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Managing Repayments

How we can help if it’s getting harder to make your money stretch each month

If you’re making repayments on a Danske loan, mortgage or credit card (or are trying to clear your overdraft), or if you’ve already missed some payments, please get in touch with us to talk about your options.

If you are struggling or worried about future repayments:

It may be helpful to take a look at all of your outgoings including regular bills and expenses, to see where you might be able to make some changes. If you’re still worried about repayments on any of your borowing with us, talk to us as soon as you can and we’ll work with you to offer support to address these concerns.

Select the relevant option below for more information on how we might be able to help you:

What if I only make minimum credit card repayments?

Credit cards can help spread the cost or cover unexpected expenses, but sometimes the debt can build up quicker than you are able to repay it. This can make it an expensive way to borrow money in the longer term.

Your minimum payment is made up of interest, fees and charges on top of your outstanding balance. If you make a low or minimum payment each month, it takes longer to repay and you pay more interest. If you are paying more in interest, fees and charges on your credit card than the amount you have paid towards what you have borrowed for at least 18 months, this is referred to as being in persistent debt. Learn more about persistent debt.

MoneyHelper’s credit card calculator could help you understand just how much your credit card payments cost you and show how you can pay off your existing cards.

(If you have a Danske Standard credit card, the APR is 22.9%)

MoneyHelper Credit Card Calculator (external)

Here’s an example that may help explain how making only the minimum repayment every month means you end up paying more, and taking longer to clear your balance too.

In this example we’ll assume that your balance is £4,000 and your interest rate is 22.9% APR. We’ll also assume that you don’t spend anything else on your card and just concentrate on repaying its balance.

Regular Monthly Payment You will pay off the outstanding balance in around You will end up paying estimated total interest costs of
Minimum monthly repayment (which will go down every month as the balance decreases) 24 years £5120
£120 (fixed) 4 years £2020 (paying £3100 less in interest)
£150 (fixed) 3 years £1415 (paying £3705 less in interest)

This is just an example - the actual time taken to pay and total amount paid may vary.

Even if you never buy anything else with the card, it could take you up to 24 years to clear your balance and you’d ending up paying more in interest than you spent on the card in the first place!

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