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Compound or simple interest prescribed term?

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All set to claim redress for PPI on an old store card and am now flummoxed by an odd interest term in the recon agreement.


'We will charge interest on the account at 1.5% per month'

The APR is as follows... (blank, none given?)


'Interest will accrue on the account on a daily basis from the date of transaction until payment in full is credited to the account. Each month interest will be added to the balance on which interest is charged'


As its a store card there was an option for interest free purchases, ergo the term above (on which interest is charged)


Having managed to get the last 10 years of transaction history out of it (account is 12 years old) it appears from my calcs that interest was compounded yet the term is clear in that interest will only be added to the balance of the transaction.


I'm pretty sure I'll claim at current advertised APR but its now left me wondering if my agreement was for simple interest only at inception.


Does anyone have any ideas or suggestions on how to broach the subject with the creditor?

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i'd use the cisheet at their apr


let them argue if they want to


don't foget if the card is closed


then close the ci on that date


and use the statint sheet for that figure till today



please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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