Avant Credit Card Charges

Cropper1010

Help
I am being fleeced by Avant Card (was Tesco)
Tesco never charged me like this
Are they a vulture fund
I am nearly at my max (4500)
I pay the min amt each month
I see these fees and charges

10 Dec 18 FINANCE CHARGE45.89
10 Dec 18 FINANCE CHARGE43.35
10 Dec 18 FINANCE CHARGE5.70

10 Jan 19 10 Jan 19 FINANCE CHARGE 48.32
10 Jan 19 10 Jan 19 FINANCE CHARGE 4.46

05/02/2019 LATE FEE €15.24
11/01/2019 OVERLIMIT FEE €12.70


the 10th of every month I get a finance charge of nearly 50 euro as well as fees here and there for around a tenner

How am I ever going to pay this off with those fees and charges

amcalester

You’ll never pay it off if you’re only paying the minimum each month.

Are they fleecing you? Absolutely.

Are they doing anything wrong? No.

Cropper1010

Tesco never charged me those awful 50 euro finance charges

amcalester

Were you on some sort of promotional offer with tesco?

I’m not being smart when I ask this, but do you know how a credit card works?

1874

If you are over your credit limit, they may charge you and they seem to have, same as if you're late paying, if you can avoid these, you could put that towards your debt, you clearly arent paying on time and are maxed out, I suggest you ring them to speak to them about managing your debt and/or contact MABs.
See how much you can manage to repay, as repaying only the minimum will never see you get anywhere, talk to MABs for sure if you are in difficulty repaying to see what options you might have, you might be able to get some of the loan interest frozen temporarily (I say might) in a bid to help you get out of debt. Speak to MABs and then Avant, Im sure you could call Avant first and tell them your situation if in trouble, but if you have the money or any of it, just pay off some lumps rather than let it sit in a low interest account.

punisher5112

You need to see can you get a credit union loan and clear this off the card.

The rates of interest are eye watering and a credit card is not in any way the best option for the way you have been using it.

Sleeper12

amcalester wrote:

You’ll never pay it off if you’re only paying the minimum each month.

Someone did a calculation years ago on this. I think I remember something like 30 years to pay it back by paying the minimum each month. That's assuming that you don't use the card again between now and the time it's paid off.

If it were me I'd try move to another company. This will depend on OP's credit rating. Next step is to cut up the card. It'll never be paid back with the temptation of using the credit card

RossieMan

OP, first thing is to cut the credit card in half. You haven't a clue how to use it.

2nd, go get a lower interest loan from the credit union and pay off the credit card.

Pay for items you can afford with your debit card.

Johnny K

Finance charges is interest and I'm fairly sure Tesco would have charged interest. There are multiple charges I'm guessing because you have multiple rates being charged possible withdrawal of cash/intro offers. As for the late/over limits charges this would be standard and Tesco would charge same.

Suggest you try get personal loan to clear the balance and destroy the card as you are struggling to manage your finances through poor use of a credit card. Makes sure the personal loan repayment is manageable otherwise you may need to contact mabs if there is a potential that there is an insolvency issue that you need to resolve.

Avatar MIA

Maybe you were on a zero interest rate intro offer.

As above, although I'd try a bank first for refinancing. CU will require a deposit and charge higher interest.

Jim2007

Cropper1010 wrote: »

Tesco never charged me those awful 50 euro finance charges

Yes, but you are not dealing with Tesco and no the are not fleecing you if they are sticking to the terms of the contract.

You need to face up to reality - your finances are in a mess and it is not going to get any better unless you do something about it.

As others have said, cut up the credit card and get a debit card instead. Make a budget and a plan to pay off this debt and stick to it.

And in general do not sign contracts unless you fully understand the consequences, that way you’ll avoid a lot of issues.