appologies if this has already been discussed!?

[newcastlenewbie]

Hi all,

Im totally new to this forum, and appologies if this has bee discussed in anyone elses threads.

 

I have a barclaycard which i took out about 12 years ago. i conatcted one of the better known agencies about reclaiming the charges. He informed me that not only could he (potentially) get all of the charges refunded but also all of the interest that i have paid in the last 12 years, is this possible and if so is it something i can do myself with letters etc.

 

It sounds a little bit too good to be true and would cost about £500 if i get him to do it for me.

 

(He also informed me that he could claim back all of the interest payments for a previous mortage i took out and would be able to get no less than £5000)

 

Thankyou all in advance

[PGH7447]

Hi and welcome to the CAG

 

Yes this raises its head every other day and the answer is

 

You can do it all yourself for free -well you spend some time and some stamp money:D

[Beck1968]

Hummmmm

 

is he asking for commision as well ????

[newcastlenewbie]

i dont mind spending the time and some money on stamps...but would need some guidance if thats available here, maybe some exmple letters.

 

Yes they ask for 30% commision on what they recover, hence thh reason id rather spend some time and do it myself!!

[PGH7447]

everything you need is right here and there is help a plenty, I would suggest that you read the following

 

Step By Step Guide - Consumer Wiki

 

and then whe you are ready post in the appropriate forum

[Beck1968]

Welcome to CAG

 

Get reading other peoples threads as well

you will pick up plenty of info

[slick132]

Hi Newcastle,

 

If you read threads here in the BC forum, particularly those showing **WON** in the title, you'll see how easy it is for you to reclaim your own charges.

 

If you want to claim higher rates of interest from them as well, it's a lot more effort but the rewards can be worth it.

 

Read, learn, then DIY !! There's all the help and support here that you'll ever need.

[newcastlenewbie]

thanks for the advice so far, so it is possible to claim back all of the interest that i have paid over the 12 years, i ask again as most of the threads i am reading relate to asking for bank charges such as missed payment penalties to be repaid and not the actual interest on my barclaycard.

 

Sorry if im being a total newbie on this!!!

[PGH7447]

you can only claim the interest on the charges applied, unless something has changed recenlty, so in my opinon the firm you are on about is telling a few porkies

[newcastlenewbie]

he is offering to clear the credit card debt (which is about £500) and then reclaim all of the interest that i have paid over the last 12 years??

[slick132]

You can claim back charges and interest on those charges.

 

If you claim this interest at the bank's contractual rate, this can add up to a tidy sum. As I said before, it's more complicated and the bank won't pay up voluntarily. You'll have to file a claim at court and they'll hold off until just before court. They'll normally then pay up in full.

 

If you just want the charges back, BC will pay you these without any need for a court claim, usually within 4 to 6 weeks.

[newcastlenewbie]

i understand that i can claim back bank charges and the interest on these charges.

 

But as far as you know you can not claim back the interest that has been added onto your debts eg,

£1,500 debt (say 19% interest = £285) this company tells me that they can claim back this £285. Obviously over the 12 years this interest will be a massive amount.

 

Can this be done or is he selling me a bum deal? If it can be done can i do it myself?

 

Appologies if this has already been done but im just trying to get it right in my own head.

 

Thanks

[PGH7447]

No I dont think it can be done

 

 

read this

 

http://news.bbc.co.uk/1/hi/business/8113482.stm

 

Alert on misleading debt adverts

Edited June 23, 2009 by PGH7447

[slick132]

Read this - http://www.consumerforums.com/resources/templates-library/51-guidance-notes/233-interest-tutorial

 

And see here - http://www.consumeractiongroup.co.uk/forum/barclaycard/138906-mackerel-barclaycard-8.html#post2140711

[newcastlenewbie]

just incase anyone is interested, when i questioned the fella from a well known company (Clue: the name also linked to describing a huge illegal drugs business) when asked if he was refering to contractural interest he didnt seem to know what i was talking about.

 

I have since told him that im not interested and as he seemed to understand that i had done some research and totally backed off from his usual salesman banter.

Edited July 10, 2009 by newcastlenewbie