Monument debt 4 times original credit limit\Satisfied outcome

[kipper09]

Hi

 

I have a debt with Monument that I have been paying off for a number of years at £50 per month. The original credit limit on the card was £500. The current balance with Monument is £1,980!!! I realise I should have checked this much sooner, but stupidly I didn't.

 

It appears that each month they continue to add interest to the debt, and charges too. I want to get rid of this debt once and for all, and I am hoping someone could give me some advice on how to reduce the final balance before I clear it.

 

I've tried calling them numerous times to discuss it, but the call center operatives are dreadful - they cannot deviate from their script, as is the line to wherever the call centre is.

 

Any advice would be gratefully received.

 

Thanks,

Mike.

[MARTIN3030]

Hello Mike,it would be worth your while getting copy statements and claiming all the charges back with interest !

 

Who have you been paying it back to ?

[kipper09]

Hello Mike,it would be worth your while getting copy statements and claiming all the charges back with interest !

 

Who have you been paying it back to ?

 

Hi

 

So sorry I didn't reply to this sooner - I sent off a SAR, but in the meantime moved so they wanted proof it was me etc so its taken ages to get the information.

 

I've now got all my history from them - I paid charges of £24 up until 2006 when they dropped to £12. Am I able to reclaim the £12 charges even though that is the OFT fair amount?

 

Also, they have been charging me for years for a payment break plan - from what I've read this is essentially PPI - do I send a claim for this in seperately to them?

 

Thanks,

Mike.

[Old Cogger]

Martin 3030 = Rest in Peace.

 

Martin3030

Very sad announcement

Martin3030

deceased

[havinastella]

You can reclaim ALL charges. Have a look in the Library for the spreadsheet that will work it all out for you. You can also claim compound interest which will add up to a huge amount.

 

You can also reclaim the PPI.

 

Jogs

[kipper09]

Sorry to hear about Martin3030

 

Thanks for the further advice. I've sent off a letter to Monument with a breakdown of everything so I will see what I get back from them.

[kipper09]

Hi

 

I just wanted to thank the people who replied to this thread and all the information on this site.

 

Monument sent me a settlement offer today for the PPI payments plus interest, along with the majority of the charges applied to my account plus interest. This more than covers the amount owing on my account - which was weirdly the charges they added in the first place!

 

If it wasn't for this site I probably would have stopped after Monument initially fobbed me off saying their "Payment Break Plan" wasn't PPI and that the charges on my account were fair.

 

So thank you

[havinastella]

Congrats

 

I'll amend the title for you

 

JOgs