Capital One Rate Increases

jackiepatie

hi everyone. Sorry if this has been posted before but Capital one
increased my rate yesterday to 32.94!! There's no way I can manage this. What the hell can I do?
:mad:

PinheadSK

Phone them up and complain!

Tell them that you understand that they can probably do this if it's hidden in your T&C's somewhere but that you don't consider it to be reasonable and that you doubt that anyone, including the Finacial Ombudsman or Watchdog would find it reasonable either!

Then start looking at what you're doing payment wise. This usually happens when someone has a significant balance but only ever makes the minimum payment. They do it because there simply isn't any way that they see they will get their money back.

Alternatively, look for a cheaper way to clear the card (bank loan?).

Good luck!

Sean

_Andy_

The fact the APR is variable is not 'hidden' whatsoever.

jackiepatie

Thanks. I'll trying ringing them, tho' the notes on the back seem to say I can only opt out if I agree to cancel the card. maybe not such a bad thing? (tho useful in emergencies). Jeez, I want to pay this off, but this increase makes it so much harder. Why do the fat cats hit the poor?

finnigan

Mines gone up to 37% from 26.53%. I've already taken the decision to clear the debt asap and to close the account so I better get on the phone and make it official :rolleyes:

jackiepatie

me too, I guess. Doesn't leave much option, eh?

sillystudent_2

The Consumer Credit Act 1974 (under which the agreements will be regulated) does give protection to consumers against extortionate interest rates (referred to as 'usury') but its unlikely that rates such as 30% would apply - I think its probably more likely to be referring to 100%+ or other equally ridiculous rates.

Tbh I'd ring them and complain - they can only say 'no' and you won't lose anything by it!

finnigan

Well its now done I used this calculator http://www.whatsthecost.com/creditCard.aspx and the increased interest rate added 5 years to my end date. Just not worth it when I want to get rid as soon as I can anyway.

Jackie, any chance of ammending the thread title?

jackiepatie

Trying now. My first post and I'm an idiot computer wise

finnigan

Its ok, no stress!

jackiepatie

Done it! Not as stupid as I look!