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TSB lowers credit limit with one day's notice
Comments
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PeacefulWaters wrote: »So a disadvantaged cancer sufferer in a similar position could choose to unwind their stooze, reduce their savings and credit utilisation and buy a chicken kiev for tea without needing to even ring the card company.
Yes, as long as they haven't already used up their savings because they haven't been able to work due to their illnesss.0 -
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I think you are missing the point of a company reducing a credit limit - they no longer want to offer you further credit. So giving somebody more notice gives that person more time to max that card out.
Believe it or not credit companies are not there to ensure people are able to buy food.0 -
PeacefulWaters wrote: »MacMillan are excellent at helping cancer sufferers through the benefits system at decent speed.
The benefit system does not pay mortgages and even the excellent MacMillan can't change that.0 -
The benefit system does not pay mortgages and even the excellent MacMillan can't change that.
https://www.gov.uk/support-for-mortgage-interest0 -
Read your T's and C's:
19. CHANGES
19.1 We may change charges (or introduce new charges), minimum payment
amounts, statement dates, payment dates and your credit limit.
These changes may be personal to you and based on a number of factors such
as increased or decreased credit risk (for example, there will be an increased
credit risk if you have regularly failed to comply with important obligations to us)
and the way you use your account (for example, we may reduce the number of
days between the statement date and the payment date if you always pay off
your balance in full).
19.2 We may also make other changes to the conditions to:
!!!8226; make a change to your benefit, or not affecting your rights or obligations;
!!!8226; meet legal or regulatory requirements;
!!!8226; correct errors, omissions, inaccuracies or ambiguities;
!!!8226; reflect changes to the structure of our group;
!!!8226; cover service differences for new computer or other processes;
!!!8226; bring us into line with market practice; or
!!!8226; reflect changes in customer demand or requirements.
19.3 Other than a change in interest rates or a change to your credit limit, we will
give you at least one month!!!8217;s notice of any other change in these conditions. If a
change in these conditions (other than a change in interest rates or a change to
your credit limit) is to your disadvantage you!can:
!!!8226; write to us within 60 days to close your account !!!8211; the change in conditions will
not disadvantage you in the meantime; or
!!!8226; continue this agreement unchanged if you tell us before the change takes effect,
return Cards and Cheques, and make no new Transactions.0 -
PeacefulWaters wrote: »
Great, yes, you can get a LOAN for the INTEREST on your mortgage up to a certain limit of interest rate and loan amount.
You still need to use your savings for the capital and for the excess interest payments0 -
Great, yes, you can get a LOAN for the INTEREST on your mortgage up to a certain limit of interest rate and loan amount.
You still need to use your savings for the capital and for the excess interest payments
You're being quite dogmatic about your circumstances matching those of the cancer sufferer.
Your change to credit limit has left you with savings and options regardless of the notice given.
Many banks have excellent support structures in place for cancer sufferers (and those with other illnesses) and while they may involve sticking your hand up and sharing news of misfortune with a supposedly faceless finance giant that's not an unreasonable thing to do if finances are stretched.0 -
The digression on this thread has become rather uncomfortable. I am sure that posters mean well but the introduction of very serious illness here is hypothetical and unnecessary.0
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The digression on this thread has become rather uncomfortable. I am sure that posters mean well but the introduction of very serious illness here is hypothetical and unnecessary.
It happened to my husband (he has a degenerative condition and had to give up work) and he was under a lot of stress before I met him because of the way he was treated by credit card companies. His mortgage lender helped a lot but the credit card companies did not.0
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