Persistent Debt

Dandytf

fatbelly wrote: »

This illustrates the problem with the persistent debt rules. They sound like a good idea to someone sitting in an FCA office but the detail has not been thought through.

I work at CAB and we're as confused as everyone else.

Anyway in your case the advice being given is good so post a soa and we'll have a look at it.

Interesting as I know what amount of payments are required and hopefully by which dates at least which month during 2020.
Guardian were recently reporting that March 2020 is 1st 36 months since Persistent Deby Rules clock started -which matches up with at least one of my cards though can vary of course card/interest/payments etc.

OP you could possibly be looking at up-to 48months to clear your balance though that's if the 3 years has passed as you had suggested.
Enjoy Xmas

Haveyoufedthecat

Hello again
Yes... I'm 51 carer for husband of 72... Just to clarify. Many thanks.

Haveyoufedthecat

My own health luckily is not too bad at the moment BUT I have what's called Severe Aortic Valve Stenosis. Which is a very narrowed heart valve... I will need heart surgery in the future... I'm what's classed as asymptomatic. Its very bad measurements on my echo and my lovely Cardiology team look at me rather aghast that I'm still bumbling along x

Mr_Moneypenny

Persistent debt letters are a really bad idea - presumably thought up by someone in an FCA office in order for creditors to be able to wash their hands of responsibility if anything goes badly wrong. People in persistent debt are usually only too well aware of the problem and such letters makes people feel trapped and pressured - a dangerous combination if they have no options or control over their situation.

Dandytf

Though New Rules are going to cost me a small fortune.
I since find it difficult to disagree with fca attempts of in effect forcing CC users to reduce their unpaid debt off quicker.
I find it more difficult to understand why such large credit limits are issued when the general idea is 'pay in full each month'
Maybe issuing smaller limits relevant to monthly pay could have been more sensible.