Credit Card Limit Increases by provider

MannJ1

Hi,

I got a Credit Card with Halifax when I turned 18 and in a very short period of time my limit had been increased numerous times. I can not remember the exact amounts (However I do still have all the documentation filed away) but I think my limit started at about £1,250 and was soon close to £10,000. I did not ask for the limit increases and I now know the sensible thing would have been to ask for the limit to be reduced but at the time I was suddenly given money to spend and it was very soon after I had been attacked so I treated myself and spent quite a bit. I was soon in a position where I struggled to pay more than the minium payments.

When I was out of work for a few months I contacted the Halifax and they would not temporarily reduce the minium payments and/or stop the interest and my debt ended up going up and up. Once I was back in employment it took me a long time to get back the payments up to date so even though I was making payments I was continually been charged. I appreciate with a credit card you always end up paying back more than you spent (unless you clear it each month) however does anyone know if I have any arguement in relation to unreasonable lending (if backed up with all the documentation from Halifax) to try and help reduce the current debt? I am making payments each month and the card was stopped quite a few years ago.

Thank you

[Deleted User]

MannJ1 wrote: »

does anyone know if I have any arguement in relation to unreasonable lending (if backed up with all the documentation from Halifax)

No. No more than you can argue that Tesco made you fat from selling delicious ready meals. You need to apply 'responsible spending' to your finances.

Well done on not using the card anymore though. Check that the account is also closed so that your rate won't be increased.

opinions4u

Credit limit increases are not an order to spend money. I could buy a small house with my credit card limits, but I'm not compelled to and have no intention of doing so.

Halifax have always had a policy of allowing customers to opt out of a credit limit increase if they ask, so that choice was always there.

In the end, you're over 18 - you make your own decisions to borrow or not.