Next Account

Cresssy

Hiya
Hope someone can help

I've been paying just the minimum payment each month on my next account but they emailed me today to say 'Not to worry, but if this continues they may have to contact me again if they feel the debt becomes unaffordable' Needless to say I'm now worried sick!

Can anyone tell me what this means exactly and how much on top of minimum I need to pay?

Thanks

[Deleted User]

Lenders are required to write to customers who pay minimum for 6 consecutive months. No need to be worried sick if you enjoy paying the minimum.

You don't have to pay more than the minimum - but it would be a very good idea to clear in full each month, or as close as you can. You will be richer and have a better credit file.

TheShape

Deleted_User wrote: »

Lenders are required to write to customers who pay minimum for 6 consecutive months. No need to be worried sick if you enjoy paying the minimum.

You don't have to pay more than the minimum - but it would be a very good idea to clear in full each month, or as close as you can. You will be richer and have a better credit file.

Do they also write to Credit Card customers making minimum payments? Even if on a 0% rate?

Or is that covered by the general 'if you pay the minimum, it will take you longer to pay' that appears on statements?

And to the OP, if you are paying interest to Next, paying more (if you can afford to) will save you money, so worth doing if possible.

[Deleted User]

They can exclude customers on 0% promos. But otherwise, yes, card customers are written to, as part of regulations.

Shakin_Steve

Store cards......spawn of satan.....that's all.

Fireflyaway

Get rid of it. I had one and ended up with a balance approaching £2k. I was still paying for clothes I had forgotten about / worn out! Also found I was so much more casual about what I bought as its so easy to click away at home. Honestly you will feel so much happier when its gone and why pay more than you have to? Keep your money don't give it to Next.

Cresssy

Yeah, that's exactly what I've done....

Will be able to reduce the balance far more from March onwards, but have only paid minimum for months now...

The email had me thinking I was to prepare for bailiffs!

Thanks for the advice everyone...much appreciated!

jonesMUFCforever

Just continue to pay the minimum plus £1 and they will leave you alone.