Thanks for the information, I've been communicating via letter with them and as a trial balloon raised the issue of them raising the interest rate due to late payments.
Also I alleged that the disclosed rate of interest on the statement was incorrect as over the limit fees should also fall within the definition of interest CITATION: DeWolf v. Bell ExpressVu Inc., 2009 ONCA 644
On Appeal the appeals judge said
[39] In my view, for the purposes of analysis, a distinction must be made between institutions whose business it is to lend money or advance credit on the one hand, and service providers like the appellants and Consumers’ Gas Co. on the other hand. Where the relationship between the parties is exclusively one of lending money, any additional charges or fees are inherently connected to the lending of money or the advancing of credit, regardless of their label. Generally speaking, such fees are likely to fall within the definition of interest in s. 347.
In their response they admitted that they were unable to provide me with a copy of the account disclosure document as they do not retain past seven years.
However they hang there case on the fact that they did provide "updated account terms" some five years ago I'm sure I received them but five years it meant nothing.
They never commented on the disclosed rate of interest allegation, bottom line is they offered a settlement which reduced the interest rate and forgave some interest charges.
Oh and yes they have given me three months to consider the settlement!
My gut tells me that they are a touch leery about the disclosed rate of interest allegation but I could be wrong.
Interested to hear any pro or con opinions about my feeling.
The offer is still to high for me I just can't pay it