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Credit card interest


daisy_bumbleroot
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Hi

 

I decided a while ago to pay off my LTSB credit card. I had reached the £2000 limit and kept it there and one day it clicked that I was being very silly and would be better off without it. Hurray.

 

Ive been making regular payments of £75 a month (way over the minimum) and have not been spending anything on it.

 

Surely, if I am hitting the deadline for payment, and paying off probably more than double the minimum payment, then each month, the interest should be coming down too?

 

I look at my credit card statements online and Ive noticed now for at least the last 6 months or so, it says "merchandise interest charded at 1.240%" has been about £18.40 one month, the next month it is £19.25, the next month its been £18.50 the next month £19.20.

 

Its almost like a random number selected between 18 and 20 and been happening for about 6 months from what Ive noticed. My online banking only shows the last 3 months statements and today, it only shows the latest statement!

 

Surely something is awry?

 

Someone suggested a while back its been fluctuating because there are 30 days in one month and 31 in another, but surely it shouldnt change this much?

 

Can I do a S.A.R - (Subject Access Request) letter asking for a list of interest charges over the last 12 months?

**** WON ****

Cap 1 - 07/11/07 - 23/03/07 £165

Ikea - 22/02/07 - 23/03/07 £200

LTSB - 02/10/07 - 24/05/07 £3310

LTSB joint account - 02/07/07 £751

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I can't advise on what's happening with your interest, but now you've made the decision to pay it all off, if you've got a good credit rating apply for a 0% card today and transfer the 2k balance to it.

 

With a 0% card the whole of your £75 will be payed off your actual balance each month - that's £900 in a year! Very satisfying. :-) (you can get 13 months at 0% on Barclaycard's new Platinum card. And after 13 months switch to another 0%. Obv don't use these 0% cards to buy anything with!).

"Be reasonable, demand the impossible"

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When you say "way over..." - what is the actual minimumpayment requested?

 

I agree with previous advice, best thing to do (if you are in a position to do so) is to transfer the balance to a new card.

Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice you must always consult a registered and insured lawyer.

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I can't advise on what's happening with your interest, but now you've made the decision to pay it all off, if you've got a good credit rating apply for a 0% card today and transfer the 2k balance to it.

 

With a 0% card the whole of your £75 will be payed off your actual balance each month - that's £900 in a year! Very satisfying. :-) (you can get 13 months at 0% on Barclaycard's new Platinum card. And after 13 months switch to another 0%. Obv don't use these 0% cards to buy anything with!).

I tried that! i saw the 0% interest advert for cap1 and applied but got kncoked back. i have signed up for experian and i check my credit file each month and my score at the time was 808/1000 (which is only classed as fair!). But then, i did have a cap 1 card which i claimed back my charges from and then closed the account, so they might have black listed me lol!

 

If anyone knows of any 0% interest cards i could get with a fair rating i'll apply today, £75 a month off £1410 with no interest will come down like newtons apple!

When you say "way over..." - what is the actual minimumpayment requested?

 

I agree with previous advice, best thing to do (if you are in a position to do so) is to transfer the balance to a new card.

Minimum payment, I think its about £30 a month, and thats been dropping each month by about a quid, happily.

 

If I send a sar request, asking for a list of interest applied each month, will they comply?

**** WON ****

Cap 1 - 07/11/07 - 23/03/07 £165

Ikea - 22/02/07 - 23/03/07 £200

LTSB - 02/10/07 - 24/05/07 £3310

LTSB joint account - 02/07/07 £751

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  • 2 weeks later...

YIPPEEE!!!!

I have just applied for mbna card, the one I got through in the post, and when I finished the application it said we need to speak to you to process this application, so I rang straight away, he put me on hold and said the application is fine! My Lloyds TSB card should be transferred in 5 days and so I can get shot of that. He set my limit at £3k, but I asked him to dop it to £1.5k but he said coz I have a balance transfer he will set it at £2k, so I said ok. Im only going to ask them to drop it ina few weeks anyway!

I got 0% interest til october 2008 but a 3% balance transfer applies, but that works out as £43… considering I am paying £20 a month interest to ltsb, that’s ok, coz once ive done 3 payments to mbna, its paid for itself! WOOHAA!

Happy days, it should drop by £900 instead of about £700 now!!!!!

**** WON ****

Cap 1 - 07/11/07 - 23/03/07 £165

Ikea - 22/02/07 - 23/03/07 £200

LTSB - 02/10/07 - 24/05/07 £3310

LTSB joint account - 02/07/07 £751

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