I know that Wabbit, and from 1/1/15 we will be effectively...

I know that Wabbit, and from 1/1/15 we will be effectively paying a minimum penalty interest rate of 8% per annum, ON TOP OF the existing interest rate, billed monthly.

Like with the topup mechanism this is excessive. We may as well take out a loan with Cash Converters to repay ERM (may be a slight overstatement, I am presently not aware of what interest rates Cash Converters charge but surely we can do better than ERM, what's the present arrangement? Two basis points over the highest overdraft rate of the big four banks? Then this 8% on top of that!).