Barclaycard changing their minimum payments

mro
mro Posts: 813 Forumite
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in Credit cards
Anyone else had a letter from Barclaycard changing their minimum monthly payments from the Sep statement ?
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  • MABLE
    MABLE Posts: 4,080 Forumite
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    mro wrote: »
    Anyone else had a letter from Barclaycard changing their minimum monthly payments from the Sep statement ?

    What does the letter say please?
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
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    edited 2 August 2018 at 6:42PM
    If you have only been making minimum payments for 18 months and are in persistent debt, the letter might be related to the below?

    https://www.moneysavingexpert.com/news/cards/2018/02/new-credit-card-rules-to-help-those-in-persistent-debt

    From 1 September, firms will be required to take escalating steps to help once they identify someone as having been in persistent debt over 18 months:

    After someone has been in persistent debt for 18+ months... lenders must contact customers, prompt them to change their repayment and warn their card may be suspended if they follow the same repayment pattern. They must refer to any debt advice available.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    mro wrote: »
    Anyone else had a letter from Barclaycard changing their minimum monthly payments from the Sep statement ?

    I'm going out on a limb here and going to say yes.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    All the card companies are doing this - its to help the folk who dont pay down their credit card debt.
  • MABLE
    MABLE Posts: 4,080 Forumite
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    Nothing received as yet. However balances on my BC cards are cleared every month. The only exception is if I am on a promotional rate and that is not normally longer than 18 months.
  • sparkey1
    sparkey1 Posts: 444 Forumite
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    foxy-stoat wrote: »
    All the card companies are doing this - its to help the folk who dont pay down their credit card debt.

    However if you are struggling, the last thing you need is to have to pay more each month.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    sparkey1 wrote: »
    However if you are struggling, the last thing you need is to have to pay more each month.

    Agreed - so better to pay down the debt when its at a low rate than just the minimums for ever.
  • T-G-C
    T-G-C Posts: 591 Forumite
    First Post
    Vanquis starting doing this from August, however, as a remediation attempt, the cash interest rate was lowered to match the purchase rate, making both now the same borrowing cost - excluding the 3% fee.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • starM
    starM Posts: 1,464 Forumite
    What about if someone has 0% for 30 months and for this reason they are just paying the minimum payment. After 18 months they will be asked to increase the payments?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    starM wrote: »
    What about if someone has 0% for 30 months and for this reason they are just paying the minimum payment. After 18 months they will be asked to increase the payments?

    Yes but if you overpay by just £1 per month you won't.
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