Citi card

henrik1971

Look at this info about the SAV group senior management:

"SAV Credit is a United Kingdom-based provider of credit cards and financial services products to people with poor credit ratings who have difficulty in obtaining mainstream financial products. Its lead product is the ‘aqua’ Mastercard. SAV Credit estimates that its market represents around 20% of the population – approximately 10 million people."
"SAV Credit was founded in 2001 by its Chief Executive, Richard Langstaff, who had previously held senior investment roles with Citibank and Deutsche Bank.
After a search that took in the United States and the United Kingdom, we recruited Allan Silverman, who had worked in financial services for over 20 years with Barclaycard, Barclays Bank and Citigroup. Allan .... was latterly the Managing Director of UK cards at Citigroup. Allan joined SAV Credit as a Managing Director in July 2008."

glowgirl_2

Hmmmmm, admittedly I'm no expert but this doesn't look good to me, I don't have a poor credit rating, as I'm sure others don't with Citi cards, so how will this reflect on our credit record, if at all?

Hiya - DCA Debt Collection Agency - they are a debt consolidation/collection company.... thus I need to know about them, i'm not worried - if they give us !!!!!! i'll sort them out, I sort DCA's for pleasure times :rotfl::rotfl::rotfl:

Thank you, not only for the info but for making me smile:Dlove this line, I always wanted contacts in high (?) places;):rotfl:

never-in-doubt

glowgirl wrote: »

Hmmmmm, admittedly I'm no expert but this doesn't look good to me, I don't have a poor credit rating, as I'm sure others don't with Citi cards, so how will this reflect on our credit record, if at all?

Thank you, not only for the info but for making me smile:Dlove this line, I always wanted contacts in high (?) places;):rotfl:

I thought Citi had figured the amount ive cost them over the last year with my unenforceability fight with them, but now I know its not just me - hehe.....

It will not affect your credit rating at all, lenders can only see that you have a credit account and the limits etc - they cannot see the lender name. Therefore, you could request a limit decrease - see how it could be hidden? It will have no affect on you whatsoever.

DCA's are scum - I hate them and I soooo wish they start to cause bother cos I could have some fun with a new firm (and teach them some laws lol)... :D

glowgirl_2

So whats best then?, just wait and see I guess, I don't even use the card anymore, I'm paying off as much as I can each month, I paid a chunk off when they hiked last month but didn't want to close it as I like having that bit of credit there, however due to my inability last year to step away from the submit button (I'm cured now;))my credit record has a good few searches on it (but other than that no probs) so I wasn't able to balance transfer, I'm going to take your advice and not stress it, maybe if I get off MSE and work some more I'll pay it off quicker:D

never-in-doubt

glowgirl wrote: »

So whats best then?, just wait and see I guess, I don't even use the card anymore, I'm paying off as much as I can each month, I paid a chunk off when they hiked last month but didn't want to close it as I like having that bit of credit there, however due to my inability last year to step away from the submit button (I'm cured now;))my credit record has a good few searches on it (but other than that no probs) so I wasn't able to balance transfer, I'm going to take your advice and not stress it, maybe if I get off MSE and work some more I'll pay it off quicker:D

Yea just leave it as is, pay off what you can afford and either let the account run into closure or keep it open for emergencies... remember you have rights when it comes to Rate Jacking so if they mess around putting up your rate then you just refuse, let them cancel the account and let it become a repayment only facility prior to closure.

That's what i'd be doing, if I had a balance. Although they are not changing my APR - still, slightly miffed about it all to say the least!

blisteringblue

Same letter here, already had the limit decrease previously.

My worry is that I am only using the card as a "life of the balance" pot (under 3k left now) so it just ticks over at 5% odd.

Will a transfer of ownership mean they can drop the "life of the balance" rate?

never-in-doubt

No LOB rates can be removed until the actual agreed expiry, so if it is Life of then it lasts for the life. Means you'll be on variable and transferable terms - that's the only difference really.

scott_lithgows

never-in-doubt wrote: »

No LOB rates can be removed until the actual agreed expiry, so if it is Life of then it lasts for the life. Means you'll be on variable and transferable terms - that's the only difference really.

I,ve also got the 5.9% lob card mentioned before,a couple of months ago it removed the LOB deal from 2049 ! Only 39 years to clear it.:D

Toni_Broke

Yep same letter here too and also have the LOB card with about 2k left to pay. No limit drop or anything yet so will just carry on until further notice i think.

Mr.Mulla

Rupert_Bear wrote: »

I received a letter today from Citi card advising my account was being transferred to CC Asset management. Also the cl is being reduced to £3000. That for me is no problem as I never use the card.

They are under the SAV cc umbrella which deals with sub prime cards.

Apparently CITI sold all their CITI cards in the UK to them.

Yeah this is an interesting news..