Can Anyone Advise

hano

Hi
Ive been on a dept management programe for a number of years now and slowely getting my life back on track, I owe a credit card company and have never missed a payment to them since starting the programe 5 years ago, all was fine when I noticed they had started to add interest charges after a few years. I phoned and spoke to them and they said I would need to go through my dept managerment, when I spoke to themat the CCCS they sent a letter requesting interest to be stopped but it has never happened, is there any way I can stop them adding interest on, I feel like i'll be paying this forever. Thank you for any advice in advance.

kezzygirl

hello,i believe it is the creditors discretion as to whether they freeze interest.we were with cccs and barclaycard initially froze interest but after 6months they started it up again, but at what i believe is a lower amount-12.9% on my debt and 6.9% on hubbies.

barbiedoll

You could try sending a letter yourself, requesting that the interest is stopped, there is a template letter on here...

http://www.nationaldebtline.co.uk/england_wales/temp/4483_69201.pdf

If they won't play ball then try requesting a copy of your CCA, template letter for this is here...

http://forums.moneysavingexpert.com/showpost.html?p=33791621&postcount=11

As you had the card over 5 years ago, the original agreement may be unenforceable, which means that they cannot get a court order forcing you to pay it. If they realise that you are aware of your rights, you may find that they are a little more amenable towards stopping your interest. Good luck!

mr.ton

You could teach these leeches a lesson & report them to the financial ombudsman service if you wish....

chesky369

They're probably working on the assumption that, if you've been on a DMP for a number of years, your income has probably increased, so you can afford to pay them more. In collaboration with CCS why don't you do a new budget sheet, as you did in the beginning, showing how you're placed now. It may be that you can increase your payments to them by a little which would set you up for the next few years.

dinx1972

We had the same problem with our DMP payments to the CC company. In our case as soon as our monthly repayments started to get near to the minimum monthly repayment level they started charging us interest at 12.9%. Countless letters from ourselves and the CCCS and still no reduction of interest rate.

As others have said, interest freezing is entirely at their discretion, but man does it stick in the throat:rotfl:.

davec1960

You could teach these leeches a lesson & report them to the financial ombudsman service if you wish....

Report them for what?

hano

I have increased my payments to them since I started with my DMP, but have now just done a new DMP with the CCS as sadly my income has gone down, with my youngest leaving home to go to uni I now have lost my child tax credits and family allowance, so only have my earnings coming in. I'll use the template and write to them and hopefully maybe they will agree to freeze it again. I'm dealing with Barclaycard also Kezzy so maybe this is just there way, Thank you for all the help and advise wish me luck

kezzygirl

yeah...good luck with barclaycard lol they are horrible to deal with.like i said previously,they did it for 6mths but now have put it up to the rates i previously specified.despite the fact i have pleaded with them and written to them.half out monthly payment is going to interest.b*stards.