Natwest Credit Card - minimum payments and payment protection

2ndgrade

Just discovered I've been badly neglecting my credit card repayments and paying money off straight down the drain for a year...now praying there's someway to claim some of it back:

I've got a credit card bill of around £1900 for which i've been making the minimum monthly payments of £42. Now looking over my statements, they have 2 interest charges each month (?) which add up to around £30 + my payment protection which is £15/month.

This means that my charges have been more than my repayments this whole time, so my bill has been going up not down! This now means that i've just gone over my limit and they are now adding overlimit fees on top!

Stupid of me to assume everything was running along smoothly after my meeting a year ago, and not thoroughly checking my statements constantly, but surely there's something i can do? It can't be right to just allow me to be making payments each month smaller than my charges! It just means i've been spending £42/month on absolutely nothing! Please help!

[Deleted User]

Minimum payments are only designed to cover interest and fees and perhaps to reduce the capial a little. PPI is rarely included, so they will probably have got it right. Check your t&cs to be sure.

2ndgrade

...yeh makes sense i guess, thanks. Any idea if i can claim back the protection payments somehow? Or is my only option to put up my monthly payments and cancel the protection?

[Deleted User]

You can claim back if you have been missold PPI - there's advice on here to help with that. I've never done it so can't really comment.

Would agree with your second point - if I were you, I would cancel the PPI and increase your payments as far as you can. As you know, that will then start eating into the capital rather than just interest and you'll eventually be clear.

2ndgrade

i started looking into the missold ppi claim but don't really think it's worth it this time

thanks for your help