paid minimum for years must have paid card off 2x

Merlin139

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.

The Forum has been around for 14 years so was around in 2007 so you could have asked.

You knew enough about money to have a company in the past. Maybe you should paid for advice then and you would not of had to pay off a Tax Bill and other debts.

How long have you had a Mortgage? Did you apply the same reasoning about paying off your Mortgage each month?

As with all borrowing you have T&C's. First rule should be read and understand. Then ask if you do not understand.

telemarks

Did the card have PPI on it? If so ... they may owe you money ...

Unfortunately the 8% interest a potential PPI reclaim would get, is still likely well below the APR on the card, so overall you will have lost out, sorry.

rubbi$hwithmoney

PeacefulWaters wrote: »

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

Straight facts surely.

Of course straight facts, I guess it was the whole judgy feel from most of the posts. Thanks for putting me straight in you straight facts surely non-judgmental way. I asked a question and received answers. a straight fact would have been no you have no recourse. A lovely judgey way is - "you live up to your name" - no !!!! sherlock. perhaps my wording of disdain was incorrect, it should have been without tolerance of mistakes having been made and finally accepting them but just musing as I had thought this place was full of people who perhaps may have been in a similar situation. Again thanks for all of the responses pointing out how totally stupid I was (As if Idid not already know..) Apologies if I have stepped on perfect toes, I accept I have behaved idiotically and thank you for pointing it out again (and this time without sarcasm, thank you for taking the time to respond with the actual answer I needed and probably already knew but was just checking for just in case there was a teensy weensy chance I could claim back some of the horrific interest I paid). I mean seriously guys - PPI, should you not have read the small print (that was sarcasm again, for clarity)...

rubbi$hwithmoney

Merlin139 wrote: »

The Forum has been around for 14 years so was around in 2007 so you could have asked.

You knew enough about money to have a company in the past. Maybe you should paid for advice then and you would not of had to pay off a Tax Bill and other debts.

How long have you had a Mortgage? Did you apply the same reasoning about paying off your Mortgage each month?

As with all borrowing you have T&C's. First rule should be read and understand. Then ask if you do not understand.

Actually no I didn't apply the same logic to mortgage. You are correct if I had been given the correct advice I probably wouldn't be here but I paid for poor advice because I know I am not good with money, thanks for the understanding, I appreciate it. Also, I was unaware the forum had been around that long, thank you for the history lesson.

ICan'tStandIt

rubbi$hwithmoney wrote: »

Of course straight facts, I guess it was the whole judgy feel from most of the posts. Thanks for putting me straight in you straight facts surely non-judgmental way. I asked a question and received answers. a straight fact would have been no you have no recourse. A lovely judgey way is - "you live up to your name" - no !!!! sherlock.

I'm afraid that the internet in general is full of forums where 'judgy' people post and MSE is probably one of the worst for armchair experts.

You have learnt the hard way that the clue is in the title when it comes to minimum payments on credit cards. I did the same some years ago too.

There isn't anything you can do I'm afraid apart from use what you have learned so you don't make the same mistake again.

PixelPound

ICan'tStandIt wrote: »

I'm afraid that the internet in general is full of forums where 'judgy' people post and MSE is probably one of the worst for armchair experts.

You have learnt the hard way that the clue is in the title when it comes to minimum payments on credit cards. I did the same some years ago too.

There isn't anything you can do I'm afraid apart from use what you have learned so you don't make the same mistake again.

Minimum payments used to be a lot lower than they are now, and there have been calls to increase this minimum because many take cards out and pay just the minimum. Even when setting up a DD a lot of card providers give the options of either full balance or minimum, this does seem to be improving and many allow DD amounts for in between.
The warnings need to get stronger rather than a weak, paying the minimum will take substantially longer, say how long.

dazzaofdagenham

I!!!8217;d like to see a option on credit cards payments be such as

Minimum payment by direct debit plus a certain amount extra ...I.e. extra 20 pounds or a percentage..

My Halifax card has only option is min payment or the full amount, therefore leaving me hav8ng to make a Manual payment for anything extra

YorkshireBoy

dazzaofdagenham wrote: »

I!!!8217;d like to see a option on credit cards payments be such as

Minimum payment by direct debit plus a certain amount extra ...I.e. extra 20 pounds or a percentage..

My Halifax card has only option is min payment or the full amount, therefore leaving me hav8ng to make a Manual payment for anything extra

Seems to be a couple of other options available for Halifax:

1. Monthly set amount
2. Monthly set percentage

http://static.halifax.co.uk/assets/pdf/creditcards/pdf/direct-debit-form.pdf

(Document available from within online banking).

Dobbibill

dazzaofdagenham wrote: »

I!!!8217;d like to see a option on credit cards payments be such as

Minimum payment by direct debit plus a certain amount extra ...I.e. extra 20 pounds or a percentage..

My Halifax card has only option is min payment or the full amount, therefore leaving me hav8ng to make a Manual payment for anything extra

You may want to give them a ring - there are 3 options available.....fixed amount being the third

https://www.halifax.co.uk/creditcards/help-guidance/common-enquiries/default.asp#section21408153671924

What Direct Debit options are available to me?

There are three Direct Debit options:

• Full payment - this will collect the total balance shown in your monthly statement.
• Minimum payment - this will collect the minimum payment shown on your monthly statement. Paying this way means you can avoid late fees but will usually mean you’ll be charged interest on your outstanding balance. To help reduce interest charges you can make an extra payment on top of your Direct Debit.
• Regular monthly amount - this allows you to choose a fixed amount or a percentage you want to pay each month. If this is less than the minimum payment we will set the payment to the minimum amount. For fixed amounts; if your chosen amount is more than your statement balance we will set the payment to the statement balance.

At least it will save you working out a manual payment on top of the normal DD.

dazzaofdagenham

My account doesn!!!8217;t have the option for a set percentage.

Would like to see a option of min amount plus a amount designated my me.
So to get round that I!!!8217;ve set the min payment up and then set Up a stand8ng orde for 20 pounds at the same date As the director debit