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Hi all - Hope I have done this in the right place, I am a newbie. I've had a scout around the forum but getting a bit cross-eyed trying to take it all in, so I apologise if this question has been asked before!
My husband is on a Debt Management Plan since 2008 so paying all his creditors at much reduced rates. Most of his creditors froze interest on the credit cards, but as he has been able to start paying slightly more over time, some have decided he can afford to pay interest again and they have started whacking on massive interest in comparison to what he is paying.
Although I understand that is how they make money, and when he signed up to the cards there would have been interest applied, he is trying to appeal to their better nature that he is still on the DMP (and will probably be for another 6 years) and it really isn't helping matters that they are charging such massive interest as he can't make a dent in the debt.
One has come back and reduced the rate slightly, but its still large in proportion to what he can pay. He even asked them to send the debt to a Debt Collection Agency but they have refused!
So he then asked them for a copy of the Credit Card Agreement. they sent him their current one, not the one he signed years ago, and said they didn't have to provide the original etc.
He has no intention of avoiding the debt, he wants to pay it off in full (albeit over the next 6 years), but the question is can they really slap on interest if they do not have the original CCA?
Thanks!
My husband is on a Debt Management Plan since 2008 so paying all his creditors at much reduced rates. Most of his creditors froze interest on the credit cards, but as he has been able to start paying slightly more over time, some have decided he can afford to pay interest again and they have started whacking on massive interest in comparison to what he is paying.
Although I understand that is how they make money, and when he signed up to the cards there would have been interest applied, he is trying to appeal to their better nature that he is still on the DMP (and will probably be for another 6 years) and it really isn't helping matters that they are charging such massive interest as he can't make a dent in the debt.
One has come back and reduced the rate slightly, but its still large in proportion to what he can pay. He even asked them to send the debt to a Debt Collection Agency but they have refused!
So he then asked them for a copy of the Credit Card Agreement. they sent him their current one, not the one he signed years ago, and said they didn't have to provide the original etc.
He has no intention of avoiding the debt, he wants to pay it off in full (albeit over the next 6 years), but the question is can they really slap on interest if they do not have the original CCA?
Thanks!
