Very tired and worried.

goodthings

Please can any of you good folk advise me what to do. I am 69 working a lot of hours trying to pay off my credit card with the Halifax and I am just very tired.
I need to know is it legal for them to charge interest each month for CASH PURCHASES and CHEQUES. Cheques i never ask for over 2 years ago. I haven't used the account for over 2 years and I have available credit but I don't think they would alow me to use even it if I wanted to. I have always paid my monthly payment on time and never the minimum. I still owe nearly £7,000 and can't see way a of getting an end to it.

Please help if possible.

thriftymomma

Try not to panic. Have you tried asking for a reduction in interest? If you haven't missed any payments or defaulted they should be nice to you.
What rate are you on currently?
If you have used the card or cheques, you are of course liable for the interest.

thriftymomma

And why would you think they would not allow you to use your available balance.
Sounds like things are getting on top of you. It may be wise to post a statement of affiars over on the debt free wannabe page. They will be adble to give some good advice.
Also do you have any other cards you could shift the debt to at a lower interest rate. Last question LOL!

normanmark

Yes it's legal for them to do so.

JoolzS

Of course it's legal for them to ask you to repay money you have spent at the interest rate you agreed to (it makes no difference if they raised the interest rate, you also agreed to that). Saying that you didn't ask for the cheques sounds like something a 16 year old would say. I'm sorry you are in financial difficulty, but trying to blame the CC company for giving you cheques is just childish. Two of my CCs have been sending me cheques on an almost monthly basis for about five years - I usually shred them, unless they are 0% balance transfer cheques and then I hang onto them for a couple of months to see if I need them.

Maybe you should try posting your situation on the Debt-free wannabee boards - there are some very helpful people there who may be able to advise you how to deal with your situation.

Julie

JayZed

JoolzS wrote: »

Saying that you didn't ask for the cheques sounds like something a 16 year old would say. I'm sorry you are in financial difficulty, but trying to blame the CC company for giving you cheques is just childish. Two of my CCs have been sending me cheques on an almost monthly basis for about five years - I usually shred them, unless they are 0% balance transfer cheques and then I hang onto them for a couple of months to see if I need them.

Joolz, I agree absolutely with your overall point that the OP has to take responsibility for repaying the money he's borrowed. But I don't think your comments about cheques are entirely fair. You're financially savvy enough to understand that cc cheques are a con - interest on cc cheques normally starts accruing immediately (not from payment due date), and often at a much higher rate than the rate for purchases, not to mention the lack of Consumer Credit Act protection.

Most people aren't aware of these pitfalls. It's true that lenders have introduced a "summary box" for cc cheques which sets out the interest rate, (lack of) interest free period etc, and this is a welcome step in the right direction. But I still don't think that it offers sufficient protection to consumers who, unfortunately, are not as financially literate as they should be. I think that sending unsolicited cc cheques is sharp practice. Receiving them should be opt-in rather than opt-out.

nickmack

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]!!!!!![/EMAIL].

goodthings

Thank you for defending me, your right I thought that's nice of Halifax sending me 6 cheques but not being bank smart like our friend who calls me childish, I just love smart people. But thank you & all the people who gave me sound advise.

JayZed wrote: »

Joolz, I agree absolutely with your overall point

that the OP has to take responsibility for repaying the money he's borrowed. But I don't think your comments about cheques are entirely fair. You're financially savvy enough to understand that cc cheques are a con - interest on cc cheques normally starts accruing immediately (not from payment due date), and often at a much higher rate than the rate for purchases, not to mention the lack of Consumer Credit Act protection.

Most people aren't aware of these pitfalls. It's true that lenders have introduced a "summary box" for cc cheques which sets out the interest rate, (lack of) interest free period etc, and this is a welcome step in the right direction. But I still don't think that it offers sufficient protection to consumers who, unfortunately, are not as financially literate as they should be. I think that sending unsolicited cc cheques is sharp practice. Receiving them should be opt-in rather than opt-out.

goodthings

Joolzs??? I came on this site because I was led to believe that I may get some advise off intelligent people ( Having or showing a high degree of understanding) It's a pity on my first visit I had to bump into you.

lilly81

Hi Goodthings,

Dont let one aggressive person put you off the boards, if you post a statement of affairs then we could see what can be done to help. Do you have any other debts??
Do you claim any tax credits?
Chin up
Lilly X

DES_1001

Hi Goodthings,
Please don't let one person put you off, you are right in asking your question, most people here will try to help you.