Need advice for my mum

HugoandHudsonsmum

No to the armed forces question and again the council only do them if you have mobility issues which she doesn't so we're stuck. She also isn't a member of any credit union so that's not an option.

I think she really will have to just wait months to get another chair and just save up.

Edit to add she's just told me that her bank NatWest would be happy to give a 0% credit card with a £700 spending limit which she said she won't need all that only a few hundred to get a new chair but it doesn't say how much her monthly repayments would be she said she could repay the full amount within the 12 month 0% interest period but I'm assuming credit cards have a monthly repayment amount and the offer didn't state what that would be.

elsien

is she or has she ever been in a union? They have funds which may be able to help.

The minimum payment amount depends on how much you have spent on the card. My Halifax card, which will have different terms of conditions has a minimum payment to amount of 1%.
So on, £700, if the proposed card has similar, if she goes right up to the limit the monthly payment would be £7. There will be terms and conditions floating around on the Internet somewhere.

elsien

https://www.natwest.com/support-centre/general-banking-information/general/how-much-will-the-minimum-payment-plus-be.html#:~:text=*The%20minimum%20payment%20is%20usually,on%20the%20credit%20card%20balance.

HugoandHudsonsmum

https://forums.moneysavingexpert.com/discussion/comment/81913105#Comment_81913105

No she's never been a member of any union.

She has told me she's already been to DFS to check out which chair would be suitable as it needs to be wide her current is 72cm wide in the inner seating area where a chair I have which is only 58cm seat width she finds really uncomfortable for her ribs but she's found one that is wide and allows room for her to keep her ribs comfortable is only £499 so she won't be using all the £700 only the amount she needs and she said she could pay off the 499 by 10 months as she can comfortably afford £50 a month and once paid off she close the credit card before the 12 month 0% is up so maybe this could be an option for her

HugoandHudsonsmum

I've ever had a credit card before so want to make sure I understand before then explaining it to mum.

That reads as she'll have 2 repayments a minimum repayment and repayment plus?

And even though the limit is £700 and she only uses £499 to get her chair she'll only have pay back the £499 while in the 0% interest period? Or would she have to pay the full £700?

elsien

She only pays back what she spends on the card during the interest-free period unless she makes a mistake and racks up any fees.

The £700 is the most that they will give her, it’s not what she owes unless she actually spends £700.

If she sets up a standing order to pay on time so she doesn’t accidentally miss any payments or make them late then she will only need to pay the minimum amount, nothing more.

Although there is nothing to stop her from overpaying a bit each month if she wants to do so.

HugoandHudsonsmum

https://forums.moneysavingexpert.com/discussion/comment/81913164#Comment_81913164

Ok so I understand she only pays the minimum monthly payment which at 1% of 499 that would be £4.99 so that is all she'd pay as a minimum each month and she could pay it through direct debit so she is never late ect which she never would be anyway she writes everything down that needs to go out each month mum's pretty good with her money and hates owning so she'll definitely be paying more each month. But she can herself through the app pay off more so that she pays a total of £50 a month so then it's paid off within 10 months or so and can then close the card.

Also if she went ahead with the card today they only charge her when she has brought the chair that's when the minimum monthly repayment start is once she has made a purchase and not before

elsien

Yes that’s right. Because before she’s brought anything, the balance on the card is zero.

Ditto if she chooses to keep the card for emergencies when she’s paid the balance off. It will just sit there with zero payments until she spends something else. Although if she goes too long without using it, they might reduce the overall credit limit.

Also worth noting that even after the zero interest period ends if she uses it and pays the card off in full when the next payment is due she still won’t pay any interest. You only pay interest on balances that carry over from month after the interest-free period has finished. So if she spends a tenner a month on shopping on it to keep it going and then pays that off in full as each statement comes in, it keeps the card active for emergencies in the future. If that is what she wants.

HugoandHudsonsmum

https://forums.moneysavingexpert.com/discussion/comment/81913199#Comment_81913199

Thank you , I Asked the last question because she is once I've explained things thinking of getting it today but not using it yet as she wants me to take her down to our nearest British heart foundation furniture store to see if she can find anything cheaper before she buys the chair she's found at DFS but our nearest is a good 30 mini drive so I told her I cant take her till at least next weekend and she wanted me to check that she won't pay anything back till she's actually spent anything.

She has already told me she's only doing this so she can have a new chair so she's not in back pain anymore and will close it as soon as she's paid it off and the only fees your were talking about are late or missed payment fees?

Her plan is to just buy the chair set up either a direct debit or standing order for the minimum payment and then on top of that pay a bit extra each month to get it paid off before the 12 month 0% offer is finished and then close it.

And once the balance says the 499 it's ok if she hasn't paid it in full by the next statement as long as she pays the monthly minimum

elsien

Yes to all the above.