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AMEX doubling min payments!
mattyd433
Posts: 6 Forumite
in Credit cards
In 2006 I took out an AMEX special offer at 4.9% for the life of the balance with a min repayment of 2.5% per month.
The attraction was cheap money with an affordable min payment. Now they want to double it! This may mean I cannot afford it and will default. Is this legal? Do I have any redress for misrepresentation?
:mad:
The attraction was cheap money with an affordable min payment. Now they want to double it! This may mean I cannot afford it and will default. Is this legal? Do I have any redress for misrepresentation?
:mad:
0
Comments
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Are you saying they've lifted your minimum payment to 5% per month, or have they increased your interest rate?
Or have you misread one of the letters they've been sending out recently.0 -
YorkshireBoy wrote: »Are you saying they've lifted your minimum payment to 5% per month, or have they increased your interest rate?
Or have you misread one of the letters they've been sending out recently.
Both, an interest hike (which doesn't affect me as my balance is a lifetime one) and the min repayment from 2.5% to 5%0 -
In 2006 I took out an AMEX special offer at 4.9% for the life of the balance with a min repayment of 2.5% per month.
The attraction was cheap money with an affordable min payment. Now they want to double it! This may mean I cannot afford it and will default. Is this legal? Do I have any redress for misrepresentation?
:mad:
I'm in the same boat :mad:
Hopefully I can talk them into just cancelling the card and accepting a slightly increased amount otherwise I'll be joining you in the default queue
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With a 5% repayment rather than 2.5% you will clear the debt in slightly less than half the time - sounds like a good result all round to me
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nomoneytoday wrote: »With a 5% repayment rather than 2.5% you will clear the debt in slightly less than half the time - sounds like a good result all round to me
So long as you can afford the doubling of the repayment 0 -
nomoneytoday wrote: »With a 5% repayment rather than 2.5% you will clear the debt in slightly less than half the time - sounds like a good result all round to me
Not a good result if you have no money today
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Are you in a position to BT some onto a 0% card? That will give you a bit of time maybe?0
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