Change in minimum paymente

Gazza90000

Hi
I can't locate my paperwork,  i have asked the bank for a copy but wonder if anyone here knows the information in the interim please.
I can currently manage my debts but worries over Covid could mean my salary reduces. My question is can banks increase the minimum payments and if so how much notice is required? (Do you think this is likely in the current climate?)
Additionally i know this should really be on another board but for overdrafts i understand these can be recalled, again if they do how long woulf i have, or what terms could be applied, if they did this? Thanks in advance.

Willing2Learn

The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products.  Maybe you should ask for a temporary payment freeze on your accounts during the coronavirus crisis?
https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus 

Maybe we can also give you advice support and guidance with regard to setting yourself a realistic monthly budget?  If you do need further advice, then I suggest you post up your SOA into a new thread on the Debt-Free Wannabe board (DFW)
https://www.lemonfool.co.uk/financecalculators/soa.php

born_again

If they should do that, and it's highly unlikely. Variation of terms is usually 90 days.

PaulW922

If they change the repayment terms then you would usually have the option to cancel the card and keep repaying on the old terms.