nat west doubled their money

auntsa11y

my husband had a credit cardfrom Nat West and used £300 of the £400 that was given, his mimimum payment at the beginning was £13.00 monthly but is now £14.00 . I paid £20 a month so that i did not pay minimum payment but he now owes double to what he took out surely this can be right , we have not checked before as i just paid it, so we are shocked that we have now got debt collectors asking for the money, suely this can not be right if im paying £6 more than the minimum amount

Scarpacci

Depending when the credit card was obtained, it's not necessarily the case that the minimum payment would cover the interest (the law has changed now). So interest may have been racking up, with the minimum payment not even touching the initial debt.

If you were paying the minimum amount every month, why has the account now gone to debt collectors?

pqrdef

A credit card is a simple beast run by an unforgiving computer. You have to read the statement every month and make sure they get at least the minimum payment demanded, by the due date. If your payment arrives one day late, the computer will hit you with a £12 late fee and add this to your minimum payment next month. If you don't then pay enough next month, things will spiral out of control.

You need to phone them and speak to a human being. Sometimes they have discretion to remove a lot of charges. You'll need an excuse for not checking your statements, because they don't like it when people ignore their attempts to communicate. Remind them that it was only a small balance in the first place, and you've been making regular payments.

CLAPTON

auntsa11y wrote: »

my husband had a credit cardfrom Nat West and used £300 of the £400 that was given, his mimimum payment at the beginning was £13.00 monthly but is now £14.00 . I paid £20 a month so that i did not pay minimum payment but he now owes double to what he took out surely this can be right , we have not checked before as i just paid it, so we are shocked that we have now got debt collectors asking for the money, suely this can not be right if im paying £6 more than the minimum amount

if you were paying 20 per month on a £300 bill and were paying less than the interest, then your interest rate would be over 80% APR

this seems a little high

can you post up the full details of a typical bill including what is says about interest and interest rate