Credit Card We Can't Pay Off - HELP!!!

jrobinson4

Hi All,
My husband has a credit card account but destroyed the card 5 years ago in the bank (the account has never been used since then). We were having financial difficulties (still are) and have been paying back the £1,500 balance since then, making the minimum payment as we can't afford to pay more. The bank had agreed not to charge us interest in order that we could pay the balance off but when the account got down to £1,000 they started charging interest again and the balance is now up to £1,600. We have approached the bank and asked that they consider writing off the balance as we have been paying it for 5 years and is now more than we originally owed but they are not willing to consider it. They are not willing to accept that because of our financial position we cannot make higher monthly payments even though they have seen evidence of our income / outgoings.They will not even consider a reduced settlement. They say that if we do not pay they will take us to court. We are now coming to the conclusion that at least if they take us to court we will have a set figure to pay back with no interest. This is not what we want to do but can't see any other way out. Anybody got any ideas as to where we go from here???
Thanks
Jo

rog2

Perhaps you could claim back the charges - have a look on the consumer action website.
Good Luck

dudleyboy

Hi Jo

Welcome. As the bank seems to think that you can afford to make the repayments it might be worth posting your SOA, so we can take a look at your income/outgoings too, to see where savings could be made.

SOA:
http://forums.moneysavingexpert.com/showthread.html?t=107280

DB