Nationwide

Herrling

Well quite surprised today, i realised my card runs out this month i have a credit limit of £9600 i owe £5600 and due to an accident in Jan last year i have been paying off £200 per month. In may i missed a payment but paid £400 the next month, i rang today and they said i need to pay the full amount off before they will issue a card.

I was really surprised and annoyed at the same time because i pride myself on tryinging to pay on time.

Is this usual?

CLAPTON

what do you mean you are paying off 200 per month... was that a special arrangement?

having a missed payment will make you less attractive to a lender

Herrling

Being off work i had limited income, the minimum amount each month was approx £85 and i paid what i could which was £200 per month

Not an arrangement.

chattychappy

Sounds most strange. You missed a single payment, but have always paid well over the minimum since.

Odd they would be worried enough to now not send you a replacement, but until it expires not to restrict the account in anyway.

Herrling

I was shocked to because my nationwide bank account shows regular payment over the minimum payment, and also still having considerable usable credit on the card that could be used.

I would have thought the money made on interest makes me a good customer for them.

fozmcfc

The question you need to really ask yourself, is why do you even want a new card.

You already are having to pay thousands back, surely you weren't looking to spend even more on it.

Take it as a bit of encouragement to get yourself towards a debt free life. I appreciate at the moment you're doing your best, but why have the temptation of racking up more expense on the card.

If/when you get back to health and working and earning a wage then your best bet would be to apply for another card, to transfer the outstanding balance at 0% for xx amount of month. Even then I wouldn't recommending spending on it.

Good luck.

chattychappy

fozmcfc wrote: »

The question you need to really ask yourself, is why do you even want a new card.

You already are having to pay thousands back, surely you weren't looking to spend even more on it.

To be fair to the OP, he has £4000 free on a £9600 card, which suggests he is well in control, without NW's unwanted "assistance". The situation arose because of an accident. Having the card replaced won't necessarily cause him to spend any more than his failure to cut up the existing card.

I have cards with zero balances. Without access to credit "in an emergency", I'd probably feel the need to keep thousands sitting in my current account "just in case". Apart from any insult factor, I suspect this underlies the OP's position. Until his card expires, he has £4000 of emergency buffer. From next month, he'll have no buffer.

How can he now feel more secure? I suppose one solution is to pay only the minimum and put the difference in a non-NW savings account until he has a suitable comfort factor. But this will then cost him much more in interest.

I can understand the annoyance.

fozmcfc

On the other hand he has £5600 owing on the card and is paying £200 off each month and is currently off sick.

I'm not saying that Nationwide should not have sent a replacement card, I'm mearly suggesting, the OP should maybe have a think and see if they really do want a card where in their position it would be dangerous to spend on it, with their current circumstances.