HSBC Credit Card Limit Increased......

welshery

I wonder if anyone can help me with this. My credit card is with HSBC and has been for a number of years. My limit was £1,000 but it has been increased to £4,000 by HSBC. I have not asked for this increase and HSBC have not been in touch with me about it, the first I knew was when I saw it on my statement. Are they permitted to do this without my agreement. Or is their intention to get me further into debt............!!!!:eek:

Daisy_Duck

welshery wrote: »

Are they permitted to do this

Yes. Check your T&C.

welshery wrote: »

is their intention to get me further into debt............!!!!:eek:

They cannot get you into debt- only you can do that.

Phone them up- ask them to lower your credit limit back down. Sorted.

Tixy

Yes they can increase it. It will be in the T&C.
If you wish to reduce it you can contact them to ask that the limit is reduced back to £1k (or whatever).

piggypat

Same thing happened to me. I have been approached by a company called Canelcrdit.net who say it was illegal if before April2007 and now say they can get the debt cancelled but for a % of what we owe. I don't know if this is a scam co. or not.

dzug1

It's a scam.

On the basis you can DIY for nothing if it's true and they've grabbed your fee anyway if it isn't.

I think there are circumstances where it CAN be true but I'm very hazy on the details

Tixy

Upping your credit limit does not in anyway make the agreement unenforcable - any company that suggests it does are scammers.

Piggypat - if you want to check you agreement is unenforceable you can do this for yourself (and it will cost you less than a fiver) but it won't be unenforcable on that issue alone. However even if it is unenforceable should you decide to stop paying it will wreck your credit rating for 6years, making it hard for you to get any credit (from a phone contract to a remortgage).

If you still are interested then you can learn how to look at this yourself without throwing your money away.