Anyone not had an interest rate rise recently?

BONJOEY

virgin from 15.9 to 27.9 !!!!!!!!

sdj25

Actually, I have a feeling you're all way off. It may seem bizarre, but I would blame these guys:

http://www.oft.gov.uk

If they hadn't stepped in & told all these companies to drop the default charges, then they wouldn't have to make their money off their other customers!

I am not justifying their actions - but I believe that this has caused the recent hikes in APR's.

Astaroth

Absolutally, the drop in fees will result in the increase in APR - and according to a number CEOs of banks 1/2 year result speaches also potentially in the reintroduction of annual fees.

The OFT are now also looking into other bank fees (think loans and current accounts are next) so these undoubtably will start to be the next ones for those that do keep within their limits/ payments up to date will end up having to subsidise.

As to the OP - none of my cards have changed their APRs (though 2 of them are "staff" cards so on special rates anyway)

vwman_3

The_Boss wrote:

Blame this lot : http://forums.moneysavingexpert.com/showthread.html?t=158155

They're busy slapping each others backs because they couldnt be bothered to obey their term's and conditions, and meanwhile us guys that agreed with the T&Cs when we signed up to the account are now suffering because of them.

This makes me laugh, forget about Bank charges for a second let's pretend there ARE no Bank charges.

What it boiles down to in the end is that certain people dont give a toss, they go over limits, pay late and then cry foul and threaten court action, and demand back unfair charges, hello, wake up, if they cannot manage their finances then that's their fault, its self inflicted, no-one made them go over the limits or pay late it's down to the individual concerned.

I have had late charges myself, and yes, I've gone over my limit in the past, so whose fault is that, let me think, oh yes its the Bank, no it was my stupidity, so I paid the price and learned from it.

Okay yes the charges are high, very high, even now at £12 or so, but what I cant understand is why do people get in this trouble in the first place, your credit limit is just that, it's not a target.

I have read lot's of comments from others on here about how much they have claimed back, and it looks to me as if they are proud of the fact, then when their cards and current accounts are closed, again you hear, can they do this, who can we speak to about this, can I complain to the OFT.

Because of the minority, now the majority will suffer, congratulations to you all in the minority, you've just joined the majority.

I am the last one to stand up for the Banks, but to coin a phrase from my previous employment prior to retirement, If you cant do the time dont do the crime.

Edit The above comments are not in any way meant as a slur against the very many who find themselves in financial difficulty through no fault of their own, but addresses the culture that prevails in this day and age.

The_Boss

Very difficult to disagree with any of the above - that lot are always blaming someone else and trying to make someone else culpable for their actions. They have shirked all responsiblity and the fee being claimed back should make them feel embarrassed and ashamed, not delighted and slapping each other on the back. In fact, its a shame these people cannot be credit blacklisted for life as the are liabilities to us that accepted the terms and conditions when we opened our accounts.

vwman_3

Some of the amounts that have/are being claimed back are staggering, make me wonder what the hell they are thinking about, surely when they are informed that they have an over limit charge, or a late payment letter, then the penny would drop and the appropriate action taken, but it appears not.

Paul_Herring

Gordon_the_Moron wrote:

the charges are unlawful

I'm sorry - I thought the legal arguement was "the level of the charges [were] unlawful"? Which is why the level was reduced, and the charges themselves were still being, erm, charged?

littlestar1981

Halifax have increased mine from 22.9% to 24.9%.

There isnt enough space for the 'mad' icon to show how livid I am.

The_Boss

My Halifax rate is only 13.9% Its strange how there's all these differences between people's rates. For example, with me, how can one company up the rate to 24% but another keeps it almost half that rate when both accounts have been managed exactly the same?

BONJOEY

i know the feeling, my virgin has been upped to 27.9!! from 15.9
yet my capital one was reduced from 29.9 to 12.9

both accounts run the same, i dont get it either, i just rang virgin and al they could offer me was 21.9!!! so i think im gonna close that account.