Help Still getting charged interest, can O F T help?

helpi

Hi
I am with payplan, and have been since November 2008, nearly all my credit cards are still charging me interest, payplan are trying to get it stopped, should I contact the office of fair trading, to see if they can help.
Can anybody tell me if they are any good, I am paying my creditors off say £10 a month each and they are adding say £35 interest each, I will never be able to pay it off. Payplan says that they will just keep on asking but Barclays and Halifax wont budge, this is a real worry. It took me all my nerves to contact payplan, so I will contact OFT if it is going to be worth while.
Thank you

missblogg

I don't know who payplan are but they are not doing a very good job for you are they, at this rate you are going to end up worse off than ever,maybe you need to go and see the citizens advice, i would not let this carry on.I am sorry i don;t know how you will get them to stop the interest,i am in your situation, but i am makeing minimum payments.which is just the interest.

GeorgeUK

Payplan are a free debt advisory service, technically not a charity, but ranked up there with CCCS.

Banks do not need to stop charging interest. Unfortunately, that's the bottom line. If you were in a Debt Arrangement Scheme (Scotland only) then it may be possible to stop the interest and charges, but otherwise it's at the banks own discretion.

There is a letter available on the nationaldebtline website that points out quite well how you are trying to reduce your debt so that you can pay them all the money you currently owe, but if they continue to add interest, you'll never be able to pay it back. Might also be worth telling the bank that you are with Payplan as the banks recognise as one of the more helpful organisations.

OFT can't do anything about it. It's part of the agreement you made with the bank.

stressedgirl_2

hi helpi

I am also with Payplan and one of my creditors - to whom I owe the largest amount- is charging me interest every month. This creditor is Black Horse and the interest each month is 50% of my payment so the charges will really affect how long it takes me to pay off the unfortunately large amount!

Funnily enough I just emailed Payplan to see if they have a letter template for asking BH to stop charging interest, although I know they are not obliged to. I can see from your post that Payplan aren't going to be able to help much though - gah!!!

It might be that if any of your debts are eventually sold on to DCAs then they will stop interest, but I worry about the harrassment they are often guilty of so I don't really want that to happen either!

Fingers crossed anyway and just to let you know you're not alone.........

10past6

stressedgirl wrote: »

I can see from your post that Payplan aren't going to be able to help much though - gah!!!

Neither Payplan or CCCS will become invloved in working against a creditor.

stressedgirl_2

Yeah Ive gathered that from some of the posts on here about CCJs etc. I wanted to approach Payplan about the interest issue first as they are supposed to represent me, but I'm going to dig out the National debtline letter mentioned in another post on here and try that.

10past6 I've read loads of helpful advice from you on here - would you make full&final settlement offers through Payplan or would you go direct to the creditors then (if you were me, which clearly you aren't lol)? Fingers very crossed I may be in a position to do this in the next year or so........

10past6

stressedgirl wrote: »

would you make full&final settlement offers through Payplan or would you go direct to the creditors then

Deal with the creditor direct; only use Payplan for there sole purpose "paying your creditors"