Nationwide CC query

headoutthesand

Hi guys

I'm normally on the DFW board but thought this question is best posted here.

I have a CC with nationwide and have had for the last 10 years or there abouts.

I am near my limit (£378.43 left available) and have been for some time but always meet my payments.

I got a letter from them this morning saying that they have reviewed my account and notice that I only make the minimum payment or slightly higher and want to point out that it will take me longer to clear my balance.

Is this a sign that they are about to hike my rate or are they genuinely caring about how long I take to pay off my debt to them ????

chattychappy

headoutthesand wrote: »

Is this a sign that they are about to hike my rate or are they genuinely caring about how long I take to pay off my debt to them ????

Don't worry - I'm sure nobody at NW cares about you!

Sounds like a compliance officer justifying his/her existence by deciding that to comply with the lending code this letter has to be sent out. They are supposed to warn people - but a note on a statement should suffice IMHO.

No wonder the country is in such a mess - we have an army of people sitting around inventing regulations, gold plating them, checking for compliance etc.

I digress... I wouldn't worry about the letter. But just paying minimums can appear on credit reports and make you look distressed. So they could rate hike or it could be more difficult for you to get credit elsewhere. Just paying £1 more than the minimum might improve things.

CLAPTON

not really enough information here

374 on 500 is more than 50% credit left

374 on 7480 is only left 5% left

bengal-stripe

CLAPTON wrote: »

......374 on 500 is more than 50% credit left

How do you work that out? .......I'll make it as (one quid) more than 25% credit left.

Do you get frequently hit with "over limit" charges?

CLAPTON

bengal-stripe wrote: »

How do you work that out? .......I'll make it as (one quid) more than 25% credit left.

Do you get frequently hit with "over limit" charges?

maybe reread what the OP actually wrote?

headoutthesand

Thanks for the replies.

My limit is £4090. I only had my limit upped in August and ended up using my card because I had a leak from my bathroom to my kitchen (quite bad) and the insurance wouldn't pay out.

My min payment is something like £114 but I pay a minimum of £120 and often make additional payment although granted they are usually around £10.

On the plus side, the insurance company have re-assessed and are now paying out so the money from them (still to be determind) will go straight to the card and bring it down a bit. I think i've spend about £1200 on it between kitchen and bathroom since September. I determind to have it cleared by November.

Thanks again for all your help