Mis-sold Payment Break Plan

Verity01
Verity01 Posts: 3 Newbie
in Reclaim PPI & other insurance
I decided to start claiming PPI on all my credit cards and while doing this checked my credit report, apparently there was a note on one of my credit card files (ive been paying the minimum for years) which said there was a partial settlement on the account last year which I know nothing about. I telephoned Experian and they confirmed the entry. I then decided to call the credit card company Monument and during the call, I was informed that my account (along with many others) was closed in 2009! I was never informed of this and recently the company have sent out lots of cheques to former customers of this credit card due to mis-sold payment protection breaks that they were charging their customers. I was shocked because nothing was ever sent to me in writing. They told me that my account has been settled and the balance was paid out of the amount they were now sending me for compensation. My annoyance is that I have been paying interest on the balance of the credit card for 7 years after they closed my account. I have been paying the minimum monthly payment and paying interest on it, surely this is not correct. Correct me if I am wrong, but if a credit account is closed, are they allowed to charge interest? I had another credit account and they closed it and I have been paying only the amount I owed them, no interest has been added.

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Nothing you have said indicates any wrong doing by the Bank, I'm afraid. It also seems that you are confused on a number of issues.

    It sounds as if you defaulted years ago and there was money owed which you never re-paid.

    I'm assuming the Bank agreed not to chase you for this money as part of a Debt Management scheme etc? This would, of course, have resulted in the closure of your account.

    Anyway, they are naturally allowed to offset any such outstanding debt against any complaint redress that you are awarded.
    Verity01 wrote: »
    My annoyance is that I have been paying interest on the balance of the credit card for 7 years after they closed my account.
    This does not sound correct. Either your account is closed (and you have been paying a third party debt collection agency) or your account is not closed at all and you have been paying an agreed amount to gradually pay off the debt. Are you sure there was interest applied?
  • CakeCrusader
    CakeCrusader Posts: 1,118 Forumite
    There's usually a little bit of interest payable after an account is cleared and before it's closed, so maybe it's this? As it wasn't paid, it they would have added interest. You could do with asking them to send you out the final statement.
  • Amyflower79
    Amyflower79 Posts: 1 Newbie
    I wondered this. I've had a monument card for years. I only paid the minimum on it as well. The only difference is I phoned monument up and asked for the account to be closed and I would carry on paying monthly to clear the debt probably around the same time (2009) or it could have been earlier. The account was taken over unbeknown to me approx 12-18 months ago by capquest. I've been paying s monthly payment and the debt will be cleared within the next 12 months as there's no interest being charged.
  • avril10
    avril10 Posts: 2 Newbie
    First Anniversary Combo Breaker
    I have been trying to find current contact details for Monument regarding my old card do you still have any phone numbers?
    kind regards


    A
  • Nasqueron
    Nasqueron Posts: 8,809 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    avril10 wrote: »
    I have been trying to find current contact details for Monument regarding my old card do you still have any phone numbers?
    kind regards


    A


    As of March 2014 the details below were valid, though Barclays did end up with some of them

    Complaints Manager,
    Monument Customer Services,
    51 Saffron Road,
    Leicester,
    LE18 4US

    Contact info:-

    Monument Customer Services Contact Number - 0870-333-5487


    http://forums.moneysavingexpert.com/showthread.php?t=4884436
  • Ian011
    Ian011 Posts: 2,432 Forumite
    Name Dropper First Anniversary First Post
    Nasqueron wrote: »
    As of March 2014 the details below were valid, though Barclays did end up with some of them
    Monument Customer Services Contact Number - 0870-333-5487
    FCA regulations effective 26 October 2015 do not permit the usage of premium rate numbers starting 084, 087 or 09. The number will have changed.
  • Nasqueron
    Nasqueron Posts: 8,809 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Ian011 wrote: »
    FCA regulations effective 26 October 2015 do not permit the usage of premium rate numbers starting 084, 087 or 09. The number will have changed.

    I just copy / pasted from an old forum post as there were no other more recent ones on MSE, you'd normally post a complaint anyway but if you have the number you should post it rather than just posting the above
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