CitiCards and CC Asset Management

Missycass

Today I received a letter from Citicards advising me that my account has been transferred to CC Asset Management with Bank of Scotland holding the credit card agreement?? I took the opportunity last April to continuing paying off my card balance at the old interest rate and to close the account with Citicard when the balance is paid, I have never missed a payment, does this mean my account has been passed to a debt agency? I contacted Citicard with this question but they are being less than helpful. Also I understand that by Jan 1st all credit card companies are obliged to ensure that any payments made must pay off highest interest first is that correct? If so will this apply to my account with Citicard when they transfer my account to CC Asset Management. I've contacted Citicards for the answer to this question also, they tell me that I must contact CC Assett for the answer to this question. When I tried to contact CC Assett I was told that they can't answer this question until after my account is transferred. Could someone else answer these questions for me? 1. Will CC Asset Management be covered by the same legal requirement as Credit Card companies regarding interest payments? and 2 Is CC Asset Management Ltd a debt agency?

powerone

https://forums.moneysavingexpert.com/discussion/2404257

there is this thread maybe read that.

But it does look like citi have sold more assets ie another batch of credit cards.

Monetmonetmonet

I got the letter from CitiCard back in April mentioning CC Asset Management, again in October told Opus will now be taking on my debt in November. Opus are bascially a credit card for folks with bad credit histories, not sure why my account have been chosen to for this, I've never missed a loan payement in my life. To cut a long story I rang the call center and paid off the balance and closed the account. I would advise everyone to do this, holding a credit card associated with bad credit can affect your future credit rating in my opinion, Citicard have acted disgracefully, they are not to be trusted.

izools

Monetmonetmonet wrote: »

holding a credit card associated with bad credit can affect your future credit rating

No, it can't.

Lenders are unable to see the names of financial institutions your accounts are held with when performing a credit check on you, only what type of account it is.

You could have a Vanquis card or an Amex Platinum - either one will appear, to lenders, on your credit file simply as "credit card" and nothing more.

Monetmonetmonet wrote:

in my opinion

Opinion, yes. Fact, I'm afraid not in this case :beer: