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credit card hiking - poor excuse from bank
bobsky_2
Posts: 36 Forumite
in Credit cards
Hello, I have been complaining to Lloyds TSB recently about Hiking in my credit card.
basically in July I told the cust serv team that I am not happy about this and also I am going thru fin hardship etc.
April 2010 new rate increase by 3.5% p.a (small print on statement)
I have not spent on it since March 2010.
July - they closed the card (no more spending on it due to Fin hardship).
Still they insist on charging me high rates.
now they tell me all diff reasons why increased.
1) info from Credit Ref agencies
2) only paying min payments
3) cash withdrawn on card for i.e gambling
4)missed/late payments
5)exceed credit limit
6) current ecconomic situation
here's a new one "the rate can go up if you dont spend on it for a while"
along with FSA say increase to encourage paying off debt in full quicker -this is rubbish.
basically the are a gang of liars and cheats.
Fin Ombudsman serv are aware and complaints are being looked into.
the bank have wrote back to me and said that their policy is ok.
however I disagree.
I am taking it further - FOS.
has anybody been down this route before and can you offer me advise, many thanks :rotfl:
basically in July I told the cust serv team that I am not happy about this and also I am going thru fin hardship etc.
April 2010 new rate increase by 3.5% p.a (small print on statement)
I have not spent on it since March 2010.
July - they closed the card (no more spending on it due to Fin hardship).
Still they insist on charging me high rates.
now they tell me all diff reasons why increased.
1) info from Credit Ref agencies
2) only paying min payments
3) cash withdrawn on card for i.e gambling
4)missed/late payments
5)exceed credit limit
6) current ecconomic situation
here's a new one "the rate can go up if you dont spend on it for a while"
along with FSA say increase to encourage paying off debt in full quicker -this is rubbish.
basically the are a gang of liars and cheats.
Fin Ombudsman serv are aware and complaints are being looked into.
the bank have wrote back to me and said that their policy is ok.
however I disagree.
I am taking it further - FOS.
has anybody been down this route before and can you offer me advise, many thanks :rotfl:
0
Comments
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They don't have to give a reason for increasing your rate and they also have nothing to answer from your complaint.
I never realised bankers were in gangs !
And stop starting multiple threads on the same subject all with different titles !
Smelling a troll here !0 -
Hello, I have been complaining to Lloyds TSB recently about Hiking in my credit card.
basically in July I told the cust serv team that I am not happy about this and also I am going thru fin hardship etc.
April 2010 new rate increase by 3.5% p.a (small print on statement)
I have not spent on it since March 2010.
July - they closed the card (no more spending on it due to Fin hardship).
Still they insist on charging me high rates.
now they tell me all diff reasons why increased.
1) info from Credit Ref agencies
2) only paying min payments
3) cash withdrawn on card for i.e gambling
4)missed/late payments
5)exceed credit limit
6) current ecconomic situation
Seems like you're a very high risk customer and they simply want to get as much money back from you as quickly as possible before you default.
You should have rejected the interest rate increase in April, but I guess you wanted to continue using the card to finance your gambling habit.
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Hello, I have been complaining to Lloyds TSB recently about Hiking in my credit card.
basically in July I told the cust serv team that I am not happy about this and also I am going thru fin hardship etc.
April 2010 new rate increase by 3.5% p.a (small print on statement)
I have not spent on it since March 2010.
July - they closed the card (no more spending on it due to Fin hardship).
Still they insist on charging me high rates.
now they tell me all diff reasons why increased.
1) info from Credit Ref agencies
2) only paying min payments
3) cash withdrawn on card for i.e gambling
4)missed/late payments
5)exceed credit limit
6) current ecconomic situation
here's a new one "the rate can go up if you dont spend on it for a while"
along with FSA say increase to encourage paying off debt in full quicker -this is rubbish.
basically the are a gang of liars and cheats.
Fin Ombudsman serv are aware and complaints are being looked into.
the bank have wrote back to me and said that their policy is ok.
however I disagree.
I am taking it further - FOS.
has anybody been down this route before and can you offer me advise, many thanks :rotfl:
Try vanquis card for high riskers,thats a card for you.0 -
what gambling habit??0
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I dont see myself as a high risk apart from not paying the card off in full.0
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not sure what a troll is. I am new to this game and not sure how to link all threads. as a Reds fan... 5 Eurpopean cups speaks volumes...thanks for your advice...0
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I spoke to bank and as follows:
last used may 2010.
£101.00
rate was 20.9%
paying £76. per month as min paymt
june rate increase to 23.4% min paymt £174
july rate same as 23.4 min paymt £176 ish
aug rate same as 23.4% min paymt £188.76.
what i cant understand is my balance is coming down, my card has been stopped by cust serv team as I have gone thru my SOA, and I have not used the card since may 2010.
also my rate when I started was 15.9%
now its 23.4% and I have never missed a payment....heck that cheeky.
thanks for your helpcant pay my credit card at lloyds tsb. I have gone thru Inc & expenditure and they say that they can do something for me.
basically I will be on a reduced payment for my overdraft and credit card.
will they close my overdraft?
has anybody been down this route before.
basically they know about my circs but I am not sure how to go about it?
i cant afford to pay.
help... :rotfl:
As mentioned above, there are multiple threads on this one that provide different pieces of the jigsaw, although some things are contradictory i.e. was the last spend in March or May? Are the reasons given for the rise factually accurate? If so, late/missed payments, exceeding credit limit, problems with other credit, min payments, hmmm, I would call this increased risk, therefore the rate is going to go up.
Either way, whilst nobody welcomes rate increases, having 23.4% is by no means anywhere near the higher rates we have seen quoted on this forum and an increase of 2.5% could hardly be described as disgraceful rate jacking.
It sounds like there are payment problems here, or on the foreseeable horizon, so Debt Free Wannabe board may provide pragmatic solutions. But getting angry about banks who are in business for profit and have not done anything that could be reasonably argued as particularly wrong or outrageous won’t help one bit.
Just a thought, why put a laugh icon next to 'I can't afford to pay'?0
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