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I usually pay on line where the £5 minimum is the default option so I have make sure I fill in the correct payment details. I pay off in full each month.
The other annoyance is that time between getting the bill and making the payment is reducing - a few years ago we had to repay by (about) 4th of next month, but this has now crept forward to 26th of the current month.
MisterFish
Another option is to set up a Standing Order to the credit card provider for a fixed amount each month.You can decide how much and it is not too difficult to find out how long this will take to clear the balance, alternatively you can calculate (maybe with a little help from a friend) how much you need to pay each month to clear the debt over a certain period. The beauty of this method is that, each month, you are paying off a bit more capital than the last month simply BECAUSE you are not reducing the amount you pay each month in line with a reducing debt.
I know it works because I have done it for my son. He now owes less than
half he did 18 months ago and will have paid off the debt in full in another 18 months. Had he just done minimum repayments it would have taken about 37 YEARS to clear the debt!
All you need to do is to use the credit card providers bank details to set up a standing order. Just 'phone them and theyshould tell you.
Feedback, please!
It's scary looking at how long the minimum payments will take to clear the debt though! :eek: Makes me more determined to get everything paid off ASAP.
:heart2: RIP Clio 1.9.93 - 7.4.10 :heart2:
most credit cards you can select from a drop down list. when i get the statement i just click who and how much and it gets to them within a few days, much easier than posting or direct debits..... and you can do it anytime of the day. :P
or if they dont have it in the drop down list e.g. the pay and go cards. you just put the details in.
very easy....
i make sure i have the minimum payment coverd,, then any spare cash, ill send on top using the same method using a standing order. where i choose how much.
Advice and help sought. Thanks
Most online banks have a drop down box with details of all the proper bank details for the credit cards. I bank with Barclays, and if you key in that you've got a Citibank card with a certain account format, they already have the details - you just need to key in your 16 digit card number.
Egg Card certainly does, you have option of Full, Minimum and Fixed Monthly amount. You can also change this up to 5 days before the payment is due to be taken.
Other than that, as others have mentioned, set up a standing order. Usually the details you need are on the back of the statement.
I pushed, saying I had not been notified in writing of the change. The call taker relented, telling me the request had "just gone through"
Looks like another attempt to make it harder to repay.
Mind you, I'm paying the minimum & sticking the rest in an interest bearing account like a good MSE-r should!
Perhaps it depends who you speak to; the chap I spoke to was lovely.