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  • FIRST POST
    • NikkiH2504
    • By NikkiH2504 16th Sep 19, 9:02 PM
    • 3Posts
    • 0Thanks
    NikkiH2504
    Can interest be refunded?
    • #1
    • 16th Sep 19, 9:02 PM
    Can interest be refunded? 16th Sep 19 at 9:02 PM
    Hi everyone,

    I'm new to the forum so I hope I'm putting this in the correct part.

    I'm currently helping my husband's nan with her debts.

    She has been on a DMP since 2008 but is still being charged interest on some of the credit cards & catalogues that are included on it. One of the catalogues she has charges more in interest a month than the minimum payment amount. She is in severe Financial Hardship so is unable to increase payments. The balance after the first statement was around 300 it's now close to 600 because of the interest.

    I know you can request Interest to be stopped or frozen but is there also a way to get some interest waived or refunded, please?

    Any help or advice would be a great help

    Thanks
    Nikki
Page 1
    • Willing2Learn
    • By Willing2Learn 16th Sep 19, 9:05 PM
    • 4,430 Posts
    • 3,979 Thanks
    Willing2Learn
    • #2
    • 16th Sep 19, 9:05 PM
    • #2
    • 16th Sep 19, 9:05 PM
    I believe the only way you can get interest refunded would be if there was evidence of irresponsible lending.

    You can get interest and charges temporarily frozen while you seek advice. Other than that, an account needs to be defaulted for interest to be stopped.

    And welcome to the forum

    Edit: I recommend you post up your Statement of Affairs (SOA) in the main Debt-Free Wannabe (DFW) board for advice, support and guidance regarding the overall level of debt.
    Last edited by Willing2Learn; 16-09-2019 at 9:15 PM. Reason: Added links
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Ben8282
    • By Ben8282 18th Sep 19, 6:42 PM
    • 3,586 Posts
    • 1,991 Thanks
    Ben8282
    • #3
    • 18th Sep 19, 6:42 PM
    • #3
    • 18th Sep 19, 6:42 PM
    This really doesn't add up.
    If she has been on a DMP for the last 11 years, what sort of debt management plan is allowing this to happen?
    The practice of charging more interest than the minimum payment has also been stopped. Which company is still doing this?
    I think the best solution would be for her to simply default. At least that should stop the interest.
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