Advice needed re complaint over interest added

sistafromanothermista

Barbeduk wrote: »

That's utter pants sista. Good luck clearing it. Perhaps if you write to accept their terms you could put itching powder on the letter!

I'm going to try this one :rotfl: well, you never know.....

nottoolate

Time_to_face_the_music wrote: »

Don't let it drop, go back to the FOS. They have recently asked Lloyds TSB to stop the interest on one of our debts which they have plus refunded us the last 2 months interest payments and have now agreed to stop interest for a year then reconsider it. But the FOS told us if Lloyds did not play ball to go back to the FOS and they would pursue it.

You have to leave 8 weeks between the FOS's original letter to the lender and your next action. If that has already passed, phone the FOS tomorrow. If not, mark the date on your calendar then phone them the next day.

Check out this thread for more support

https://forums.moneysavingexpert.com/discussion/3843079

Good luck and fight it all the way

exactly

cfs subscibe to the lending code. which should also be pointed out to creation and the fos

http://www.fla.org.uk/consumers/companies_covered

http://www.lendingstandardsboard.org.uk/thecode.html

Interest and charges concessions

224. Subscribers should consider reducing or stopping interest and charges when a customer evidences that they are in
financial difficulties. Such reduction/suspension decision should be based upon an income and expenditure statement
indicating that they are unable to make repayments sufficient to meet contractual terms. Where a customer is able to
make only token payments, their debt should not increase as a result of interest and charges levied. The assessment
should reflect the customer’s lack of ability to pay rather than the stage an account has reached in the arrears cycle or
whether they are using free sources of debt advice. Where a firm declines to allow concessions, they should be
prepared to explain why to the customer or their adviser if requested to do so.

225. It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period
for the customer becomes excessive. In forming a judgement on what might be excessive, a subscriber should take
into account the type of product and the individual circumstances of the borrower.

226. Concessions should not be arbitrarily withdrawn irrespective of a customer’s ability to pay or without any evidence of a
change in the customer’s circumstances. Expiry of a repayment arrangement should not automatically lead to the
withdrawal of concessions. This does not rule out regular reviews and if a customer’s position has improved then
interest and charges can be reintroduced.

227. Where possible, subscribers should have consistent policies for customers holding more than one product type in
terms of charges and interest concessions.

bluemonday3

Thank you so much to all who have taken time to read and respond. I will certainly contact the FOS I have nothing to lose after all

Time_to_face_the_music

nottoolate wrote: »

225. It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period
for the customer becomes excessive.

When a debt has only gone down £111 in 2.5 years, the FOS has got to consider that as excessive!

chanz4 wrote: »

50% could be seen as fair though, way to look at it is a dmp fair works boths ways

We must have different views of fair.

bluemonday3

I had the same problem with Lloyds but they finally withheld after about 18 months. To be honest at one time what I was paying was not even covering the interest.
I will gather info required for FOS.

pure_dead_dopey

i would talk athe lloyds one as well, that should never have been allowed to go on as long as that.

i keep repeating this, but if you allow the banks/creditors to treat you this way, they will!

complain complain complain


again!!!!

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paulmapp8306

Time_to_face_the_music wrote: »

When a debt has only gone down £111 in 2.5 years, the FOS has got to consider that as excessive!



We must have different views of fair.

Depends. if the offer is 50% refund of interest paid - with no further interest applied then its pretty fair. However, if there still refusing to remove the interest - then its definitely not fair.

Time_to_face_the_music

paulmapp8306 wrote: »

Depends. if the offer is 50% refund of interest paid - with no further interest applied then its pretty fair. However, if there still refusing to remove the interest - then its definitely not fair.

The OP stated "The current arrangement means that there is interest charged for 12 months @ 15%.
They are unable to offer me 0% interest."

I took that to mean that they intend to continue to charge interest but am happy to stand corrected if this isn't so.

Bosniavet96

Well, I've just contacted the FOS reference Barclaycard applying interest to my debts, & refusing to suspend it. So, just have to sit back & see what, if anything, happens within the next 8 weeks.......

Oh, on a different note, managed to get a £650.00 debt with Capital One reduced to £425.00 if repaid withing nxt 30 days (I told them I'd send payment once I had their written confirmation).

Now, as I've been up since 4.00pm yesterday, I think I'll head to bed...........

bluemonday3

I would just like to say many thanks for all your advice and comments. I intend to pursue this via FOS. Thanks for giving me the confidence to carry on.