Barclaycard and interest

[wilkco]

Hi

I have a Barclaycard account that they agreed to freeze interest and accept lower monthly repayments around a year around.

Yesterday I received a letter from them stating that the are increasing my interest rate from 0 to 0.25% however my month payments are staying the same

I am wondering if it is worth contacting them again to ask to freeze the interest again and no increased payment or say if you freeze my interest i will increase my payments by a couple of pound.

Any ideas or if people have received this type of letter before what they did would be appreciated

[maroondevo52]

Hi, wilkco.

 

I'll move this thread to the Barclaycard Forum.

 

Regards.

 

Scott.

[slick132]

Hi Wilko,

 

If you can manage the slight increase, do so.

 

If they start adding interest at the normal rate again, you be paying far more.

 

It's pretty rare for BC to accepted zero interest and many users would like to know how you achieved this. Can you let us know if you got it through a DMP with one of the debt helplines, or some other arrangement.

[wilkco]

Hi Wilko,

 

If you can manage the slight increase, do so.

 

If they start adding interest at the normal rate again, you be paying far more.

 

It's pretty rare for BC to accepted zero interest and many users would like to know how you achieved this. Can you let us know if you got it through a DMP with one of the debt helplines, or some other arrangement.

 

Hi Slick

This was before I found CAG I went on the CAB website and downloaded the freeze interest letter also included a income and expenses form.

I then had a phone call from their collections team i.e. call centre in India (I know you should not speak to them on the phone but didn't know any better at the time) said about the letter I sent and said and I was struggling with the normal repayments they then agreed to freeze the interest I am paying 27 pounds a month on a 2500 debt. I think because I offered to pay more than a token payment that is why they agreed. I do not use debt management companies as I have heard bad things about them.

[slick132]

Hi Wilkco,

 

In this case, as I said before, I'd stick with the arrangement for as long as you can afford it.

 

If you send a CCA request to see if they have a credit agreement, they'll probably start full-on collection activity again AND start adding interest.

 

If you CAN'T keep paying at this rate, then use a CCA request and put the a/c In Dispute when they fail to produce the agreement.