I normally just look at these sites but after seeing the helpful replies I thought why not.
In Nov 2014 I had missed two payments on a card, and I was aware by this time that hiding did no good,
I called Capital One to explain I was starting a new job and it would be maybe 1-2 months until I could get the balance back within it limit (which I did).
I was then sitting on £227.57 on a £200 limit due to charges and interest.
The advisor said sure, we can setup a payment plan, but no mention of the different types.
I got an expenditure form and filled it in.
On the form there were two options longer and shorter (max six months) in section 8.
The £10 per month I agreed to pay was double the interest on the account if within it's balance (I think 28%)
I thought well, they are giving me the option I will take the longer one, not realizing it had consequences.
Oh boy what a mistake.
This option defaulted the account immediately.
I never received the letter they said they sent about stating this so it went untoticed until around a few months ago when I did a credit check.
I contacted the financial Ombudsman who said they decided in the companies favour.
I have since replied stating a few facts they got wrong and are now reassessing.
The thing I feel is wrong that nowhere on the form I filled in explains the two options or their consequences.
I had a look on the consumer report and wondered if it applied?
I had a look on the consumer act and seen the below which I don't feel applied to the agreement form I filled out.
55Disclosure of information.
(1)Regulations may require specified information to be disclosed in the prescribed manner to the debtor or hirer before a regulated agreement is made.
[F155APre-contractual explanations etc
Before a regulated consumer credit agreement, other than an excluded agreement, is made, the creditor must—
(a)provide the debtor with an adequate explanation of the matters referred to in subsection (2) in order to place him in a position enabling him to assess whether the agreement is adapted to his needs and his financial situation,
(2)The matters referred to in subsection (1)(a) are—
©the features of the agreement which may operate in a manner which would have a significant adverse effect on the debtor in a way which the debtor is unlikely to foresee,
I seen a post somewhere else that said anything detailing to time and action should be more profound in size/bold/undlerlined. In the defult letter, i never got its all the same size.
I think they also kept the older higher amount on the default notice.