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

egamar

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.

Rubbish. Just because theft-by-high-interest-rates-and-manifestly-unbalanced-Ts&Cs-buried in-tiny-small-print-that-even-folks-who-used-to-read-and-write-it-for-a-living-(like me)-struggle-to-understand is (becoming) the way of the world does not make it right.

What I find grossly unfair about the OPs situation is the s/he is essentially trapped into paying what I assume is an extortionate interest rate to one creditor.

Yes, s/he got him/herself into this situation (which s/he freely admits) but s/he should be allowed to find the best way out of it. I have nothing but contempt for freeloaders, whingers and people who think the world owes them living, but none of that applies to the OP.

S/he is being disgustingly and disgracefully gouged by a credit card company who are using her/his misfortune as an opportunity to enrich themselves. I imagine the OP doesn't even necessarily want a 0% card, s/he just wants to be able to pay a reasonable rate rather than what appears to be an effective 66% he is paying now (pays £300, pays off £100).

I don't know anything about debt, I'm afraid - I don't have any. But here's a couple of thought, all of which might be naïve or nonsense because of my inexperience in this area, but they are offered in good faith:

• Is it not possible to renegotiate your contract with the CCCS? All contracts are capable of being renegotiated, even if it means technically breaching it in the first place.
• Is it possible for you to simply stop paying this bunch of b*stards and let them get a CCJ against you if they can? Would a court not acknowledge that an effective interest rate of 66% is so unfair, and the refusal of the company even to engage you in discussions is good reason to set up a more equitable payment arrangement?
• You DO, it seems, have £300 a month to "spare" in paying off this debt - I can't think how myself since I don't borrow, but isn't there a way you can borrow a sum of money with a repayment of £300/mo that would pay off this card? I appreciate it's hard for you to get credit - but is it impossible? I’m sure the knowledgeable folks in here will be along soon with some suggestions .....

Anyway, you have my sympathy – even if you don’t want it, you deserve it for being caught in this trap - by the way, why not name an shame the b*stards so that we can all know who they are ... maybe we could all write* to them about your case!


[FONT=&quot]*By email preferably to save the cost of an envelope, paper, toner (or old fashioned ink) and a stamp, let alone the wear and tear on shoe leather and knee and hip joints in the elderly [/FONT]

egamar

JoseChungsDoomsday wrote: »

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

Then you clearly haven't understood the situation.

Iamthesmartestmanalive

egamar wrote: »

Rubbish. Just because theft-by-high-interest-rates-and-manifestly-unbalanced-Ts&Cs-buried in-tiny-small-print-that-even-folks-who-used-to-read-and-write-it-for-a-living-(like me)-struggle-to-understand is (becoming) the way of the world does not make it right.

What I find grossly unfair about the OPs situation is the s/he is essentially trapped into paying what I assume is an extortionate interest rate to one creditor.

Yes, s/he got him/herself into this situation (which s/he freely admits) but s/he should be allowed to find the best way out of it. I have nothing but contempt for freeloaders, whingers and people who think the world owes them living, but none of that applies to the OP.

S/he is being disgustingly and disgracefully gouged by a credit card company who are using her/his misfortune as an opportunity to enrich themselves. I imagine the OP doesn't even necessarily want a 0% card, s/he just wants to be able to pay a reasonable rate rather than what appears to be an effective 66% he is paying now (pays £300, pays off £100).

I don't know anything about debt, I'm afraid - I don't have any. But here's a couple of thought, all of which might be naïve or nonsense because of my inexperience in this area, but they are offered in good faith:

• Is it not possible to renegotiate your contract with the CCCS? All contracts are capable of being renegotiated, even in if means technically breaching it in the first place.
• Is it possible for you to simply stop paying this bunch of b*stards and let them get a CCJ against you if they can? Would a court not acknowledge that an effective interest rate of 66% is so unfair, and the refusal of the company even to engage you in discussions is good reason to set up a more equitable payment arrangement?
• You DO, it seems, have £300 a month to "spare" in paying off this debt - I can't think how myself since I don't borrow, but isn't there a way you can borrow a sum of money with a repayment of £300/mo that would pay off this card? I appreciate it's hard for you to get credit - but is it impossible? I’m sure the knowledgeable folks in here will be along soon with some suggestions .....

Anyway, you have my sympathy – even if you don’t want it, you deserve it for being caught in this trap - by the way, why not name an shame the b*stards so that we can all know who they are ... maybe we could all write* to them about your case!


[FONT=&quot]*By email preferably to save the cost of an envelope, paper, toner (or old fashioned ink) and a stamp, let alone the wear and tear on shoe leather and knee and hip joints in the elderly [/FONT]

How exactly do you work out a rate of 66%?

He pays interest on the full balance

He clearly has a massive balance, maybe the lender feels that the OP shouldnt have spent so much money they didnt have and dont feel its appropiate to subsidise him

Frankly from the OP's original post he doesnt seem to have faced upto his debt and is still looking for favours so I wouldnt be particularly sympathetic if I was a bank

egamar

Don't quote posts again in full it's a damn nuisance to other folks and not very smart.

Iamthesmartestmanalive wrote: »

How exactly do you work out a rate of 66%?

I said - if you read carefully - 'an effective 66% he is paying now (pays £300, pays off £100)" quite obviously that is not the interest rate he is being charged. I didn't imagine anyone could be stupid enough to think that; clearly I was wrong in your case. Only 1/3rd of what he is paying goes to reduce his debt. I think that is disgraceful at the level of £300/mo.

Iamthesmartestmanalive wrote: »

Frankly from the OP's original post he doesnt seem to have faced upto his debt and is still looking for favours

Try not to make yourself look more ignorant than you already have done: the OPs first post does nothing but indicate that s/he is behaving responsibly.

Iamthesmartestmanalive wrote: »

so I wouldnt be particularly sympathetic if I was a bank

I don't think YOU would be sympathetic if you were human or had a barely measureable IQ. If you can't help the OP shut the f*ck up and bother someone else with your semi-literate blether.

Iamthesmartestmanalive

egamar wrote: »

Don't quote posts again in full it's a damn nuisance to other folks and not very smart.



I said - if you read carefully - 'an effective 66% he is paying now (pays £300, pays off £100)" quite obviously that is not the interest rate he is being charged. I didn't imagine anyone could be stupid enough to think that; clearly I was wrong in your case. Only 1/3rd of what he is paying goes to reduce his debit. I think that is disgraceful at the level of £300/mo.



Try not to make yourself look more ignorant than you already have done: the OPs first post does nothing but indicate that s/he is behaving responsibly.


I don't think YOU would be sympathetic if you were human or had a barely measureable IQ. If you can't help the OP shut the f*ck up and bother someone else with your semi-literate blether.

What a !!!!!!! retard you are, because I dont think the OP deserves to be let off with the debt you have a personal attack

Its all well being "responsible" once you've spent the thousands/tens of thousands you dont have and you being "responsible" gets you out of paying the debt back

As for the payment, why is it disgraceful? your argument there is nothing short of !!!!!!

Say I have a debt of 10k and I choose to pay £20 a month, should the interest be reduced so that im actually reducing the balance?

No

The op run up a debt on a card he agreed to, and the bank are legitimately and legally charging the interest they should, just because the op is paying a pittance doesnt mean they shouldnt charge the full interest

The fact he is now suddenly being responsible after spending all this cash imo means nothing, maybe he should have been responsible before spending it

I dread to think how much his debt is to incur 4k interest in 12 months

egamar

You've left a lot of vitriol dripping your poison all over this site: I've read some of your posts, they're pretty much all inaccurate or mean-spirited and of no help to anyone in difficulty - go and be a troll somewhere else.

PS: Do stop quoting posts in full, it's just lazy.

Iamthesmartestmanalive

egamar wrote: »

You've left a lot of vitriol dripping your poison all over this site: I've read some of your posts, they're pretty much all inaccurate or mean-spirited and of no help to anyone in difficulty - go and be a troll somewhere else.

PS: Do stop quoting posts in full, it's just lazy.

No they are not all inaccurate

They are factual, just because that doesnt suit the OPS why should I have to pay back money I borrowed under the terms attitude doesnt mean anything

As for quoting the full post, If I wish I will, its nothing wrong

And as for my "unhelpful" post

The OP asked why he gets charged interest, I answered that

Because he spent money he didnt have

egamar

I just had to thank you for that. It confirms my opinion of you which I expect many more folks will come to share the more you write

Dylanwing

OP - I have been in your position, and fully sympathise. I do not make inaccurate proclamations regarding my IQ, but I can understand how you can get into this mess, and what is needed to escape. I just used pester power on the Banks, and they all finally realised that, by freezing/ reducing interest, they will get far more back than by forcing me into bankruptcy. It might be an idea to put an offer in writing, as I found the phone staff to be much less helpful.
EJ and Smartest (?)- Unfortunately, life is not like a pile of T&C's, we all do stupid things, we all make mistakes, and we all deserve a second chance. The Banks will hardly miss the interest, and if they reduced it to 7%pa they won't actually be making a loss. OP is trying to pay for his mistakes, give credit where it is due.
If you are both so concerned about Banks wasting your money, take a stand against the multi-million pound bonusses for Executives hitting simple targets, or the large pay-offs for complete failure.
OP - Keep fighting, stick with the payments, and life will get better.

MarkyMarkD

I'm not getting into the fight between egamar and the Smartestmanalive apart from to say that, if you are replying to an entire post, and your reply is right beneath the post, it's a complete waste of time to quote it. Just press POST REPLY not QUOTE.

But if you are referring to a specific comment in the original post, use QUOTE and then delete the bits which are not relevant to your response.