Can I just run away ?

sarahs999

The thing that is irritating me is that OP states he/she has a well paid job. Whether or not the charges are 'unfair', you chose to borrow money from a cc company that obviously included in its fine print that it could hoik the interest rates if it chose. Plenty of people with nowhere near a decent wage are doing their bit to reduce their debts. So should OP.

Maddie57

Have you tried writing to the c/c companies and complaining about the interest rate hike? I did this when MBNA hiked my interest rate up and they dropped it down again (still high but nowhere near 30%).

Have you also tried reclaiming your credit card charges (if you have any)? If you haven't I would highlight that you have a great payment record when you ask them to lower your interest rates.

It may not work but its worth a try.

Maddie :j

montira

I didnt consider the charges unfair at the time of entering the agreement but there comes a point when it does become unfair. If they write to me next week saying the interest moves to 80% , 150% should I still say - ah yes silly me I signed an agrrement which says I have to pay whatever they say.

So there is a point when it becomes unfair. This is undeniable. It is now just a case of debate of where that point is.

I say that a move from 13 to 30 while base rates have gone in the other direction from 6.5 to 3 is to any reasonable person unfair.

As I have stated previously I want to pay my debt back but I want fairness that is all. But if I cant get fairness then I don't see why I shouldn't play unfair too. My 'decent wage' is relative. Its decent compared to minimum wage earner but miniscule compared to city banker and is irrelevant to the previous argument.

FAIR charges for credit card debtors !

sarahs999 wrote: »

The thing that is irritating me is that OP states he/she has a well paid job. Whether or not the charges are 'unfair', you chose to borrow money from a cc company that obviously included in its fine print that it could hoik the interest rates if it chose. Plenty of people with nowhere near a decent wage are doing their bit to reduce their debts. So should OP.

montira

As you say interest rates are put up high because they can. These areements should be declared illegal and lets hope Mandelson has the balls to make them come into line. How about 5% above base rate or even 10% - still extortionate but would make a big difference.

truCido wrote: »

But you could argue he probably has paid the money he borrowed back and some, but due to huge interest rates its been impossible to pay what they deem you owe them?

The interest rates aren't going up because millions of people aren't paying back. It's going up because the banks have been reckless with there money and gave away billions that they don't have and this is there way of trying to claw some money back.

I don't at all agree with running away from it all and I know that there's a solution to it, there's many posts on this forum on people successfully clearing huge amounts of debt. It just takes a bit of effort contacting the right people and being a bit tight for a year or two but you can do it!

SkintNalsy

Hi Montira,

First off, I want to say well done for admitting you have a problem. I know exactly how you feel and I've often thought about running away from it all or worse...Anyways, I think that some people are being unnecessarily harsh on you. Nobody is perfect, we all make mistakes and I'm sure everyone on here has made quite a few (definately myself included). The point is that yes, you do have to pay it back but that doesn't mean that you have to be happy about it! I'm a newbie myself so don't have much in the way of constructive advice but just wanted to offer my support.

Natalie x

mandyc

I sympathise with the OP but as has already been said he is ignoring people who are trying to help him out of this mess without running away.

As has been said before could you post a SOA so these very helpful people can offer advice on trying to pay the debt back without running away.

Burlesque_Babe

I really also feel an SOA is the best way we can help.

You say 'what if' it goes up even more - well, that's the situation for everyone with any kind of credit - if you sign on the dotted line, then that's how it works unfortunately.

MrsPitcher2b

truCido wrote: »

But you could argue he probably has paid the money he borrowed back and some, but due to huge interest rates its been impossible to pay what they deem you owe them?

But the OP has stated that they earn a decent wage? Decent enough that he doesnt want to declare his bank accounts because they must have a decent amount going in them.

Would you borrow money and expect not to pay it back?? There were obviously going to be charges on top, its their business. I dont agree with the rates but you have to pay it, its part of the T&C.

If you dont agree with the increase, you do get notice, so pay it off before, or cut back on your spending to pay it off asap. You clearly do not want help, you have stated you get a well paid job and if you havent managed to get your debts down at all in the years you have struggled with it, then you havent tried hard enough. I have only just started and already cleard 3 accounts, which goes to show how much money i did waste. My interests rates have gradually gone up over the 5 years i have had my cards, they didnt just jump from 5% to 35% - if you want to talk unfair interest rates check out Provident finance!! 180%!! Now that should be illegal!!

I know its not always possible to pay the money back, hence why people are in debt, but to state you have a decent paid job yet you arent making a difference to the accounts? Makes no sense. A SOA is needed to show further help.

Otherwise i think you are just looking for justification to run away - which you will not get. I know debt is hard to deal with, but there are ways out of it - you just have to make sacrifices which i dont think you are prepared to make.

If you have a well paid job, i just dont see what the problem is in paying back your debts?

dancingfairy

What sort of life is it if you are always looking over your shoulder all the time - knowing you owe money and people could be chasing you for it.
I think you need to seek professional advice on it from a uk organisation - perhaps a dmp is the answer/maybe bankruptcy but you need to accept that you have got in this situation and you need to get out of it and running away is not taking responsibility.
Own up - get help, sort the mess out and move on with your life.
There are plenty of people on here who are willing to help if you let them.
df

inkedelephant

Sorry, I am new to this... but is there not an advisor that could help. Someone who you could talk to face to face and just sort things out. 30% is very high, as you say you signed into it... I think giving up on this now would be a shame but its up to you. Good luck with whatever you decide.