Worried of Prescot

worried_of_Prescot

A few years ago I managed to get myself into quite a debt using various credit cards to help clear my previous credit card debts, in total £20,000 but over the past 16 months and with the help of Pay Plan a debt management co my debts are now £13,500. The 4 banks have been helpful up to now but Halifax Credit Card has now started to charge me out of the £132 I pay them each month £101 is interest charges at that rate it would take me an awful long time to pay them off,
if the other three banks who have not charged me interest yet start charging me I will never be able to sort my debt out, I am paying a total of £300 per month back as I can not afford any more. I wanted to be honourable and pay my debts back but weith the interest charges I see no way out--What can I do Can any One Give Me some Advice.

Sea78

HI

Welcome to the board It would be really useful if you could post up your SOA (see sticky thread at the top of the board for new posters) which lists your incomings and outgoings and then we'll be able to give a little more detailed advice:)

Sea xx

And I;ve just reread your thread and see you are on a DMP with Payplan- what have they said about the interest charging? Is there anything they can do or suggest?

I should read more carefully I think lol!!

fermi

Yep. Have a word with your PayPlan advisor if you can.

I know they are very busy, but they are the best bet at the moment. They can't insist that interest/charges are stopped, but they are experienced in negotiating towards this and are taken seriously by most creditors.

worried_of_Prescot

I have been paying the Halifax Visa Card back for just under two years without any interest or bank charges being added but last month I -paid in £132 which £101 was charged as interst charges leaving me just £32 off my current balance on £6,077.73 which will take me forever to clear my debt. I have a further 4 credit card debts which I am also paying off without fail of a further £7,000 by monthly installments without any charges added to their debts. I am with payplan but they say there is nothing they can do. I pay £299 in payments each month and I can not pay more. Payplan say it is a new policy of the Halifax to do this- CAN ANYONE GIVE ME ANY HELP OR GOOD ADVICE as it must be starting to happen to many others in debt with the Halifax.

Sea78

Hi

Other than Payplan saying it's a policy have they given any other advice? in this one situation, if they are really not helping, it might be worth swapping DMP providers to CCCS - I know they are both good, but perhaps the swap will shake your creditors up? Might help? I'm sorry I have no other advice- maybe others will?