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Minimum payment
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https://www.fca.org.uk/news/press-releases/new-credit-card-rules-introduced-fca
As far as I can see the logical conclusion could be that customers who are paying more than the minimum will reduce their payment in the hope that their debt will be judged to be persistent debt. However the response of lenders with regard to the credit history is unclear: Could be that persistent debt is a black mark against future credit.
I've just had new conditions from Virgin saying if I'm in persistent debt they may raise my minimum payment.0 -
So if you only pay the minimum payment because you can't afford to pay more than the minimum payment they can increase the minimum payment ? Sounds like a recipe for disaster to me.0
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