Barclaycard Re-Payment Plan Not Renewed

RBAB79

Hello All,

I need some advice.

I have a Barclaycard, around 3 years ago I contacted Barclaycard for assistance with meeting the monthly payments. I was making the minimum payments however this was steadily increasing as I was really only paying the interest and not able to get the balance down.

After some hassle, I was advised they would put me on a re-payment plan and lower the interest. I have been on this plan since, and have paid the agreed sum every month.

I received a letter a few weeks ago advising it was time for a review. I called them and went through to their contact centre abroad. I explained I was calling regarding the review, and the circumstances were the same as previous and could only afford to pay the agreed sum still.

After a few questions the representative advised to keep paying same sum, HOWEVER he could not help with a further re-payment plan. He advised that as such he would need to refer me to collections. I enquired why if he had advised I was ok to pay the same amount. The representative advised it would be unfair on other customers if I was to have a further plan and I had already received this for the last few years, it could not be a indefinite thing. He advised me to pay the sum and a letter would be sent to me in due course.

I paid the agreed sum as per the amount on my latest statement (which is the agreed sum on the payment plan)and have seen received a letter stating I have not met the minimum payment and as such will be looking to close my account and register me as default.

I really don't know where to go from here, I have never missed a payment and unsure why they cannot assist with a further payment plan, my debt is £5k, if the interest is added back on I will sink again with trying to pay this and enough to hit the balance.

I really could do with advice as I feel they are putting me into a corner and not willing to work with me to get the debt down whilst paying a reasonable amount.

glentoran99

Don't worry, Its quite clear that you are unable to repay this balance,
Once defaulted they will probably sell the debt on and interest will be stopped completely, (if not write to them and request it is)


Go on over to the debt free wannabe forum for some help.


May not seem it now but a default is a good thing rather than years of arrangement markers on your credit file

Candyapple

RBAB79 wrote: »

I really don't know where to go from here, I have never missed a payment and unsure why they cannot assist with a further payment plan, my debt is £5k, if the interest is added back on I will sink again with trying to pay this and enough to hit the balance.

You have missed a payment, in fact you've been missing your payments since you called and set up the re-payment plan to pay a reduced amount.

You are lucky in that Barclaycard allowed this to go on for 3 years! Actually, maybe not. Most companies would only allow a payment plan to go on for 6 months max and would then default you. If Barclaycard had done this, you would be 2.5 years into having a default.

Have you tried using the MSE eligibility calculator to see if you are eligible for any balance transfer cards?

https://www.moneysavingexpert.com/eligibility/credit-cards/

If so, you could transfer the debt onto that and clear it for however many months at 0%. My guess however is that your credit history is going to be trashed now anyway with the arrangement to pay markers all over it so you may not be able to get one.

Can you manage to sort out a budget and reallocate some of your income to pay the minimum repayment Barclaycard are asking? Get a second job? Sell some things of value?

If not, in which case, you are out of options and all you can do is exactly what they advised - wait for them to default your account and then you can negotiate a payment plan with whatever debt collector company who takes it over.