Credit Card Charges

angiesgirls

We've had to put in place a debt management plan with our creditors through the Consumer Credit Counselling Service (CCCS). This has helped enormously but what I don't understand is that, despite our circumstances, the majority of the credit card companies and banks are still adding interest and late payment charges, which in most cases, exceeds the amount we contractually pay towards each debt.

In the case of late payment charges, the creditors have agreed to us paying a reduced amount, which is always paid in good time by CCCS on our behalf, but because is it less than the minimum amount shown on the statements, they are still applying these late payment charges.

Is there anything that we can do about this? We've been completely honest and up-front about our situation with the creditors but they still want more from us when we are already living to a very meagre budget with just enough for basics.

financial_warrior

It's difficult to comment without understanding the particulars of each agreement you've made with each of the creditors. Have they explicitly stated that they will waive late/under-payment and interest charges under the plan you've put in place?