Frustrated with Barcley cards

savers99

Hi I haven't posted anything on here before but I would really appreciate done advice i am £19000 of debt between Barcley Mbna sainburys loan and a overdraft with Santander, i have started a DMP with step change last June and all of thee above have reduced the interest to £1.50 per month but Barclays has only reduced it from 29% to 12% I'm currently paying them £173 of which £73 is all going on interest. I have phoned them on numerous occasions asking to freeze the interested in which they have refused. All the rest of my debt is reducing each month but Barclays isn't going very slowing down. Any advice on what could I do would be much appreciated I have received any default letters just yet.
Look forward to hearing form all you lovely people

InsideInsurance

What has Step Change's advice been?

Presumably your BC had already defaulted and was in arrears/ over limit before you attempted negotiations?

savers99

Step change said there isn't anything they could do but wait to see if they pass my credit on to another creditor then I won't be paying any interest.
I really hope they do pass it on as I think that us my only option,

Tixy

Worth trying a letter from you direct to them to ask them to reconsider freezing interest. Occasionally this works even if phone calls have not.

See this template - https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Freeze-interest-(sole-name).aspx

Aside from that then yes sometimes in a DMP you just have to hope they pass the debt on fairly quickly and that the debt collector will then agree to freeze interest.

thebritishbloke

You have to remember though, when they sell off the debt, the debt collection agency will probably put the balance up as they claim they have fees to pay etc.

savers99

Cheers tixy will try the letter it's worth a shot

InsideInsurance

thebritishbloke wrote: »

You have to remember though, when they sell off the debt, the debt collection agency will probably put the balance up as they claim they have fees to pay etc.

That depends on how its sold on.

I know that when a former client sold debt on they got a flat 10% of the outstanding debt from the debt collectors at point of "sale" and thats it so if the collectors manage to recover anything over 10% then their operational cost and profits came from that.

Obviously others may share the actual revenues recovered rather than a flat percentage etc.

savers99

Thanks for your help I will just have to wait and see how things work out in the next few months.....