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Devastated!!!

edited 30 November -1 at 1:00AM in Credit Cards
23 replies 3.9K views
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  • Off to the airport on holiday in an hour - husband not talking to me. I will look at getting a different card when I get back but at the moment I have four cards ranging from 17 - 20% interest. That's why I was so happy when I managed to shift everything off of one and get interest down to 1.68 (so so stupid) : ((( I have one card with only £3k on it so will clear that one off and see if they are happy to give me a balance transfer at a good rate after a while. Or should I just try and get a new card?

    Need some breathing space - this holiday (not paid by me) will do me good!!! Grateful for that in my life.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    It sounds like you need to look at your finances as a whole rather than constantly juggling cards. You had a diary on here once didn't you so you have obviously been struggling for a while? You may need some sort of debt solution like a DMP. Why is your husband furious with you? Yes you may have misunderstood Barclaycards so called offer but presumably the debt issue is down to both of you.

    I hope you enjoy the holiday and tackle the finances with renewed vigour when you return.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • 18cc18cc Forumite
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    actually i would definitely write to them and complain that they are not allowed to quote a monthly interest rate when applying for a new product they have to give you an APR and they have to give it writing.

    They have to write to you quoting the terms and conditions including the annual APR and there is also a cooling off period

    is it the same for all credit agreements the consumer Credit Act is your friend
  • msallenmsallen Forumite
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    18cc wrote: »
    actually i would definitely write to them and complain that they are not allowed to quote a monthly interest rate when applying for a new product they have to give you an APR and they have to give it writing.

    They have to write to you quoting the terms and conditions including the annual APR and there is also a cooling off period

    is it the same for all credit agreements the consumer Credit Act is your friend

    She wasn't applying for a new product though was she.
  • 18cc18cc Forumite
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    Not clear to me if they were or not. It sounds as if maybe they were using their old card, but there was obviously some discussion about what interest rate would be charged going forward and how long this rate would last (hence a 'new product') unless Barclays were just reminding the OP of the existing card T&C.
  • macmanmacman Forumite
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    I'm not surprised the OP has never heard of 'monthly APR'. It doesn't exist. APR stands for Annual Percentage Rate, so if the agent described it as any kind of APR, then it was grossly misleading, if it was actually a monthly rate.
    OP really needs to get a transcript to establish exactly what was said.
    No free lunch, and no free laptop ;)
  • I was offered this type of deal last month however the ca did describe it as moving to 18.9% no fee.
    As above,transfer to another card (creation or newday?) complain but whatever happens close the card as a small bit of revenge!
    I have a deep burning indifference
  • Terry_TowellingTerry_Towelling Forumite
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    In terms of the interest being charged by Barclays, that is the same as on the original cards, so the amount of interest payable hasn't changed and you are just in the same position as before. You can always try and find another product that will give you a 0% BT rate when you get back from your holiday.

    What I really don't understand is the £750 payment you said you were having to make for your £13K balance transfer. That's a minimum payment of around 5.75% of the debt. I'm sure Barclaycard doesn't set its minimum payment that high.

    In a later post you then say you are having to pay around £200 per month for 'this loan' - I assume you mean £200 in interest.

    Something else worrying is that you transferred all of your debts (£13K) to the Barclaycard in May but you now say you have a £3K debt on one of your four credit cards. Does that mean you've run up this extra £3K debt since May?
  • Voyager2002Voyager2002 Forumite
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    I was offered this type of deal last month however the ca did describe it as moving to 18.9% no fee.
    As above,transfer to another card (creation or newday?) complain but whatever happens close the card as a small bit of revenge!


    Barclaycard often work hard to keep customers they have offended: the OP should complain and ask for a 0 per cent period as a gesture of contrition from them.
  • Hello,

    I have a lot of family that bank with Barclays and have never had any problems at all this includes their BarclayCards. I just wanted to say if I was you I would start recording the phone calls with the bank for your own piece of mind!

    Good luck,
    Headoffinance
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