One of my credit cards is increasing the interest rate by 7% come next month - they must think the bank of england is going to do so soon then. I am going to reclaim my changes of several years with compound interest so can I want till next month after the increased rate rise before writing to them or am I on a sticky wicket?

Hi, My partner has got herself into 9k's worth of debt with a credit card company. She kept it secret for years and has been paying £300-£350 minimum amount per month, but the interest keeps coming and she's missed payments because of other debts and outgoings. We don't have any joint savings to throw at it, I'm disabled and not working and we have a child of 4. She works full time. I'm not sure what further details are required, so please let me know and I'll add them. I would really appreciate some guidance as to what our options are. My first thought was to get a consolidation loan to bring down the payments to manageable levels, but I doubt she'd be able to get a loan because of the missed payments. CC firm don't seem interested in helping and the interest is mounting up. She hasn't spent anything on the card for many months since she first defaulted. Thank you. P.S. apologies if this is in the wrong section.

Looking for advice on this as I have only been made aware of S86D CCA. I have been on a DMP with Payplan for over 6 years. During this time Barclay's have continue to charge interest albeit at reduced rates on my two cards. I don't believe that they ever sent out a notice of arrears for the accounts at any time. With S86D in mind am I right in thinking that they therefore have not been entitled to charge interest. Whilst I have had AP markers for the entire period they have backdated defaults which will mean that they drop off within the next couple of months. I have received monthly statements from Barclays for the cards throughout so does this counteract the requirement for them to provide a notice of arrears. The interest would be sizeable and could wipe out the rest of my DMP which still has 5 months to run. I have found the below advice Arrears notice penalty Of course, when a trader provides credit, he or she accepts that the debtor may default, whether intentionally or not, or knowingly or not. Either way, the creditor is under a duty to provide the debtor with a notice stating that he or she is in arrears and exactly how much money is owed. Section 11 of the CCA 2006 amends the CCA 1974 by inserting a new section - 86D - that sets out the consequences for a creditor if he fails to notify as required by sections 86B or 86C. If the creditor fails to provide a notice when required to do so, then throughout the period of his failure (i.e. from the date that it was required to be given until the end of the day on which it is eventually provided), he is not entitled to enforce the agreement. In addition, the debtor or hirer is not liable to pay any interest that relates to the period of the creditor or owner’s failure,

Greetings. Making a PPI claim on an old loan that was repaid in full. Wondering if I succeed, will the original creditor be allowed to use this to offset an outstanding (statute bared) debt (overdrawn current a/c and assume the original creditor still owns the debt). I noticed post #4 by dx100uk and specifically in bold: "if the original creditor still owns the debt then they can offset but not the 8% stat int part of any refund." in this thread: http://www.consumeractiongroup.co.uk...BC-credit-card I've seen on the FOS website: compensation for being deprived income etc.. http://www.financial-ombudsman.org.u...tment-loss.htm and various scenarios on PPI redress: http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#_Where_the_consumer Does anyone have any further info or legal precedent about the 8% SI part of a PPI claim not being allowed to be used by a creditor to offset an existing debt and as such should go to the claimant ? Many thx

Hi, when I input data into the spreadsheet calculator v102 available through CAG, the spreadsheet shows the value for the 8% interest at the end of any month that the reconstructed account would be in credit. But only a value relating to statutory interest for that month The spreadsheet seems to do nothing other i.e. it only gives that months value, adding this to the total for statutory interest at the top of the spreadsheet. It does not factor this value into the accruing redress, which is correct but it also does not include 8% per year until the date the claim is settled. Surely if on 30th January 2000, for example, the reconstructed balance is showing £2000 in credit then the calculation for statutory interest relating to that monthly event would be: £2000*((8%/365 maybe 366 in a leap year?) * days between 30th January 2000 and settlement date 18th May 2017, for example). And this would be the calculation, allowing for the varying initial date and days till settlement date, that would apply to each month where the account is in credit due the the reconstructed account. I cannot see how the v102 spreadsheet deals with this, it seems to simply total the statutory interest for each month - this doesn't make sense, does it? Any help would be great as I am a bit stuck at the moment. Many thanks, Philip

Hi , could a techie help, please - I've been trying to get into & download the interest calculator spreadsheet listed but when i click on to any of the links i get a message (with the CAG logo) saying 404 Page Not Found - and below it is a picture of a missing person, and caption saying "neither is xxxx". Any ideas anyone? Are the links themselves corrupted?

I've noticed that debt buyers wait unil almost the last minute before a debt becomes statute barred, then going through Northamptonshire Auto-Court. they don't have to supply the regular documentation and they get to charge 8% APR stautary interest on the debt, including the time you take to dealing with them. On the other hand, the DWP want disabled people jump through hoops and introduce delays in the hope that you will cave in. For them, the worst is that they keep the cash until they are forced to make backpayment by a tribunal. Does anyone know about statutary interest on benefits backpayments. tw,

Hi everyone , could you tell me if anyone has an interest only mortgage that will be comming to an end in the next 3-5yrs thanks

Hello CAG Please give me some help and advice. My interest only mortgage will end next month . I have asked for a five year extension. I have been discussing this with my mortgage provider and it does not look good. I am pretty nervous and anxious. I am not quite sure how to go about negotiating with them. As its interest only they want the entire loan back. Due to illnesses over the last 10 years my plans to save to repay the mortgage at the end of term went out of the window. then went into arrears and it was touch and go for a year. I was able to make regular payments and caught up on my arrears. I was then able to make over payments which totted up to a small but a pretty good amount. But its like – that’s all academic now The lender now wants the full mortgage back, which is impossible for me. I have a small amount of lump sum but not a serious amount. This is where I need help and advice. 1. I can provide proof of income but the income in itself is not great. However its enough to enable me to meet the payments regularly and my outgoings are low. 2. The lender wants SA103 for the last three years from HMRC. I am arranging this. I am unsure how these documents will look and how the lender would use them to assess my capability to make repayments. 3. My intention is to take on a repayment mortgage for say another 5 years and then sell my property. I do not wish to sell it now 4. I can increase my repayments by taking on a tenant. (I can go really crazy by taking on more tenants but i do not know how the lender will react to this) 5. Will I be assessed as a new client or will they take my past good record into account.? 6. During my illness I took on a loan and picked up a CCJ and as a result, a second charge on my property which is still on my record. I am assuming that this will have an adverse effect on my application for an extension. i shall be most grateful for any advice on how to deal with this other then sell up and move on thank you very much Burmafriday

Several banks & financial organisations have recently dropped their interest rate to savers, some by substantial amounts. Can anyone please advise if such changes LEGALLY require the banks to issue fore warnings of such changes to customers ??

HI, I have been using Stepchange to help me pay of several debts amounting to over £5k. I have repeatedly asked Very if they would freeze interest on my account due to the interest being more than the affordable payments. They keep refusing. My question is.. how can I get them to freeze the interest so I am actually paying the debt off? Step change have only said it's their choice, but surely they aren't allowed to cause unnecessary hardship? Thanks for reading.

Dear all, I have a case that is of interest to me that i am hoping we could find some advise on here. Its about a high interest loan that was taken out in November 2015 and monthly payments have been up to date till January this year when a settlement figure was requested. The figure provided still turned out to be more than actual amount borrowed after a year plus of making regular monthly instalments payment. Please any advise on the best line of action will help.

Hi, It's a bit of a complicated issue, but I'll try to keep it concise. It's relating to my partners BC account, for which he put his head in the sand until 2014 as he assumed PayPlan had 'sorted it all out', since starting a DMP in mid 2006. I took over the issue in 2015, helping him, as we discovered BC failed to default the account in 2006 (and where still trashing his CRA files). The journey since has been frustrating to say the least.... ...I use 'I' in this context as I have been writing the letters etc on his behalf to try to get this sorted. I have a complaint with FOS, re Barclaycard failing to default a CC account in 2006 and adding interest between 2007-2016, at times as much as 17.9% whilst on a DMP. I raised complaint with BC in Early 2016, raising with FOS 6 months later (in time), BC refused to default account, and referred me to the FOS. FOS have now stated its both out of time, ie more than 6 years ago (only by BC using this as an excuse to stop the FOS investigation), and secondly the FOS adjudicator has stated it is fair, and in BC T&C that interest can be charged after the account is cancelled, as per T&C. ...my problem is that in 2 CCA requests no terms have ever been provided, the one copy I did receive with my DSAR does not reference interest under the section number the FOS states, oh and the FOS has actually failed to include a copy of the terms they are referencing! I intend to escalate to an Ombudsman, but need a little advice beforehand. My Q is: When a credit card is cancelled, by the creditor for the cause of 'my failure to meet minimum contractual repayments' (for 5 months), does this deem the contract to be terminated and thus no longer valid. Ie can BC legally charge interest if they have withdrawn credit facilities and 'cancelled' the account? (There are internal BC notes from DSAR which state account is closed in 2006) I always thought that when closing the account, withdrawing the card and stopping PPI etc then he contract was finished and interest could not be charged. (Oh and defaulted which is my main complaint to BC, the interest being charged is the second part of the complaint as I think this falls also under unfair treatment). History below: In summary, in 2006 default notice, not complied with (was in considerable financial difficulty), received a letter from BC stopping PPI as the account was cancelled. All credit facilities were revoked. DMP with Payplan started FIVE weeks after account cancelled. Then a 2nd default notice issued, after the first DMP payment, but before DMP accepted by BC . This too expired before BC accepted DMP. For one year interest was stopped, but then failed on 2 DMP payments , only managing a partial payment for both, in 2007. (DMP temporarily failed due to bullying from another creditor to make more payments to them outside of DMP!). Interest was restarted and never stopped despite numerous letters from PayPlan request that it is stopped - all letters were ignored. Between 2007 - 2016 made regular payments, and in Sept 2016 managed to pay off the remaining balance with a small PPI Claim received from another company. Between 2006-2014 buried head in the sand assuming PayPlan were working in best interests. Also assumed BC account was defaulted, all the others out of 13 creditors were defaulted between 2006-2009. In 2014/2015 realised both that BC was not defaulted and that wouldn't be getting the interest 'refunded' upon completion of DMP ( as promised by PayPlan - unfortunately only verbally!). This is when I intervened eventually leading to this Formal complaint to BC. any advice before I reject the ajudicators decision would be great. Me_too

The comparative (statutory) 8% interest (if applicable) on judgment debts in Ireland has just been reduced to 2% (wef Jan 2017) '...as it was widely perceived that the 8% rate which had applied since January 1989 was punitive and no longer reflected current rates.' Lexology Will England and Wales follow suit re its own '91 Order, re the Judgments Act?

Hi I am lucky enough not to require the use of a credit card at the moment. However a family member has run up a considerable balance on this card. I cannot see any way which they can ever pay this off when the interest is so high. Can one of you confirm that they are allowed to charge this much, and is there any way in which it can be challenged? Any help you can give would be greatly appreciated.

A price cap to help consumers who use "rent-to-own" firms to buy goods is a possibility, the head of the City regulator has said. Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA), said a cap would be considered as part of its inquiry into high-cost credit. Up to 400,000 people use rent-to-own firms to buy household appliances, paying the money back over three years. After interest, they can end up paying three times the original price. It follows a call for a cap from Citizens Advice, which said restrictions imposed on payday lenders two years ago had been a success. http://www.bbc.co.uk/news/business-38132843 FCA review “opportunity” to protect more high cost credit customers Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap - and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched a call for evidence on how the wider high cost credit market is working - including rent to own, guarantor and logbook loans - to find out how firms are treating their customers. It follows the regulator’s action to clean up the payday loan market, which included a cap on interest rates and fees introduced in January 2015. The national charity had published a new report today finding rent to own customers are getting trapped in debt due to problems such as high interest rates and additional fees, inadequate affordability checks and inflexible debt collection practices. Since the introduction of the cap on payday loan interest and fees in January 2015, Citizens Advice has helped people with 45% fewer payday loan problems. https://www.citizensadvice.org.uk/about-us/how-citizens-advice-works/media/press-releases/fca-review-opportunity-to-protect-more-high-cost-credit-customers/

Hi all Need some help Just received a PPI refund offer from Barclaycard. PPI began on 4th Nov 1999 and ended on 7th Nov 2000. The account is now closed. barclaycard dont have any statements etc from this time so have estimated the refund based on average figures. The offer below is based on "average amounts we would refund someone who was sold a comparable policy on a credit card held for a similar time period" Refund of Payments made for PPI cover charged on a comparable policy £240.55 Refund of interest charged on PPI Premiums charged on a comparable policy £126.28 Statutory Compensation £155.17 Income Tax Deduction £31.03 Total Refund £490.97 So, does that sound right? Or can i add interest? if I can, is it simple or compound? is it 8% or circa 24.9% which I think was the rate charged by Barclaycard. I have looked on the forums and googled this but have lots of differing answers and opinions but would really appreciate something definitive. I remember the card limit being £2500-2700 and I would have been close to that most months Thanks for the help Sausage

I'm a court appointed deputy for my husband. In 2008 he was placed under the court of protection due to a severe head injury, at that time he had a Barclays Bank account with an overdraft of £600. When the CoP was put in place he had been in to his local branch and they refused to serve him or talk to him. He was lied to about why and we only found out a few weeks later that it was due to the CoP which had taken over a year to be put in place. His original Deputy was extremely incompetent and cause no end of problems. In a nutshell they began paying his overdraft off at £15 per month but they continued to add charges and interest. In July 2104 the amount owed was down to £126 despite over £900 having been paid, the following month they changed the interest rate and his next interest payment was £18.75, more than was being paid into the account each month. His deputy failed to notice this. I took over as his Deputy in September 2015 and only discovered this around January 2016 when the previous Deputy forwarded a bank statement for him. I then sent required CoP court rulings showing change of deputy to Barclays, who basically ignored them and I also opened a complaint with them regarding the amounts and what had been paid etc. They offered to refund the amount owed and close the account, I asked that they return some of the money that had been paid as it was far beyond what was owed. They declined so the complaint continued. They continued to try and contact the prior Deputy, who having had their duty discharged duly stopped responding or indeed forwarding paperwork to me. The updated deputy court order they had received they continued to ignore. I again contacted them in May or June this year to be told that we now needed to go into the bank to process the deputy change. Which we did, they then very quickly sent through telephone banking details and immediately afterwards a letter saying that the account had been closed and that they would be taking action to recover the outstanding amount which had now built up to £405 overdrawn again. They have closed the complaint and are refusing to refund the overdraft that they had originally offered to do and have told me to contact the Financial Ombudsman if I'm unhappy. Anyone got any suggestions how to progress this please? I'm more than happy to open court proceedings. My husband, with my help successfully won a case against them after his head injury. For bank charges etc, so we're happy to go ahead with that.

In May 2015, I started a thread on this forum regarding a debtor (Mr OR) who had followed advice from the internet and had issued an injunction against a local authority after his vehicle had been clamped by a bailiff. The debtor considered that his vehicle should have been exempt as it was subject to finance. Unfortunately, his injunction failed as the Judge ruled that there could be a ‘beneficial’ interest in the vehicle. Mr OR was ordered to pay the local authorities costs of £3,200. This was in addition to his own costs (the fee for the injunction alone was £395). A link to this popular thread is below. So far, it has received almost 13,000 views. http://www.consumeractiongroup.co.uk/forum/showthread.php?445251-Goods-on-HP-a-Judge-says-they-can-be-sold(1-Viewing )-nbsp In Sept 2015, I started a similar thread on here to warn members of the public that if they have a vehicle that is subject to finance, they need to ensure that they provide evidence that there is no ‘beneficial interest' in the vehicle. Even that thread has received almost 6,500 views !! http://www.consumeractiongroup.co.uk/forum/showthread.php?451273-Vehicles-on-HP-can-be-sold-by-a-bailiff.-Evidence-must-be-provided-that-there-is-no-beneficial-interest. Unfortunately, a couple of months ago, another debtor (Mr MH) also issued an injunction to prevent an enforcement company selling his vehicle (a mini cab). This vehicle was also subject to ‘hire purchase’. The difference with this case, was that the ‘value’ of the vehicle was approx £14,500, and the amount required to settle the obligation under the hire purchase contract was just £6,300 (leaving an ‘equitable interest’ of approx £8,200). The debtor lost his case in court on 16th August. He was also ordered to pay the local authorities legal costs of £3,400. He was refused permission to appeal. Neither the debtor or his legal representative have made an application to appeal and accordingly, given the importance of this subject, the enforcement company have given me permission to provide an outline of the case in the hope that it may help other debtors to avoid making the same mistake. PS: I will not be giving the name of the debtor, the local authority or the enforcement company. The facts of the case are all that is important.

I went into Argos to use my card which had an available balance of £50 (I logged into my account online to check) and the card was declined in store. I called them up and they said my account has been closed and they are seeking to recover outstanding balance of £250. I hadn't. Even. Profiled that it had been closed and been making payments each both. They said I'd missed a couple of payments (which were late not missed). If only received statement letters from them asking for minimum payment and they are still charging me interest! I'm not in a position to pay more then the minimum payment but will never clear it at this rate and there's no point trying to and putting myself in debt with other creditors. My husband is the only earner and we struggle month to month. I've tried to keep things afloat but it's been hard. How do I get a final balance from them and get them to stop charging interest? Thank you

Hi Folks, Can interest incurred on legal expenses be claimed against a perpetrator? For example, if a high interest credit card is used to pay for representation against a bank that have deliberately refused redress for more than a decade, the interest alone has more than tripled the cost of litigation. Can the victim claim any expenses? For example, having to hire a private detective to trace the key witness to the crime? I'm stuck with Scottish Law at the moment but I'd be interested to hear if it's possible in England. Of course, there ought to be provisions for this and it has been talked about. I'm just wondering if it's a reality yet? Cheers, Richard.

I've received a letter saying around £100 plus another £80 of compensatory interest is to be refunded to my account reflecting a mistake in charging overdraft interest to my student account which I opened in 1998. I called the remediation operations as directed by the letter to sort out at least the charges, but the representative I spoke to wasn't able to help much, but she said that this should represent all interest charged to the account. It doesn't match up with even my last 6 years of statements, which total ten times this much, plus several charges. I've previously claimed my penalty charges back from natwest, but did not get into the interest as it seemed too complicated at the time (c.2006/7) I can only easily get statements going back 6 years through online banking, and although I have a ton of historic statements from my previous claim, I don't have anything from 2006-2009. Anyone had a similar letter? Can I get statements beyond 6 years old?

Beneficial interest on HP Agreements. I have tried to simplify this definitions in order to keep them in context with the current discussion regarding, if a vehicles on HP can legally be taken under control. The intention on this thread is not to discuss any success or failings of cases which have gone to court, it is just to examine terms which are unfamiliar to many on the Bailiff forum. It will be necessary to introduce some more terms, which should assist understanding within context. These are: “Property on goods” and “possession in goods”. Property in goods denotes ownership. A landlord has property in goods in a rental agreement for instance. This also applies to the creditor in a HP agreement. “Possession in goods” applies to the hirer in the above case. This is where he takes possession of goods for a period of years on in perpetuity under a lease. This also applies to the hirer under a HP agreement where his legal possession is prescribed by the terms of the HP agreement Interest in goods. An interest in goods occurs when someone who is not their owner, has rights in regard to a part of their value. There are numerous types of interest in goods, legal interest, equitable interest, beneficial interest, etc. All are covered by the above definition but they denote different ways the interest is held or recoverable.

I thought I was good at maths but can anyone explain this to me? I have just 1 year and 4 months left on my mortgage. The mortgage rate has just reduced by 0.25% thus my mortgage rate has also reduced fro 3.75% to 3.50%. My repayments were £357.62 a month but have INCREASED to £378.10. That about 6% INCREASE per month. The mortgage company put a note with their letter saying the increase is because I am near the end of the mortgage term but I really do not understand that. If the rate has gone down surely the repayments should go down too. Can anyone explain this to me please? #confused.

Hi I have downloaded the compound interest and simple interest XLS files for working out a PPI claim. I have all my GM card bills from 1994 to 2004 when I paid it off and stopped using it. When I enter the PPI premiums and interest in the the compound interest file it comes out to an awful lot of money as it works out the interest up until today. Is this correct? And do i also claim simple interest on top of that? I don't expect to get it all but I would like to be accurate in what I ask for. reading the forums I seem to have two options the FOS route or small claims. Is this correct?