Barclaycard zero limit, full interest rates.

tedwilkinson

With Barclaycard 10 year+ with £11,500.00 limit, maxed most of time, over limit since 2008, I have been paying minimum most months since. Barclaycard have not renewed my CC and say my limit is zero but I still owe £11,00.00.
Should I still be paying extortionate CC interest rate when I do not get CC service?
Must have paid well over debt to Barclaycard by now.

chanz4

yes, think they have done you a favour

lynz68

They have closed the account for future credit but you still owe the money. Failing to pay will only have an adverse affect on your credit rating.

Happened to me about ten years ago thankfully in a much better position now.


May not seem like it but they have done you a favour.

eskbanker

tedwilkinson wrote: »

Should I still be paying extortionate CC interest rate when I do not get CC service?

You're not paying interest for 'CC service', you're compensating them for loss of access to their money that you borrowed, with risk premiums also factored into APRs.

tedwilkinson wrote: »

Must have paid well over debt to Barclaycard by now.

Even if you had made payments equivalent to the original amount borrowed, this is unfortunately irrelevant as it doesn't correspond to the actual debt....

tedwilkinson

Yes but do I still owe the interest without the service?

CLAPTON

tedwilkinson wrote: »

Yes but do I still owe the interest without the service?

you owe the interest on what you have already borrowed and not for the opportunity to borrow more in the future

Thrugelmir

tedwilkinson wrote: »

Yes but do I still owe the interest without the service?

You lost your rights to any service when you breached the terms and conditions of the contract, i.e. the manner in which you ran the account.

If you don't behave then your toys will get taken away from you. That's the reality of the situation.

SuperAllyB

Very simple to stop owing the interest. You just need to phone up Barclaycard and pay off the outstanding balance in full, then pay off the trailing interest next month. Problem solved.

robin58

The way some people want to walk away from their debt and responsibility without facing the problem of you being in debt for years by your own hand.

Unbelievable !!!!!!!! :shocked::shocked::shocked:

P.S. Mate, your are living beyond your means.

Aquamania

tedwilkinson wrote: »

With Barclaycard 10 year+ with £11,500.00 limit, maxed most of time, over limit since 2008, I have been paying minimum most months since. Barclaycard have not renewed my CC and say my limit is zero but I still owe £11,00.00.
Should I still be paying extortionate CC interest rate when I do not get CC service?
Must have paid well over debt to Barclaycard by now.

You've probably not got that quite right.

Your credit limit will probably be the lower of whatever was originally/last notified or possibly whatever is now still owing.

Your available to spend is probably now zeo

You still need to repay what is owed in accordance with the terms you originally/most recently agreed.

Aquamania

tedwilkinson wrote: »

Yes but do I still owe the interest without the service?

Interest is payable on what you owe.