Hi DX, thanks for the quick reply will use the CI calculator. any suggestions on the transfer to Elderbridge?

Hi DX & Martin, This year just gets better! (wife MS relapse, now me with TIA!). I've received the SAR from GE Money, however it only shows the current interest rate i.e 1.083% monthly (13.8%APR). Although it's not the average, am I alright to use this in the Statutary Interest Calculator? Secondly, there appear to be two types of additional interest, (additional interest + additional interest-SI) do I include both? Finally, the loan has been sold to Elderbridge ltd with the outstanding balance being the remainder of the loan + the charges. (I believe the outstanding charges balance was @£800 before the loan was sold). Do I now contest the balance with Elderbridge? Thanks for any advice in advance, it's been a difficult year.

Hi all, thanks for the replies, I'll SAR GE Money, and as dx says leave the pension where it is. Now back to the battle with PIP.

Hi all, haven't been online for a while due to wife's MS and fighting a battle with PIP (but that's another story). I have a secured loan with GE Money (formerly I Group) with charges for arrears. GE Money increased my payments to recover the charges and I have been looking at trying to reclaim them, but, as there is still several hundred pounds outstanding, I decided not to rock the boat for fear of them trying to repossess and also the effect it may have on OH's health. So I came up with a plan, as I've just turned 55, take a lump sum from pension, pay off charges and then try to recover what I've paid. I have received a letter from GE this week stating that they have sold my account to Elderbridge, (only giving me 7 days notice). Do I now have to go after Elderbridge for a refund or GE Money? I say this because I have already paid GE Money over £2000 in arrears charges and, I assume Elderbridge will want the remainder of the charges. Any advice appreciated.

Thanks Dx, will do.

Hi Dx, I have received the paperwork from Vanquis (CD of audio recordings in post). I had originally based my figures on the APR on my account, (41.1% APR) but after looking at the terms & conditions (finally sent!) it seems that the ROP is charged at 16.63% APR. I have 2 questions, If they did not charge me interest after September XXXX, can I only claim the actual payments back? And, do I assume I use the lower APR in my spreadsheet calculations? By the way, they have upped their offer yet again.

Thanks Dx, will wait 'til Friday when I should get all paperwork.

Hi Dx / ims, Have sent request for all paperwork to Vanquis which should be with me by Friday (according to Vanquis). I have checked my list of transactions on the account and, yes, they did not charge interest from Sept xxxx. I'm not sure how this will affect my claim. Interestingly, I have had two phone calls from Vanquis this week, one to appologise for not sending all info required in SAR (which is now on it's way). The second phone call was to ask if I would be prepared to accept an increased offer as a gesture of goodwill. I'm begining to think that they think they have done something wrong and by upping the offer hope I will accept & go away.

Hi Dx, they sent written transcripts of comms logs & a list of tranactions (not actual copies of statements). The reason I mention audio copies is because in their original letter, they say they have reviewed the recording of the telephone conversation at the opening of my account. This they say proves I asked for ROP, however they have not provided a comms log of my asking to cancel ROP.

The original SAR was sent in January 2012 and a follow up in December 2012.

Thanks all, with regard to mikeymack, my complaint about ROP isn't that they applied it when I didn't ask for it. The complaint is that if my account was over it's limit and I went to make a purchase, the card would be declined because there would be no funds (or credit) available. Vanquis however charged ROP as a transaction to the account even though it was over it's limit & therefore no funds were available for the transaction. Sound reasoning? DX, I have already asked for a SAR, all I received was a list of transactions on the account. There was no signed credit agreement, no terms and conditions & more importantly no audio copies of any phone calls I made to Vanquis or that they made to me, (no surprise then!). I am now going to write back demanding all of the above plus proof that no interest was charged on the ROP after 2010 even though on their website it states interest will be charged on ROP. I will also remind them that if they go to court, they will have to provide all this information, or anything else that they intend to rely on.

Ok Dx, will write to them asking for statement, I'm also going to ask for the terms & conditions + the credit agreement I originally signed up to.

Hi Dx, Hope I've done this right! I've uploaded their reply and also a pdf showing "about ROP" & also "pre-Contract Information" They say this was different to the contract I signed up for, but when I asked for a SAR, they never sent this information. The latest info on their website is similar to the files attached.

Hi ims, Sorry, this is going to be a long one! I have received a reply from Vanquis, they have offered me a partial refund without interest. They state that the terms & conditions I mention were on their website, but have now been updated. The t's & c's on the website were not the t's & c's for my account when it was running, and aslo the t's & c's on their website do not form part of any contract with a customer. They admit that when I got into financial difficulties and contacted them, it was their policy to keep the ROP in place. This has now been amended & they now offer customers the chance to cancel ROP. They also state that ROP is applied to the account as a purchase transaction & will reduce any available credit but does not sit on top of the balance. My way of thinking is that if my account is over it's limit there is no available credit therefore they cannot apply a purchase transaction. I'm going to write back and demand my original terms & conditions (which they never supplied in my SAR) & if they do not comply start legal Proceedings. Any thoughts?

Thanks, ims will get writing.