Help please..what can I do ?

[NYM]

 

In November 2005 I owed £ 155.00 approx. on my Principles Store Card.

I had a Direct Debit that paid the minimum each month. As I knew that the payments were covered each month, I never even opened the Statements.

 

In Feb/March 2006 we changed banks and the Direct Debit went unpaid for one month (£6.00 approx) I don't know why that particular one didn't get paid as all our other D/D's did - mortgage, rates etc..

 

On checking my Bank Statements this week, I noticed a payment to Ikano Finance for approx. £20.00. I didn't know who they were but I checked back through my statements and realised that payments to them were on a monthly basis and the first one was one month after opening that particular bank account. I realised that it must have been my Principles card payment and decided to open the latest statement I had received.

 

I now owe them £556.00 !!!!!

 

(I have also opened all the other statements that I can find...and for one missed payment they have charged me sometimes £20 a month and others £40 but most recently, they are charging £12. )

 

I don't use the card and haven't done since about 1999, but having missed ONE payment of around £6.00 I've incurred about £460 worth of charges.

 

As I have a 'live' Direct Debit with them, I would have assumed that any missed payment should be taken the following month, but they haven't and consequently they have added late payment fees time after time.

 

They HAVE managed to take their charges and interest each month from my bank but continue to carry forward that ONE £6.00 minimum payment I missed - and continue to charge the late fee each month.

 

I really would appreciate any advice on what I should do.

[rory32]

The first thing to note is that all the charges that they have applied you can claim back plus the interest that they have applied on the charges.

 

Do you have all your statements for the period that they have added these charges?

[NYM]

I've got no statements up to November 2005 - I probably 'filed' them in the bin...

 

I'm missing March, April and Dec 2006 and June 2007. It just so happens the only payment I missed was March 2006.

 

I'm paying PPP at the rate of £1.50/£100 and 2.08% per month interest and of course, late payment fees. The DD is of course variable, it's what THEY claim from my bank each month.

 

I have done a spreadsheet thingy..and they have not been charging late payment fees every month. They have only been charging the £12 late fee since March 2007 ( 15 months x £12 ) before that they have charged me £20 some months and £40 in others.

 

btw....thanks for replying x

[BankFodder]

Send an SAR to the storecard and then start claiming it all back.

You should also write to your bank and discover whose fault it was that th DD was missed.

[NYM]

As I have all but 4 of my statements since the charges were applied, do I still need to S.A.R them ?

 

As for my banks...they'll either blame each other won't they ?

 

All my other DD's were paid without any trouble during the change-over but should I have notified the store card people about the change of bank and new account number ?

 

What I'm most confused about is, why didn't the store card just call for the overdue amount the following month.

[silverfox1961]

As I have all but 4 of my statements since the charges were applied, do I still need to S.A.R them ?

 

As for my banks...they'll either blame each other won't they ?

 

All my other DD's were paid without any trouble during the change-over but should I have notified the store card people about the change of bank and new account number ?

 

What I'm most confused about is, why didn't the store card just call for the overdue amount the following month.

 

 

Those 4 statements will include charges but at which rate?

Normally I wouldn't advise ringing them but for the sake of 4 statements I'm wondering if they'll post you them. Worth a try?

If they won't then a SAR is the way to go.

 

I can't speak for the banks but they may give you a reasonable answer. more likely they will pass the buck.

 

Storecards doing something simple. Don't make me laugh. They will relish the face that if you didn't know of the CAG you would blindly pay them. Money for old rope?

 

 

fox

[NYM]

I will ring them (I'll have to leave it till hubby goes out though.. )

 

I think I'll also ask them for a copy of the original agreement. I signed it in store and the shop assistant didn't tell me what PPP was, although if I'm honest..I still don't know !

[rory32]

I think I'll also ask them for a copy of the original agreement.

While you can do this over the phone it is better to put this particular request in writing so that there is a traceable record of your request. There is also a one pound fee for supplying a copy of the agreement, although some companies will waive this fee.

[NYM]

I've been reading the forums for some time and understand the importance of having everything in writing.

 

So, although I managed to ring them this afternoon (on an 0870 number ) I only discussed the late payment charges applied to the account.

 

I was told that it's my responsibility to ensure the minimum payment is made each month and the late payment charges reflect my 'inadaquate practice of checking the bank account, especially in light of the change over of Bank accounts'

 

Although I had to accept that he was right, I explained that the late payment charge of £ 20/£40 for a missed payment of £6.50 COULD have been taken the following month when THEY called for the payment through the DD. He then explained that the charge and any interest charges formed the minimum payment for the following month and that the missing £6.50 is carried over monthly until it is settled seperately !!

 

I'm beginning to ask myself what is the point of Direct Debits if they can pick and choose what they call for thereby allowing the missed payment to accumulate horrendous charges.

 

Really don't know what to do now..

[rory32]

Start the process of reclaiming the charges. Remeber to treat anything the bank tells you with a pinch of salt. They have more than a slightly vested interest in applying charges and claiming that they are fair. Also get that request for the copy of the credit agreement out.

[NYM]

Is there any special letter to use for re-claiming the charges, or, shall I just add that bit of info into the letter requesting the CCA ?

[silverfox1961]

Here is a letter you could send them. Obviously edit it to suit your needs

 

The Consumer Forums

 

fox

[NYM]

Many thanks for the link. I shall send that out on Monday along with a request for my CCA.

 

I'll just have to try to calculate the late payment fees and interest charges they've applied.