Halifax Minimum Repayments

legend76

Hi there

My wife received a letter from Halifax last month telling her Halifax will be changing the way they recalculate minimum repayments from March onwards. This is to bring them into line with industry standard.

They gave an example of how the change affects her and her minimum payment will increase by about £50.

Has anyone else received such a letter? I have a halifax credit card and haven't received anything of this nature. An increase of £50 a month seems a bit much.

[Deleted User]

It's to move all accounts to the 1% plus fees and interest standard. New account have been on this for some years now.

If this is going to cause hardship, suggest a trip to the DFW boards may help.

PeacefulWaters

An increase of £50 a month seems a bit much

It's £50 a month that they won't be able to charge you interest on in future. As long as you don't do any new card spending.

See it as a favour. It's a step closer to being debt free.

Thrugelmir

legend76 wrote: »

Has anyone else received such a letter? I have a halifax credit card and haven't received anything of this nature. An increase of £50 a month seems a bit much.

The debt will need to be repaid at some point in time. Perhaps this measure is a good wake up call for those that drift along with no plans for repayment. Paying less interest will be of benefit too.