Old Lloyds credit card - advice needed

raaaaa

I took out a basic credit card from Lloyds Bank about 10 yrs ago while I was a student. Long story short - I ended up struggling with the repayments (balance was about £2500 to £3000 as far as I can remember) and so about 7 or 8 yrs ago I entered an arrangement with Lloyds whereby I agreed to cut the card up and repay £20 per month.

This arrangement has remained in place until now.

I had a similar issue with a Barclaycard that I took out at the same time, but after contacting Barclaycard and kindly asking them to waive the interest on the account, they agreed and the balance of the card was soon paid off. The problem I've had is that Lloyds have repeatedly refused to agree to waive the interest charges on their card so I'm obviously not making much headway towards clearing the balance.

I've tried applying for other cards to do a credit balance transfer, but my credit score is rubbish and so I haven't had any joy. Am also loaned up to eyeballs due to recent house purchase with a hefty mortgage.

The advice I'd appreciate is an explanation as to what my rights are to get the interest waived on the account, and what rights have Lloyds got to refuse?

jonesMUFCforever

They have every right as you spent money on their card and quite reasonably they want it back plus interest.(I have to pay interest on my cards if not paid off immediately why should it be diferent for you?)

Are you trying to tell us that you have no more income now than 10 years ago and why can you not increase the monthly repayment to make inroads into the debt?

Astaroth

You have no rights to any reduction in payment or waiving of interest unless you are declared bankrupt, have a CCJ or enter into an IVA

I personally would question if it was sensible to get a hefty mortgage when you are already struggling to pay your existing debts.