Barclaycard Refuse to Suspend Interest

heather66

Are you paying more than £15 to Barclaycard ...they told me anything over that will accrue interset mines was 12-9% apr

there is s some bankers act that says they shouldn't add interset on if you are on a repayment plan but Barclaycard say it doesnt apply to them lol they also wacked the interset on my account without prior notice
my CAB advisor wrote and phoned trying to get my interest to NO avail she even compained to FSO
i wrote several letters myself and eventually they agreed to suspend interest for 12 months only after i asked for a true copy of my agreement ( which im still waiting on )

BlushingRose

We have Barclaycard as one of our creditors and they've not charged us any interest.

Louise600

bargainbetty wrote: »

Work on saving any spare money to throw at the debt. Even pennies might help reduce the capital. From what you say, nine months of the year you are repaying the capital debt, which is better than if they had retained the interest at full level. Throw the occasional spare fiver at it, each time with a note specifiying it is not a regular payment, and it will come down, just more slowly than you might like.

As you are on a DMP with CCCS and they work on a 'fair share' basis don't throw extra money at any debts. If your other creditors find out you have spare money and are favouring one creditor over the others they will not like this and this may cause problems for your DMP.

It is unfortunate that they won't stop the interest but it is quite a low amount they are charging you. Look at it more positively, you are saving a lot of interest on the other debts as they have frozen it and the debt is getting paid off a lot quicker than it would have if you were paying minimum payments at the original interest rate. Look at the debt as a whole rather than individual creditors.

Stay positive.

eyeopener2

By the way, changing tack from trollisms, I also have Barclaycard on my DMP.

At first, fine, stopped interest and absolutley no problem. Within 18 months that had risen to 6% then to it's current 12%. I have complained, twice but got nowhere. Their reasoning being that I am paying above 1% of the balance each month.

E2

sickasachip13

Louise600 wrote: »

As you are on a DMP with CCCS and they work on a 'fair share' basis don't throw extra money at any debts. If your other creditors find out you have spare money and are favouring one creditor over the others they will not like this and this may cause problems for your DMP.

Stay positive.

Actually, I would say this isn't strictly the rule. If you have an occasional little bit extra here and there, maybe from ebay or similar, it's perfectly reasonable to throw a little towards one debt. Similarly F&Fs can be done whilst on a DMP.

SAAC

Time_to_face_the_music

sickasachip13 wrote: »

Actually, I would say this isn't strictly the rule. If you have an occasional little bit extra here and there, maybe from ebay or similar, it's perfectly reasonable to throw a little towards one debt. Similarly F&Fs can be done whilst on a DMP.

SAAC

I'm with SAAC on this one. It's supposed to be about fairness but when creditors start treating us fairly, we may accord them the same respect. Until then they can whistle

andy1886

I also have Barclaycard on my DMP.

At first, fine, stopped interest and absolutley no problem. Within 18 months that had risen to 6% then to it's current 12%. I have complained, twice but got nowhere. Their reasoning being that I am paying above 1% of the balance each month.

E2[/QUOTE]
+1 to this , I increased my payments which took my payment to Barclaycard to more than 1% of the balance , nothing I can do other than reduce my payments back down again . My response though , is once debt free never use their products again , ever .

GibbsRule_No3

Did I read that Martin :money: has a new TV show coming? If so perhaps he could highlight the Barclaycard problem with the interest. Nothing like kicking a bank when it is in the news :j Might shame them to consider stopping like most other cards. BC take over half of what I pay them each month in interest. Is it the reason Payplan haven't updated what I really owe them? More than £1500 difference on the bill BC send me a month.

I think most of us are happy to pay the debt we ran up but the continued interest, now we have admitted our debt problem, is what irks us.

Bosniavet96

Interesting answers folks, thanks. It seems that BC are basically chancing their hand with the interest situation, & as such I believe I will continue with my fight to get it suspended (after all, I only lose the cost of a stamp each time, & the gains are a lot higher). Given the recent media furore, I think I may have a better chance than previously.
Has anyone managed to get them to accept a settlement or get the debt transferred to a DCA? My total, on 2 cards, is approx £3k, I might be able to raise 50% (gift from parents/more affluent sibling), is it worth considering this?
Just for info, I am well aware that CCCS is free from charges, & is paid for by the banks etc. I also know that the easiest way to ruin all that I have "achieved" since 2007 is to stop payment to any of my creditors.

BlushingRose

GibbsRule_No3 wrote: »

BC take over half of what I pay them each month in interest. Is it the reason Payplan haven't updated what I really owe them? More than £1500 difference on the bill BC send me a month.

If PP are like CCCS, they *assume* that interest has been stopped when they do their updates monthly. With CCCS there is an option to update the actual amounts yourself online. Might be worth getting hold of PP and letting them know that their figures are wrong and why?