On repayment plan with barclaycard but they have now started adding inters12-5%

heatherks

I have been on a repayment plan with Barclaycard for a few yrs paying them £10 and no interest getting added on ..due to me recieving carers allowance now and recent review with CAB they upped the payment to £46 a month. i got new statement in today ( first letter i have had since i went to CAB about 6 weeks ago) and noticed they added £22-50 interest on for my last payment of £10

i noticed they have added interest at 12-5%

phoned Barclaycard up but wont't deal with me i have to go back and speak with CAB ..who are closed at present due to refurbishment

i cant see the point of paying more than i was previous paying in reduced payments for them to add it back on interest

...anything else i can do if they won't remove the interest ..at present owe them £2200

edinburgher

To the best of my recollection, it's entirely up to creditors whether or not they freeze interest. That said, if they've done it once, they may do so again (as you're making an attempt to pay off your debts).

I'm not sure if there is much you can do short term until the CAB re-opens, but perhaps someone more knowledgeable than myself can suggest something?

kirstle99

Hi, I am having the same problem with Barclaycard. We were able to increase our payment with Payplan in May, however Bbarclaycard have started to charge us interest of 6.9% (amounting to about £10 per month) meaning we are only effectively paying about £8 per month more off the balance than previously when the payment was lower and the interest was frozen.

I have written to Barclaycard to request that they stop the interest, but have today received a reply basically saying we are already on a low interest rate and they won't stop it. :mad:

Sorry I know it's not much help really but just wanted to share so you know you're not the only one having trouble with them

telboy99

Barclaycard have done the same to me on 3 accounts i have with them.
I wrote and complained and they basically said hard luck.
I have now made a FORMAL COMPLAINT to them in writing and am awaiting developments/response.

heatherks

Thanks for your replies ...Looks like it's going to be a hard bargain to get the interest removed or even reduced
...i told person on phone earlier im struggling to pay the incresed payments with the rising costs of food / fuel etc without half of my payment getting added back on but they didnt want to know and would only speak to CAB .. will let you know how i get on

kirstle99

Yes please let us know how you get on, I would be very interested to hear.

From what everyone has said, it seems that Barclaycard have some sort of 'interest scale' (for want of a batter phrase) where it seems the more you can pay towards the debt the more interest they will charge?

gabriella90

Hi All, I completely agree with Kirstle99. I recently increased my payment and wooshhhhhh interest went on so my increase has been gobbled up by a interest hike. I don't know how they can do it as its not helping anyone to reduce they're interest so so annoying!!

eyeopener2

I'm in exactly the same boat. 6 months at 0%, I increased my payment, it went up to 6.9% and now, after one year of paying on my DMP it is now 12.6%.

I've written to Barclaycard, i did get a response to the original hike, they said it would stay at 6.9% until December but now they have put it up anyway.

My second complaint about this has yet to receive a response. Looks like it could be the FOS now.

thechippy

If you are making monthly repayments and the debt either..

1. Reduces slightly
2. Stays the same
3. Increase

...then it's a pointless exercise. There is no incentive, as your main aim is to clear the debts asap and get back in control.

I would write to them stating that unless they cease all interest and charges, then you will be ceasing payment.

If they threaten you with a ccj - so what!
Your credit file will already be stuffed anyway and remember that all interest and charges cease at the point of judgement and the debt becomes a fixed sum.

I've advised a few friends to try this and it's worked every time so far...;)

heatherks

Thanks again for your replies .. i went to the CAB but person dealing with my case was on holiday & also no longer a debt advisor ..so have an appointment to see another person on Monday

..but they did say it was sneeky of them as when they looked through my file said they havent had any correspondence from them either and they should really give you 28 days notice of interest was to be applied

if i dont get anywhere with the CAB i will write myself following advice from Mr Chippy

Thanks again

MoneyWasting_Expert

Apex make a collection on behalf of Natwest for one of there credit cards that I defaulted on. Because Natwest never sold the debt on, Apex only collects on there behalf I am always told with each discussion that Natwest can call the account back anytime they wish and start charging interest. Lucky for me the balance has came down from 4k+ to under 2 k with no interest. I am pretty eager now to clear this debt maybe with larger sums in the coming months. One look at my CF and 2 Barclaycards now managed well and Natwest may start charging me. Good luck to everyone. I dont have any real advice for those struggling on there current agreement, but if you can make more sacrifices and give them a monthly figure that they like then interest charges could be frozen again.