Claire Irvine

Managing Repayments

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

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 can make some changes.

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

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

Request a call

If you have a money concern, we have practical ways to help. You can request a call from us to see what support is available

Request a call from us

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. If you can only make a low or minimum repayment each month, your credit card can be an expensive way to borrow money in the longer term. 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 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. You’d ending up paying more in interest than you spent on the card in the first place!

Ask us to give you a call

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The cost of living crisis may affect many of you. If you have a money concern, we have practical ways to help. You can also request a call from us to see what support is available.

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Other things to consider

If you have a payment protection or income protection policy, you may want to check whether it could help with your payments.

If you contact us to discuss a Danske loan, mortgage or credit card or overdraft, we will discuss different options depending on your circumstances. Terms and conditions may apply.

If you’re having difficulty keeping up with payments, we’ll give you a reasonable amount of time to make any late payments to get caught up again. If your loan is secured on your home we will only start repossession proceedings as a very last resort when we’ve exhausted all other reasonable options.

If you agree a payment plan with us, it’s important you stick to it, or tell us as early as possible if there’s a change in your circumstances which may affect it. You need to know that if you aren’t able to make the agreed payments, we might have to resort to legal action to get back any money you owe us, including taking legal action to repossess your property.

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