Luma Credit Card Debt

Has Luma contacted you regarding a credit card debt?

Are you struggling to meet your monthly instalments and need to find some suitable debt solutions?

You are in the correct place.

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This article will cover all the ins and outs you should know when dealing with a Luma credit card debt.

You should always be reminded that you do not have to feel trapped in persistent debt.

Table of Content

What will happen if I go into debt with my Luma credit card?

If you have a bank account with Luma and have not been able to meet the payments of your Luma credit card bill, you will eventually find yourself in debt.

Being in financial trouble can affect how you make payments; however, not making your payments and being in debt can also cause a detrimental effect on your credit rating, and each missed/ late payment is tracked on your credit history.

Proof of debt

You must request proof of debt when dealing with debt.

It has been recorded in the past, although incredibly rare, that some credit card companies have appointed a debt to an incorrect individual.

This being said, if Luma can not or does not provide any documentation to show that the debt is yours, you do not have to spend a penny on repaying.

Proof of debt can be incredibly beneficial to you if the debt is yours, as it can show you the exact amount you owe and place you in a position where you are confident about your numbers.

How much do I have to repay each month?

You will receive a statement each month that will state your outstanding balance and your minimum payment requirement.

Your outstanding balance is the whole amount you have spent in the last month, along with any annual fee and interest are given.

You must pay AT LEAST the contractual minimum payment each month; however, it is always advised to pay more when you can as this can make your Luma credit card debt disappear faster.

Keep reading to find out Luma’s contact details.

How do I make a payment?

There are a variety of payment methods that you can choose from to suit you when paying off your Luma credit card debt.

Here are some of the options you can choose to repay:

Direct debit

Organising your direct debit would ensure that your payments would be coming out at the same time and date every month.

You can set up your direct debit online on the ‘Pay bill’ section to choose the ‘Set up/ Amend Direct Debit’ to set these up.

Then you can pay with your debit card with your online account, paying either:

The minimum payment
A full statement balance
Regular monthly amounts that are higher than the minimum

Post

To pay via post, you should fill in a payment slip or cheque with the account number and postcode placed on the back and enclosed in an envelope.

This is a fairly simple procedure that is commonly used.

At the bank

Paying via the bank is another popular procedure for those that owe money.

You would simply need to bring your statement, payment slip, and payment to your bank and pay for this over the counter.

Ideally, you should use a bank with an account so you are not charged for the service.

Standing orders

One other method of payment is to make a standing order if your bank allows this.

It will take up to 5 days to process the internet banking balance transfers, but it is essential to check whether this payment method is available.

When do I make payments?

You can decide on a specific date that suits you best each month for your payments to ensure that you can make them.

You can change the timing of your payments up to 3 times a year.

You should not miss a payment when you arrange for them to be at a set time. Otherwise, this can make you have a bad credit score.

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Is it possible to make multiple payments?

You can make as many payments as you would like in a month as long as they equate to at least the minimum payment by your statement due date.

The payments you make can take around nine working days to be processed by a bank or Luma.

Therefore, you must give as much time as possible to make your payments so they do not come up late.

What happens if I miss a payment?

If you miss a payment, this will be noted in your credit history and will have a detrimental effect on your credit score and rating.

When your payments are missing, and you have not communicated with Luma to state why this is, they will just assume that you are not paying at all and most likely bring in court action.

They will also likely introduce some fees and extra hidden charges for missed payments.

The charges you will be allocated are stated in the credit card agreement you will have signed.

Continue reading to learn how to file a complaint against Luma and its debt collectors.

Can I increase or decrease my credit limit?

You can request for your credit limit to be increased or decreased. However, it is not a 100% successful quest.

The Luma credit card company constantly monitors accounts, meaning that each account is always reviewed individually. Therefore, you will find that they will decide within the company if you can have an increase or decrease.

It is more likely that Luma with lower your credit rather than increase it, as the company will always want you to manage your credit well and responsibly.

I am having financial troubles. What can I do?

If you find yourself in financial difficulties, you should not hide it.

Reaching out to Luma is the first move you should make so that they can understand your situation and attempt to help you along with your debt repayment journey.

It is also advised for you to reach out to a debt help charity if you find yourself struggling financially.

Here are some of the debt help charities we advise that will give you some free, impartial debt advice to stop you from reaching persistent debt:

National Debtline
Step Change
Local Citizens Advice

Luma contact details

It is important for you to contact Luma when you know about your debt so that you can assure the debt is yours and know the exact amount and how to stay away from debt.

Here are the contact details you should note:

Phone – 0333 000 0477
PO Box – PO Box 5283, Nottingham, NG2 9HD
Cheque depositing – PO Box 1517, Northampton, NN1 9GZ
Website – https://www.capitalone.co.uk/luma/contact-us

How to complain about Luma

You can file a complaint about Luma using the following method:

Write to Complaints Resolution, Capital One, PO Box 5281, Nottingham, NG2 3HX.

You will need to include the following information in your complaint:

Your name and your address.
Your account number.
Information regarding your complaint.
Your phone number.

Luma will aim to respond to your complaint within four weeks and find a final resolution within eight weeks.

Financial Ombudsman Service

If you are not satisfied with the resolution provided by Luma, you can escalate your complaint to the Financial Ombudsman Service.

Their contact details are as follows:

Address – The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Website – http://www.financial-ombudsman.org.uk/
Phone – 08000234567
Email – [email protected]

What debt solutions are available for credit card debt?

A range of debt solutions can help those struggling with financial insecurity.

Debt Relief Order

If you want to freeze your debt payments for an entire year, then a DRO could help.

A debt relief order gives customers a whole year off from their debts, meaning they can save money and avoid additional interest.

Find the best debt relief order companies today.

Debt Management Plan

Are you looking for a debt management plan? DMPs freeze any interest rates attached to your loan.

High-interest rates can make paying your debts that much harder, so being able to pay back your loan with no additional charges can be extremely beneficial.

If you struggle to meet your monthly instalments, contact one of our recommended DMP companies today.

Individual Voluntary Arrangement

You should consider an IVA if you want to make lower monthly payments. An IVA allows debtors to make one affordable monthly payment, split up and distributed between their creditors.

Find out more about the IVA process now and start applying for an IVA today!

FAQ's

Is it possible to pay more than the minimum payment?

It is possible for you to pay more than the minimum payment when repaying your Luma credit card debt.

In fact, it is actually advised to pay more than the minimum as this can help you to get out of your debt faster.

How long will it take for the payment to reach my account?

For the repayment to reach your account, it can take around 5 working days to process and receive the payment you make, however, we advise that you leave around 9/ 10 days before your statement is received so that it is not ever classed as late.