We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Minimum Payment Hike
Comments
-
dazzaofdagenham wrote: »So with customers paying less interest per year......where will they earn all there profits
Less administration of deliquent accounts. There'll be more focus on quality of customer and less on quantity.0 -
My CC is with the Halifax and I received a letter yesterday saying they were changing the Ts & Cs to allow them to recommend you increase the minimum if they feel you aren't paying it off / paying more in interest than clearing debt. I think I will probably close it as the "loyalty bonus" which used to be 0.25% cashback I now see they round down to the nearest £5
And guess who owns Halifax, Lloyds.
Plus no doubt persons with MNBA, HBOS and RBS credit cards will be getting the same new terms and conditions soon as they are also Lloyds brands.The more I live, the more I learn.
The more I learn, the more I grow.
The more I grow, the more I see.
The more I see, the more I know.
The more I know, the more I see,
How little I know.!!
0 -
And guess who owns Halifax, Lloyds.
Plus no doubt persons with MNBA, HBOS and RBS credit cards will be getting the same new terms and conditions soon as they are also Lloyds brands.
Yes that's why I mentioned it, standard corporate terms with individual branded letterheadsSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
Thrugelmir wrote: »Less administration of deliquent accounts. There'll be more focus on quality of customer and less on quantity.
Can’t wait to see how that will work0 -
Thrugelmir wrote: »Less administration of deliquent accounts. There'll be more focus on quality of customer and less on quantity.
Not really - the customer this is aimed at aren't those in arrears, it's those who are making only the minimum payment (or there abouts) every month.
This is going to cost the banks millions.
The only benefit to the banks in doing all this is avoiding large fines from the FCA.0 -
Plus a further extension to the "money saving" culture....
Q: I've only paid minimums for the last year or so and have had letters from from the greedy bankers saying I should pay more. I've also inherited a large sum of money, should I pay back what I owe?
A: No! Paying more could cost you more! Just carry on as you are. Soon the bank will have to offer you forbearance and you can get some of it written off. You will lose this entitlement if you increase your payments.
Or claims companies examining the timing and wording of letters sent to minimum payers to see if they were strictly compliant.0 -
I took out a promotional offer with my Lloyds Avios cc. I only paid the min because the amount owing was on a promotion. However I got fed up with letters from them telling me if I paid more how much quicker the balance would be cleared. In the end I complained and told them to stop bothering me and the complaints dept said just put the letters in the rubbish.
BTW the promo rate was for 18 months but they never raised the min payment.0 -
I took out a promotional offer with my Lloyds Avios cc. I only paid the min because the amount owing was on a promotion. However I got fed up with letters from them telling me if I paid more how much quicker the balance would be cleared. In the end I complained and told them to stop bothering me and the complaints dept said just put the letters in the rubbish.
BTW the promo rate was for 18 months but they never raised the min payment.
The banks *have* to tell you this - it's a regulatory requirement.
Upping the payment (and thus clearing the balance quicker) helps *you*, not them. It costs them money - banks would actually prefer you to keep just paying the minimum balance as they make more money in interest payments that way.0 -
I took out a promotional offer with my Lloyds Avios cc. I only paid the min because the amount owing was on a promotion. However I got fed up with letters from them telling me if I paid more how much quicker the balance would be cleared. In the end I complained and told them to stop bothering me and the complaints dept said just put the letters in the rubbish.
BTW the promo rate was for 18 months but they never raised the min payment.
Maybe you just need to ask for paperless. The statements I get from my BT card are online only and although they mention the minimum payment as it's a 0% thing it's no big issue to ignore them, just check to make sure no spending went throughSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards