We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

What's the point of PP?

Options
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.

Comments

  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    The point of PP is to help you out during short period of unemployment....why should they freeze the interest.
  • J-Pop
    J-Pop Posts: 91 Forumite
    My bank of Scotland and Egg CC has the interest frozen on it.

    Just wondering why my Barclay does not do the same.
  • Tixy
    Tixy Posts: 31,455 Forumite
    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.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.