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Freezing interest ...

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I am currently on a Payplan DMP and have been for 25 months now however I recently checked my most recent credit card statement as I was hoping the debt would be showing a nice decrease by now.


The debt is £2000 on the card and the payment is £30 per month, however, I have noticed that the debt is actually growing, looking into it, it seems although I am paying off £30 per month through Payplan, the nice Credit Card company are charging me £46 per month interest.


Any suggestions with regards to this ?


I can afford to pay this particular bill any higher than I am currently giving (£30 per month) however if this continues I will never be free of this debt and it will continue to grow.


I have noticed this is similar on an overdraft I have with the same bank, I am paying £50 per month to try and clear the overdraft and they are charging me £165 in unauthorised charges and interest per month.


I have begged the bank to freeze interest on both these charges however it seems they are refusing. Is this unreasonable behaviour as it seems I will not be able to ever pay these debts off instead they will just continue to grow.


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Right! You need to do an IE sheet. Leave out the personal details, then post it up here for advice. If we can prove hardship then you have a stronger case to put to the bank when sending off a letter asking them to freeze the interest. Who is the bank and how much money are we talking about? Once you've got your IE sorted we'll get the letter done and try again.


Lastly, don't worry. You're doing your best to pay and judges tend not to look favourably nowadays on banks that treat their customers the way you're being treated, so even if they took you to court I wouldn't worry too much. Get on with the IE sheet as soon as possible and get it posted up here. Be entirely honest with yourself on it, don't pretend you can live on nothing as you can't! Similarly I suggest you post it up as there are set limits for each category and we need to ensure you fall within the limits.

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