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  • FIRST POST
    • uksuzy
    • By uksuzy 6th May 18, 9:53 AM
    • 11Posts
    • 1Thanks
    uksuzy
    Card debt. Advice wanted
    • #1
    • 6th May 18, 9:53 AM
    Card debt. Advice wanted 6th May 18 at 9:53 AM
    Is this right legal?
    My friend was offered store card 1996. Took it out as offered discount on purchases. Didn't purchase much & set up direct debit to clear small debt. Last used 6 purchase 2006 & forgot about it. Moved a few times. Not recieved statement in years & not told them she moved years ago as thought card paid off years ago. Cancelled dd last month & they tracked her down to say. As in debt for over 330 she would no longer be covered for PPI. Yes it came as a shock. For start no idea she had PPI & now trying to reclaim it. But also found how dept had grown & not been cleared.
    Original dept, interest & PPI =13 per month. She was making min. Repayment of 8. That ment she was going further into dept every month without realising it.
    Is this right or against any financial rules? Can she complain?
Page 1
    • uksuzy
    • By uksuzy 10th May 18, 2:16 PM
    • 11 Posts
    • 1 Thanks
    uksuzy
    • #2
    • 10th May 18, 2:16 PM
    • #2
    • 10th May 18, 2:16 PM
    It looks like no one knows if it's legal or not for the store card company to allow you to get further & further into debt each month as they have made min. Payment lower than interest & PPI are each month. The debt will never be cleared & in 6 years a 6 loan, the balance will be 366. Very expensive top!
    • zx81
    • By zx81 10th May 18, 2:24 PM
    • 16,856 Posts
    • 17,875 Thanks
    zx81
    • #3
    • 10th May 18, 2:24 PM
    • #3
    • 10th May 18, 2:24 PM
    You'll need to post some accurate figures on a monthly basis for anyone to comment.

    Certainly for much of that time, minimum payments had not yet become a minimum of 1% plus fee and interest.
    • agrinnall
    • By agrinnall 10th May 18, 2:45 PM
    • 20,157 Posts
    • 15,880 Thanks
    agrinnall
    • #4
    • 10th May 18, 2:45 PM
    • #4
    • 10th May 18, 2:45 PM
    Why didn't she check her bank statements over the last 12 years and notice that she was paying 8 a month to a card that she thought was clear?
    • dresdendave
    • By dresdendave 10th May 18, 5:35 PM
    • 751 Posts
    • 927 Thanks
    dresdendave
    • #5
    • 10th May 18, 5:35 PM
    • #5
    • 10th May 18, 5:35 PM
    Why didn't she check her bank statements over the last 12 years and notice that she was paying 8 a month to a card that she thought was clear?
    Originally posted by agrinnall
    Because that would be expecting people to take responsibility for managing their own financial affairs. Far better to stick your head in the sand and blame others when it all goes wrong, innit.
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