I defaulted on a flexable account with an ex partner. I asked for statements going back to 1997 but have not recieved them all yet.What i do have is this though.

As of 6th jan 2000, I had an overdraft of £4778.66

As of 14th October 2005 I still had £4854.52 to pay? Ouch Only paid £29 in all that time.

They have charged me £2838.07 in interest

I have repaid to the account £2778.00 in that time.

I paid through an agency for a while, small amounts & for the last 18 months approx I have paid £80 to them on time regular.

Is this excessive interest?

Any thoughts what my next move should be with this account. I cannot get a proper bank account because of this default.

Mike

Ouch! What do you mean by 'paid through an agency'? If you were in default and made an arrangement to pay, I thought that the interest was supposed to stop being added. Who has been adding all the interest? There are some very interesting threads on the forum concerning debt collection agencies.

Thxs for the reply Robert. The agency was one of those companies who promise to lower your monthly payments etc.They were Baines & Ernst. I paid money to them & they then forwarded it onto the bank.I no longer deal with them & prefer to pay myself.The bank have never made an arrangement with me & when I recently phoned to get a settlement on the account I was given a figure to do just that. I thought better off it though, & thought I would get some opinions first before I probably have to seek proper legal advice. They are never off the phone now to see when I am settling which makes me think there is something not quite right here.They have tried to give me a 6 monthly financial review as well but they have never ever ever given me a review before.Going to phone for rest of my statements today(the missing ones)

Mike

Lowering your monthly payments is only ok if they've managed to do a deal whereby the principle sum owed is also lowered, otherwise you end up just paying enough to cover the interest, and therefore never get out of debt. Which sounds a bit like where you are now.

I think before you do anything else you need to be in full possession of the facts. If I were in your position I would also be doing a DPA request on Baines & Ernst, so that you can see exactly what they've done.

Robert thxs once again. I have the statements pertaining to the period Baines & Ernst were paying my debt so thats not a problem.When the account first defaulted they were charging over £100 in interst monthly but all of a sudden they changed that to about £30 after a few months.They do not communicate with my ex partner, just me, but all back statements show just my ex's name as having paid the debt(I give her half every month). I guess that I am the one defaulted & she has got off scot free.I will update this as I get more info.

mike

Just had a thought. Can the bank issue a default on my credit file(which they have) if I can prove i have paid money into that account every month without fail?

Mike