![]() ![]() If you can regularly only afford the minimum payment, you may be running into money problems. You can use the repayment calculator on the Which? website to help you work out when you're likely to pay off your credit card bill and how much more quickly you could pay it off by making a higher monthly repayment. If you only pay the minimum repayment you will also pay off one per cent of the outstanding balance as well as interest, fees and charges. Try to pay more than the minimum if you can, to pay off the balance quicker.įrom April 2011 the minimum repayment on all new credit card accounts will be reset. The minimum payment may be less than the interest that is being added which means you may never pay it off. Paying only the minimum amount each month increases the amount you have to pay overall. If you can’t pay the whole balance off, you will usually have to pay at least a minimum payment. The most expensive debt on your credit card will always be paid off first. The credit agreement for your card will tell you how much interest will be charged and how and when it will be added to the account. If you pay less than the full balance due, you will be charged interest on what’s left, unless you have an interest free deal. You may want to set up a regular payment to pay off your bill in full or to repay what you can afford. If your credit card company increases the interest rate on your card you should be given 60 days to reject the increase and pay off your balance at the existing interest rate. But interest may be added for cash advances. If you pay off the whole amount (the balance) owed on the card by the due date, you will not be charged interest on your purchases. You can also still be charged if you’re using a business card. You can still be charged extra if your bank or the seller’s bank is outside the European Economic Area (EEA) - check which countries are in the EEA on Gov.uk. They may also report the matter to Trading Standards to investigate and take action against the seller. If that doesn’t work, you can contact the Consumer Helpline - they’ll tell you what you should do next. If you’re charged more, you should complain to the trader and ask for the charge to be refunded. Charges by sellersįrom 13 January 2018, you can’t be charged extra for using a credit or debit card. It has information about balance transfers and the types of insurance you may take out with your credit card. ![]() Should I change my number and address where I live? However I cannot change my work location, now that they have the official email address.Ħ.This page tells you about interest and other charges which might be added to your credit card including charges when you buy things abroad or if you miss payments. Is it a crime? Would I be punished for it?ĥ. Would they call up my company and harass me? What can I do in such situations?Ĥ. Do civil court judgments have any sort of jurisdiction here?ģ. If they decide to sue me for this and get a judgment against me, what implications does this have on me residing here in India? I am not a resident of Australia. Since the debt has been sold to a collections company, what can they do to pursue the debt here in India?Ģ. ![]() I am still not in a situation to pay them back, I want to enquire the following detailsġ. I got an email this morning about some offers in settling the amount. ![]() The disturbing development is that, they got my work email id from somewhere, they may have tracked things down from social networking sites or pulled out details from the IP Address or something. Again, this went on for sometime and I got notices from the bank and the collections company about threats about legal action and so forth. This went on for a while and then they sold my debt to a collections company and on behalf of the bank they started contacting me in a rather aggressive way. I would get call early in the morning, however I did not answer any of them. I stopped making the payments, and I got reminders and legal action threats and so forth. I wrote to the bank asking for assistance in financial hardship, which is a facility that they provide. Then my financial circumstances changed a bit and I was not able to make any further payments. Then in 2010 i moved back to India, I was making regular minimum payments till about 2013. I was using a Credit Card and making all payments on time. ![]()
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