Maxed credit card! Help

Curt.

questionabout wrote: »

You earn £42.5k per year and yet she ran off with sum clown and a few grand spent on your card! :eek:

Yeah just goes to show what idiots women really are huh? :rotfl:

(Just a joke folks, before anyone gets their nose bent out of shape over that comment haha).

Try look on the bright side. It could have been worse - she could have made you sign a life insurance policy :A

Yes or stayed with him for the rest of his life, that would be a fuking disaster.

Curt.

questionabout wrote: »

That makes sense but who needs to spend £11050 per month :eek:

The real stunner that it was with Lloyds who are reknown for being a very conservative lender unless this was before the merger with TSB?

Impressive...

Curt.

izools wrote: »

You think that's bad my mother had a £10,000 limit on one card alone (MBNA Platinum Plus) back along when she was still a single mother on benefits.

That's really unusual for MBNA, they have refused several people even though they earn 20 to 30K in benefits a year...one of the very few.

They even refuse me a card because i am not employed by a British employer...:mad:

I think her total available was £21,500 across all accounts. Thankfully she's reducing this down now

Yeah a lot of people get limits like that after a year or so of having and applying for cards, even on benefits. Not sure if its a bad thing if people keep it under control.

izools

ogy1 wrote: »

yes have an account with LLoyds!

This is where you need to be careful.

You will have agreed to a "Right to offset" with LTSB when taking out the card. What this means, is that they have every right to take as much as they want from your current account / savings account should you fail to meet the contractual payments on your credit card.

They may sooner poach your salary than allow you to place the account into an arrangement. And don't think this won't happen - it is very common and standard practice. There's a reason they've trusted you with a £11K limit

Carry on as it is. Stick to your payments and consider moving the debt to a 0% or life of balance deal from the likes of MBNA or Egg assuming you're in a position to do so credit score wise.

Keep in mind though that lenders won't be comfortable with your having more than ~50% of your annual salary available in credit so if you have any other credit cards or accounts you may need to reduce the limits on them before another card company feels comfortable forwarding you enough to transfer the balance.

You'll be alright, just take it one month at a time

Curt. wrote: »

That's really unusual for MBNA, they have refused several people even though they earn 20 to 30K in benefits a year...one of the very few.

They even refuse me a card because i am not employed by a British employer...:mad:



Yeah a lot of people get limits like that after a year or so of having and applying for cards, even on benefits. Not sure if its a bad thing if people keep it under control.

This was a long time ago though - she opened the account in 2000. They reduced her limit to £2,400 about four years ago and then £1,600 this year. She's closed the account now.

YorkshireBoy

questionabout wrote: »

That makes sense but who needs to spend £11050 per month :eek:

You couldn't spend that much on an £11K limit, being as there are two months' spending before a payment is required.

But I take your point...not many people spend, and repay, £5K per month.

Curt. wrote:

The real stunner that it was with Lloyds who are reknown for being a very conservative lender unless this was before the merger with TSB?

Impressive...

That's not been my experience.

LTSB gave me two cards simultaneously as recently as 5 years ago...each with a £15K credit limit. They then proceeded to offer me a further 6 months 0% fee-free BT every time I called to close the accounts. I reckon I had 6 or 7 repeat deals across both cards after the initial 9 month introductory periods, and probably made £3-4K stoozing profit on these two cards alone.