Halifax cards & accounts -limit reductions

Hazzo

This is more a word of caution than a problem. I have 3 debts linked to the Halifax to include a 6 month old Halifax Credit Card (balance 5800 against 7000), an Overdraft (balance 600 against 1000, and an Aqua credit card (balance 400 against 900). Within the last 1 month, the group have reduced the limits on all accounts to 6200, 700 and 400 respectively without giving me any advance warning. I only found out from announcements on the statements. I know that they can do this, and I applaud it in a lot of cases, but I would have thought that the Group would have had the decency to forewarn customers of their intentions instead of just entering a comment on the statements saying that they had already done it! An interesting associated thought to this is that Experian encourage people to reduce their balances to improve their credit scores.... The bank have told me that they reduced the limits because I wasn't using them!

opinions4u

While I do think banks can make an effort to communicate limit changes more clearly, I don't think they should have to give notice - because what do you think many would do prior to the change?

As for your own situation, I assume you are paying £1 a day for the overdraft. Perhaps it's worth chipping away at that fairly rapidly?

KingElvis

Just trying to minimise their risk I would imagine.

xyellowx

and if the bank had gave you notice you hand on heart would not of maxed the cards?

knightfox

halifax are trying to cut risk to debt/ bad debt.