I have a credit card with Cahoot and have recently started the process of reclaiming the PPI & charges. However having received all the statements I have just become aware that they have significantly altered my T&C on the card.
Although I don't have a copy of the contract yet (have sent CCA request) It is clear that I originally signed up to a card that had a monthly fee of £15.60 rather than monthly
interest.
It is clear from my statement that in July 2004 they altered this to monthly
interest without a fee. I do not know the rate they changed it to but it had the immediate effect of increasing my
interest charges by over £8 per month.
I have now found on my online account messages informing me of the following changes :-
07/02/07 change from 10.8% to 11.9% APR
20/11/07 change from 11.9% to 16.9% APR
(there were clearly other changes but it doesn't say online what they were just that they have been emailed to me although the email address they had was one I no longer have access to and havent since April 2004).
I would have thought to alter the terms of my account so drastically (from monthly fee based to variable interest) would require a whole new contract to be completed.
My question therefore is can I claim back the difference between the monthly fee figure and the interest as I am now paying more than double the original charge!
It would seem to me to be unfair but I have no idea what the legal stance is on these but effectively over 4 years they have doubled my charge (can a 100% increase be considered to be fair?).
I'm not worried about upsetting them as ultimately I just want to pay off this debt but at the moment it stands at around £3000 so I have no way to clear it in one go!
Sorry thats a long explanation but wanted to get all the details in.