Didn't agree to interest increase from Credit Card company

Bungle49

Hi
Need some advice, back in January I receive a letter from my credit card saying my interest rate would go up. I called them and found out that it had gone up back in September 2010 as well and I never receive the letter.

I have made a complaint about this and so far they have offered me the difference in the interest back plus a £25 sorry.

Today I called up again and they said they would offer me £100, however I feel its still not fair as if the boot was the other way around I would have charges everyday.

Can someone give me advice on this? As the only option I have is make a complaint to Financial Ombudsman

Thanks

DUTR

Bungle49 wrote: »

Hi
Need some advice, back in January I receive a letter from my credit card saying my interest rate would go up. I called them and found out that it had gone up back in September 2010 as well and I never receive the letter.

I have made a complaint about this and so far they have offered me the difference in the interest back plus a £25 sorry.

Today I called up again and they said they would offer me £100, however I feel its still not fair as if the boot was the other way around I would have charges everyday.

Can someone give me advice on this? As the only option I have is make a complaint to Financial Ombudsman

Thanks

Then do that if you feel you have a case, the sooner you get your balance down, the less chances of applied interest charges :beer:

[Deleted User]

Wow. That's a heck of an offer. Have they also reverted the interest rate?

I'd grab it with both hands. A reversion of the interest rate and perhaps interest refund is the most you would normally get.

lisyloo

So possibly a letter was lost (maybe by royal mail) in september.
Presumably you get statements you should have checked.
You got a letter in January and now it's April.
They have upped their offer to £100.

Can you clarify exactly what you think is unfair as I'm not clear.
Whilst there could have been a slip up in Sept, you did get the letter in Jan and presumably have had statements.

You can make a formal complaint to the company.
I would advise sending any letter by recorded delivery (for an extra 74lp) to ensure it's not lost.
But I'm not exactly clear on what you think is unfair.
I'm not judging you jsut trying to get the bottom of what you want to complain about.
Do you think it's unfair them putting up your rate? not geiving you adequate notice? or what?

Bungle49

They have put the rate back down to what it was orginal

This all started back 6 months agon, when they stopped sending me statements and each month I would get a call to say no payment recieved. for 6 months I called and always had to change the address they had on file.
Then I get a letter saying increase of interest, which now they have put back down to previously, however I called to freeze the account and they said it has been done but it actually hasn't.

The said credit card company just expect a sorry and here is £25, today had offer of £100 to keep me quiet.

Surely if the bank makes mistakes they should offer a fair compesation or am I wrong?

BoGoF

Well, what's fair to you.

They've put you back in the position you were and gave you £100, seems fair to me

MIKE770

BoGoF wrote: »

Well, what's fair to you.

They've put you back in the position you were and gave you £100, seems fair to me

Yep agree here, but remember you do not have to agree with increases there is a simple way out, write to them and
tell them you do not agree to increase, but you also have to return your card then balance remains at the rate at the time until cleared, others probably comment as to if I am right or not.

chattychappy

Bungle49 wrote: »

I feel its still not fair as if the boot was the other way around I would have charges everyday.

But the boot isn't on the other foot is it?

And if it were, and you had "charges everyday" which were unfair, then you would complain and probably not have to pay them.

Seems they made you a great offer - particularly if you've used the card in the meantime. (Which you wouldn't have been able to do if you'd originally rejected the rate rise.)