Help need CC advice

shezza

I have a cc with the Halifax, which is over it's limit, due to the payment protection insurance that I have tried on a number of occasions to cancel, but they still keep on taking the payment every month.

As a consequence, even though I meet my minimum payment every month, I never make any headway in reducing the debt, in fact it goes up every month.

What I want to know is will the Halifax allow me to cancel the card, but still let me make the monthly payments, and if they do will it be the same as defaulting on the card, because I don't want to do that either, as I am trying really hard to sort out my credit rating. I feel really annoyed, as the only reason I am not reducing the balance is because of the Halifax themselves.

Many thanks Shezza

postingalwaysposting

shezza wrote: »

I have a cc with the Halifax, which is over it's limit, due to the payment protection insurance that I have tried on a number of occasions to cancel, but they still keep on taking the payment every month.

As a consequence, even though I meet my minimum payment every month, I never make any headway in reducing the debt, in fact it goes up every month.

What I want to know is will the Halifax allow me to cancel the card, but still let me make the monthly payments, and if they do will it be the same as defaulting on the card, because I don't want to do that either, as I am trying really hard to sort out my credit rating. I feel really annoyed, as the only reason I am not reducing the balance is because of the Halifax themselves.

Many thanks Shezza

shezza, look on your terms and conditions but i am 99% sure you cannot close any credit card with balance still outstanding. You need to contact Halifax again and be firm and ask them to remove the PPI. Also is there anyway you can make more than the minimum payment each month. As seen all over this site articles just paying the minimum each statement will take months if not years to clear the balance (depending on your balance). If you have never completed a soa before (see ss sticky for first time posters) then i suggest you post one of those and we can all help try and bring your outgoings down to enable you to clear this debt faster.

well done for posting, more people will be along soon and good luck

HairyHandofDartmoor

I agree. I don't think you can close a card unless you have a zero balance, but you should be able to cancel the payment protection, and claim back the payments they have taken since you tried to cancel it.

Did you cancel it in writing or over the phone? And can you remember the date that you first tried to cancel it? If you tried to do it over the phone then try writing a letter to them. I think people always take a letter more seriously than a phone call.

You could also threaten to report them to the FSA if they will not cancel the payment protection.

Adrasteia01

Some banks won't let you cancel PPI on cards unless you do it in writing. So either post it in (registered if you want proof it got there), or fax it to them, and then post the faxed copy.

SantaX

I'm sure they won't let you cancel your CC.

shezza

Thanks for the replies. My OH thought that you couldn't cancel a cc if you still had an outstanding balance, but I thought I'd check.

The reason I wanted to cancel the card was so that they couldn't take any more insurance payments. I have only ever tried to cancel the insurance over the telephone, but no-one has ever said I need to confirm in writing.

I can not afford at the moment, to pay more than the minimum payment. Most of mine and my OH's pay goes out every month in bills and payments, and there is often very little left.

What is the SOA that Postingalwaysposting mentioned?

trying-very-trying

I think this is the link for southernscousers statement of affairs sticky.
http://forums.moneysavingexpert.com/showthread.html?t=107280