In September and October I made payments totaling $5462.51 into a loan account I have with Citibank, after having spoken with them to inquire about the effect this would have on my future repayments and balance. This payment was well in excess of the normal monthly payment of $393 I had been making, and having spoken with the bank, I was under the impression that the payment would cover my future repayments for approximately 14 months.
I was therefore surprised to receive collection phone calls from Citibank towards the end of December requesting the monthly payment of $393. After I explained the situation on numerous occasions to Citibank, I was directed to their Customer Advocacy Group.
After discussions with the Customer Advocacy Group, I proposed that Citibank either refund the money I had paid, less any fees chargeable during that period, so that I could recommence regular payments, or that they recalculate the payments that I would now need to make due to the vastly reduced balance of the loan and the remaining loan period.
Recently, I made an application through my employer for an American Express Credit Card, as I have found myself traveling quite a bit for work. I was shocked and greatly embarrassed when the application was rejected. Upon inquiring with American Express, and paying for my credit file, I discovered that Citibank registered a default against me in March this year, in direct contravention of what I had been told by the Financial Ombudsman Service they were allowed to do under the rules.
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