer of £120 which is great news. But they have also sent me a letter with a statement of default charges, now looking on my credit report with credit expert, i THINK i can see more than the number of defaults vanquis have stated. Vanquis have also said the £120 includes interest. Now my question is....is this the full amount owed or is this just an offer by vanquis and if i pursue them via the Ombudsman, can i obtain more?

many thanks

Panny

Wywth

panny12 wrote: »

hi all

having used a template letter for a credit card with vanquis, i have today received a reply with an offer of £120 which is great news. But they have also sent me a letter with a statement of default charges, now looking on my credit report with credit expert, i THINK i can see more than the number of defaults vanquis have stated. Vanquis have also said the £120 includes interest. Now my question is....is this the full amount owed or is this just an offer by vanquis and if i pursue them via the Ombudsman, can i obtain more?

many thanks

Panny

From http://www.moneysavingexpert.com/reclaim/credit-card-charges

This is a step-by-step guide, including template letters, to force your current or old credit card provider(s) to repay the last six years of late payment fees or charges for going beyond your limit. ...

Step 1. Find all your charges and add them up

...

Step 3. Write to your credit card company and ask for your money
Now it’s time to contact the credit card company to ask for your cash back. All you need to do is write and say you believe all your past charges were unfair (don’t forget to detail them) and you want your money back ...

Where did it all go wrong?


It goes on...

There can be a variety of outcomes

VICTORY! You get all your money back...

MOST LIKELY OUTCOME! You’re ignored or refused ...

It says your case is suspended

It makes a partial offer
There is a chance it’ll offer some of the money you want. If you have asked for the full refund, this may be the difference between the fee and the £12 OFT recommendation. Whatever it offers, you need to decide whether it’s worth continuing or just taking the cash.

Is that perhaps the reason for not offering the full amount claimed? If so, I doubt the FOS will award you any more.

bankhater_1965

panny12 wrote: »

hi all

having used a template letter for a credit card with vanquis, i have today received a reply with an offer of £120 which is great news. But they have also sent me a letter with a statement of default charges, now looking on my credit report with credit expert, i THINK i can see more than the number of defaults vanquis have stated. Vanquis have also said the £120 includes interest. Now my question is....is this the full amount owed or is this just an offer by vanquis and if i pursue them via the Ombudsman, can i obtain more?

many thanks

Panny

looks like they have just paid back anything over £12 because the OFT will not challange any charge over this amount on credit cards but you can still ask for the whole lot but unlickly to get it because of this ruling , but you need to ask for your last 6 years of statements to see were this figure you been offered amounts to , send a leeter with a £10 and ask for 6 years statements from the day of letter with 8% added from the date you had the first charge , theres a calculator on google to work out the interest once you have your figure, i think its on the consumer action forum

panny12

hi
i pasted text of my initial letter..

I am writing to request a fully comprehensive list of all the default charges for late payments or going over my credit limit that I have paid on the above account over the last six years.

If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

If you store any of the older records on microfiche, please be aware that the Information Commissioner deems this to be a relevant filing system under the Act. As such, any microfiche data must be sent to me in fully legible and comprehensible form.

I look forward to your response within 40 days, as Vanquis Bank Ltd is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.


So i have written and asked for all charges in the last 6 years, if in the letter you can you see any glaring errors pls advise and i will re write?
As like i said the amount of defaults differ and i have failed to include the 8% interest. I also did not include the chq for £10 as Vanquis from what i have read do not charge.

bankhater_1965

panny12 wrote: »

hi
i pasted text of my initial letter..

I am writing to request a fully comprehensive list of all the default charges for late payments or going over my credit limit that I have paid on the above account over the last six years.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

If you store any of the older records on microfiche, please be aware that the Information Commissioner deems this to be a relevant filing system under the Act. As such, any microfiche data must be sent to me in fully legible and comprehensible form.

I look forward to your response within 40 days, as Vanquis Bank Ltd is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.


So i have written and asked for all charges in the last 6 years, if in the letter you can you see any glaring errors pls advise and i will re write?
As like i said the amount of defaults differ and i have failed to include the 8% interest. I also did not include the chq for £10 as Vanquis from what i have read do not charge.

the £10 is what they can charge upto , some charge some dont , but by inc it wont delay anything , dont worry about the 8% yet , you need the statements first to work out what your claiming for , then include the 8% which can add up to a hefty amount
by the way it isnt by law to refund , but are challangable under the office of fair trading ruling and commen law also the regs of the consumer credit act and therefor creditor very rarely wont to justify there fees in the courts

panny12

so if i rewrite to vanquis with the £10..that will ensure statements form the birth of the account?

bankhater_1965

panny12 wrote: »

so if i rewrite to vanquis with the £10..that will ensure statements form the birth of the account?

yes , they carnt delay then by saying we charge £10 for the service , i send mine recorded by the way so they carnt get out of saying we havent recieved your letter ,also yes ask for all the statements from birth not just 6 years back,,as they did get there act in order after the test case a few years back , what charges are you claiming for , late fees , over limit etc

panny12

yes late fees, missed payments, over limit charges.
many thanks for your time and help.

bankhater_1965

panny12 wrote: »

yes late fees, missed payments, over limit charges.
many thanks for your time and help.

you need to top up these fees once your statements arrive , these can be claimed back the amount over £12
alot of credit card companies take it of your balance , they can only legally do this if you are on a iva anything else like an arrangement or debt management plan you can have a cheque sent to your address and state that option on your letters if thats what you want ,

pooch

panny12 wrote: »

so if i rewrite to vanquis with the £10..that will ensure statements form the birth of the account?

No.

Your £10 will pay for details you have requested. If you know for sure that Vanquis don't charge this maximum permitted amount for a SAR, then don't send any money.
If you are specifically wanting duplicate statements, then then most companies charge for these, about £10-£20 per statement, so if you want them all since the birth of the account, you may need to re-mortgage! :eek:

You'll need to check vanquis terms and conditions/fee structure for what charge, if any, they make for copy statements.

pooch

bankhater_1965 wrote: »

you need to top up these fees once your statements arrive , these can be claimed back the amount over £12
alot of credit card companies take it of your balance , they can only legally do this if you are on a iva anything else like an arrangement or debt management plan you can have a cheque sent to your address and state that option on your letters if thats what you want ,

Incorrect.

Credit card companies won't usually refund default charges if the charges were not paid in the first instance!

That means any successful reclaim of default charges will usually be used to offset any current outstanding balance on the account, irrespective of whether or not an IVA exists.