Any help / guidance / knowledge .. will help

LonyTilly

Some years ago (8 ??) I took out a card with JJB which also allowed cash withdrawals (Link). (Both sons very very sporty and no ASBOs) No snags for a couple of years and the initial limit was about £1500 (???). Reached £3000 limit as my family suffered a huge trauma that I cannot describe. Worse nightmare x 5. Heavy spending on all fronts in particular the extra £120 per week to visit Mrs in hospital daily (pse don't say should have gone every other day).

Reached a point that I was struggling to meet monthly payments so on went the charges / charges on charges / etc. 12 months ago I started to attack some debts and agreed with JJB/Creation/Laser ? to pay £50 per month. On the phone they agreed to waive interest for the time being. Have now paid 12 lots of £50 on time. Also - lack of reading paperwork (my fault) meant I was unaware of the interest being accrued against the verbal indication above.
Now March 2010 and I have analysed the balance (at last). From each £50 paid they whack off the interest and .. wait for it .. £2.50 from each £50 paid is the amount coming off the total. I should be complete when I am about 153 years old.
I wrote ref the interest and saying 'give me some help on this please' Reply was in a word 'NO'

What can/should I do ??
Thanks

niccatw

Yikes, that sounds awful! I'm afraid I've no concrete advice, but hopefully by bumping this, it'll still be on page 1 for the earlybirds.

I'd perhaps contact the Citizen's Advice, CCCS or Payplan for some advice. You could perhaps ask the CCCS person on this forum for initial advice?

I hope you can work something out soon.

I hope you and your family have been able to come through events stronger and closer and that your OH is feeling better.

Kaz2904

Oh Lordy, that's awful! Hope someone can pop on with a way of getting them to overturn that last bit of interest for you. Good luck.

char_student

Hi, awful situation. Problem is that agreement to waive interest should have been in writing....first instance write to them, explain what was agreed on the phone, ask if they record conversations, state who you spoke to what time etc...say you want to pay off you debt but you cant if they keep charging to much interest and you though as per the verbal agreement that interest wasnt being charged and you were making an inroad into the debt

DarkConvict

It is goodwill to stop interest and charges, so you can't force them to do it.

I would speak to national debtline/CCCS, go over your debt details with them and consider starting a DMP to get it under control.

LonyTilly

Thanks all for the advice. More importantly thankyou for the kind words. If ever anyone of you suffer a major trauma (and I really hope you don't) the phrase 'time will heal' is garbage. Time just allows you to smooth the edges and cope - just !! Numbers relate better but we were flying at 100% 12 years ago when 'bang' down we went to zero. So far we have climbed to about 10 %.
Thanks all

bluebag

LonyTilly wrote: »

Thanks all for the advice. More importantly thankyou for the kind words. If ever anyone of you suffer a major trauma (and I really hope you don't) the phrase 'time will heal' is garbage. Time just allows you to smooth the edges and cope - just !! Numbers relate better but we were flying at 100% 12 years ago when 'bang' down we went to zero. So far we have climbed to about 10 %.
Thanks all

I have had a similar situation, if I wrote it all down you seriously would think I was making it up it's that bad. It doesn't get better with time, you just learn how to live with it.
I understand how the money/debt thing just isn't a priority at the time because the trauma is so all consuming. Take it easy and get some good advice, try not to worry too much about about the future just try and deal with the now.
Very best wishes.
bb

RosaBernicia

Grrrrr this is exactly why we need the new rules on cards - it shouldn't happen that people can be landed in ridiculous debt adding to genuine unforeseen difficulties.

Sorry to hear about your situation OP, I haven't any advice except to echo earlier suggestions that you contact one of the free debt advice charities. There's a sticky on here somewhere with their details. Other than that, just sending you good wishes.

Rosa xx

DarkConvict

I am aware of how years of traumatic experiences can really blunt life for you. And if it lasts long enough, then your remaining lifetime just isn't enough to make it go away.

Regards to rules on cards, it comes down to if you can't afford it don't buy it. You can't see credit as something to live off, if your do its the credit card company that is living off you they make most of there money from charges and interest not transaction fees.
As to personal circumstances you have to look at a big picture not an individual, credit cards are a business not something from the government (although the government seems much more forceful in getting there money back anyway). If you lend £3000 to 1000 people, that is £3,000,000. If just 500 loose there job to the credit crunch and they can't pay would you really be happy to have £1,500,000+ of your money is limbo possibility never to be seen again.
Credit business hates risk, they just wan't guaranteed income. The higher your risk the more you get charged, if you can't pay you become a instant higher risk and get charged more, they will take the cautious approach to bleed you die and raise your balance so if you go bankrupt they can try and recover as much money as possible.