I have just received claim form for a CC debt of about £4,400 from 2009 and they have claimed interest for 6 months + upto the date of judgement, but no mention of going forward. I don't mind paying them original amount in instalments but I am worried that if I accept the claim as it is then they may ask the judge for 8% interest until the debt clears, which may mean the payments I make will just pay off interest. Someone has told me that if I defend the case by asking them to prove the debt then they are likely to concentrate on proving the debt and not ask for interest going forward. But if I accept debt at the first stage then they are most likely to ask the judge to add 8% interest. Is this correct assumption? But I know that if I defend then I will be slapped about a £1,000 in further legal costs. What could be the best course of action in this case? Is there an argument against paying interest of 8%, which I may be able to use? I will be grateful for your comments.

HI I'm new to this site after stumbling across it after searching for advice on how to make a claim against Swift Advances. I have read Nicky74 story and mine is not much different in that i took a homeowner loan out with for swift for £8000 in 2003 i think. I paid them sporadically for about 3 years which comprised of missed/late payments and finally settled the loan after splitting with my then partner and selling the house. Swift Advances took £28,000 of the equity in the house to settle the debt which i could do absolutely nothing about. I have absolutely no paperwork for the loan and don't know exactly when we took the loan out but know that it got settled in early 2007. i'm just looking for some advice on where i start e.g see a solicitor or contact Swift advances directly. Any help would be greatly appreciated or if i am wasting my time i'd rather know now. any questions feel free to ask although the info i have aort from my memory is zero. Thank you in advance and i will keep a close eye on this thread for any replies. Ian

There's no point in whining about them. We know they're ripping the public for all they can, any way they can. 58% rates, 28 day account periods when almost everyone gets paid monthly nowadays. My wife has a debt of £2096 with Marisota and I don't know how much with Very. (She says she doesn't know the password! I'm resetting it.) And a credit card, and who knows what else hidden. She doesn't work, I have to pay everything. I want to work out a prediction of where this will all go unless dealt with now. I can use spreadsheets but I'm not sure how they calculate the minimum amount. T's&C's say: The word is INITIALLY. That insinuates there will be something different later. Or is it so simple as 4% of the £2096? That is £83.84 but they are saying amount due is £251. How is it worked out? Thanks.

Hi there CAG family, hope you are all well? I have been going through some paperwork for relative and are trying to reclaim old PPI from a Sky card, now owned by B/C. I have collated all PPI amounts and entered onto a spreadsheet I used from previous claims. Barclays have responded and although they state they have included compound interest, it appears to be way off. They have calculated PPI premiums together with charges and the compound interest amount added is closer to 27.29% of this total. This does not come close to the spreadsheet total (correct interest as per statements). They have then added 8% statutory interest (this value includes extra 45 days simple interest) which totals more than the compounded interest amount above! Surely that can't be right? The account was closed due to LVA which has also been fully repaid and settled. I maybe using the wrong spreadsheet for my calcs as the account was closed. It has been many years since dealing with these calculations and i'm confused, would appreciate your thoughts.

I have received response from Capital One upholding a PPI complaint. However, although the figures are fairly small (they suggest PPI Premiums paid were £157), the amount of compensation offered does not (in my opinion) take into account the age of the 'issue' (account closed 18 years ago!). Am I correct in suggesting that statutory interest compensation should be applied at a rate of 8% per annum (simple - not compound)? Tried the calculators in CAG library but links don't seem to work! Had similar concern with a couple of Barclaycard complaints - upheld and compensation offered but with paltry interest calculations. Did complain to BC but they stated that was their standard approach - and tough! Does anyone have any knowledge as to what final settlement figures should be based upon? Any help much appreciated! Apologies - this posted in wrong Forum by mistake (should have been PPI) but cant move?

Hello J Firstly thankyou for all of this information on this forum, I have had a look around but I think I need to start a thread in order to get some help. I am sorry for the length of the post and I hope someone makes it to the end of it as I know you would be using their own freetime to respond! J Much appreciation and thank in advance for this I wrote to Lending stream to claim irresponsible lending and I am hoping that someone could contribute their expertise to help formulate a reply to them. Id rather make one last attempt to settle with them before going to the ombudsman. All of my comments are ion red and LS are in black. We are writing in reference to your recent correspondence. Please note that you borrowed 17 loans (Ref. No: xxxx) from Lending Stream, out of which 14 loans were closed successfully and 3 loans (Ref. No: xxxx, xxxx and xxxx) are outstanding. However, the ownership of the accounts (Ref. No: xxxx, xxxx and xxxx) has now been transferred to the third party debt collection agency Mackenzie Hall (can be contacted on 01563 556533). Hence, we would request you to get in touch with them for further proceedings. I thought you had to claim against the original creditor? How should I respond to this? This makes up a large part of my claim as they added around £1000 in charges and interest onto £500 that was defaulted and sold it on We would like to share our findings, in regards to the loan accounts closed with us. Affordability Check: We confirm that an affordability analysis is conducted for all customers (existing or new) and on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by Credit Reference Agencies before making a decision. Your Experian score was ranging upto xxxx; which factored into our proprietary underwriting and deemed acceptable I don’t think so, my credit rating was proper trash back then, I have spent about 3 years trying to repair it and have had tens of thousands of pounds worth of defaults and a CCJ drop off of my file since then (+6 years old now) and its still far short from what they are claiming! At the time of applications, you were full-time employed Yes correct Your monthly income at the time of applications was ranging upto £ xxxx No idea what I declared but from their comment “ranging upto” I doubt this amount was consistent We could observe a sufficient disposable income, which denoted that repayments towards the loans can be made without any financial difficulties I was in serious trouble and borrowing from one to pay another, my finances were a mess! Rollover: We would also like you to note that a “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option. Hence, we confirm that the FCA regulation on “Rollover” Loans is not applicable to us. Credit file/Data Validation: When a customer requests for a credit report from a Credit Reference Agency, he may acquire specific information including names of different lenders and their respective reporting. However, when a financial institution does a credit search on a customer’s credit report, they are not privy to that exact information. Hence, our decision to lend money does in part rely on the information received from Experian (credit scores). Financial Difficulties: Our constant message to customers whose circumstances change, or who experience hardship, is to speak to us and we will work something out together. Upon reviewing your accounts, we found that the required assistance was offered, when, we were informed about the change in your circumstances. This is a lie by them, when repeatedly borrowing and borrowing just became unsustainable I contacted them and I repeatedly asked them to set up a repayment plan, freeze interest and to stop phoning me for payment. They refused to accept less than £90 per month which I did not have and were calling me in excess of 8 times a day and even phoned my work phone which I was furious and extremely embarrassed about at the time. I have told them I want compensation for their behaviour during this period but I might tell them that I would be willing to forgo this should they be willing to settle in full on the rest of my claim without having to go to the ombudsman. Resolution: In lieu of the overall situation, we confirm that the affordability checks were performed while approving your loans. With the above being said, we would like to inform you that there were some procedural errors while approving your loans (Ref. No: xxxx, xxxx, xxxx, xxxx and xxxx). Hence, we offer to refund the interest and charges paid towards the loans (Amounting £394.50). I don’t know what processes they are admitting not following but this was the first 5 loans I had with them. The amount of interest I am claiming form them is £825 from the 14 loans that I repaid so I am guessing this is just an attempt to reduce by 50%. There are also the 3 loans that they have asked me to contact the company they sold onto. I have asked them to refund the £500 loan + £1000 interest that defaulted that they have sold on so that I may settle with the company they sold it to. I might respond that I would be willing to accept just the £825 + £1000 = £1825 interest if they are willing to resolve without the ombudsman Should you accept the offer, please confirm so that we can initiate the refund towards the bank account details that we have registered in our records (account number ending with " xxxx "). I switched bank accounts years ago to make a fresh start away where no companies have my details J Alternatively, you can help us with the copy of your bank statement (in which you wish for the funds to be credited) reflecting your name, bank account number, sort code and bank's name in a non-editable format. Errr No chance! For further queries, please email us at xxx or call us on 0203 365 0138 (Monday to Friday between 7 am to 10 pm). Call charges apply. A final observation I have made from their reply is that I have told them I want 8% statutory interest and they have not mentioned this within their letter at all Thankyou again for your help with this x

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?

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,

Hello. This is my first post, so please go easy on me. I went through a really bad period with payday loans a couple of years ago, which thankfully I managed to get out off. I was only able to get out of the debt spiral thanks to a new high paying job which I started in September 2013. Now that I have had some time to reflect I realise that the sheer volume of payday loans I was dealing with was immense. Here are some of the details: • Between 15/03/2011 and 03/09/2015 (4.5 years) I took out a total of 113 payday loans, across 11 different payday lenders. • Of these loans, I rolled over on 55 occasions. • In total I borrowed £56K and repaid £85K, resulting in £29K in interest. • Prior to my first payday loan my credit rating was so poor that high street lenders turned me down and payday loan companies were the only ones who would lend to me. • I did not default on any loans (I was desperate to not damage my credit rating further). • I did not have any gambling problems. • From what I can see, all of my payday loans are appearing on my Call Credit report (there is at least 100+ payday loans on my credit file). • I have bank statements for the duration I had the payday loans. • I often paid loans off and then instantly took out another with same company. • I took out payday loans to pay off other payday loans. • I also borrowed from friends, and took out guarantor loans in order to finally get my payday loan debt under control. • I had multiple payday loans with the same company at the same time, but under different lending names (i.e. Payday UK and Payday Express). • I had payday loans and longer term loans with the same company (i.e. Pounds to Pocket and Quick Quid) • The five highest APRs I paid to payday loan companies was as follows: 1. 47,700,103% 2. 5,000,000% 3. 3,076,698% 4. 146,975% 5. 93,133% I have reached out to all of the payday loan companies to obtain full details of the loans (Statement of Account). Most have been responsive, but for the ones who have not, I have been able to reconstruct the details from the agreements and bank statements. My plan is to approach the payday lenders to ask for a repayment of interest on the basis that my behaviour with them (i.e. rolling over and relending on the same day I paid off previous loans), together with my credit file should have confirmed that these loans were unaffordable. My concern though is whether or not I mentioned the other payday loans when I was applying, and whether this omission could be seen as fraud. Having looked through the various forums, I can’t see this point specifically addressed anywhere but I am certain I won’t be the only one who has this concern. Also, as I can’t be certain if I did or did not mention this when asked, should I not include the fact I had other payday loans with other companies when making my complaints? I am also concerned that the fact I did not default on any of the loans means I am less likely to receive a pay-out. I would welcome anyone’s thoughts on this.

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

Continued from here.... http://www.consumeractiongroup.co.uk/forum/showthread.php?398262-The-great-interest-rate-rip-off-part-9

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?

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'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,

Personal Independence Payment (PIP) Document Sources of Interest Personal Independence Payment (PIP) https://www.gov.uk/pip Personal Independence Payment Handbook https://www.gov.uk/government/publications/personal-independence-payment-fact-sheets Northern Ireland - Personal Independence Payment (PIP) http://www.nidirect.gov.uk/index/information-and-services/people-with-disabilities/financial-support-for-people-with-disabilites/personal-independence-payment-pip.htm The Personal Independence Payment (PIP) toolkit https://www.gov.uk/government/publications/the-personal-independence-payment-toolkit-for-partners/the-personal-independence-payment-pip-toolkit-for-partners Personal Independence Payment Assessment Guide for Assessment providers https://www.gov.uk/government/publications/personal-independence-payment-assessment-guide-for-assessment-providers PIP Postcode Map (UK) https://www.gov.uk/government/publications/pip-postcode-map-uk How to Appeal Against a Decision Made by the Department for Work and Pensions. (Form SSCS1A) http://hmctsformfinder.justice.gov.uk/HMCTS/GetLeaflet.do?court_leaflets_id=2724 Notice of Appeal Against a Decision of the Department for Work and Pensions (SSCS1) http://hmctsformfinder.justice.gov.uk/HMCTS/GetLeaflet.do?court_leaflets_id=2724 National Audit office (NAO) - Personal Independence Payment http://www.nao.org.uk/report/personal-independence-payments-pip/ Citizens Advice Bureau- Personal Independence Payment (PIP) http://www.adviceguide.org.uk/wales/benefits_w/benefits_sick_or_disabled_people_and_carers_ew/benefits_personal_independence_payment_e/benefits_pip_who_can_get_it_e/pip_the_presence_and_residence_conditions.htm The Social Security (Personal Independence Payment) Regulations 2013 http://www.legislation.gov.uk/ukdsi/2013/9780111532072/contents CAPITA Health and Wellbeing - Personal Independence Payment - Information Portal http://www.capita-pip.co.uk/ ATOS Healthcare – Personal Independence Payment Assessment http://www.atoshealthcare.com/pip/pip_assessment_approach ATOS Healthcare -The Personal Independence Payment (PIP) consultation:Simulation Video http://www.mynewsdesk.com/uk/atos-healthcare/blog_posts/atos-healthcare-the-personal-independence-payment-pip-consultation-a-simulation-video-25511 Carers UK - Personal Independence Payment (PIP) http://www.carersuk.org/help-and-advice/financial-support/help-with-benefits/personal-independence-payment MAXIMUS United Kingdom https://www.maximusuk.co.uk/health-programmes/independent-health-assessments Health Assessment Advisory Service (Centre for Health and Disability Assessments Operated by MAXIMUS) https://www.chdauk.co.uk/

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

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

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 all not been on here for many years but i hope im asking in the right forum, if not please move Ive got a DMP had it for several years slowly steadily paying my debts off . The thing is my dad owns a few houses and to offset any inheritance tax he's thinking of putting a house in my name, now if he does and i sell the house ill have x amount in my bank and if my creditors see it they will want or even might want their share. I want to put the money into a project that will earn more money which means i can pay my creditors off when it suits me Now my question is: can i put my dads or someone elses bank details on the conveyancing form so the money will not go into my own bank account? Or is it a legal requirement that the house owner has to put their own bank details for any monies to be paid into? thanks

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.

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.