Bah Barclaycard! - DMP Resolve - Min Payments

Carrot007

Not really mentioned my situation before so some small background.

May 2009:
Debt has become unmanageable and something needs to be done. do CCCS remedy online and says debt = £44579. SO is not ready for lightbulb moment so approach companies myself and go on reduced payments etc.

Dec 2009:
SO finally gets it. Do joint CCCS remedy. Debt = £69600. DFD seems light years away!

June 2012: SO is made redundant. This works out well oddly enough! Gets another job on much the same ammount and redundancy pay covers her part of the remaining So instead of the DMP review I move to a solo DMP.

October 2012: Get PPI back for the loan which was my biggest debt (yes a failed attempt at consolidation!). Debt is reduced to £16,500. Work out that even with barclaycard, who are the only ones that still charge interest, that a DFD is around 2 years away.

So that was it. Things seemed much better.

Now barclaycard are trying to phase me I think. Get 2 letters saying that since I am paying over the minimum payment they want to remove me from the plan and give me cards back and another £1000 of credit. Now in my view only a fool would offer me such things! I am paying around 2.9% currently. What are the minimum payment levels these days?

This has always been a worry to be honest. It seemed logical there would become a point where the balance reduced so much I would be over the minimum payment level. Anyone else had problems like this? Only 1 card and 1 bank account defaulted me (7/2009 which seemed fine and 7/2010 which seemed a bit off to be honest!), the other 5 did not. The loan should be fully paid off in 9 months and then the payments to the remaining are likely to be around 8% so I hope that does not cause problems. I just want to get to a DFD!

I spose at least the letter does say I can contact them if I want to stay on the plan. So hopefully they will agree and keep the interest at the 12.9% I was not greatly happy about and not raise it to 17.9% like they say in the letter.

Bettingmad

I would not trust barclays as far as I could throw them.
I recently had to reduce two payments to them, they are not happy and have terminated my DMP agreement.

They also threatened house call via agent (Easily prevented), Put me back to standard interest (Will take that up with Ombudsman and threaten a default which will make it harder to get credit and pass to DCA (Bring it on, I will write back pleading with them to default) jokers saying it will make it harder for me to get credit.
Don't they realise my credit is trashed? They must know so it goes to show they like to work with scare tactics.
The more your debt reduces with Barclays the further payment % trigger points penalise you.
I was informed that if you are paying under 1% (Min payment)interest is frozen, between 1% and 2% 6.9% and 2%+ I think it was something like 12.9%. They only seek to keep you in their debt grip because it is profitable for them to do so. The are truly a repugnant company.