credit card charges

sp555

So about 1 1/2 ago i set up direct debit on my card so that i could pay it off. When i spoke to the operator i explained i wanted to pay the minimum amount every month which is £52.51

After this period of time i thought i would check my balance as i havnt used it and thought i would be at least half way to paying it off!!

To my shock i am over £40 over my limit!!!!!!!!!! (card limit is £1500)

I remember saying i didnt want payment protection but have been charged over £8 a moth for this, no one mentioned that the cash and purchase interest wasnt covered in the amount i was paying back and therefore have been charged £12 every month for being over my limit!!

I havnt phoned them yet, as i dont know how to deal with this, i was expecting to have payed at least £750 off by now. what can i do

I am with capital one.

Any help would be appreciated as i really dont think that this is fair!!

Hax

What do the terms and conditions that you signed up for say about minimum payments?

Why haven't you checked your statements in 18 months?

Time for you to take responsibility for your finances, this situation is entirely your fault!

opinions4u

sp555 wrote: »

So about 1 1/2 ago i set up direct debit on my card so that i could pay it off. When i spoke to the operator i explained i wanted to pay the minimum amount every month which is £52.51

After this period of time i thought i would check my balance as i havnt used it and thought i would be at least half way to paying it off!!

You are certifiably insane. Why would you NOT check your statements?

I remember saying i didnt want payment protection but have been charged over £8 a moth for this

That seems rather cheap. Go to the Reclaiming part of the forum to see if you can get this refunded.

no one mentioned that the cash and purchase interest wasnt covered in the amount i was paying back and therefore have been charged £12 every month for being over my limit!!

You have probably trashed your credit file with your laziness.

i was expecting to have payed at least £750 off by now.

You are mathematically challenged. There is no way that you would pay anything significant off a credit card if you are only paying the minimum balance. Unless you're in an interest free deal.

Any help would be appreciated as i really dont think that this is fair!!

Ring them.

Tell them that you never wanted the insurance and ask them to cancel it.

Tell them that it is this that caused the £12 charges and ask for those to be refunded.

When they refuse, ask them for a letter of deadlock.

When you receive this (or when 8 weeks have passed) take the matter to the Financial Ombudsman Service.

Around 6-12 months later the FOS will make a ruling. I suspect you will get your insurance premiums back and perhaps a couple of the £12 charges. The FOS will also state that you are negligent because you chose not to manage your finances and as such a reimbursement of the other £12 charges is not appropriate. You never know, you might get lucky and obtain a ruling that states the minimum payment should always ensure an unused card stays within the credit limit.

Treating Customers Fairly is a regulatory principle within financial services. It's damned hard to do if the customer behaves as negligently as you have in relation to your finances.