Hi, hope you can help I opened up a flex account with Nationwide in May and they offered me a £1000 interest free overdraft (which I signed for) for a year. Today I got a letter from them to say that my overdraft has gone down to £250 and from November I will have to pay interest. Are they allowed to just withdraw an agreement? Thanks

I lost an appeal in November last year and costs were applied £750 - I appealed and this hearing was heard within another hearing Civil Case on Jan 4th 2014 - The Judge awarded the claimant £7,123 - off which £5,000 of this was costs. He mentioned something about only allowing certain sum of costs. I could not pay - single parent on benefits and offered £5 a month - this was refused so I applied for a redetermination hearing which was heard in March 2014. I informed Judge I had a caravan old tower 1997 that I could sell worth about 2k. Advertised on 8 sites including Ebay and no interest. Went back to court on Monday 23rd June to update situation and offered £25 a month (payable by my BF) this was again rejected - again given another 3 months to sell caravan then other party intends to get a high court writ. The upshot is unbeknown to me this debt has gone up - I thought the £750 for previous hearing was already added to final judgement of £7, 123 - the other party have now added interest and further costs on both amounts. I managed to sell some furniture and jewellery and paid £1,000 in April - thinking the debt was now £6,123 but the debt has now increased to £7,300 thereabouts. Impossible situation. My question would be - how do I query this £750 additional ? no mention of this in the final judgement so assumed £5,000 in costs was total. Can I question the interest side of things? if I managed ( family member) to pay off some and get it under the £5,000 does interest cease? The Judge mentioned any debt over £5,000 interest becomes payable. So would it be worth my while loaning the funds from a family member. Thank you for your help in this matter it is all very confusing.

Hello I was chatting to my niece over xmas. She told me about her credit card problem she had been experiencing. A few months previous she applied and received a Barclaycard Freedom Rewards card, so she could use it’s 8 months free 0% credit transfer. When she applied, she filled out wanting pay offline with statements via post. one months had passed no bill, she contacted Barclay, who said it was down as online service but she was told the error would be rectified. Few days later she was contacted by Barclay asking why she had not made a payment yet. Niece told the Barclay employee what had happened with the mix up at the start. The Barclay employee revealed at that point she would not be getting the 0%. My niece had defaulted at the firsts payment (Even though the error should have be rectified) and any other late or non monthly payments received she will receive a late payment charge and interest on the standard balance. When she finally received her first bill it showed interest & charges added. Barclay have also sent late bills and again charged her for late payment. This is a joke can someone advise? Thanks

I have a credit account with Simply Be with a limit of £750. The current balance is almost £600. I always pay the minimum repayment every month and have never missed a month but the repayments are getting higher and higher. I know that only making the minimum payment each month is only very slowly chipping away at the balance. I have been trying to sell bit and bobs, doing online surveys etc to try and earn some extra each month so I can make above the minimum. I feel like it's a long shot but I don't suppose it is possible to freeze interest on the account whilst I repay the balance? I am completely fine with not being able to purchase on the account anymore, especially with the remaining credit.

Hi everyone, good afternoon My boss owned a Ltd company which went into liquidation, a building supplier approached him last year with a claim for bunkruptcy if the debt could not be paid, so he entered into a payment arrangement with them to stop this from happening. Coming to the end of the agreement, the solicitor has wacked on the interest charges and is now requesting this be paid alongside the last instalment. So, i understand that if a judgement is over £5,000 or more, the claimant is entitled to charge interest. Fine, but the actual debt was £4,650.00 but then the claimants solicitor had put on their costs, which brought the debt up to £6,890.00 with the threats of bunkruptcy if no agreement could be made. My boss never actually got any judgement from court, but just threats from the solicitor this would happen, would the judgement class as the debt before the solcitors fees? or does the debt come as a whole amount therefore allowing them to charge interest as its over £5,000? It's been a really horrible situation for my boss because a customer (in the building trade) knocked us for £100k and he didnt reailse at the time of obtaining credit from the building suppliers that he signed a personal guarantee! Your feedback is much appreciated. Many thanks, Mehdi

Hi - been trying to work this out in my head but wonder if anyone has any ideas about this situation of mine, thanks. I have an interest only mortgage - the arrears I previously had were shown on the statements and increased the outstanding balance, which I understand. The new balance then attracted more interest. Later the lender took me to court and had the arrears added to the security, increasing the balance again. Shortly after that they capitalised the arrears - so - assume the balance went up again. Also added all their legal fees. Does this mean that there has been a double recovery of interest then?

HI Guys, In 2005 I took on an interest only re-mortgage for 20 years with GE Money. I was massively in debt (still am) at the time and this was the one and only way I could release some equity on my house as I was desperate to repair house problems etc. Anyway, GE knew all about the debts and were quite happy to help even though it was 100% of the value We have just received letter from GE asking us how we intend to repay the loan and of course, we can't. There's simply no way of paying £105,000 in 10 years, not on the money we earn. I have written to them asking if they could extend the loan and maybe put us on a repayment plan, but had a phone call from them saying the payments would be over £1200 per month and we couldn't afford that. And that they couldn't extend the loan. So that's that. In 10 years we will be out. Most of it our own fault, not thinking of the future, but at the time everyone was saying houses were a pension, and that we would simply be able to sell and downsize. I think with all our problems, we should never have been given an interest only mortgage, but I guess there's not much we can do now. I really would like to see interest only mortgages banned for main residence, as how can anyone pay them off unless they have massive pension pot coming up sometime. If anyone has any ideas for us, please say!

I am confused about the new rules for interest on discrimination awards in the Employment Tribunal when the case spans the 29th July 2013 and the rate changed from 0.5% to 8.0%. I understand the bit that says interest is payable at 8.0% if the respondent does not settle within 14 days of the remedy judgement but am having difficulty with the rest. For example if a discriminationary event took place on 29th July 2010 and a liability hearing on 29th July 2012 found in favour of the claimant and a remedy hearing on 29th July 2014 awarded compensation for injury to feelings and psychiatric damage plus an award for loss of earnings what rate of interest is applicable? Does interest accrue at 0.5% up to 29th July 2013 then 8.0%? Can anyone give an example with numbers?

Hi, Quick Quid continued to add interest to my debt even after I started my dmp with Payplan. I am coming to the end of the dmp and still owe them more than when I started. Is there anything I can do ? Cheers

HSBC is expecting to pay back $367m (£218m) of interest payments to some UK customers owing to mistakes in paperwork for personal loans. The bank has admitted to failing to include information in annual statements relating to the option for customers to make overpayments. This is required in the UK under the Consumer Credit Act. The bank outlined the provision in its results for the first half of 2014, but suggested no customers had lost out. A spokesman for the bank said there had been "no financial detriment" suffered by customers as a result of the error. Omission Under the rules, banks must explain to loan customers that they can make overpayments or partial overpayments on top of their regular repayments. HSBC included this in the initial paperwork when customers took out a loan. But the bank has admitted that when it sent annual statements, reviewing the latest status of loans, these details were omitted. A spokesman said that the error went back a couple of years, but had now been corrected. HSBC says it will be contacting all affected customers http://www.bbc.co.uk/news/business-28639103

I telephone HSBC last summer regarding PPI on a credit card which I ordinarily took out in 1997 and had until around 2004. They wrote back and said that I was not eligible and closed my case and I left it at that. Last month they wrote to me out-of-the-blue and said that they had decided to over-turn their conclusion with my case and would write to me with a month with an offer. Today I received the letter offering me £900.68. However I am confused on how they came to this amount. I have not kept any records due to the dates, but do know that my card was max'd out for the majority of the time I held it £3,000 limit and I was a student. They have said that £508.02 is the refund of Card Protection Insurance based on an average creditcard balance and £392.66 is Simple Interest at 8%. they have said that this in full and final settlement, should i accept???

I have a Very mail order catalogue for many many years, have a huge credit limit and only every owe it £100 - £150 at a time at most. Maybe a couple of day late payments but NEVER been in default, never not paid etc etc. can they just send me a letter increasing the general interest rate from 14% to 26% a nd make it apply to the amount I have outstanding. I thought it would be on future orders but it appears it's on everything I owe. Can they just randomly put the rate up? I didn't order goods at 26% can they legally just effectively charge me what they like.

http://www.bbc.co.uk/news/business-29530615 You would have thought they would have learned their lesson by now.. but nope.. they try to squeeze these ads through !

Mortgage Arrears and Simple Interest - Is it fair? Took out a secured loan for £10,000 6 years ago. After initial application was accepted we were offered an extra £6000 which we agreed to. At the time I was concerned that we had been issued with two loan separate loan agreements - I wasnt happy with this and voiced this to the loan advisor and was basically reassured that this was just an administration technicality and would not make any difference. He even sent me argos vouchers as a sweetner. 12 months later my husband left me and our business collapsed leaving myself and 30 of our staff redudant. I was absolutely financially destitute. He financially abandoned me and ever since I have been fighting one legal battle after another, keeping the wolves from the doors. I have single handedly paid off all our joint debts. 5 years later and I have made the necessary 72 repayments but I am left with a balance of just over £4k. This includes interest, charges and simple interest. What I need to establish is it it all fair. Loan payments where late from December 2007 to May 2008 by around 2/3 weeks. I was charged £50.00 collection charges on each loan. From May 2008 - June 2009 I could not make any payments whatsover.House was put on the market as I saw this as my only option. £50 charge on each loan per month was applied. June 2009 agreement was reached, I reinstated payments and started to pay off the arrears. Continued to apply charges, but agreed to reverse them if I maintained the agreement. April 2010, cleared the arrears. Asked about the charges and they advised I could pay them off at the end of the loan. Im now at the end of the loan and still owe just over £4k. They have reinstated the charges made from June 2009 - 2010 but no more. I have several questions: Was it fair to charge me on each loan account - I was paying £100 per month in charges? Surely there is no more work involved in chasing payment for two accounts as oppose to one account? Was the amount that they charged me a fair amount - it seems very high? Also because I have had so much information off them (in one month I had 10 pieces of correspondence) I have overlooked that they have also been charging simple interest on the charges! As a result, I didnt realise that by leaving these charges until the end of the loan period, I was still being charged interest on them. I was treated appauiling by this company, I was never shown any sympathy, in fact I almost felt bullied by their "callers" and felt that they "harrassed" me at an extremely difficult time. I responded to every call they made - I gave them every bit of information I could, but unfortuantely for a long period I could pay them no money and therefore did everything I could to sell the house. When circumstances changed for the better I offered them the maximum I could afford which included paying the full monthly payments plus a further payment towards the arrears . I was advise that it was not enough and that the arrears would have to be paid within in minimum period of 12 months. They therefore took me to court for repossesion. Thankfully it was not granted and was adjourned on the terms I had previously offere them. Despite this however there are legal fees also on my statement, which could have been avoided had they accepted my proposal. Any advice would be greatly appreciated.

Hi, Can anyone give me some advice. I sent a SAR to MBNA it came back with the no PPI box ticked. There are lots of Late fees £25 and Over Limit Fees £25 amounting in total to around £600. There is also Special Cash Interest (I have been told this is an interest charged when gambling) is that the case and are any or all of these charges reclaimable and is there a calculator to work out the interest. Thanks

Hi I am new to the forum and am looking for a little help. I have a tenant who has basically stopped paying her rent. After some abortive attempts to evict her I am nearly there but she has run up over £1000 in unpaid rent. Can someone advise how I calculate interest on this unpaid debt as it is increasing every month so there is no specific date that the debt is incurred. The only way I can think of is to treat each monthly payment as a separate debt and add up the interest charges individually. Will money claim online accept this as I don't want to jeopardize the claim by calimng the interest incorrectly. Many thanks

Just to share some good news. Letter out of the blue today from Barclays. Advising that I am due a refund on my closed loan due to an "error" on their part, following discussions with OFT and FCA. Cheque for £200+ enclosed. Nice start to the week.

Sorry, newbie alert, I might be in the wrong section. I have a loan charging 20.6%APR and have a poor credit score. I desperately need to move to a better APR loan but obviously I'm stuck, any suggestions ?

I am looking for help with the issue of First Plus interest rates on a loan. Has anyone else tackled these people over re negotiating their loan to a fairer agreement? Thank you.

I wonder if anyone can help I brought a laptop on buy now pay later for £399, which was up in july. I havent recieved a final statement, just a statment through saying that my paymnet was due on the 12th of July and here, have some interest of £154!!!!!! After ringing them, they have basically told me tough, i can send a letter in if i like, i should of rung them??? ( I have been waiting for the final statment) They will not remove the interest...................... is there anything i can do, this seems like over the top bully tatics to me

Hi, being new to the forum I hope I am not opening a thread that has been dealt with before. Anyway, I used a PPI claims company to submit a claim to Lloyds on my behalf for PPI repayment. they were very good and managed to secure a total of over £8000 including interest. Under their terms of business, I was to pay them a no win no fee, fee of 12.5% of monies reclaimed plus VAt. I have no problem with that and agree I signed a contract to this effect and am happy to pay them. However, they have charged me a fee on the simple interest paid by Lloyds, as required by the FSO, on the monies reclaimed. My contention is that the monies the company obtained for me do not included the interest as that is interest on the monies they obtained and not actual monies obtained. Does this make sense? am I barking up the wrong tree? i just don;t see how interest can be classed as monies obtained when it the bank was legally obliged to pay it.

Hello All, A quick question... My partner successfully claimed the majority of her bank charges with HSBC back in 2011. They owed her roughly £4,000 in excessive charges from 2006 to 2010. Of course she was not aware of the 8% interest she could of got on top until now (reading threads on these fantastic forums!) She has since ditched all paperwork relating to this since she accepted her pay out (which was about £400 less than her final figure) Can she still put in another claim to receive this interest back too? As she was never aware of this at the time. If so, would she have to go through the whole process again seeing that she no longer has the paperwork, including that which detailed her receiving the successful pay out? Thank you for your help! Regards Wulfen40

Good evening all, My Father held three accounts at Nationwide. After his recent death, I visited the local branch to notify them and to take a death certificate by way of notification. I have to apply for probate, but in the months this may take, Nationwide quite appropriately freeze the accounts. When I asked what happened to the interest on the frozen accounts, the Nationwide person said they retain the interest; as the accounts are now frozen, they do not accrue interest any longer. I have 2 questions for anyone able to help: 1. Is this correct? 2. Why is it correct (if so). Surely the interest gained whilst I go through the probate process should be added to the account, not be used to swell the Nationwide coffers. Appreciate any advice. Regards

I have been a mature student in the past and attended at least two different Universities - one in 1999 and another in 2002. Neither courses were completed for reasons to do with past childhood abuse trauma that has impacted upon my adult life to an extent I never imagined possible, and has affected job prospects as well as integral self-esteem about achieving a career of somekind. I have recently received a shocking student loan statement, that shows how much I owe in terms of past student debts, and the interest that is being wacked on each year - despite the fact that I am not in work and - in receipt of vital disability benefits due to my mental health conditions. The statements are not requests for repayment of the loans, yet, I am wanting to find out if there is any possible action I can take about having the loans written off, and especially in view of the fact, that it is doubtful that at 41, I will unlikely be in a well-salaried job. I understand completely that the vast majority of students will incur debt via having taken out student loans in their time; yet in all honesty, these people will not be in the kind of vulnerable-adult situation that I face - I also live in long-term supported housing. I also understand that unless you are earning a salary as low as £15'000 per year or whatever it is now, you only pay a minimum back. Yet what I am trying to establish, is the fact that former students should not be made to ever repay loans if their personal situation is exceptional as mine is and will be for some time. I am positive that I can get these loans written off, as they can and do in the United States, here in the UK. I am not wanting morally charged answers to my question, just someone who may be able to offer me helpful advice.

As the title says. Just been to renew my pawn shop loan (gold chains) and for the first time in years at least 5 been a customer they have changed the contract and raised the interest on me. Never in 5 years has this happened, the contract is just renewed with the same terms as the original but this time they have increased the interest. I had no choice but to sign as otherwise I would have lost my gold in 2 days. Can they change the contract on me like this making me pay out more each month in interest. Interest on the original loan was set at £12.50 and now its gone up to £13.89, While its not much it all adds up over the 6 months. Anyone any ideas if this can be classed as unfair terms so I can raise the matter with the fos. My wife and I do have quite a few pledges with the same company and if this is going to happen all the time we will never be able to afford to get the gold out. Regards George