Forgotten credit card

Finoscar

Recently while checking my credit report I came across an old credit card account, I looked into it and realised it’s an old card I haven’t used for 7 years , the original balance was £450 they have been taking minimum payment by direct debit , I’ve payed £900 yet still have a debt of £300 , is completely forgot about this card , and seen as it hasn’t been used for 7 years should they of contacted me about the money I was paying with out reducing the debt

D3xt3r5L4b

No
You should keep on top of your accounts

Paully28

No, as it was being paid as per the terms and conditions and all in order by the sound of it. 

cymruchris

If you don't have the details to hand - get on the phone to them, identify the account, and get the remaining balance paid off as soon as possible. You should be keeping a better eye on your incomings and outgoings if its taken 7 years to spot this. 

SnowTiger

Finoscar said:

Recently while checking my credit report I came across an old credit card account, I looked into it and realised it’s an old card I haven’t used for 7 years , the original balance was £450 they have been taking minimum payment by direct debit , I’ve payed £900 yet still have a debt of £300 , is completely forgot about this card , and seen as it hasn’t been used for 7 years should they of contacted me about the money I was paying with out reducing the debt

Odd.

IIRC the minimum monthly payment for all credit cards is now at least 1% of balance, plus interest and charges.  For some it's higher.  I think older credit card agreements were brought in to line before 2013.

My back of a fag packet calculations suggest a £450 debt should have reduced to £300 after about 40 payments.

More back of a fag packet calculations suggest you're paying more in interest than towards the debt.  Therefore, as you suggest, you are technically in 'persistent debt' and the card provider should have contacted you to discuss options.

Did you move and fail to give the card provider your new address?

Malkytheheed

Jesus, what a waste of money. 

Pay it off immediately. Leave the account open. Check your accounts and credit file monthly. 5 mins on the last sunday of the month is all it takes. 

jimbo26

A lesson here, pay a bit more attention to your accounts, paying a direct debit for 7 years before realising what it was for shows a rather casual attitude to your finances.

NoodleDoodleMan

Maybe I've missed something here - don't credit card companies publish monthly statements - either paper copies or online versions, based on the customer's choice of delivery ?

If so..........................................

Life__Goes__On

SnowTiger said:

Finoscar said:

Recently while checking my credit report I came across an old credit card account, I looked into it and realised it’s an old card I haven’t used for 7 years , the original balance was £450 they have been taking minimum payment by direct debit , I’ve payed £900 yet still have a debt of £300 , is completely forgot about this card , and seen as it hasn’t been used for 7 years should they of contacted me about the money I was paying with out reducing the debt

Odd.

IIRC the minimum monthly payment for all credit cards is now at least 1% of balance, plus interest and charges.  For some it's higher.  I think older credit card agreements were brought in to line before 2013.

My back of a fag packet calculations suggest a £450 debt should have reduced to £300 after about 40 payments.

More back of a fag packet calculations suggest you're paying more in interest than towards the debt.  Therefore, as you suggest, you are technically in 'persistent debt' and the card provider should have contacted you to discuss options.

Did you move and fail to give the card provider your new address?

Agreed something seems amiss
Should be under £200 by now.

jonesMUFCforever

NoodleDoodleMan said:

Maybe I've missed something here - don't credit card companies publish monthly statements - either paper copies or online versions, based on the customer's choice of delivery ?

If so..........................................

A first time poster - make your own mind up?

Finoscar

SnowTiger said:

Finoscar said:

Recently while checking my credit report I came across an old credit card account, I looked into it and realised it’s an old card I haven’t used for 7 years , the original balance was £450 they have been taking minimum payment by direct debit , I’ve payed £900 yet still have a debt of £300 , is completely forgot about this card , and seen as it hasn’t been used for 7 years should they of contacted me about the money I was paying with out reducing the debt

Odd.

IIRC the minimum monthly payment for all credit cards is now at least 1% of balance, plus interest and charges.  For some it's higher.  I think older credit card agreements were brought in to line before 2013.

My back of a fag packet calculations suggest a £450 debt should have reduced to £300 after about 40 payments.

More back of a fag packet calculations suggest you're paying more in interest than towards the debt.  Therefore, as you suggest, you are technically in 'persistent debt' and the card provider should have contacted you to discuss options.

Did you move and fail to give the card provider your new address?

Yes I moved address and didn’t tell them as I had forgotten I had that card