Lloyds increasing interest rate

Lucy_Lu_8

Lloyds TSB have informed my other half that the interest rate on him credit card is increasing as of next month. He has nearly £8000 on it so this increase is going to make a big difference to his monthly amount he has to pay. Are they allowed to do this?

Tixy

He needs to reject the rate rise - it will mean he can no longer use the card, but means that the debt will be kept at the existing rate. They will have told him how to opt out on the notification that said the rate was increasing.
See this article Reject credit card rate hikes

Fruit_and_Nut_Case

Lucy_Lu_8 wrote: »

Lloyds TSB have informed my other half that the interest rate on him credit card is increasing as of next month. He has nearly £8000 on it so this increase is going to make a big difference to his monthly amount he has to pay. Are they allowed to do this?

The bad news: yes, they are allowed to do it.
The good news: your OH has 60 days to reject the rise.
The bad news: your OH won't be able to use the card any more.

Edit: Beaten by Tixy.