credit card- really struggling to make a dent!

Naomim

This is purely supposition as I have no idea about Credit Cards (see my debt! lol). But, I was wondering if you were paying by DD but the account number changed and your debit is rising, whether the payments you've made have just been bunged into some type of suspense account and not allocated to your debt?

EssexHebridean

Naomim wrote: »

This is purely supposition as I have no idea about Credit Cards (see my debt! lol). But, I was wondering if you were paying by DD but the account number changed and your debit is rising, whether the payments you've made have just been bunged into some type of suspense account and not allocated to your debt?

It would show as a default then, though, and in the OP's case, it doesn't.

Really glad to see that they are looking like sorting this for you now, though Michelle!

michellejm

Naomim wrote: »

This is purely supposition as I have no idea about Credit Cards (see my debt! lol). But, I was wondering if you were paying by DD but the account number changed and your debit is rising, whether the payments you've made have just been bunged into some type of suspense account and not allocated to your debt?

That's what I thought, but they said there's no missed payments showing. Should Get some answers tomorrow anyway!

Naomim

Good luck & let us know how you get on

michellejm

So, I've been offered £180 compensation and no refund of interest. She said the statements were available on line but had been blocked for 2.5 years as the card was reported stollen (which I never did!) so online access has been closed. But they were available so they've done no wrong. I've asked her to send me this in writing so I can forward to FInancial ombudsman. She said she ring me back later.
Looks like I'll be stuck in a years wait with the FOS still paying 320 a month just really down right now

michellejm

She also said- well how would having a statement have helped you clear the debt anyway? Very rude. all the times I've phoned up they've just told me I can't see the statements because the accounts closed. I thought they were allowed to do that because I paid late 5 times.

enthusiasticsaver

Are you able to get a 0% balance transfer credit card to at least move some of it off the 25% card? That would seem to be the crux of the problem that on a balance of £12990 you are paying approx. £3200 per year in interest so very little of the balance is reducing.

If Halifax will not agree to a better interest rate or some reduction in interest you essentially have only two options. Either default and then ask them to freeze interest if you are having extreme difficulties paying the £300 per month or move at least some if not all the debt to preferably a 0% deal which if your credit rating is good you should be able to do. That would be my preference.

michellejm

enthusiasticsaver wrote: »

Are you able to get a 0% balance transfer credit card to at least move some of it off the 25% card? That would seem to be the crux of the problem that on a balance of £12990 you are paying approx. £3200 per year in interest so very little of the balance is reducing.

If Halifax will not agree to a better interest rate or some reduction in interest you essentially have only two options. Either default and then ask them to freeze interest if you are having extreme difficulties paying the £300 per month or move at least some if not all the debt to preferably a 0% deal which if your credit rating is good you should be able to do. That would be my preference.

They say they will not change the interest unless I go on a debt plan. I will look at getting a loan to consolidate, but I still think as they've broken the law in not allowing me any statements or paperwork for years they should compensate something. They've clearly not followed lending regulations.

EssexHebridean

michellejm wrote: »

She also said- well how would having a statement have helped you clear the debt anyway? Very rude. all the times I've phoned up they've just told me I can't see the statements because the accounts closed. I thought they were allowed to do that because I paid late 5 times.

So they were aware that you were not receiving statements... If it were me I'd take things into writing with them now, I think. Set out the situation, including the point about them being legally required to supply you with statements, and the fact that you had made them aware that you were unable to see the online statements, and that they had acknowledged that they were aware of this. Make the point that the card was NEVER reported stolen by you.

You need to get this escalated off the bottom level of the customer complaints department. Then I imagine you'll see some constructive action.

enthusiasticsaver

michellejm wrote: »

They say they will not change the interest unless I go on a debt plan. I will look at getting a loan to consolidate, but I still think as they've broken the law in not allowing me any statements or paperwork for years they should compensate something. They've clearly not followed lending regulations.

That is true if they are refusing you statements. From now on I would submit your complaints in writing to head of complaints. Check up on their codes of practice re complaints.