Beware! Trade Pro adds 25% debt recovery fee!

[Declan94]

Be warned. Read the small print. A year and a half ago I got approached by this young 'dolly bird' at a branch of build centre. Would I like to take out the Trade Pro card. To be honest - no I didn't but as my wife will tell you I am easy to be sucked in.

So I signed an agreement which (BEWARE number 1) - they dont give you a chance to look at. So this card comes through the post and yes you guedded it I like a mug used it.

Couple of months on they write to me (without me asking) ....(BEWARE number 2) and as I'm such a good customer DOUBLE my limit!

Now you can guess the rest....used the credit....got myself up the swanny...having a nervous breakdown etc....

 

But did the right thing wrote to them right away...did they answer ? ..NO

oh yes they rang and rang and rang some more but wouldn't acknowledge my letters. Got kind help from local CAB.. Did the offer of a payment plan .... letters by recorded delivery - sent money - asked for acknowledgment - did I get one? ...No - only more and more and more harassing calls (actually very nasty) asking for more than I could afford. CAB told me rightly only offer what I can afford. More money, more recorded letters - no written acknowledgment unitl.... we are writing to add £2k (yes £2,000.00) to your bill for debt collection!. (BIG BEWARE number 3) read the small print - yes I signed to it!

Not good hey!

Still there is light at the end of the tunnel.......

a good friend who is geed up on this has got in touch with OFT, TV people and Credit Ombudsman guy... fingers crossed according to these kindly people they are in breach of lots and lots of things they shouldn't be doing. so I may end up having a nervous breakdown but if I can bring down these 'not so nice people' then maybe, just maybe I can save some 'good' honest folk out there from going though what i am having to go through.

 

SO BEWARE - SOUNDS GOOD AT THE TIME BUT WHEN IT COMES TO TRADEPRO THAT'S TRADE PRO CARD SERVICES. (aka cdc debt collections) CHECK THE SMALL PRINT

 

I aim to keep you up dated and would love to hear any similar stories!

[BrandiBroke]

I cannot offer you any advice but I do wish you lots of luck, I hope things work out well for you, these people certainly sound rather unscrupulous! I shall follow your progress with interest

[jogra4]

if its a commercial debt then they can only add 40 quid late payment charge and interest thats the law

[ScarletPimpernel]

It would be interesting to see the actual wording about the debt collection fees - the OFT Guidance is very specific about these, and I have yet to see an agreement that complies.

 

The rules are:

 

- collection fees cannot be added unless there is specific contractual provision

- an indication must be given, in the agreement, of the amount of charges payable

- charges must reflect actual and necessary costs

- charges must not be disproportionate to the main debt

 

I think you may have reason to formally dispute the debt because of the charges. At the very least, I'd be writing to ask the creditor or DCA for a breakdown of the charges demonstrating their 'actual and necessary costs'.

 

It could be a personal rather than commercial debt, if the OP signed a regulated agreement in his own name.

[Declan94]

Hi - yes the breakdown of the debt recovery fee are being being queried.

thanks for all your comments. I just dont want some other unlucky sod to get sucked in by Tradepro - apparently they have only had a license to operate for a year so anyone out there thinking of using them would recommend you use a 'well established' credit company.

[mhill716600]

Hello Declan.

 

I also have a card with Tradepro, i owe 1,033.00 and all of this amount is interest,Collection charges, credit card payment costs.

 

Did you get any where with them?

 

regards

 

MH

[jolynne]

can you imagine what trading standards would say if we added 25 % to our bills when our customers were late paying us. That matt alwright would have a lump in his pants !

[PGH7447]

from their website

 

Am I eligible for a TradePro Card?

TradePro is the new trade Card exclusively for tradesmen for use exclusively in builders’ merchants and suppliers to the building trade. TradePro offers a revolving line of credit for the purchase of building materials and equipment hire.

 

--

 

so are you a builder or tradesman, if not then I think it was misrepresented to you and you should not have been given it