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    • RBAB79
    • By RBAB79 8th Apr 17, 4:55 PM
    • 3Posts
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    RBAB79
    Barclaycard Repayment Plan Not Renewed
    • #1
    • 8th Apr 17, 4:55 PM
    Barclaycard Repayment Plan Not Renewed 8th Apr 17 at 4:55 PM
    Hello All,

    I need some advice.

    I have a Barclaycard, around 3 years ago I contacted Barclaycard for assistance with meeting the monthly payments. I was making the minimum payments however this was steadily increasing as I was really only paying the interest and not able to get the balance down.

    After some hassle, I was advised they would put me on a re-payment plan and lower the interest. I have been on this plan since, and have paid the agreed sum every month.

    I received a letter a few weeks ago advising it was time for a review. I called them and went through to their contact centre abroad. I explained I was calling regarding the review, and the circumstances were the same as previous and could only afford to pay the agreed sum still.

    After a few questions the representative advised to keep paying same sum, HOWEVER he could not help with a further re-payment plan. He advised that as such he would need to refer me to collections. I enquired why if he had advised I was ok to pay the same amount. The representative advised it would be unfair on other customers if I was to have a further plan and I had already received this for the last few years, it could not be a indefinite thing. He advised me to pay the sum and a letter would be sent to me in due course.

    I paid the agreed sum as per the amount on my latest statement (which is the agreed sum on the payment plan)and have seen received a letter stating I have not met the minimum payment and as such will be looking to close my account and register me as default.

    I really don't know where to go from here, I have never missed a payment and unsure why they cannot assist with a further payment plan, my debt is £5k, if the interest is added back on I will sink again with trying to pay this and enough to hit the balance.

    I really could do with advice as I feel they are putting me into a corner and not willing to work with me to get the debt down whilst paying a reasonable amount.
Page 1
    • sourcrates
    • By sourcrates 8th Apr 17, 5:54 PM
    • 10,930 Posts
    • 10,590 Thanks
    sourcrates
    • #2
    • 8th Apr 17, 5:54 PM
    • #2
    • 8th Apr 17, 5:54 PM
    Hi,

    Lender organised payment plans are only ever temporary affairs, designed to help you out if you have temporary repayment problems.

    The call handler was correct, these plans are not designed for the long term.

    You are demonstrating to them that you cannot afford the contracted minimum repayments, which would be more than the agreed amount your paying now, therefore they no longer view you as a profitable customer, and you will be dealt with by collections from now on.

    That is the way of the world unfortunately, they will probably let you continue making the payment you have been making, but its likely your account will be passed to a DCA or sold on, you should write to collections and ask for interest and charges to be stopped anyway.

    Do you have other debts ?

    Not making the required contractual payments will always end like this i`m afraid.
    Last edited by sourcrates; 08-04-2017 at 7:18 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Karonher
    • By Karonher 8th Apr 17, 6:58 PM
    • 398 Posts
    • 1,933 Thanks
    Karonher
    • #3
    • 8th Apr 17, 6:58 PM
    • #3
    • 8th Apr 17, 6:58 PM
    To be fair they to them, have been working with you over the last few years by allowing lower payments.

    Have you done anything to put yourself in a position to pay more - you don't say if you are working or not. Can you do anything to allow higher payments?
    Getting ready for Christmas 2017

    Aiming to make £4,500 online in 2017.
    • RBAB79
    • By RBAB79 8th Apr 17, 7:55 PM
    • 3 Posts
    • 0 Thanks
    RBAB79
    • #4
    • 8th Apr 17, 7:55 PM
    • #4
    • 8th Apr 17, 7:55 PM
    Hi,

    I appreciate the comments and fully aware that it is a short term solution. However if they whack me again with full interest then the payments I have been making will be for nothing. Whats the point of only paying interest! The agreed payment is signifcant and not low as it is.

    I am in full time employment and yes I have made cuts where I can. I think it can be all to easy to advise make cuts etc... if I had anymore spare I wouldnt be requesting assistance. Having credit card debt in their foolish younger years is a bitter pill to swallow as still paying for it now! Something I am not proud of!

    If I have to be defaulted then not much I can do.
    Its frustrating that the representative I spoke to did not advise what my payments will be as of now. Like I said I have paid as per the statement received to date.

    I dunno, it is what it is I guess. Just frustrating I have never had to be referred to collection agency before.
    • sourcrates
    • By sourcrates 8th Apr 17, 8:17 PM
    • 10,930 Posts
    • 10,590 Thanks
    sourcrates
    • #5
    • 8th Apr 17, 8:17 PM
    • #5
    • 8th Apr 17, 8:17 PM
    If barclaycard keep your account "in house" then you must write and ask them to stop interest.

    There's no point paying it otherwise, you may just as well stop paying, allow the account to default and be sold on, then make an arrangement with the new owner.

    Unfortunately you have picked one of the least cooperative lenders to fall fowl of, but you should defenetly be writing to them about the freezing of interest.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • heather66
    • By heather66 13th Jun 17, 9:53 PM
    • 71 Posts
    • 78 Thanks
    heather66
    • #6
    • 13th Jun 17, 9:53 PM
    • #6
    • 13th Jun 17, 9:53 PM
    i have similar experience my payment plan was stopped They had sent me letters asking for income and expenditure which i sent Barclaycard didnt acknowledge and sent me further letters asking for offer of payment . i phoned up and they had recieved my replies . but told me they couldnt offer me one at that time as my account had just been paid and up to date and i was to contact them after 8th June . When i phoned yesterday they said i could go on one for a further year after asking personal questions income and expenditure AGAIN .. Today i recieved a phone call saying they had reviewed my account and now say No .. i can either pay full amount or account can go into default, and the cheek to ask if i was still making a 2nd payment at the weekend i had already paid them this month on the 6th My brother has offered to clear this accoint but Barclaycard have turned down offer even though it was 90% of what i owe sooner i get rid the better this has been one my worst creditor's
    • EssexHebridean
    • By EssexHebridean 14th Jun 17, 11:09 AM
    • 7,329 Posts
    • 38,651 Thanks
    EssexHebridean
    • #7
    • 14th Jun 17, 11:09 AM
    • #7
    • 14th Jun 17, 11:09 AM
    OP, it might be a good idea to put together your SOA (Statement of Affairs) and get it posted into this thread so we can see whether there might be odd savings that you can make that will help you meet the minimum payments at least. You'll find the SOA link in the "sticky" post at the top of this board. When you complete it make it as accurate as possible to the way things are for you right now - ie it needs to represent where you money really goes, not where you think it ought to! 12 months bank and card statements will be helpful to make sure you don't miss anything.

    It may be that we can find tweaks to your budget that will mean you can avoid the seeming inevitability of a default being registered at this point.

    If your shortfall for making the minimum payment is only small, consider surveys etc to help make this up - with effort it's possible to make a small sum every month pretty reliably.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£373.02
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