payment priority... help

SeanyP321

OK guys... Im confused

I have received a letter from Barclay saying that due to change in credit legislation they are changing the way the prioritise payments, so as high interest debt is paid off before low interest date. WHICH IS AWESOME. this is the first thing I have seen done to right the wrongs of these b*tards.. but

everyone else is still paying my lower interest debts off first.

Some googleing shows changes in law soo when are the others gonna jump on board... if ever??

Thanks

CLAPTON

SeanyP321 wrote: »

OK guys... Im confused

I have received a letter from Barclay saying that due to change in credit legislation they are changing the way the prioritise payments, so as high interest debt is paid off before low interest date. WHICH IS AWESOME. this is the first thing I have seen done to right the wrongs of these b*tards.. but

everyone else is still paying my lower interest debts off first.

Some googleing shows changes in law soo when are the others gonna jump on board... if ever??

Thanks

nationwide have always done this and everyone else will have made the change by January

PNPSUKNET

capital one have done the same also

chattychappy

SeanyP321 wrote: »

right the wrongs of these b*tards..

I say, steady on!

SeanyP321

chattychappy wrote: »

I say, steady on!

sorry but... sucking people in with balance transfer offers, then flooding them with cash cheques etc, then prioritising interest so the customer suffers... is quite a ba*terdly thing to do.

No?

SeanyP321

so is this law??? (bump)
January=higher interest first????????

Ca't believe ppl are not making a big deal out of this!!!

chattychappy

SeanyP321 wrote: »

so is this law??? (bump)
January=higher interest first????????

Ca't believe ppl are not making a big deal out of this!!!

It's not really news - plans were announced in 2009 and there was a consultation process.I think quite a "big deal" was made of it here at the time. Plus, I think most people on here are aware of the negative payment priority and have multiple cards to avoid this problem (or are with Natwionwide). Ie they don't mix a BT deal with normal purchases etc. The biggest impact will be on people who are not so savvy and are probably not on this site.

This BIS document has the response to the consultation and other changes http://www.bis.gov.uk/assets/biscore/corporate/docs/c/10-768-consumer-credit-card-consultation-response.pdf

The intention was to to implement the change via the Lending Code (an industry code which institutions subscribe to) backed up by OFT intervention and if necessary statute.

Credit cards are busily modifying their T+Cs to align with the requirements by 1st Jan. Assuming your T+Cs have been changed, then your enforcement would be contractual - ie in court, or via the ombudsman.