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Debt company adding interest??
mollyjak
Posts: 93 Forumite
We have been sending off for statements and had a reply from one company today who state they 'purchased' the debt in 2001. We have been repaying it slowly but steadily and we now owe £350 BUT on looking at the statement we can see that they added £320 in the first 15 months but added no interest since then. I thought we had had the interest frozen back in 2001.
Any advice please before I reply to them???
Can they just add interest like that without informing us after buying the debt??
Any advice please before I reply to them???
Can they just add interest like that without informing us after buying the debt??
0
Comments
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Any comments please?0
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Hi Molly,
Are you dealing with them personally or through a debt management company?
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
Dealing with them personally
Just wish this board had been around when we were at our lowest0 -
I really don't know the answer to that but I certainly wouldn't pay off the full amount. I would negotiate a full and final in this case as it's all interest. Have you got a full statement from them? Does it say if the amount is made up totally in interest or are there some charges added in there too? Those can be reclaimed but it's quicker to try to negotiate with the DCA first before going down the claim route.:A
:A"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein0 -
Yes we got the statement of repayments today, it says interest of varying small monthly amounts £5 tp £15 over 8 months with an added interest payment of £222.
Just wanted to check here but probably will write tomorrow querying the interest and offering the full pament of about£30 which I work out I owe.They haven't done so badly if they bought the debt at a reduced rate and yet I have repaid it all(just about except for their interest)
I wouldn't even have asked about it except being on here makes you ask more questions!!!0
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