paid minimum for years must have paid card off 2x

rubbi$hwithmoney

Hi,
I had a credit card - originally with mint, then it became a HBOS card, they stopped my card in 2007 and upped the interest rate. Due to circumstances I paid the minimum of circa £150 for the last ten years, upping that payment as and when I could. I have calculated that I have paid the card off twice at least (original balance at time of stopping was circa £8,000) I recently came into some cash and paid it off completely (remaining balance was £5,700, so according to them I had only paid off £2,300 in ten years) but realistically they have made a fortune out of me. Is there any recourse on this as I don't think I have been treated fairly, does anyone have any idea on if I can take this to the financial ombudsman? I don't have any money to take this to any sort of court and not sure of any legal standing I have anyway...

Many thanks in advance.

(will also post this in debtfreewannabe thread too)

msallen

No you have no recourse I'm afraid. It seems you just lived up to your username.

What you could/should have done, but its too late now is

- When the interest rate was upped, reject the rise on condition of not being able to spend any more, and continued to pay it off at the old rate.

- Any and every month paid as much extra as possible because it is only by reducing the capital more quickly that the debt goes down more quickly. If the minimum payment isn't for much more than the interest you are not reducing the capital.

- Understand that the minimum payment is just that. It is not a recommended rate of payment to get the debt cleared.

spadoosh

Id say its unlikely.

Every credit card iver ever had states it will take longer to repay if paying the minimum repayment.

Ive done similar although not as much and due to bad admin as opposed to finances.

Its just the way credit cards work. A credit card should be a short term option for borrowing, if your borrowing large amounts for years, a loan is more suitable. (interest free periods excluded)

shortcrust

You've not been treated unfairly, you've acted unwisely.

mcpitman

You have no recourse.


Your method of using the credit card is what finances everybody elses 0% deals.

PeacefulWaters

rubbi$hwithmoney wrote: »

Hi,
I had a credit card - originally with mint, then it became a HBOS card, they stopped my card in 2007 and upped the interest rate. Due to circumstances I paid the minimum of circa £150 for the last ten years, upping that payment as and when I could. I have calculated that I have paid the card off twice at least (original balance at time of stopping was circa £8,000) I recently came into some cash and paid it off completely (remaining balance was £5,700, so according to them I had only paid off £2,300 in ten years) but realistically they have made a fortune out of me. Is there any recourse on this as I don't think I have been treated fairly, does anyone have any idea on if I can take this to the financial ombudsman? I don't have any money to take this to any sort of court and not sure of any legal standing I have anyway...

Many thanks in advance.

(will also post this in debtfreewannabe thread too)

Are you sure it didn't become an RBS card?

lookstraightahead

I have had much more debt than you and I have paid for it because I too was rubbish with money. This is no different from eating too much food in a restaurant and complaining that they fed you too much. Just learn from it as I have - glad it is all paid off for you now.

cajef

rubbi$hwithmoney wrote: »

Is there any recourse on this as I don't think I have been treated fairly,

You have been treated the same as everyone else that uses a credit card the way you have.

Owain_Moneysaver

If you'd only paid the 5% minimum it could have taken you more than twenty years to pay it off!

rubbi$hwithmoney

Gee thanks for the understanding guys. I have admitted I am bad with money, didn't expect the disdain, but I guess you're all good with the cash and that's why my tagline is what it is and you guys are on here. As you say I live and learn, I was just a bit young and daft and unsure of where to turn at the time (as this forum and it's ilk wasn't around). Thanks for taking the time though. I do appreciate that.

PeacefulWaters

rubbi$hwithmoney wrote: »

Gee thanks for the understanding guys. I have admitted I am bad with money, didn't expect the disdain, but I guess you're all good with the cash and that's why my tagline is what it is and you guys are on here. As you say I live and learn, I was just a bit young and daft and unsure of where to turn at the time (as this forum and it's ilk wasn't around). Thanks for taking the time though. I do appreciate that.

Care to highlight where you've been treated with disdain?

Straight facts surely.