One more question about the credit card spread sheet

[MoveAlongNow]

Sorry. I am thick when it comes to numbers and spreadsheets... Do you know the bit at the top at the top where it asks for min repay %? Is that what percentage of the total debt my min amount works out to? I did the calculations and it's 3% I'm paying each month, gulp. However I also think the bank sets a minimum amount that I'm obligated to pay each month, which is different from my min repay -have I got this all right? Sorry, I'm sure it is really user friendly. I confuse easily...
Thanks.

[TalkinPeace]

if you are talking about my spreadsheet ......
the minimum figures are the ones that are printed in the teeny tiny font on the back of your statement

the most common figures are 2.5% and £5

[MoveAlongNow]

Ah, straight from the mouth of the creator herself Thank you! Okay, I will find those numbers and have another go round. I am enjoying this oddly enough. It helps to see real numbers that can go down instead of just having a vague sense of fear and doom...
Thanks again!

[MoveAlongNow]

waahhh!! Why does it make such a big difference? It's 2.5% which will take me LOADS longer than if it was 5%. sniffle sniffle... what does it all mean?

[TalkinPeace]

OK, the 2.5% is the minimum they will take : geared to maximise their profits and your pain.

Set up your standing order for a comfortable number - eg what you paid last month rounded up to the nearest £25
and then watch the repayment period (and their profits) plummet

[MoveAlongNow]

well, this has been very eye opening I must say. My absolute goal is to revise my initial idea of paying 150 a month - which will take AGES and line the pockets of bastarding HSBC. 200 a month if I can manage it seems to hit some mathmatical sweet spot and brings it all down by almost 2 years?!?! This is me in steely eyed determination mode... Thanks again Talkin

[TalkinPeace]

HTH

Understanding how credit cards WORK is the answer to controlling them.

[MoveAlongNow]

I am swearing off credit now and not just because I'll never be able to get any more

[TalkinPeace]

Movealong
if you need the card sometimes, the extra special magic trick is to set your standing order up as 5% of the total credit limit ....
that way you will be paying the debt down, but can still safely use it for emergencies.

But come join the debt thread as it will help you change your habits for the better

[keepyourchinupdear]

Sorry to hijack your thread... TIP: my credit card company won't let me set up a SO, only a direct debit & they have chosen the date & it happens to fall on the
day payment is due!. I'm guessing they've set it up like this to accrue the maximum amount of interest. Is there. anyway around this? Perhaps I should cancel my dd & pay cc when statement comes out? I'm a bit perplexed. Your expertise is greatly appreciated.

[Fluffycloudland77]

You could ring up and pay on a debi card before the DD goes out.

Saynoto0870.co.uk has free numbers for these companies or landline numbers you can ring free from mobiles on your inclusive minutes.

[TalkinPeace]

keepyourchinup
Hog wash that they will not let you do a standing order.

The bank details for electronic payments are printed on the statement.
Go into your electronic banking and set one up for a few days before the standard payment date
and while you are in your bank account, cancel the direct debit.

Do not talk to them - do not waste money or time on phone calls.

If you are paying more than the minimum before the due date there is NOTHING they can do to you.

[keepyourchinupdear]

Thanks Fluffy and TIP, I'll have a look on my online account; I'd much prefer to pay by SO. They are sneaky little feckers.