We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Knock-on effects of challenging loans' enforceability!
lloydjones
Posts: 59 Forumite
Would it be a major coincidence that while I am in the process of challenging my personal loans with HSBC, Northern Rock and Cahoot my credit card company, LloydsTSB, take it upon themselves to lower my credit limit from £9k to £5.9k which is just above what is my current outstanding balance???
Has anyone else experienced this? Are any of the three creditors above linked/owned by LloydsTSB?
Has anyone else experienced this? Are any of the three creditors above linked/owned by LloydsTSB?
0
Comments
-
A lot of people are getting their limits slashed now.
The banks are just generally limiting their risks.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Banks have to make provision to cover the maximum amount of debt that you can obtain, not the amount you have outstanding. So the fastest way to re-capitalise on paper and reduce their liabilities it to cut people's credit limits.
Some people who cleared cards so they could use them abroad and then had the limit cut whilst they were away.If you've have not made a mistake, you've made nothing0 -
Its happenning across the board.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
My wife has a card which has had its limit slashed from £600 to £250 for no apparent reason. Sure the balance didnt get paid of every month but it certainly got paid every quarter or so
then out of the blue your new limit is £250 and if you dont like it thats tough. Couldn't get through to their help desk so geussing a lot of people got letters like that.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards