Citi Cards

s1h

Hopefully this is in the right place and someone can help.

I have a credit card with citi card that I owe about 2400 on it now, i was made redundant and they put me on 5% interest for 6 months although I wasn't told it was 6 months at the time.

After receiving a letter saying i hadnt paid the minimum payment last month i phoned them to advise it is normally taken from my card £70 per month each month they said that arrangement has ended and were trying to get me on some kind of 5 year plan that i didnt want to do.

After an hour on the phone going through different figures they told me i could pay around £70 per month give or take a few pounds and £20ish would be interest the rest would come off the balance. Then in 8 months time they could put me back on the 5%

Received my latest statement today £55 interest. The remainder off the balance.

Where do I stand with this? Is the phone call likely to be recorded even if it is do I have a leg to stand on. I was hoping to have this reduced my another few hundred by the end of the year now it appears it will be more like £100.

Any help appreciated. I can just about manage the £70 but it seems a waste if its all going on interest.

Im wondering if im better of not paying it and it going to a Debt collectors like i've done with some other debts at least then i wont pay the interest and can agree a monthly figure.

BigCraigJohn

Unfortunately I doubt they will honour anything they say on the phone unless its in there favour.
I think a lot depends on whether you have been defaulted or whether you even care if you are. I think that if you have already defaulted then just pay what you can afford. If you have not defaulted and care then you will have to pay what they say.
In my case they were the only company willing to take reduced payments and not default me, most will do within 3 months of the arrangement. They were certainly the most understanding creditor.
Is there anything you can reclaim to bring the balance down ie charges or missold ppi?.
Oh yes and keep things in writing, those on the phone are usually just debt collectors with a 1 track mind.(ie collect money)

Ps thats just speaking from my own experience and i'd wait for some more responses.