Barclaycard Goldfish

Fleabite

Hello all

I have a Barclaycard Goldfish (which was just Goldfish when I first took it out (at least 10 years ago)). I wrote a letter at the end of last year explaining I was having difficulties in paying (although I was meeting the minimum payment each month by Direct Debit). I received a letter back saying they would look into the matter and get back to me. They did ‘get back to (at) me’ by putting my interest rate up by 10% instead and no letter to tell me this!

I know I spent the money and I should pay it back (although in my defence it was due to my ex not paying me anything for nearly a year and still owes me a considerable sum), but when they put on punitive charges and I am only reducing my balance by a few £s each month (I am not spending on it all) and interest rates are very low, I feel that if they won’t be fair and offer reasonable repayments then I am going to try my utmost to get the best deal possible to reduce this debt. After all, not only are they getting mega £s back in interest from me each month they also got money from the suppliers from whom I bought the goods – I think many people forget that the card companies often get ‘two bites of the cherry.’

Therefore, I would like to see my CCA. However, could someone please answer the following:

1. If they do provide a valid CCA, are they likely to close my account forthwith? I could never afford to pay it off in one go.

2. I am still confused about the default element if you do not pay because they do not have a valid CCA. In some forums it says that you will have a default which will stay on your file for 6 years. In others it says you can write to the company asking for it to be removed as it is unenforceable. Obviously this is something I want to avoid as I do have a good credit history with no blemishes.

3. Looking at previous postings, it seems that Barclaycard are particularly nasty and even if I do not have a valid CCA they will use the ‘bully boys’ aka Mercers to try to enforce the debt even though they shouldn’t. Again, this is something I am quite scared about.

I would, of course, try for a 0% balance transfer if I could, but I am not on the electoral register as my partner (not the cause of my split) won’t put me on it – (various issues and I am trying to find a way to move out, but no money for a deposit because of the interest – catch 22) and he does not know of my debt and would not be sympathetic.

Whoops, I am sorry for such a long post. Thank you for any advice.

never-in-doubt

Fleabite wrote: »

Hello all

I have a Barclaycard Goldfish (which was just Goldfish when I first took it out (at least 10 years ago)). I wrote a letter at the end of last year explaining I was having difficulties in paying (although I was meeting the minimum payment each month by Direct Debit). I received a letter back saying they would look into the matter and get back to me. They did ‘get back to (at) me’ by putting my interest rate up by 10% instead and no letter to tell me this!

That sounds about right - nasty nasty Barclays/MBNA...... This seems to be their usual tactic but if you requested payment relief by letter they should have responded and they cannot up the interest rate without telling you first, at the end of the day you have a right to cancel the contract and go elsewhere so they should give you at least a month notice (someone may correct this part).

Fleabite wrote: »

I know I spent the money and I should pay it back (although in my defence it was due to my ex not paying me anything for nearly a year and still owes me a considerable sum), but when they put on punitive charges and I am only reducing my balance by a few £s each month (I am not spending on it all) and interest rates are very low, I feel that if they won’t be fair and offer reasonable repayments then I am going to try my utmost to get the best deal possible to reduce this debt. After all, not only are they getting mega £s back in interest from me each month they also got money from the suppliers from whom I bought the goods – I think many people forget that the card companies often get ‘two bites of the cherry.’

Not sure what you mean about the cut they got from the retailer - this isn't true is it? But regards to unenforceability, it could be an option.

Fleabite wrote: »

Therefore, I would like to see my CCA. However, could someone please answer the following:

To see your CCA send this: http://forums.moneysavingexpert.com/showthread.html?p=20460053#post20460053

Fleabite wrote: »

1. If they do provide a valid CCA, are they likely to close my account forthwith? I could never afford to pay it off in one go.

No, they only do this if you default. Anyone is allowed to request sight of their CCA.

Fleabite wrote: »

2. I am still confused about the default element if you do not pay because they do not have a valid CCA. In some forums it says that you will have a default which will stay on your file for 6 years. In others it says you can write to the company asking for it to be removed as it is unenforceable. Obviously this is something I want to avoid as I do have a good credit history with no blemishes.

This is contentious in that each outcome is individual to the person. So, say you refused to pay from today and ignored them for 6yrs then you'd be free to start again. In this situation there would be a default for 6yrs but in essence you'd also be statute barred after 6yrs from last payment so to be honest you'd be statute barred before any default was removed.

The other side of the coin suggests if you pay, any late markers will remain for the duration of the debt/arrears and could be much longer than the initial 6yrs.

If you do not pay and argue unenforceability, the lender usually only removes the default if they are enforced by a court - not something they will do willy-nilly and that is why you'll hear differing stories....

To learn unenforceability have a read here: http://forums.moneysavingexpert.com/showthread.html?p=20459909#post20459909

Fleabite wrote: »

3. Looking at previous postings, it seems that Barclaycard are particularly nasty and even if I do not have a valid CCA they will use the ‘bully boys’ aka Mercers to try to enforce the debt even though they shouldn’t. Again, this is something I am quite scared about.

They all do, Mercers are no different except they do fold after a certain amount of pressure but they will not just remove defaults - they like to think they are powerful but they are not and usually the assignment isn't legal so therefore it passes back to the lender and cuts them out the loop.

Fleabite wrote: »

I would, of course, try for a 0% balance transfer if I could, but I am not on the electoral register as my partner (not the cause of my split) won’t put me on it – (various issues and I am trying to find a way to move out, but no money for a deposit because of the interest – catch 22) and he does not know of my debt and would not be sympathetic.

Ermmm, sorry to say this but maybe you're partner isn't the person you want to spend the rest of your life with! I'd be sympathetic, we all make mistakes don't we? Who is he to judge you and your past? sorry - but not a lot to say regards to above comments :mad:

Fleabite wrote: »

Whoops, I am sorry for such a long post. Thank you for any advice.

LOL :rotfl:

---

Ok, so as you can see you do have a few options. I'd look to read the Unenforceability links I posted and see what you want to do. For an idea of how to get the defaults removed, see this specialist thread aimed at just that! I've posted loads of letters for people and some will be valid to you, others may not, but if you're stuck just PM me with details.

http://forums.moneysavingexpert.com/showthread.html?t=1674391

Hope that helps - best of luck whatever you decide.

CLAPTON

Just phone up the council and ask to be put on the electoral roll.

Fleabite

Hi Never in Doubt

Thanks for your speedy reply and good advice - from all angles (and hope I didn't wear your fingers out too much by answering my long ramble)!

What I meant about the cut the CC people get from the retailer is that when you buy goods on a credit card they charge the retailer a % of the purchase price for their fee, so my purchase has already earned them money and now they are making a tidy sum from me in interest on these purchases each month.

As there is no danger in them closing my account I think I will request my CCA so that I know what my options are if I go down the request a rate reduction or unenforceability route.

Still a bit scared of 'blotting my credit history copybook' but, as you rightly comment, I don't think I can stay with this person and I need to do all I can to free up some capital to move out.

Thanks again.

- wow, shows how sad I am - this is the first time I have EVER used an icon!

never-in-doubt

Fleabite wrote: »

Hi Never in Doubt

Thanks for your speedy reply and good advice - from all angles (and hope I didn't wear your fingers out too much by answering my long ramble)!

What I meant about the cut the CC people get from the retailer is that when you buy goods on a credit card they charge the retailer a % of the purchase price for their fee, so my purchase has already earned them money and now they are making a tidy sum from me in interest on these purchases each month.

As there is no danger in them closing my account I think I will request my CCA so that I know what my options are if I go down the request a rate reduction or unenforceability route.

Still a bit scared of 'blotting my credit history copybook' but, as you rightly comment, I don't think I can stay with this person and I need to do all I can to free up some capital to move out.

Thanks again.

- wow, shows how sad I am - this is the first time I have EVER used an icon!

Hi,

Lol, my fingers are sore now hehe! Back to the point; you've missed the point the % charged by the merchant provider covers their costs - not the credit cards direct.

Look at this for an example: I am a business, I want to take credit cards, my merchant processing facility will cost me £XX per month plus a % of each transaction. This is paid to the merchant processor, not the CC company.

Even in the case of Natwest (streamline is their merchant processing) or Barclays(Barclays have their own merchant processing) these companies may own their merchant processing internally but they don't split the profits with the CC arm of the business - they are separate companies.

Your credit file is already trashed with these late payments and until you get into credit, they will remain on your credit report for 3 years (maximum) so why pay £10k for no reason?

Regards to your love life - sorry, not here to criticize but glaringly obvious he sounds like a plum - lol sorry I am honest if anything! If my Mrs was in debt i'd be right behind her...... also help her get it unenforceability lol :rotfl:

well done on the icon hehe - now use the thanks buttton LOL :T