Parachute accounts

sgx.saint

do you really expect us to believe that ALL of the payments to your creditors were continuous payment authorities on your credit card ? And even if they were that you couldn't cancel them ? Alternatively why do charges get added to your credit card account unless you are using it whilst over the limit ? Please enlighten me - I'm all agog with wonder

Obviously your financial knowledge here is laughable. Sorry, but I just thought I would quote you directly.

On the majority of UK credit cards, if you make reduced repayments, below your contractual amount then the credit card companies class this as a late payment. You therefore each month incurr a late payment charge of around £35. Or at least they used to be this amount until OFT demanded the companies lower their charges.

I was below the credit limits on all my cards, however after 6 months of late payment charges and interest charges, I was over limit, and then ontop of receiving late payment charges, I also began to receive over limit charges.

So you see how it all adds up, and again something I have and had no control over. So again, money management was not responsible for my charges.

Therefore case closed.

Are you enlightened now?

Tootsie_Roll

sgx.saint wrote:

On the majority of UK credit cards, if you make reduced repayments, below your contractual amount then the credit card companies class this as a late payment. You therefore each month incurr a late payment charge of around £35. Or at least they used to be this amount until OFT demanded the companies lower their charges.

I was below the credit limits on all my cards, however after 6 months of late payment charges and interest charges, I was over limit, and then ontop of receiving late payment charges, I also began to receive over limit charges.

So ALL your creditors were credit cards and you incurred no charges what-so-ever on your current account ? In addition if I want to get really pedantic (which I am feeling like right now) and we're talking about financial resonpsibility - however noble the decision was to support your relative YOU made the decision to stop work without having any fallback position to support you through that time so of course YOU are responsible for any charge incurred as a result - YOU were in control of the situation. Remember it's not about blame but about accepting responsibility for YOUR actions.

Starting to get it yet ?

sgx.saint

I feel you have been pedantic from the get go Tootsie.

The majority of my creditors were credit cards, apart from one loan. I have incurred no charges to my current account. I only closed my account as I had a credit card with the bank and I wanted to avoid any risk of offsetting whilst on my DMP.

With the loan I had, the same applies in relation to late payment fees and contractual repayments.

Of course I made the decision to take care of my ill relative and I knew the consequences of my actions. I therefore from the start accepted responsibility for my actions.

I incurred charges as a direct result of this action, I accept that. However, I do not accept the level of charges that I have incurred. That is what mine and many other peoples issues are with bank charges. Not the fact that we have been charged, but rather the amount and level of charges.

Even the OFT stepped in and told credit card companies to reduce their charges as they were disproportionately high.

I feel completely satisfied in everything that I have said and posted and I have made my feelings and opinions known.

I would like to draw a line under it here as this is not helping anyone and we will probably just end up going around in circles.

A virtual friendly handshake on our agreement to disagree?