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Closing CC account & SAR?
HardupFedup
Posts: 1 Newbie
in Credit cards
Hi, first post - thanks for taking an interest.
I have a Nat West credit card that's about 25 years old. During that time it has never been defaulted, or had any missed payments etc.
The balance is about £11,000 - and, I'm finding it increasingly difficult to meet the payments.
Now, Nat West have given notice of another interest rate rise due from next month!. It's not a huge rise, about 0.5%, but it's the straw that's going to break my back, and it's particularly galling in the face of historically low Bank of England rates!
So, I have the option to close the account and freeze the current interest, and continue to try and repay them.
My other thought is that, as it's about 25 years since I took out the card, they are unlikely to have an enforceable agreement to produce. So I intend to to SAR them to see what they do or don't have. If there's no enforceable agreement I'll just stop paying them until they produce one, or use it as a lever to get a favourable settlement.
My question is, what effect will closing the account have on my right to SAR them? The account has to be closed pretty quickly to freeze the rate at the current level, and the SAR process will take a few weeks.
If I close the account, am I doing myself out of the chance to discover that they don't have an enforceable agreement? (assuming that they don't, of course)
Your advice will be most welcome.
I have a Nat West credit card that's about 25 years old. During that time it has never been defaulted, or had any missed payments etc.
The balance is about £11,000 - and, I'm finding it increasingly difficult to meet the payments.
Now, Nat West have given notice of another interest rate rise due from next month!. It's not a huge rise, about 0.5%, but it's the straw that's going to break my back, and it's particularly galling in the face of historically low Bank of England rates!
So, I have the option to close the account and freeze the current interest, and continue to try and repay them.
My other thought is that, as it's about 25 years since I took out the card, they are unlikely to have an enforceable agreement to produce. So I intend to to SAR them to see what they do or don't have. If there's no enforceable agreement I'll just stop paying them until they produce one, or use it as a lever to get a favourable settlement.
My question is, what effect will closing the account have on my right to SAR them? The account has to be closed pretty quickly to freeze the rate at the current level, and the SAR process will take a few weeks.
If I close the account, am I doing myself out of the chance to discover that they don't have an enforceable agreement? (assuming that they don't, of course)
Your advice will be most welcome.
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