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Silly Minimums
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MyMoneyTime
Posts: 46 Forumite
Hi there
Two of our cc, MBNA and Halifax, both on 0% started what I call silly minimums a few months back.
MBNA for example, on a £8K debt, charge me a minimum payment of around £40 a month.
Now I know a proper minimum should be at least £160 but of course I am stuck now. The 0% runs out in June so if I transfer the balance my minimum will shoot up which I can't afford having spent the last two weeks on the bankruptcy board and won't know until Friday if we have to do that or not.
If I leave the debt on MBNA, the interest per month will be more than the payment.
Any experiences with this would be read with interest, ie how long do they do this for, do you get warning when they put it back up again?
Ta in advance....
Two of our cc, MBNA and Halifax, both on 0% started what I call silly minimums a few months back.
MBNA for example, on a £8K debt, charge me a minimum payment of around £40 a month.
Now I know a proper minimum should be at least £160 but of course I am stuck now. The 0% runs out in June so if I transfer the balance my minimum will shoot up which I can't afford having spent the last two weeks on the bankruptcy board and won't know until Friday if we have to do that or not.
If I leave the debt on MBNA, the interest per month will be more than the payment.
Any experiences with this would be read with interest, ie how long do they do this for, do you get warning when they put it back up again?
Ta in advance....
:EasterBun
Whatever our problems, as long as my family is healthy, the birds are singing and there is chocolate, I really can't complain
:smileyhea
0
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oops - wrong board!:EasterBunWhatever our problems, as long as my family is healthy, the birds are singing and there is chocolate, I really can't complain:smileyhea0
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