We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
A&L trying to get us further into debt
milliemonster
Posts: 3,708 Forumite
in Credit cards
I am really mad, we are slogging away trying to pay off our debts and it seems A&L don't like the fact we are doing so
Last month the balance on the card was £3476.44, min payment £68.20 and est interest for this month of £74.75
We have overpaid and just got our next statement today, the balance owing is now £2851.08, min payment has GONE UP to £73.76 and est interest for next month has GONE UP to £79.93
what's that all about?, the interest rate on the statement hasn't changed and I have had no correspondence to say anything else has changed.
Firstly, why on earth is the min payment they have set LESS than the amount of monthly interest they are charging? how could you ever pay this off if you only paid the min payment? and how come despite paying £600 off the card last month both the interest and min payment has gone up?
We are fortunate that we can overpay this card substantially each month to get it paid off soon but I just think these practices are appalling
Please don't harp on at me about variable rates and T&C's etc etc, I know all that, doesn't stop me being angry though and I am just posting this to vent my anger and also to warn others to check your statements carefully, don't rely on just paying min payments as it could mean your debt will actually increase
Last month the balance on the card was £3476.44, min payment £68.20 and est interest for this month of £74.75
We have overpaid and just got our next statement today, the balance owing is now £2851.08, min payment has GONE UP to £73.76 and est interest for next month has GONE UP to £79.93
what's that all about?, the interest rate on the statement hasn't changed and I have had no correspondence to say anything else has changed.
Firstly, why on earth is the min payment they have set LESS than the amount of monthly interest they are charging? how could you ever pay this off if you only paid the min payment? and how come despite paying £600 off the card last month both the interest and min payment has gone up?
We are fortunate that we can overpay this card substantially each month to get it paid off soon but I just think these practices are appalling
Please don't harp on at me about variable rates and T&C's etc etc, I know all that, doesn't stop me being angry though and I am just posting this to vent my anger and also to warn others to check your statements carefully, don't rely on just paying min payments as it could mean your debt will actually increase
Aug GC £63.23/£200, Total Savings £0
0
Comments
-
Statements dont always cover the same period of days so this most recent one could have several more days worth of interest on.0
-
jamalfatty wrote: »Statements dont always cover the same period of days so this most recent one could have several more days worth of interest on.
plus somethins could now not be on the interest free grace period anymore0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards