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12 June 2010

Can Barclaycard change the interest rate on a card without any communication.

My girlfriend has been paying off a substantial debt on her Barclaycard at an arranged rate of 3%. Recently she managed to pay off another card so upped the payments she was making to the Barclaycard. As a consequence Barclaycard have upped the interest rate they are charging her to 12.9% meaning that her new £60 / month payment is only paying off £30 of debt. By doubling her payments she has made no headway on paying off her card as it has all been taken in increased interest. She would have been better off sticking at the original payment of £30 / month. Can they do this? Is there anything we can do? Should they have let her know that they would be doing this before accepting her request to up the monthly payment? Any advice gratefully received. James.

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