Setting up a DD to pay Minimum payments?

fudgecat

Having read the sad stories of so many young people getting into serious debt problems and burying thier heads in the sand, it is great to read about someone of your age with such a level headed approach to finance. Sorry you have had a rough year, but here`s to things looking up - you are obviously going to make your own luck!

Ivan_Konstantinov

sammie383 wrote: »

my late mother brought me up very well, and there is no way I will ever put myself into a situation where I get so much credit, that I cannot pay it off.

well done sammie383,you sound like you have got your head screwed on,bless you luck :beer: wish more people who post here were as clued up as you

ICan'tStandIt

benf90 wrote: »

They do?

I've always paid mine off in full. However, when setting up Direct Debits the options have always been either the minimum amount, the full balance or an amount of my choice.

Egg are the easiest of my cards to change the DD details and they give the option online to pick your own amount. I'm pretty sure most credit card companies allow you to pick your own amount if you call them.

That's not been my experience with the credit cards I have had (and the ones I have worked for) as if you could specify the amount of the direct debit, there is no guarantee that it would cover the minimum payment on future spending.

If you specified £50 a month on a £1000 balance and then maxed out a £10,000 limit, the minimum payment wouldn't be met.

That's why most credit card companies would only offer the minimum or the full balance for a direct debit and anything else would need to be a bank standing order.