credit card withdrawn

misshopson

hi

i had issues with keeping up with my monthly payments towards my credit card and so i rang the company and asked for sugestions. they agreed with me that my other option is to come up with a repayment plan for 6 months, the interest rate would be lowered and therefor an agreed amount would be taken off my account every month on a certain date. i was happy with that but after 6 months which was the duration they gave me i was told i cannot longer use my account. i spoke to one of the team at bank and he told me by the time i come up to my expiry date i should be able to use the card as normal.

i confirmed with them that my situation is alot better and i should be able to keep up with repayments in fact it has been soo good that i made large amounts to clear as much as i can and i am now left with a 1000 pounds to bring my credit card to 0 balance.

imagine my embaressment when i went shopping for food and was only to be told that my card had declined, luckly i had my debit card with me with available balance! :eek: Of course i once again rang the bank with regards to this and i was told my account had been withdrawn. i wrote to the bank to ask to reinstate my credit card and all i got was a financial statement sent back to me to fill and re-send back. i did this followed the procedure dutyfully and have not heared anything since, again i lucky copied the stuff, went into the branch asked to fax and at the same time i had sent another copy recorded and again nothing back. every time i call the bank i am told they hadnt recieved anything but when i check on track the parcel online it shows that they had recieved it.

I dont know what my options are now? any advice?

Beast

You can't meet the repayments on your current balance - why on earth would you want to spend on it?

The credit card provider is within it's rights to withdraw that facility.

misshopson

i just assumed after the 6 months cooling off period i would be ok to use the credit card now that my situation has improved but i guess am better off leaving it withdrawn, pay off the balance and stay credit card free.
is there a place on the forum where i could check up on credit rating discussion please?

Fruit_and_Nut_Case

misshopson wrote: »

is there a place on the forum where i could check up on credit rating discussion please?

Credit Rating: How it works and How to improve it discussion area
https://forums.moneysavingexpert.com/discussion/1077785

woody01

misshopson wrote: »

i just assumed after the 6 months cooling off period i would be ok to use the credit card now that my situation has improved but i guess am better off leaving it withdrawn, pay off the balance and stay credit card free.
is there a place on the forum where i could check up on credit rating discussion please?

You are a poor risk. Why wouldyou assume that all was OK?

misshopson

the only reason why i had asumed it would all be ok is because the information the bank had given me was missleading. it goes something like this: ya repayment plan is good, we'll keep this up for 6 months and if your situation improves then the card should be used as normal and it will go back to the original ineterst rate. after six months i thought i was OK again but apparently it had been withdrawn which no letter come through or any such notifications to this was due to happen! I didnt realise that after arepayment plan is set then it automatically means ur card is withdrawn and if so why misslead the information and tell me it'll be back to normal after a set time? could be a misunderstanding from my part but hey who doesnt make mistakes..

withabix

They probably notified you via your credit card statement.

Your statements probably started coming through with 'Balance £1000, Available credit: £0' on them.

misshopson

thats the thing, my credit card statement shows balance, interest rate, the next minimum payment £50, to read us by for example 22/06/2010 and available balance is shown to me as well. its alot od doodah to me i dont get it. might as well consider it onde debt down by repaying all of the blanace and get it over and done with.

Nick1986ukmids

I'm shocked for what i have just read.

You cant afford the miniual payments for your credit card and you would like he card to be reinstated, as i can see your very high risk to your credit card provider.

The best advice i can give, stay away from credit cards as you will be in the same mess as you are now.:(

PNPSUKNET

once stung twice shy the saying goes.