Delaying minimum payment for a month?

YorkshireBoy

On a £1,200 balance (at 'representative' APR), and at 1% plus interest min payment calculation, the minimum payment is around £30 (£12 + £18 interest).

Can't you borrow £30 off a mate/family member and give them a cut of the £24 you've just saved yourself?

Jcts

Surely it can't be that hard to borrow a few quid off a mate, just to make the minimum?

If all else fails, how about dropping something of value into cash converters etc. A ring or a laptop? Ask to borrow just what you need to cover the minimum payment and they shouldn't screw you too much. I would guess about the same that you would get charged in late payment fee/over limit fee anyway but your file would be intact.

This is drastic solution and I can't stand lenders like that but better than having your credit file hammered, possibly missing out on future limit increases and maybe having the rates raised on you. I guess they can be used in an emergency, if one is out of options.

itsanne

Whatever you decide to do, it would be worth opening another bank account anyway - a proper one, not a basic one - even if it's without an overdraft facility initially. See it as a safety net. That's not suggesting that you then build up an overdraft!