 Posted in defaults but no replies!!! Defaults
If you have a limit of say £100 with a minimum repayment of 3% or £5.
Upto now you have had no charges whatsoever.
Your current balance is £95 and you are late with a payment of £5 and so are charged £20 so you're balance is now £115. The £5 reduces it to £110.
Subsequently you only pay the £5 minimum and eventually you end up six months later owing couple hundred which you can't pay and so are DEFAULTED.
Would I be right in thinking that you should seek the removal of the default since had they not levied an unlawful penalty charge which took you over the limit then you would have not defaulted on the agreement???
ANY THOUGHTS????
Regards
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