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What you need to know about persistent debt and how you can reduce the cost of your credit.
Here’s an example based on a balance of £3,000 with an effective interest rate of 24%.
This example assumes that you don’t use your credit card, no additional fees or charges are incurred, and the interest rate doesn’t change. The minimum payment is calculated at 1% of the outstanding balance, plus standard interest, fees and charges.
If you’re worried, you don’t need to wait for us to get in touch. We’re here to talk about your money worries and to help you find practical ways to deal with them. The sooner you let us know there’s an issue, the easier it will be for us to deal with it together.
You can also go to these organisations for free advice and support with money worries:
Get expert advice and free debt management help to manage your debts.
Call: 0800 138 1111
Mon-Fri 8am-8pm and Sat 8am-4pm.
Free help and advice on dealing with your debt.
Call: 0808 808 4000
Mon-Fri 9am-8pm and Sat 9.30am-1pm.
There are more organisations that can offer you free, independent help and advice for your money worries.
We'll write to you:
We may send reminders and suggestions in between, if we think it might help you.
Any action we take is aimed at helping you to cut your borrowing costs and repay your balance more quickly.
If your account has been in persistent debt for three years, a recommended payment amount will start to feature on your monthly statements.
By paying this amount each month, it’ll help you to repay your balance more quickly.
The recommended payment amount will include your minimum payment, any overdue payments, and will take into account if your card is still being used. As a result, the amount can vary month to month, so make sure you keep an eye on your statements.
If your account has been in persistent debt for three or more years, and you are not paying the recommended monthly payment, you may lose the ability to make further transactions with your credit card. This is to help you make progress with repaying your balance.
If you need your credit card for essential living expenses, get in touch so we can find a way to help.
Having an account in persistent debt doesn’t directly affect your credit score, but missing payments or making late payments could.
If you’re worried about money or repaying your balance, please let us know. We’re here to help you and will explain all your options.