Credit Card Reclaiming Discussion

Honeytrap

hi estimator,

i left you my answer on the other thread the cc successes just in case you think i missed your questions on crap one:D

manchester1980_2

roberto1982 wrote: »

Hi Guys,

Claimed £700 plus £238 interest from barclaycard on an old Goldfish card.

Letter back friday saying giving full refund just had to ring up and give them my bank account details so the money can go in! Merry Christmas!!!:beer::beer::beer:

Hi- I;ve had the same letter saying they will refund in good will and just to contact them. howver there is no tele number on the letter!! rang the cust serv number but beacuse this is a closed account they say they can't find the details - do you have the contact number at all please ????

nitnit_2

Hi I wrote a letter to capital one, requesting they pay back PPI on my credit card, the credit card was paid off some time ago. They said as my application was done online I was apparently informed of ppi and that I had an option to opt out of it. Has anyone else had dealings with them or successes? I am becoming a little doubtful is succeeding in this. I am planning to write back with a second letter template, use this website, can anyone advise help please. Thanks in advance.

DanDaniel

Hope you all had a great Christmas break !! Back to the reclaiming now after a few days rest !!

Quick bit of advice please ..

I asked for a refund of £1023 for overlimit and late payment charges (+interest) from Virgin (MBNA) recently and just before christmas i had a response. These charges date back to 2004. The letter simply stated as a goodwill gesture they would repay £182 which was the difference between the old charge and their new charge of £12. I only accrued a few of the £25 charges and most of them were for £12 hence why the offer was so little. The £182 they have offered does not include any interest which i asked for at 8%. The amount was credited to my account the same day i received the letter. So, how do you recommend i tackle them now ? is there any point in asking them to refund all the rest albeit they were all £12 charges and should i tackle them about the interest they have not taken into account ? Any advice grateful ...

Kind christmas regards

Dan :rolleyes:

DanDaniel

Also an after thought (there is obviously a good reason for this) lets say for example MBNA slapped £200 of charges on my account in say 2005, they have been charging me since approx 2.2071% a month interest on that amount as i still have this to pay off (depending on interest rate). So its been approx 48 months since the end of 2005... so each month i have been charged 2.2071% interest on these charges equating to 2.2071% of £500 = £11 x 48 months = £528 (interest only) so their charges of £500 in 2005 will have cost me today £1028. Has anyone ever tried re-claiming this way ?

dec22

DanDaniel wrote: »

Hope you all had a great Christmas break !! Back to the reclaiming now after a few days rest !!

Quick bit of advice please ..

I asked for a refund of £1023 for overlimit and late payment charges (+interest) from Virgin (MBNA) recently and just before christmas i had a response. These charges date back to 2004. The letter simply stated as a goodwill gesture they would repay £182 which was the difference between the old charge and their new charge of £12. I only accrued a few of the £25 charges and most of them were for £12 hence why the offer was so little. The £182 they have offered does not include any interest which i asked for at 8%. The amount was credited to my account the same day i received the letter. So, how do you recommend i tackle them now ? is there any point in asking them to refund all the rest albeit they were all £12 charges and should i tackle them about the interest they have not taken into account ? Any advice grateful ...

Kind christmas regards

Dan :rolleyes:

You need to write back and ask for the full amount plus contractual interest plus 8%. I had about £400 in charges of both £25 and £12 and was originally offered about £146. I wrote back stating that I wanted them to provide details of how they arrived at the £12 charges because even though the FSA said they couldn't charge more than £12 they still would need to substantiate these charges in a Court of Law if requested. Natweststaffmember would be better placed to talk yout through the legalities.

Within 2 weeks I had a further refund of £1,748 which cleared my balance and left me with a credit balance which I thn had to chase them to refund.

Good luck!

DanDaniel

Thanks for the reply dec22, out of interest whats contractual interest ?? cheers

longhauladdict

Hi

for the questions posted by nellyboy, woodymeg and garyUK on the previous page, the answers are as follows:
The contractual rate of interest is the interest applied to the card ie, % per year or % per month. You may not know that annual % interest applied to your card, however, every statement will show either your annual apr (ie 26% or whatever) or your monthly apr (2.00% for example). To convert your monthly apr go to http://www.stoozing.com/mon2yr.htm and convert.
Then, calculate your charges at the annual %. For example if your annual apr is 32%, then that it 4 x times the amount of the 8% interest rate that a court would apply so then just multiply all your charges by 4. Also make sure that you substitute the line in the template letter of 'the amount a court would award' to the 'contractual interest rate that you have applied'.
It is worth noting that a company would only need to apply 8% if you went to court or FOS but it is always worth trying for the full contractual rate even if you have to settle for 8%. I've done it on all my reclaims and not had anyone refuse the full contractual rate yet!!!

In reference to the difference of £12 and higher charges, Natweststaffmember knows much more, but because only a court can decide the level of a fair charge, most companies are paying out the full amount. Just use the next letter in the template (threatening court action) to refuse the lower amount offered and ask for the full amount. Again, everyone who has offered me a lower amount, I have sent the next letter and got the full original amount asked.


Nitnit it might be worth posting this question in the PPI board? they will probably be better advised there?

I have answered purely on the basis of other advice that has been given to me and what I've followed, but if I'm wrong in anyway, please feel free to correct me. There are a lot of people on here who are very experienced in reclaiming and any questions, just shout!!!

HTH xx

dec22

DanDaniel wrote: »

Thanks for the reply dec22, out of interest whats contractual interest ?? cheers

Longhauladdict has answered your question in his post, hope that makes it clear for you.

Good luck!

chick_1

I owe money on a credit card form 7-8 years ago. I had payment protection and also the company increased my limit to £1500.00. After all this time they have recently been in contact with me to pay. With these new debt write-offs can I get out of paying this?