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Help with HSBC credit card and credit score
lemoncheesecake
Posts: 84 Forumite
Hi,
we are in a DMP with payplan and have been since about April 2009. I've just had the courage to have a look at whats happening with our credit score. Suprisingly they haven't defaulted us but every payment is down as LP....I'm assuming that's 'late payment'. We've not been late we're paying what the DMP worked out we could afford.
Anyhow, this credit card did not reduce our interest when we went onto the DMP and for the last 2 years or so has charged us a whacking great APR.....about 24%, In fact they put up the APR when we stopped making the minimum payment of about £95 and offered them £63 instead. So we've been pootling along, paying £6o a month ish and only paying £10-15 a mth off the balance. It was just over £4000 when we started and £3750 now. However, on the last 2 statement we've noticed the APR has come down to 6.5% which is fab because we're paying more off it now with our £60. I suppose my question is.....what will the LP do to our credit score and can we do anything about the years we've paid at 24%????
Does anyone have any suggestions how we could appraoch this situation?
we are in a DMP with payplan and have been since about April 2009. I've just had the courage to have a look at whats happening with our credit score. Suprisingly they haven't defaulted us but every payment is down as LP....I'm assuming that's 'late payment'. We've not been late we're paying what the DMP worked out we could afford.
Anyhow, this credit card did not reduce our interest when we went onto the DMP and for the last 2 years or so has charged us a whacking great APR.....about 24%, In fact they put up the APR when we stopped making the minimum payment of about £95 and offered them £63 instead. So we've been pootling along, paying £6o a month ish and only paying £10-15 a mth off the balance. It was just over £4000 when we started and £3750 now. However, on the last 2 statement we've noticed the APR has come down to 6.5% which is fab because we're paying more off it now with our £60. I suppose my question is.....what will the LP do to our credit score and can we do anything about the years we've paid at 24%????
Does anyone have any suggestions how we could appraoch this situation?
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