Credit card and balance increase by bank

Beckletstar

Hi, my husband received a call from a company saying they could help us wipe out any credit card debt if the credit card company had increased the credit limit on the card without our consent.

Of course this has happened wiht my card on more than one occasion and my credit limit (and balance) has gone up. Lets just say my orginal credit (the one i applied for) is a lot less than what i have now. I have also used my card up to and above this limit.

This company was saying to my husband that the credit card company basically broke their own contract with me and that i only owe them for the credit limit i applied for and anything over the current balance (the overdrawn amount). They also said that unlike bank charges and the fact that the court case was lost does not cover this issue and that the credit card companies rely on people not lowering their balance when the comapny increases it and then not questioning it when they get into debt. This all sounds too good to be true and before i started doing a little dance of joy i wanted to check it out...........................

I can not find the details of this company but my husband did write it down. Is this for real!?!?!?

Everything was fine with our finances until i lost my job and i always paid my minimum at least but that is now impossible.

If this is true how do i go about lowering the balance!
Thank you

Becky

YorkshireBoy

Beckletstar wrote: »

This all sounds too good to be true

I'm afraid it is, yes.

CannyJock

Beckletstar wrote: »

This all sounds too good to be true

You answered your own question

stephane_2

The credit card company may have increased your limit without your consent but that did not stop you spending the money.....

Beckletstar

I thought it was a scam and your right Stephane i did spend the money but that was not the qustion.

RobertoMoir

Beckletstar wrote: »

I thought it was a scam and your right Stephane i did spend the money but that was not the qustion.

The point being that you could have asked for the limit to be lowered, which should give you a hint as to the fallacy in their arguments about getting it wiped, and hence take you home to whether or not it's likely to be a scam.

bengal-stripe

Beckletstar wrote: »

......if the credit card company had increased the credit limit on the card without our consent....... I have also used my card up to and above this limit.

Beckletstar wrote: »

.......i did spend the money but that was not the qustion.

What was the question? - Your consent???....You've given consent by spending the dosh.

It's like the mini-bar in your hotel room. If you drink it, you pay. If you resist the temptation, you don't.

preable

bengal-stripe wrote: »

What was the question? - Your consent???....You've given consent by spending the dosh.

It's like the mini-bar in your hotel room. If you drink it, you pay. If you resist the temptation, you don't.

Yup its just like that

Tixy

Beckletstar

You say you cannot meet your minimum payments. Rather than considering talking to the dodgy company I would suggest instead you focus on writing out an income & expenditure account http://www.makesenseofcards.com/soacalc.html to see how much you can afford after basic living costs (after reducing or cutting out all unnecessary expenditure). Then you need to either seek help from a debt charity https://forums.moneysavingexpert.com/discussion/2077631 or to work out repayment agreements with the companies you owe money to.

If you would like more help and advice on how to tackle your debts or reduce your outgoings then post your situation and statement of affairs on the debt free wannabe board here - http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Beckletstar

RobertoMoir wrote: »

The point being that you could have asked for the limit to be lowered, which should give you a hint as to the fallacy in their arguments about getting it wiped, and hence take you home to whether or not it's likely to be a scam.

Ok i realise i could have asked to have it lowered but my position at the time was not the same as it is now and i wanted to make sure that i was correct in thinking that this company was a scam.

liam8282

To be fair most credit card companies send out letters telling you that your credit limit has been increased and you have the option of either accepting the increase or contacting them to stop the increase.

By definition, if you don't contact them to stop the increase, you are accepting it.