Introductory Rate revoked

Amylibby28

Hello!

I posted here a while ago when my lifetime balance transfer rate of 7.9% was revoked as I has exceeded my credit limit once. It was then increased to 24% or something similarly excessive. I wrote to Barclaycard, as was advised at the time, however they have stayed fast on their decision. The interest that is being charged on the £3000 debt is excruciating and pretty much negates the payments I make each month so I am mildly desperate now. I can't seem to get any other credit at present either, despite in the past being able to have no end of cards (no doubt the problem and the current economic climate) Is it advised to write to the ombudsman or is there another route which would end up with me being successful in reverting my interest rate back to the former?

Any feedback greatly recieved.

Amy

Cheesedoodles

Amylibby28 wrote: »

Hello!

I posted here a while ago when my lifetime balance transfer rate of 7.9% was revoked as I has exceeded my credit limit once. It was then increased to 24% or something similarly excessive. I wrote to Barclaycard, as was advised at the time, however they have stayed fast on their decision. The interest that is being charged on the £3000 debt is excruciating and pretty much negates the payments I make each month so I am mildly desperate now. I can't seem to get any other credit at present either, despite in the past being able to have no end of cards (no doubt the problem and the current economic climate) Is it advised to write to the ombudsman or is there another route which would end up with me being successful in reverting my interest rate back to the former?

Any feedback greatly recieved.

Amy

How much does you contract say the APR is? (not the balance transfer, but cash purchases etc).

In any case I would phone them and say you will take this to the financial ombudsman as them being unreasonable and causing you hardship. I did this with MBNA a few years back when they increased my interest rate from 12.9% to 29.99% one month after my introductory 0% balance transfer offer had expired. My balance at the time was £4k so the interest was humongous!!! Althoug contractually they can do this, I argued my way from the customer support, to their managers and got my reduction in the end. I've now paid it off though (yaay!)

Amylibby28

Ooh I shall try that then! Ironically it does state at the top of my barclaycard statement to try and resolve any problems with them before going to the ombudsman but obviously they want their customers to do that!!

Thanks! Ooh and well doen you for paying all that off! )

Moggles_2

Amylibby28 wrote: »

I shall try that then! Ironically it does state at the top of my Barclaycard statement to try and resolve any problems with them before going to the ombudsman, but obviously they want their customers to do that!

To be fair, this has nothing to do with what Barclaycard prefers. The Financial Ombudsman would only step in after you've exhausted the bank's complaints procedure.

Is it advised to write to the ombudsman or is there another route which would end up with me being successful in reverting my interest rate back to the former?

Unfortunately, your circumstances are different from cheesedoodles.
You broke the terms of your fixed rate agreement by exceeding your credit limit. Barclaycard is well and truely covered by its Ts & Cs. What's more, the rate you are currently charged is not fixed, it's variable. B'card could decide to raise the rate at any time :eek:

I can't seem to get any other credit at present either, despite in the past being able to have no end of cards

May I ask which credit cards you've applied for unsuccessfully?
To help you further, we need to know which cards you have at the mo or have held recently.

Cheesedoodles

Moggles wrote: »

Unfortunately, your circumstances are different from cheesedoodles.
You broke the terms of your fixed rate agreement by exceeding your credit limit. Barclaycard is well and truely covered by its Ts & Cs. What's more, the rate you are currently charged is not fixed, it's variable. B'card could decide to raise the rate at any time :eek:

While I agree that Barclaycard have the rights to do this their, moral obligations should count for someting....but as we know, banks have no moral. :mad:

I would still phone them and complain and threaten with going to the financial ombudsman. Whether you do contact the ombudsman in the end is another matter.

One word of advice though...Do not sound angry and insult the person you are speaking to. Use a calm voice and make it clear that you understand it's not the person you're speaking to who is at fault. The customer service representatives do actually have some power, but if you're rude to them you will get nowehere fast. A bit of nicety will do you a world of good.

Best of luck and do let us know.

Moggles_2

Absolutely, there's nothing to lose.

There's only so much that can be achieved over the phone though and, speaking from experience, I wouldn't rely on conversations with Barclaycard's overseas call centre. If you ring Barclaycard Card Services on 01604 234234 during business hours, you'll at least avoid the overseas centre and the perishing 0870 numbers

Very best
M

Amylibby28

Moggles - Yes I now that I have broken my agreement by exceeding the credit limit. I did just think that because I have always been on time with payments etc that they may have taken that into consideration. Previously I have applied for goldfish,capital one for the platinum which offers a really good balance transfer offer however I was rejected for that but given one which builds credit (the APR is 30.9% though!). In the past I have had sainsbury's,natwest,halifax,MBNA and MINT. However I no longer hold any of these cards and cancelled them. I am currently paying off barclaycard,virgin and Egg. I dare not keep applying for them as it's just putting more black marks against me?

Cheesedoodles - I know! When I first called up about the apr being reverted back to craziness, I was really calm and tried to be as polite as possible but it just seemed to stop dead there almost like they weren't even contemplating looking to see what they could do. I shall keep trying.

Amylibby28

Thanks Moggles..I shall try dealing with them.

Moggles_2

Previously, I have applied for Goldfish, Capital One for the platinum which offers a really good balance transfer offer, however I was rejected for that but given one which builds credit (the APR is 30.9% though!).

Bad luck. Capital One is renowned for doing this. Also, C1 is known to score applicants for BT cards more harshly than some other lenders.

In the past I have had Sainsbury's, Natwest, Halifax, MBNA and MINT. However I no longer hold any of these cards and cancelled them. I am currently paying off Barclaycard, Virgin and Egg.

Just so you know, 13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
IME, and from feedback here, credit limits are generous and the minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

dfh

Might be worth putting it in writing.Then you will have evidence that you tried to resolve it with Barklaycard first.

benf90

You mentioned you have other credit cards... if the worst happens and the interest stays the same have a read of this article to make the best use of the cards you have already:

http://www.moneysavingexpert.com/cards/cut-credit-card-interest