What's the point of PP?

J-Pop

Hello,

I have recently been made redundant and i have PP on all my debts....

On my Barclay credit card i always paid double the minimum payment was but now i am unemployed only the minimum payment is made and interest is still added each month.

Whats the point in paying PP?......in a years time if i am still unemployed....only the interest would be paid.

I think i should have done what other people do and get citizens advice to help me sort out the debt and get the interest frozen?

Thanks for any response.

stephane_2

The point of PP is to help you out during short period of unemployment....why should they freeze the interest.

J-Pop

My bank of Scotland and Egg CC has the interest frozen on it.

Just wondering why my Barclay does not do the same.

Tixy

Barclays won't freeze the interest on your card if you have PPI, as they have no need to as your payments are being met.
On the plus side it also won't be negatively affecting your credit file, whereas the debts who have agreed to freeze interest will likely either record a default or an arrangement to pay on your credit file.