is it ok for bebt collecters to add to the debt

paul01609

i got aloan out back in 1999,not long after me and my girl friend split up(now married) i was taken for csa so by the time i paid evey one i had no money left over.i asked the bank for help and all they could do was offer to loan me more money which i refused,so i sent up a payment for £15 per month which more or less i hve been paying for the last 10 years.back in october i came across good websites like this and found out lots of info so i sent them a cca request but all looks ok so the consumer action group have said.in with all the paper work was statments which i have never had from them in 10 years,the ototal i borrowed was around £9k but the bill for for around £12k so for the last 10 years i have not even paid off what they have added on for them selfs is it legal for them to do it?i have now stopped paying theese modern day !!!!!! turpins and now refuse to pay them any more they can now take me to court

dancingfairy

Yes they can add fees - whether there are any limits on what they can charge I'm not sure. I presume this was not a debt to the CSA? - sorry it's a bit confusing from your first post.
I think I would write to the company concerned and ask for a statement to see exactly what charges had been added and what payments have been made to the account as a first step.
You may be able to offer them a full and final settlement depending on whether the debt is with the original company or whether it is with debt collectors.
df

savingmummy

unfortunately fees will be added!
I don`t think you can do anything other then contact them and ask x

DarkConvict

It is a loan, the payments you were making were not covering the interest, as such the value has gone up over time rather than down.

Use the snowball calculator, put in the amount owed, loan apr and the £15 a month payments and you will see it goes up not down - http://www.whatsthecost.com/snowball.aspx

It is perfectly legal, this is how all credit works. They make money from interest, unfortunately if you fail to make high enough payments, you don't get anywhere.

paul01609

sorry for the late reply many thx for the information