C-Operative Bank Help

lovetohorde

Hi guys, I am currently on a debt management plan with the CCCS and have this company as one of the companies I owe money, infact they are the highest.

I owed them £14,813.53 on 29/07/08 and was paying them £9.45 a month which increased to £14.09 due to a slight increase in wage I had.

I have just recieved a statement from them covering the past year... and I am shocked to say the least

It shows the payments I have made over the past year but on....

* 05th Jan 09 - charged me £1,133.38 interest
* 03rd July 09 - charged me £1,175.94 interest

I know owe them £16,991.06!!!!!

What can I do guys????

Please help.

beanielou

Unfortunatly they dont need to freeze the interest.
You could try writing to them & pointing out that the interest is a lot more than the payments you can make so the debt is never going to decrease.
Good luck!

cannonball_2

lovetohorde wrote: »

Hi guys, I am currently on a debt management plan with the CCCS and have this company as one of the companies I owe money, infact they are the highest.

I owed them £14,813.53 on 29/07/08 and was paying them £9.45 a month which increased to £14.09 due to a slight increase in wage I had.

I have just recieved a statement from them covering the past year... and I am shocked to say the least

It shows the payments I have made over the past year but on....

* 05th Jan 09 - charged me £1,133.38 interest
* 03rd July 09 - charged me £1,175.94 interest

I know owe them £16,991.06!!!!!

What can I do guys????

Please help.

If I was you I would get straight on the phone to the CCCS and let them look into it. There is little point of you being on a DMP if they are going to do this as has been said, you will never pay off your debts, by the looks of it your plan is going to be higher every year at this rate.

lovetohorde

Ok thanks guys will give them a call today

lovetohorde

Hi guys, well spoke to CCCS and they said they couldnt do anything due to it being up to the creditor if they stopped the interest so they recommended I speak to Co-operative bank to query it...

I rang them up and they confirmed that they would no stop interest indefinitly until my cirumstances change, so thats the good news.

My question is, can I draw back the interest do u think?

As far as I was aware the interest on this account was frozen but obviously this was not the case, I queried whether I could have the interest taken off the account but the girl in co-operative bank said it was part of the terms and conditions of the account to put interest on.

Can anyone help me to get this interest back?

lovetohorde

Bumpty Bump

lovetohorde

Anyone please....

Tixy

Well it might worth a letter to see if they will consider removing the interest you have been charged (or maybe even part of it). The person you spoke to on the phone might only be able to do so much but a letter should get to the person who might have the authority to help you.

(Where she mentions the terms & conditions of the account these have obviously already been broken by being on a DMP, and she is obviously okay to change them by freezing interest going forward).

Worth a short letter anyway, nothing to lose except the price of posting it

lovetohorde

Tixy wrote: »

Well it might worth a letter to see if they will consider removing the interest you have been charged (or maybe even part of it). The person you spoke to on the phone might only be able to do so much but a letter should get to the person who might have the authority to help you.

(Where she mentions the terms & conditions of the account these have obviously already been broken by being on a DMP, and she is obviously okay to change them by freezing interest going forward).

Worth a short letter anyway, nothing to lose except the price of posting it

Thanks for that, will get a letter sent off first thing tomorrow