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[Dusty]

I have just received my Barclaycard statement this morning.
Sadly,I owe £3500.The interest each month alone is £44.

As the current interest base rate is only 0.5%,then does anyone know how Barclaycard can justify charging me 26.9%.

Are they crooks?. :-/
Is it Legal?. :-/

[tunnie]

i had a Barclaycard, gave you sod all in benifits. I switched.

You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

[Andy B]

I have just received my Barclaycard statement this morning.
Sadly,I owe £3500.The interest each month alone is £44.

As the current interest base rate is only 0.5%,then does anyone know how Barclaycard can justify charging me 26.9%.

Are they crooks?. :-/
Is it Legal?. :-/

Try one of the cards that offer free interest for a limited time or Barclaycard do a life of balance interest free card - but don't use it to spend on.
Money saving expert Martyn Lewis's site is the one to look at.  

[Andy B]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

[Big Bri]

Maybe you should look into creditcard with 0%... transfer rate period then you should think about swapping your provider again give you chance to pay off the balance and not their interest

[Dusty]

i had a Barclaycard, gave you sod all in benifits. I switched.

You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Just you wait Tunnie,as soon as you get your first mortgage ,then you'll see.
In a perfect world however,I would agree with you.

[Dusty]

Maybe you should look into creditcard with 0%... transfer rate period then you should think about swapping your provider again give you chance to pay off the balance and not their interest

There is now usually a 3% of balance transfer charge.
Long gone are the days when you could move money free of charge.

[Lizzie_Zoom]

I know where you are at Dusty.  I had a Barclaycard for many years and once I managed to get to £7,800 owing with a credit limit of £11,500 (and this was not the only card I had, with ones for Mastercard and a John Lewis Store card - limit £7,500 - ah, those were the days!! 8-) 8-) 8-)), but the cost of the interest was just so ridiculous, and indeed they all were, and paid it all off.

I'd advise you Dusty to take out a loan and pay your outstanding balance off. It will be far cheaper! Why give those greedy whatsits £44 a month??   ::)8-) 8-)

[Chris_H]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

It's usually a 'mind/habit' thing. If you don't spend what you don't have, you can pay it off each month.

I deliberately spent 2 weeks at a Nairobi slum in 2005 to find out what I need to live on.  The effect is wearing off now but I can certainly remember that I don't need 9/10 of what I have.

[nick v6]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

[tunnie]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

But there is the problem, never spend what you cannot afford.

If you can't afford to pay an item off in the month you buy it, then don't buy it! Simple.

Some people seam to think credit cards are free money, and end up owing £10,000+

[Dusty]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

Not possible these days Nick.
There is always a balance transfer cost,sometimes 3% for 6 months only. :-/ :-/

[Marks DTM Calib]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

But there is the problem, never spend what you cannot afford.

If you can't afford to pay an item off in the month you buy it, then don't buy it! Simple.

Some people seam to think credit cards are free money, and end up owing £10,000+

And what exactly do you do when you have just bought a house, spent your savings and the oven packs up or the boiler goes.....

.....and you cant tap your parents up for cash!

[Dusty]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

But there is the problem, never spend what you cannot afford.

If you can't afford to pay an item off in the month you buy it, then don't buy it! Simple.

Some people seam to think credit cards are free money, and end up owing £10,000+

And what exactly do you do when you have just bought a house, spent your savings and the oven packs up or the boiler goes.....

.....and you cant tap your parents up for cash!

Agreed .Tunnie just has it too easy.For now.

[Big Bri]

A thing with credit cards people pay the minimum payments and most of that is swollwed by the Interest ,Payment Protection Insurance and very little is taken off the balance the Interest rate is criminal .

[STMO123]

In answer to your two questions Dusty.

1) Yes, they are crooks.

2) Yes, it is legal.

[tunnie]

.....
You have to use credit cards as a tool, never spend in a month what you can't pay back is my motto.

Mine gets paid off in full every month.

Fine sentiments if you have the income to do so. Not everyone is able to do so.  

But there is the problem, never spend what you cannot afford.

If you can't afford to pay an item off in the month you buy it, then don't buy it! Simple.

Some people seam to think credit cards are free money, and end up owing £10,000+

And what exactly do you do when you have just bought a house, spent your savings and the oven packs up or the boiler goes.....

.....and you cant tap your parents up for cash!

Easy, don't use a bloody credit card! As mentioned you get stupid APR rates of about 30%

If needs must, get a propper loan through a bank or a supermarket!

I doubt very many of the people in debt actually used their cards for vital needs, broken boilers, windows, house repairs.

Its all spent on cars, shopping, holidays!

For me, i would not put all my money into a house, i will still keep a decent amount spare for just such needs.

[willyboy]

Yes its the norm now 3% so you will have to bite the bullet for that!

List of em all here
http://www.moneysupermarket.com/cards/results.aspx?cardEnquiryId=1395635

[Chris_H]

And what exactly do you do when you have just bought a house, spent your savings and the oven packs up or the boiler goes.....

.....and you cant tap your parents up for cash!

It goes something like.....

'Oh dear, now I'll have to save up for the boiler and it will be cold until I do.  I must be more careful in future.'

The days of safely(?) putting all your money on a house are long gone.

It's true that makes it VERY hard for young FTBs.

[Andy B]

....
Easy, don't use a bloody credit card! As mentioned you get stupid APR rates of about 30%

If needs must, get a propper loan through a bank or a supermarket!

I doubt very many of the people in debt actually used their cards for vital needs, broken boilers, windows, house repairs.

Its all spent on cars, shopping, holidays!

For me, i would not put all my money into a house, i will still keep a decent amount spare for just such needs.

I'd be loaded if I still lived with my Mum & Dad ......  

[nick v6]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

Not possible these days Nick.
There is always a balance transfer cost,sometimes 3% for 6 months only. :-/ :-/

sorry
i was 19 when i had my credit card and got into trouble and started taking out loans to clear loans and got into big big debt
its all sorted now well about 3 years ago i got it sorted
but i was in a mess
i think in total i owed about 28grand in total

[Marks DTM Calib]

And what exactly do you do when you have just bought a house, spent your savings and the oven packs up or the boiler goes.....

.....and you cant tap your parents up for cash!

It goes something like.....

'Oh dear, now I'll have to save up for the boiler and it will be cold until I do.  I must be more careful in future.'

The days of safely(?) putting all your money on a house are long gone.

It's true that makes it VERY hard for young FTBs.

Try telling that to a wife and 2 young children in mid winter.

I only used it as an example, some people dont have the same means as others ( I to pay the card off in full every month and have savings).

[tunnie]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

Not possible these days Nick.
There is always a balance transfer cost,sometimes 3% for 6 months only. :-/ :-/

sorry
i was 19 when i had my credit card and got into trouble and started taking out loans to clear loans and got into big big debt
its all sorted now well about 3 years ago i got it sorted
but i was in a mess
i think in total i owed about 28grand in total

 

[nick v6]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

Not possible these days Nick.
There is always a balance transfer cost,sometimes 3% for 6 months only. :-/ :-/

sorry
i was 19 when i had my credit card and got into trouble and started taking out loans to clear loans and got into big big debt
its all sorted now well about 3 years ago i got it sorted
but i was in a mess
i think in total i owed about 28grand in total

 

most of the debt was from my ex
we got engaged and she wanted everything
and me being me (a prat)
she got it
and when she couldn't get any more she was gone
the gold digging cow

[tunnie]

best thing is to find a company that does free money transfers
interst free
so keep swopping the balnce from company to company to keep it interest free

Not possible these days Nick.
There is always a balance transfer cost,sometimes 3% for 6 months only. :-/ :-/

sorry
i was 19 when i had my credit card and got into trouble and started taking out loans to clear loans and got into big big debt
its all sorted now well about 3 years ago i got it sorted
but i was in a mess
i think in total i owed about 28grand in total

 

most of the debt was from my ex
we got engaged and she wanted everything
and me being me (a prat)
she got it
and when she couldn't get any more she was gone
the gold digging cow

I know the feeling when i split up with my ex about 2 years ago i had nothing to my name, zero savings, nothing!

2 years on, got some heathly 5 figure savings in the bank, learnt to snowboard, and took myself to europes larges indoor snow zone in Holland, and gone to the alps, been on about 4 other holidays, and learnt to ride a motorbike.

 

[Marks DTM Calib]

And still have not got your leg over...

[platty]

It is all circumstantial at the end of the day - as tunnie says, don't spend what you cannot afford, but that is alot easier said than done for many people.

As far as Dusty is concerned, by my reckoning 3% of £3500 is £105 equivalent to 2.5 months worth of interest - if you got yourself a card with 12 months interest free, you would be able to pay a minimum of £462 off it (10.5 months at £44 - what you would have been paying regardless) anything else you can pay off on top of this is a bonus.

Would this be a possible route in the right direction?

[tunnie]

And still have not got your leg over...

Women are very much like V6 Omegas

1) High Maintaince
2) Never really happy with you
3) Always want your time, always something to be done
4) Thirsty on the wallet

I am having far too much fun not owning one, i am happy with my 4pot Omega and bike!  

[r1]

And still have not got your leg over...

Women are very much like V6 Omegas

1) High Maintaince
2) Never really happy with you
3) Always want your time, always something to be done
4) Thirsty on the wallet

I am having far too much fun not owning one, i am happy with my 4pot Omega and bike!  

men without v6
1]low maintaince[man at charity shop]
2]miserable
3]have a lots of time and nothing to do
4]lots of money[but dont no how to enjoy it]
 

[nick v6]

And still have not got your leg over...

Women are very much like V6 Omegas

1) High Maintaince
2) Never really happy with you
3) Always want your time, always something to be done
4) Thirsty on the wallet

I am having far too much fun not owning one, i am happy with my 4pot Omega and bike!  

men without v6
1]low maintaince[man at charity shop]
2]miserable
3]have a lots of time and nothing to do
4]lots of money[but dont no how to enjoy it]
 

[stuart30]

And still have not got your leg over...

Women are very much like V6 Omegas

1) High Maintaince
2) Never really happy with you
3) Always want your time, always something to be done
4) Thirsty on the wallet

I am having far too much fun not owning one, i am happy with my 4pot Omega and bike!  

1) Not mine...occasional service and she runs like a dream.
2)Happy enough too move 6000 miles.
3)She lets me get on with the important stuff....playing poker.
4)Its her purse i keep dipping into.

Cant beat a good woman (well you can but its not nice..lol.) in your life Tunnie.....Dont forget lifes very short and you wouldnt want ""Here lies Tunnie...died at the age of 45 a wealthy Virgin.""

[tunnie]

i couldn't care less about not having a swmbo, i am very much enjoying the single life, had a couple of girlfriends but its all too much like hard work.

Looking forward to going on my second week long holiday in May, thats after my week long trip to the Alps snowboarding. And after i buy a motorbike! (don't tell mother tunnie  )

Can't spend it all, got a fit another 2 holidays in someware  

[stuart30]

i couldn't care less about not having a swmbo, i am very much enjoying the single life, had a couple of girlfriends but its all too much like hard work.

Looking forward to going on my second week long holiday in May, thats after my week long trip to the Alps snowboarding. And after i buy a motorbike! (don't tell mother tunnie  )

Can't spend it all, got a fit another 2 holidays in someware  

Tunnie have you considerd a HWMBO.....

Good looking young boy like you sure you could find someone....

[STMO123]

i couldn't care less about not having a swmbo, i am very much enjoying the single life, had a couple of girlfriends but its all too much like hard work.

Looking forward to going on my second week long holiday in May, thats after my week long trip to the Alps snowboarding. And after i buy a motorbike! (don't tell mother tunnie  )

Can't spend it all, got a fit another 2 holidays in someware  

Tunnie have you considerd a HWMBO.....

He's left the forum

[tunnie]

i couldn't care less about not having a swmbo, i am very much enjoying the single life, had a couple of girlfriends but its all too much like hard work.

Looking forward to going on my second week long holiday in May, thats after my week long trip to the Alps snowboarding. And after i buy a motorbike! (don't tell mother tunnie  )

Can't spend it all, got a fit another 2 holidays in someware  

Tunnie have you considerd a HWMBO.....

Good looking young boy like you sure you could find someone....

Not that way inclined  

[stuart30]

i couldn't care less about not having a swmbo, i am very much enjoying the single life, had a couple of girlfriends but its all too much like hard work.

Looking forward to going on my second week long holiday in May, thats after my week long trip to the Alps snowboarding. And after i buy a motorbike! (don't tell mother tunnie  )

Can't spend it all, got a fit another 2 holidays in someware  

Tunnie have you considerd a HWMBO.....

Good looking young boy like you sure you could find someone....

Not that way inclined  

Hmmm ok well you never know these days.

[omegadti]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

[stuart30]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

[Chopsdad]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

[cem_devecioglu]

And still have not got your leg over...

Women are very much like V6 Omegas

1) High Maintaince
2) Never really happy with you
3) Always want your time, always something to be done
4) Thirsty on the wallet

I am having far too much fun not owning one, i am happy with my 4pot Omega and bike!  

 

universal problems  

 I agree with you Tunnie

[Big Bri]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

this is the rules of it

An unenforceable contract under the CCA 74 could also be one where a creditor or a debt collection agency has failed to supply a copy of a credit agreement after a request under S77 of the Consumer Credit Act. A failure to supply a copy of the agreement after 12 days will mean that until the agreement is supplied, the debt relating to it cannot be collected.

[cem_devecioglu]

I must confess in the past I also go bankrupt because of visas because of women..   ..Phew.. Good lesson..

Anyway I have seen some "genious" friends turning really big sums of money.. Dont know how they do, and have that courage..

But I know briefly they have too many visa cards having different times and they use gas stations for cash.. They pay instead of customers and taking cash turning the money and visa debits :-?

I never tried that.. And hope nobody needs those stressing things..

[Andy B]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

       
Bloody hell! HTF do you manage to run up credit card debts like that???  :-?

[stuart30]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

this is the rules of it

An unenforceable contract under the CCA 74 could also be one where a creditor or a debt collection agency has failed to supply a copy of a credit agreement after a request under S77 of the Consumer Credit Act. A failure to supply a copy of the agreement after 12 days will mean that until the agreement is supplied, the debt relating to it cannot be collected.

Yeah thanks mate...

Just curious if your site is a free information site...and how this differs from reclaiming bank charges regards credit file.

[STMO123]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

Sort her out Mark?  Hmmmmm.....

[Chopsdad]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

Sort her out Mark?  Hmmmmm.....

There's always a way - but it wasn't easy.  

First thing to do involves a pair of scissors and a bin  

[Vamps]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

this is the rules of it

An unenforceable contract under the CCA 74 could also be one where a creditor or a debt collection agency has failed to supply a copy of a credit agreement after a request under S77 of the Consumer Credit Act. A failure to supply a copy of the agreement after 12 days will mean that until the agreement is supplied, the debt relating to it cannot be collected.

And in english that means exactly what :question
swmbo is still waiting bank charges

[stuart30]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

this is the rules of it

An unenforceable contract under the CCA 74 could also be one where a creditor or a debt collection agency has failed to supply a copy of a credit agreement after a request under S77 of the Consumer Credit Act. A failure to supply a copy of the agreement after 12 days will mean that until the agreement is supplied, the debt relating to it cannot be collected.

And in english that means exactly what :question
swmbo is still waiting bank charges

Vamps im on my second claim...just watch them as they have ignored my account being in dispute and disregarded the fact there breaking the banking code of practice resulting in my credit file being totally ruined.

[STMO123]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

Sort her out Mark?  Hmmmmm.....

There's always a way - but it wasn't easy.  

First thing to do involves a pair of scissors and a bin  

Locking the stable door after.....you know the rest

[tunnie]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

       
Bloody hell! HTF do you manage to run up credit card debts like that???  :-?

Stupidity!

[redelitev6]

I have just received my Barclaycard statement this morning.
Sadly,I owe £3500.The interest each month alone is £44.

As the current interest base rate is only 0.5%,then does anyone know how Barclaycard can justify charging me 26.9%.

Are they crooks?. :-/
Is it Legal?. :-/

Have you got a Tesco clubcard? they are doing a special offer for clubcard holders on a Tesco credit card -14 months interest free credit on balance transfers

[omegadti]

The information on my website is free to look at - if you want further info that is free as well - the only thing that costs is if you want to cancel your credit cards - but even that is reasonable and transparent.

If you are interested in wiping out debt in a way that does NOT affect your credit file checkthatcredit.com.

By the way bank charge reclaiming is on hold at the moment unless you are suffering financial hardship.

[stuart30]

The information on my website is free to look at - if you want further info that is free as well - the only thing that costs is if you want to cancel your credit cards - but even that is reasonable and transparent.

If you are interested in wiping out debt in a way that does NOT affect your credit file checkthatcredit.com.

By the way bank charge reclaiming is on hold at the moment unless you are suffering financial hardship.

Yeah im aware there on hold....doesnt stop the banks updating credit file with negative additions mate.

[Big Bri]

there is another solution for those with credit cards from before April 2007 - you can apply to challenge the legality of the agreement and have the balance of the card wiped out if the agreement is non-compliant.   This process does not affect your credit rating and does work.   Check my website for details.

Would that be the same way reclaiming bank charges doesn't affect credit rating.....?

Does your site charge for the information...?

this is the rules of it

An unenforceable contract under the CCA 74 could also be one where a creditor or a debt collection agency has failed to supply a copy of a credit agreement after a request under S77 of the Consumer Credit Act. A failure to supply a copy of the agreement after 12 days will mean that until the agreement is supplied, the debt relating to it cannot be collected.

And in english that means exactly what :question
swmbo is still waiting bank charges

Vamps im on my second claim...just watch them as they have ignored my account being in dispute and disregarded the fact there breaking the banking code of practice resulting in my credit file being totally ruined.

some people think that going the CCA route is easy. The truth is, it is very difficult sometimes. There is no guarantee the creditor will not be able to produce a signed copy of your credit agreement at the trial.

Further, it is likely the creditor will place defaults on your file, and without legal action it is likely these will hamper your credit rating for years.

Finally, people should know that just because a creditor doesn't have a CCA, this doesn't prevent them calling you up and harassing you. This can be incessant.
There are things you can do about it, but it is not an easy path.

if you go on this link its got more info hope it helps http://www.consumerwiki.co.uk/index.php/Credit_Agreement_Requests:_Basic_Information

[omegadti]

the banks are not allowed to give you an adverse credit rating for any lawful applications - you are allowed to add a comment to your credit file if they will not remove adverse comments.   If you have a damaged credit file challenging cards is one way of putting it right as the banks are not allowed to put you in a worse position due to their incompetence.

[Bacon Butty Man]

if you dont know already but i own a company that reclaims bankcharges and also may be able to get to free from this debt, pm me for details
we dont charge excessive rates, £25 to say ye or ney initially then when its written off its a small fee of £150, i have heard of some companies charging £300 - £400

[Dusty]

If it's any consolation Dusty I once had to help sort out a lady with card debts of £65,000  

Her interest was more than her wage  :-/

       
Bloody hell! HTF do you manage to run up credit card debts like that???  :-?

Stupidity!

In my case ,shoes.
lots of pairs of expensive shoes. :-/

[stuart30]

the banks are not allowed to give you an adverse credit rating for any lawful applications - you are allowed to add a comment to your credit file if they will not remove adverse comments.   If you have a damaged credit file challenging cards is one way of putting it right as the banks are not allowed to put you in a worse position due to their incompetence.

Banks are supposed too adhere too the banking code of practice....they dont however.

Ive had aditions on credit file and im currently fighting too have defualts removed.....however the damage is now done.

[omegadti]

if the banks do anything naughty they can be reported to the banking ombudsman who has already ruled that they cannot put adverse comments on credit files for appealing against bank charges or challenging credit cards. Even though the damage has been done it can be "undone".

[stuart30]

if the banks do anything naughty they can be reported to the banking ombudsman who has already ruled that they cannot put adverse comments on credit files for appealing against bank charges or challenging credit cards. Even though the damage has been done it can be "undone".

Already reported....

Oh the damage cannot be undone....i cant go back in time and remortgage....cant go back in time and take a loan out.

No more people should be made aware of just how underhanded banks can be.

Hell Barclays have even put a default notice on credit score for an account ive never had...yet they refuse too discuss said account as i have no account number or sort code too quote.....again reported but the damage is done.

[M0T0RVATE]

I have just received my Barclaycard statement this morning.
Sadly,I owe £3500.The interest each month alone is £44.

As the current interest base rate is only 0.5%,then does anyone know how Barclaycard can justify charging me 26.9%.

Are they crooks?. :-/
Is it Legal?. :-/

Greedy...
Barclaycard are one of the most highest interest rates..
Possibly the highest....

Try balance transfer to a credit card with lower interest...  
Or as  suggested a loan to consolidate...

 :-/