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Cancelling cards with a balance
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GeologyRocks
Posts: 233 Forumite
in Credit cards
I have been trawling my credit cards' websites for t&cs with very little luck.
Basically, if I cancel cards I've still got a balance on, do I have to pay it back immediately or can I pay back the balance in my own time?
Basically, if I cancel cards I've still got a balance on, do I have to pay it back immediately or can I pay back the balance in my own time?
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GeologyRocks wrote: »I have been trawling my credit cards' websites for t&cs with very little luck.
Basically, if I cancel cards I've still got a balance on, do I have to pay it back immediately or can I pay back the balance in my own time?
Hi Geology,
Today I have cancelled a Barclaycard which has a balance of £2,000 on it. They have told me that as long as I pay back at least the minimum payment they will honour the arrangement.
It took a while for me to explain what I wanted but they were able to do it no problem.
Basically what will happen is they block your current card so you cannot spend on it and won't send you a new card when the current one expires. They did say though if you have any arrangements or monthly payments coming out of your account you may need to cancel or re-arrange something because these will not be honoured when the account is frozen.
Hope this is of some help,
creditcardnewbie :beer:0 -
Cheers, I couldn't wait, too impatient.
Called them up (Barclaycard, Santander and Tesco) and cancelled them all - I can't use them any more but I can continue paying off the balances in installments until it's all gone.0 -
GeologyRocks wrote: »Cheers, I couldn't wait, too impatient.
Called them up (Barclaycard, Santander and Tesco) and cancelled them all - I can't use them any more but I can continue paying off the balances in installments until it's all gone.
Good stuff Geology,
I have most of mine now cancelled too and they will stay cancelled until they are all paid off.
Take her easy,
creditcardnewbie :beer:0 -
Good work!
Well done for making a superb step forward to financial freedom:beer:
Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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GeologyRocks wrote: »I have been trawling my credit cards' websites for t&cs with very little luck.
Basically, if I cancel cards I've still got a balance on, do I have to pay it back immediately or can I pay back the balance in my own time?
why would you want to do that?0 -
The idea is to take away the temptation / prevent further spending as the balances are being cleared down.
Basically turning the card into a loan, this helps some people "see light at the end of the tunnel" so to speak and start to look at the card balances as a proper debt rather than an account which can be used for just as much as has been repaid.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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