Massive inexplicable increase in APR

Poosmate

I think they're just screwing us because they can.

I can't find the link to the news article I saw last night or this morning - I know I didn't dream it! I wish someone else would post that there was an article!!! lol

Poo

chattychappy

Poosmate wrote: »

The onus is on the cardholder to cancel any reoccurring payments. It's kind of like a Standing Order from your current account. You set it up, make the payments to company X, when you've paid for what you bought you have to cancel the standing order otherwise company x will still recieve the same payments - it's not their fault, company x can't stop the standing order from your account, they don't have access to it.

(emphasis added)

No it's different, in particular the emphasised part is wrong.

With a CCA you give an authority to the merchant. They then process charges within the agreed authority. They don't have to take the money, but they are entitled to. When you cancel the authority, they are not supposed to take make any further charges.

With a standing order you give the instruction to your bank to make regular payments. The transaction is initiated by the bank - they send it according to your instruction. The recipient is passive - they just get it once it's been sent. This is different from a CCA - with a CCA the recipient must put a charge through, then they receive the funds.

To cancel a standing order you tell the bank to stop SENDING the money. If you don't, the money will still be sent. To cancel a CCA, you tell the recipient (not the credit card company) to stop CHARGING - ie you remove your authority. If and only if they continue to charge do you then go back to the credit card and dispute the charges.

callum9999

When they make a profit they are greedy, money-grabbing abusers. When they make a loss they are irresponsible, reckless economy-destroyers. Lose-lose!

DeusXM

I really don't get all this emotion. Do people get so "shocked" and "disgusted" when their favourite supermarket puts prices up?

No - but that's because:

A) it's a lot easier to change where you do your weekly shop from Sainsbury's to Tesco's, than it is for you to move your accounts from one financial institution to another.

B)Supermakets charge their customers the same price their items, regardless of the customer's status. Rich people who regularly shop at a supermarket don't magically get their baked beans on a better deal than an unemployed person who's walked into that particular supermarket for the first time.


Once again, my interest rate has gone up to greater than the average rate offered by the same bank to a student - despite the fact I am employed full time, have been so for five years, earn more than the UK national average, have never missed a payment and am using only just over 50% of the available credit limit. That's why I'm annoyed - it's not so much to do with the increase than it is to do with what looks distinctly like an unfair handling of my case.

I expect businesses to be fair in their dealings with customers.

In any case, I'll be doing as you suggested. Someone else can make some money on my cards from now on...hello Barclaycard!

stephane_2

What was your rate then...what is it now?