Credit card rip off

JOEYQ

About 8 years ago I took out a credit card with Morgan Stanley Dean Witter with a credit limit of approx £900. After I took it to the limit they raised the credit limit and kept raising it until I owed £4788 in Dec 04. I decided to get a bank loan to pay it off as it would mean paying less interest. Twenty seven months, two children and £2000 on my credit card again later, I got another bank loan to pay off the credit card. I even phoned them up and asked them to cancel my card but they left a little credit on the card to keep the account open, so my balance crept up again until just over one year ago it stood at over £3000 of which I transferred it to a 0% interest for 16 months company (Virgin).
At no time did Morgan Stanley obtain either my signature or my permission to continuosly raise the limit on my account which has resulted in the two bank loans and oe balance transfer.
Could someone please let me know if they think I have a case for compensation and if so would it involve the amount I have had to borrow ?

Davidboy

Sorry I don't understand, just cos your CC limited has increased, doesn't mean you have to spend it!! Take more control over your spending, set your own limits, if you can't afford it, don't buy it. Save up for it like the rest of us.


D

opinions4u

JOEYQ wrote: »

At no time did Morgan Stanley obtain either my signature or my permission to continuosly raise the limit on my account

When you applied for the credit card, your signature agreed to the terms and conditions of that card, which included a right for the card company to vary your credit limit.

which has resulted in the two bank loans and oe balance transfer.

The change in credit limit didn't result in your other credit. You lack of financial control and habit of continually spending more than you earn left you in that position.

Take control of your own decisions. Next time a card company increases your limit you could do the innovative thing of picking up the phone and rejecting that increase. Next time you consolidate or balance transfer a card debt, cut the old card up and send it back to the card company with a letter closing the account.

Could someone please let me know if they think I have a case for compensation and if so would it involve the amount I have had to borrow ?

No case. No amount.

Look, you're a big boy (or girl) now. You're a grown up. An adult who has made their own decisions and chosen to live their life in a particular way. You can look around and blame others for the situation if you want, but it serves no purpose. You spent the money on things that you wanted, even though you hadn't yet earned the money to pay for them. As a result, you end up paying interest too.

When you've finished blaming the credit card company, the banks that did the loans for you, the government / banks for ruining the economy and your employer for cutting your overtime (or whatever other nasty things an employer may do) go and take a look in the mirror. Make that look in the mirror a defining point in your life - and then take action.

1) Go to the Debt-free Wannabe section of this forum and learn how to manage your debt down.
2) Don't use credit again. If you can't afford, don't buy it.
3) Remove temptation - if having a card in your pocket for "emergencies" means it still gets used, cut it up and send it back.
4) Genuinely enjoy this life-defining change. You will, long term, be so much happier for it.

_Andy_

Is this the result of the 'consumer revenge' concept?
"my credit limit was raised and I spunked it all oh poor me boohoo those nasty banks".

ElkyElky

You have a problem with money. You surely cannot hold the banks responsible for that?

You had the option of closing the card after you took out the first loan and you did not do that. You rather foolishly spent further on the card, getting deeper into debt.

No one forced you to spend on the card.

Please, for your own sake, develop a little common sense.

mamashango184

I was in your position, still am really paying all the debt back, and the best thing you can do is cut up the card and never use it again. Knuckle down and try to pay it back in bite size chunks if that means only paying £10 over the mininum payment then it all adds up to repaying it back. Once the card is cut up, you dont miss it!

thriftymomma

Ditch the card and pay it back in drips as fast as you can.

JOEYQ

Grow up will you !

exel1966

JOEYQ wrote: »

About 8 years ago I took out a credit card with Morgan Stanley Dean Witter with a credit limit of approx £900. After I took it to the limit they raised the credit limit and kept raising it until I owed £4788 in Dec 04. I decided to get a bank loan to pay it off as it would mean paying less interest. Twenty seven months, two children and £2000 on my credit card again later, I got another bank loan to pay off the credit card. I even phoned them up and asked them to cancel my card but they left a little credit on the card to keep the account open, so my balance crept up again until just over one year ago it stood at over £3000 of which I transferred it to a 0% interest for 16 months company (Virgin).
At no time did Morgan Stanley obtain either my signature or my permission to continuosly raise the limit on my account which has resulted in the two bank loans and oe balance transfer.
Could someone please let me know if they think I have a case for compensation and if so would it involve the amount I have had to borrow ?

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