Question re Barclaycard interest

whitecup

Hi

I just wondered if anyone had successfully agreed with Barclaycard to lower the interest on their repayments please? I'm up to date with my monthly payments at the moment but the interest is killing me- if I could just have a few months at a lower rate it'd really help out!

Any advice would be great

beth3735

I am on a DMP and all my creditors completly stopped interest, but Barclaycard won't even though its been going on for 6 yrs.

They did however lower my interest from 29.9% to 12.9% as goodwill. But i have found the more the CCCS pay them each month, the higher this interest is going as it did start at 10.9%

Give them a call or write to them and ask, im sure they will reduce the interest if you can prove your strugglings with an income/expenditure form.

whitecup

Thanks Beth I will give them a call x

havyn12

I tried to get them to reduce my interest but they wouldn't budge, they just kept trying to get me to move any balance transfers to them (theirs was the only credit card I had). I wouldn't use them again. Once my card is cleared I'm cancelling it.

owen_money

Barclaycard are the worse, I had the same as Beth, although for the first 4 years of my DMP the did reduce it to zero, then increased to 12.9%, but wouldnt budge after that. Maybe they changed their rules so everyone has to pay interest. I dont know if anyone is on a DMP with them and not paying interest?

jubilee14

Hi there i have a BC cc and they have reduced it to 6.9% but i read somewhere on here that the amount of interest the set is linked to how much you pay per month. So if you can afford the minimum payment they wont reduce interest and yes thats what killed for me too. havent heard of a 0% interest freezes for them either. But compared to the hassle im having with HBOS at the moment there alright.

eyeopener2

The letter from Barclaycard I received, and i'm in the same situation as the rest of you, is that if your payment is more than 1% of the balance then they will charge interest. This seems to go from 6.9% if your just above the 1% to 12.9% as a "goodwill" gesture if you go higher. They have even threatened to go back to 29.9% but thankfully never have.

I wrote to all and sundry at Barclaycard inc Chief Exec but got nowhere.

owen_money

Whats the point of paying off more each month if they are going to start to add interest? You might as well stick to low payment, its a con
At least !!!!!! Turpin had the decency to wear a mask!

GibbsRule_No3

Not so much about the interest but I was in a position to offer a F&F with them. They turned down my offer, the letter I received indicated they would consider a higher offer but when I asked them to make me an offer, so I could see if it was possible, they told me they could not offer me anything. They have added £2000 interest over my 3 years on a DMP, so you can see why I was keen to settle and they are not. Because other creditors have accepted F&Fs I guess they will now add even more interest as they will be paid more a month. At least with Payday loans people get lots of warning not to use them.

eyeopener2

Well said Gibbs. They are no different to the Payday lot.

Barclays and Barclaycard will never get another penny of my or my familys money (having said that they have had a fortune off me).

whitecup

Sorry to hear you're all in the same position. The amount I pay each month compared to how much I 'actually' pay off makes me sick. Can I just ask one more question please... Would I be better off calling or writing? I've never had very good service on the phone x