Don't Pay Big Payments on Your Credit Cards unless you can really afford it!!!!

Hackneygirl

Hi there, I was made redundant in January 2009 - l was devastated but managed to secure another job - however nothing is really reliable so I decided to use redundancy money to make payments on my credit cards - I paid off my Capital One cards and they are in my draw - Capital One wrote to me thanking me etc etc

I bank with The Co-Operative and thought I trusted my bank, they know I have a salary coming in each month and I had a good relationship with them. I have a Visa card with them as well and thought it a good idea to transfer some of my redundancy money to the credit card so reducing my interest payments but hoping to keep it just in case my financial situation changes in the future - seems like a good idea

well don't do it unless you are happy to pay that money to the Bank because I received my monthly statement this morning and they had reduced the credit limit using my £3,000 payment as the amount to reduce the limit by - in other words they have clawed back my payment without warning me or sending a letter - I telephoned the number on the back of the statement where it states "Phone us: to increase your credit limit..." but the customer service department can't help but just kept repeating it wasn't their decision, they agreed that the account was a good account and they had not had any problems but it was decided by another department who are only available to speak to during the week from 8am to 4pm!!!

So I repeat - don't pay off your credit card balance unless you are prepared to write that money off and not use the card again - the Co-operative Bank have done this to me without any warning or letter to explain - where is the trust or customer care??

Capital One are the nice people here, at least they had the decency to write to me and thank me for paying off their cards and they are not reducing my credit limit behind my back in such a sneaky way

I am disgusted with The Co-operative Bank who I have been with for 20 years!!!!

97trophy

Its not just the Coop, its happening all over to people from all walks of life.

Sorry to sound snotty, but remember credit is a privilege not a human right.

Robert_Sterling_3

One of the results of the "Credit Crunch" is that lenders are reducing their exposure to risk.

Hackneygirl

97trophy wrote: »

Its not just the Coop, its happening all over to people from all walks of life.

Sorry to sound snotty, but remember credit is a privilege not a human right.

who said anything about human rights!!!!!

credit makes money out of us so its not a privilege - its a money-making business

I am entitled to tell my story to everyone without your "snotty" comments, I assume you work in a bank or maybe married to one of the fat cats

elaina79

I don't see how it is writing the money off. That is money that has to be paid back.

Hackneygirl

elaina79 wrote: »

I don't see how it is writing the money off. That is money that has to be paid back.

yes and it has been

I am fully aware it has to be paid back as I pay the interest each month

I was unaware that as you pay off some cards they reduce the credit limit

I think it is something people should be aware of

Moggles_2

Hackneygirl wrote: »

I was unaware that as you pay off some cards they reduce the credit limit

No experience of this personally, but feedback here suggests that Barclaycard, Capital One, Egg and MBNA have also been busy cutting some of their customers' limits without warning.

Robert_Sterling_3

Hackneygirl wrote: »

I think it is something people should be aware of

Quite right ... Well said. :EasterBun

simon_templar_2

For hackneygirl read badattitudegirl...

97trophy

Hackneygirl wrote: »

credit makes money out of us so its not a privilege - its a money-making business

Actually, due to a surge in defaults over the last 18 months the credit card business has been a loss-making sector. And is expected to be so until the economy recovers.

noah271007

Hackneygirl wrote: »

yes and it has been

I am fully aware it has to be paid back as I pay the interest each month

I was unaware that as you pay off some cards they reduce the credit limit

I think it is something people should be aware of

It is your own fault for having to pay interest per month!! If you paid in full each month, then you wouldn't have to pay interest!!