Credit Card Interest - Why do they STILL put it ON!!! AAAHHH

Gordyb

Hello,

I am on a debt management plan with the CCCS and i have a large amount that i am trying to pay off each month on my credit card.

Ok so i am paying around £300 pounds a month, trying my best to pay the amount off as quick as possible, but even though i pay this amount each month the credit card company still put £200 pounds on in interest each month, so far i have paid nearly £4000 pounds over a 12 month period just in interest. My debt management people have send numerous letters requesting that the Credit Card company freeze the interest but they have ignored the letters.

I know that the credit card company does not have a leagle duty to freeze the interest, its in their interest to suck as much money out of me as possible.

Is there anything i can do (appart from robbing a bank to pay the sum off quicker). I cannot transfer the amount to another card due to me being on a debt management plan (this would break my contract with CCCS)

PLEASE HELP!!! Before i go insain!!

GordyB.
UK

jonesMUFCforever

Sorry to be rude but why should you get a subsidised loan?
I pay for what I spend and if you have a bill of £4000 in interest only what on earth have you spent the money on?
I think you should take responsibility for your own actions - you spent it - now its time to pay it back with interest. That is the way of the world.

Cagey

ejones999 wrote: »

Sorry to be rude but why should you get a subsidised loan?
I pay for what I spend and if you have a bill of £4000 in interest only what on earth have you spent the money on?
I think you should take responsibility for your own actions - you spent it - now its time to pay it back with interest. That is the way of the world.

A bit harsh. The guy is just looking for help. I am sure he knows himself he has been a fool to get into so much debt. hopefully if he can get himself sorted out he will have learned a lesson.

Gordyb

Yep i have learnt a valuble lesson and yes i am the first to admit it, i was a fool to spend that much money, both in helping other out and spending money i didnt have in the first place. I dont have any credit cards now and i am better off for it, just wanted some advice on how to stop the bank earning so much money off my own foolhardy antics of the past.

Point taken ejones999 and Cagey.

mrs_deadline

Awww, try not to let it get to you GordyB. You can only pay it back as fast as you earn it. You will clear it in the end, but only by sticking to your plan.
Slow and steady, it's turned into a marathon not a sprint unfortunately.

Have you visited the Debt Free Wannabe board yet? Plenty of people are struggling to bring their debt-free dates that little bit closer, why not get over there and pick up some tips for the long haul?

jinny103

ejones999 wrote: »

Sorry to be rude but why should you get a subsidised loan?
I pay for what I spend and if you have a bill of £4000 in interest only what on earth have you spent the money on?
I think you should take responsibility for your own actions - you spent it - now its time to pay it back with interest. That is the way of the world.

Not really very helpful. I sypathise with you Gordyb I know how you are feeling it is very frustrating.

redsquarelady

you could try contacting the company direct, explaing your situation (which i know they should already know but you know what these companies are like!!) Then they might look at it as you are trying to repay your debt.

redsquarelady

p.s you have to close account, which you might have thought you already have done but it won't be in 'there system'

Leoglas

This sounds too obvious GordyB, especially as we're on this website. But have you tried to transfer your debt to another credit card company by taking up their 0% balance transfer offer?

jonesMUFCforever

Leoglas wrote: »

This sounds too obvious GordyB, especially as we're on this website. But have you tried to transfer your debt to another credit card company by taking up their 0% balance transfer offer?

Read post# 1.
He is on a debt management plan - ie more debts than just this credit card one and credit history shot to bits - IMO no chance of getting any credit card let alone a 0% one.

JoseChungsDoomsday

ejones999 wrote: »

Sorry to be rude but why should you get a subsidised loan?
I pay for what I spend and if you have a bill of £4000 in interest only what on earth have you spent the money on?
I think you should take responsibility for your own actions - you spent it - now its time to pay it back with interest. That is the way of the world.

not very often I agree with you, but you're spot on here.