How do they get away with it

josephineparis

I would like to thank everyone who replied to my question and those who have taken the time to take a look. I apologise for the lateness of my thanks, but had illness in the family so had to prioritise my actions. However, just to let you know that I am now in the process of compiling a letter to the Financial Ombudsman on a matter of "principle", I will let you know if, and when I get a reply.
Unfortunately, when I requested the cash from my credit card I had not been well, four lots of laryngitis and was not thinking straight. No excuse on my part, but if we do not start sticking up for principles, then the future for principles will not exist.
Thank you josephineparis

ILW

Just out of interest, how do you think the bank should structure your repayments?

CLAPTON

In my view it is an unfair condition and so should be stopped.
There is no logic that supports this way of allocating payments except that it's in the banks best interest and it's in the T&Cs.
At best the payments should be allocated to the highest APR and at worst spread equally across all the debt.

Dave101t

yep, its all there in black and white, you read it when you signed up for the agreement.
are you another one who is trying to get out of paying back what you owe? its always someone else's fault isnt it?!

_Andy_

The Ombudsman will do nothing, all you are doing is wasting their time and yours.
If you choose not to read the T&Cs of your card then there it is your responsibility.
Your title of the thread 'how do they get away with it' seems to imply some kind of wrongdoing from the credit provider. There has been none.

CLAPTON

lets remind ourselves of things that were in the rules but have subsequently been seen differently

pension mis-selling
PPI
certain bank charges
MPs expenses

Tarce

In the meantime, Josephine, have you done this?!

CLAPTON wrote: »

If you can get another CC, preferrably one with low life of balance or 0% for a decent period then you could consider BTing the amount over.. but obviously don't use the CC for purchases until the BT is fully paid off or you'll be back to square one.

b3nton

It's shocking how companies can get away with murder just because it's in their T&Cs

withnell

b3nton wrote: »

It's shocking how companies can get away with murder just because it's in their T&Cs

They're just enforcing their T&Cs - if someone withdraws cash they are instantly a higher risk category.

While it is a nice idea to suggest that every company should change the order of their payments, it will just lead to the companies tightening up on who they offer the product to in the first place in order to protect their profit margins, withdrawing credit from the very people that the changes are supposed to help

ILW

CLAPTON wrote: »

At best the payments should be allocated to the highest APR and at worst spread equally across all the debt.

Why would they want to do that? The banks are not a charity, they are in business to make a profit. It would also be unfair on the lower risk borrowers who do not use a credit card for cash withdrawals