Monument card - please advise.

princeayo

Good morning all,

I need a bit of advice about this card. The card has stopped for about 2-3 years my credit limit was £250 but due to charges an all I am now owing about £780. I have reuested for the the statements and made a claim for £552.00 and a further interest of £109.05.

I got a letter back from them which basically I do not understand what it means, please see as follows:

After 3 paragraphs of confirming my requests they said:

I can confirm that we are prepared to review late payment and overlimit fees that have been applied to your account prior to the OFT investigations into charges. I can further confirm that this equates to late payment and overlimit fees in the total sum of £552.00 that have been applied to your account which have not previously been refunded.

In addition and further to the OFTinvestigation into default charges, our default charges have been decreased to an amount of £12.00 each. We are therefore not prepared not prepared to review any default charges that have applied to your account at this rate.

Under the T & Cs of thsat account which you agreed to be bound when applying for Monument VISA card; a late payment fee is applicable if you do not make at least your minimum payment by the payment due date and an overlimit fee is applicable if you exceed you agreed credit limit at any time. Further to this interest is applied to any outstanding balance on your account at the contractual rate each month.

5 paragraphs later

However, putting this issue aside, as a gesture of goodwill on this occasion only, I am prepared to refubd £276.00 which represents half of the total sum of the charges that I have agreed to review. I hope you will agree this is a fair and reasonable offer. If you would like to accept ......

In addition, I can conform that Monument will not be accomodating your request for refund of the respective interest charges that have been accrued on the aforementioned fees.

These are the points I need help:

1. What do they mean by the 1st 2 paragraphs
2. I do not want the half because if I accept it I will still be in their debt and they could do whatever they wish with my account
3. I asked for the interest because they too charge me interest on my outstanding balance which has included these charges
4. I have paid over £500 on this account already, could I claim this back?
5. Do you think I have a chance of claiming the whole £552 (and pushing it a bit - the interest)?
6. Should I still be paying the standing order of £25/month or should I stop it?
7. What should be my next step?

I would really appreciate your help with this.

Many thanks all.

wyebird

The OFT ruling said that £12 was the maximum resonable charge for late payments etc on credit cards, so they are offering to refund you the difference between 12 pounds and what you were charged, I think.
If you need more information, then you are proabaly better of looking and posting on the re-claiming bank charges thread.

ICan'tStandIt

They're giving you half back so that you were charged £12 and not £24 for the times you were late or over your limit.

It seems from what you have said that you had a small balance outstanding which you never paid and this has built up in charges.

Why did you not realise this ? They would have sent statements.

Why did you allow the debt to increase so much ? Did you just stop making payments ? If so, I don't see how you can think you're justified in claiming the money back.

Take what they're offering, pay the rest off in stages and move on.