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Old Store Card
Geoff.geoff
Posts: 3 Newbie
in Credit cards
I have a MkOne store card, MkOne went bust years ago. The creation finance account still exists, the card still exists wierdly with a Duet symbol that nobody accepts anymore. It has a balance with minimum payments requested every month. Shouldnt they issue a usable card?
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Comments
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No. You don't need a card to repay the existing balance.0
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If you're still only paying off the minimum every month of a card belonging to a firm who went under nearly 10 years ago then it might be best you don't have a usable card...
Sam 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.
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But what i was curious about was paying for a credit line / product / service that doesnt exist. Should they wind up the account and charge less interest now it is effectively no longer a usable product/item/financial instrument0
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No why would they charge less interest?0
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No, you entered into a credit agreement, whereby you agreed to pay a specified rate of interest to borrow money. You are still obliged to honour that agreement.Geoff.geoff wrote: »But what i was curious about was paying for a credit line / product / service that doesnt exist. Should they wind up the account and charge less interest now it is effectively no longer a usable product/item/financial instrument
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Geoff.geoff wrote: »But what i was curious about was paying for a credit line / product / service that doesnt exist. Should they wind up the account and charge less interest now it is effectively no longer a usable product/item/financial instrument
You're not paying for a product or service.
You're paying back the money you borrowed.0 -
10+ years is a very long time to be paying off a credit card. Are you only paying off the minimum? Most of your payments will be used to clear the interest with very little being used to pay off the balance if you're doing this. You should be more worried about the amount that you're clearing to be honest, looking into whether you should have received another card is the last thing you should be worried about.0
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