By 2004 I had sorted out my financial problems and started to pay the original amount each month. I still had no idea interest had been added to my account as Paragon never told me. Since they had agreed to freeze the interest I had no reason to doubt this. Notice the balance was over £13,000 by now. I was being charged up to £240 a month in interest which meant my payments of £145 were swallowed up and didn't reduce the debt. I carried on paying £145 a month for a number of years, thinking I was paying off the debt. In fact the balance never reduced.
Friday 2 October 2009
Statement 2004
By 2004 I had sorted out my financial problems and started to pay the original amount each month. I still had no idea interest had been added to my account as Paragon never told me. Since they had agreed to freeze the interest I had no reason to doubt this. Notice the balance was over £13,000 by now. I was being charged up to £240 a month in interest which meant my payments of £145 were swallowed up and didn't reduce the debt. I carried on paying £145 a month for a number of years, thinking I was paying off the debt. In fact the balance never reduced.
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