Persistent Debt new Credit Card Rules

Terry_Towelling

Bonniepurple wrote: »

I have been shocked by Barclaycard. First of, they said that it wouldn’t affect me as I paid over the minimum. Then they said I needed to pay £404/month (I pay £350), then the statement said £396. I then got an email today advising me to pay £615. It was only when I read it properly that it said this was optional.

Before people criticise me... .

Not going to criticise you because I fall into the same trap of skim-reading bumf but you have highlighted an important issue in that people really should read things properly.

Ergates

elliesmemory1 wrote: »

Ive been confused by this too. I had a email telling me to pay one amount but saying if you cant afford that pay at least the minimum payment. Its a bit odd.

It's not really that odd. They're *advising* you that it would be better for you in the long run if you can pay the higher amount.

elliesmemory1

Ergates wrote: »

It's not really that odd. They're *advising* you that it would be better for you in the long run if you can pay the higher amount.

Yes I do understand that but at first look its not at all clear.

foxtrotoscar_2

elliesmemory1 wrote: »

Yes I do understand that but at first look its not at all clear.

It really is.

elliesmemory1

foxtrotoscar wrote: »

It really is.

You havent seen my email have you?
Its certainly not immediately clear what they mean.

SRod

I've had a couple of letters from Barclaycard asking me to Pay £150 and £132 a month for 2 years to pay off my cards.


Whilst this can be a done at a stretch, I'd prefer to find a 0% credit card and pay £100 on each for 2 years. I even asked them to do it for me, but obviously they refused. But that was over the phone, I'd much prefer email correspondence so I can state my case more clearly.


I actually think these rules are being brought in because they think the economy is going to tank again soon, and they are recovering as much as they can. It certainly is not to do with helping people in debt. If it was they would accept my offer.


I'm pretty ineligible for a balance transfer too as my credit rating is bad. Which poses the problem that those in debt are not helped at all by these deals. They are for the have's and not the have-nots.


I'm going to give their suggested payments a go and see how it goes.

[Deleted User]

SRod wrote: »

I'd prefer to find a 0% credit card and pay £100 on each for 2 years. I even asked them to do it for me

I imagine the agent must have fallen off their chair when you asked that!

AngiBear

I got the persistent debt letter and I was mortified, not only that the wording of it was actually kinda scary too. I actually thought I was doing well with regards to paying my credit card above the monthly minimum payment. I panicked yesterday and got a bank loan over 3 years which is less than I was paying for my 2 credit cards.

I think the same as SRod and think they know the economy is going to crash again and they want it to seem like they are helping but some people realistically can only afford the minimum payments and I was getting somewhere although maybe not as fast as they hoped. Its all about them trying to get more back before the economy crashes again and it will be blamed on Brexit.

[Deleted User]

AngiBear wrote: »

I think the same as SRod and think they know the economy is going to crash again and they want it to seem like they are helping

I don't think the FCA is too concerned with long term economic forecasting.

AngiBear

Deleted_User wrote: »

I don't think the FCA is too concerned with long term economic forecasting.

Yeah, I get why this was introduced and that people know that making the more than the monthly payment will decrease their balance but why are they introducing it then?