Compensation resulting from bank increasing credit limit without permission?

gvlewis

I have received a couple of calls from a firm that claim that if my bank increased the limit on my credit card without my permission and signature, I can receive compensation.

I am pretty sure that this has happened to me in the past but it was years ago. As I always pay off my balance each month, I very much doubt that I would receive any money - however, I would be interested to know more details of this compensation scheme as I haven't come across it before. Anyone?

YorkshireBoy

gvlewis wrote: »

I have received a couple of calls from a firm that claim that if my bank increased the limit on my credit card without my permission and signature, I can receive compensation.

Being as you gave both when you opened the account, and the T&Cs almost certainly said "we can vary your credit limit", then I wouldn't imagine for a moment that any "compensation" would be forthcoming.

Did you ask them if a fee was payable upfront for their services?

Fruit_and_Nut_Case

You may be interested in these older threads:

credit limit increased with out permission, is there anything to claim

Increasing credit card limits without consent could be banned

chattychappy

It's nonsense.

Apparently I've had a number of accidents recently and I'm owed compensation too.

All part of the dross that is modern day UK.

Even more annoying when I'm in a time zone 8 hours away and it reaches me whilst I'm having some kip.

eyeinthesky

I had this when I had an mbna platinum card, years ago. I was given a card with a £3000 limit to start with, but every time I used the card they increased the limit. This continued until I had a limit of £16700, but I was using the card very rarely by then. A couple of years ago, they closed my account because there had been no activity in more than 12 months. I was a bit miffed at first, but I wasn't using the card, so no problem really.

sharpy2010

gvlewis wrote: »

I have received a couple of calls from a firm that claim that if my bank increased the limit on my credit card without my permission and signature, I can receive compensation.

I am pretty sure that this has happened to me in the past but it was years ago. As I always pay off my balance each month, I very much doubt that I would receive any money - however, I would be interested to know more details of this compensation scheme as I haven't come across it before. Anyone?

People like YOU are part of the reason that the U.K. is in such a sorry state at the moment, trying to claim for non-events.

Why on earth do you think that you would be entitled to compensation for something that has not adversely affected you in any way at all?

You should be ashamed of yourself.

gvlewis

sharpy2010 wrote: »

People like YOU are part of the reason that the U.K. is in such a sorry state at the moment, trying to claim for non-events.

Why on earth do you think that you would be entitled to compensation for something that has not adversely affected you in any way at all?

You should be ashamed of yourself.

I see your response to my message was written at 11.35pm. Perhaps you were feeling rather tired and emotional after having one too many down the pub? However, whatever the reason, I suggest that in future you leave the writing of such inaccurate and offensive comments to the cold light of day.

I have not made any attempt to make any claim from anyone. As I stated previously, the claim firm contacted me trying to make out that I could receive to hundreds of pounds of compensation simply because my bank had increased by credit card limit without my permission. As I also stated, I felt it was highly unlikely that I would be entitled to such money.

My interest was that, although I have heard about banks having to pay out for mis-selling loan insurance, I hadn't heard any reports of compensation being awarded as a result of unwanted increases in credit card limits. I presumed that such compensation was paid as a result of people running up high levels of debt on their cards (which, is was why it wouldn't affect me) but was curious to know more mainly because I would have an answer I could give the claim firm next time they phoned up and hassled me.

On the subject of Britain's new claim culture, the amount of compensation awarded to some people for trivial matters depresses me. At the same time, I feel nothing but contempt for banks and their employees who knowingly (or without due care and attention) sell insurance for loans to people who, under their schemes, would not be entitled to the benefits of such insurance.

CLAPTON

gvlewis wrote: »

I see your response to my message was written at 11.35pm. Perhaps you were feeling rather tired and emotional after having one too many down the pub? However, whatever the reason, I suggest that in future you leave the writing of such inaccurate and offensive comments to the cold light of day.

I have not made any attempt to make any claim from anyone. As I stated previously, the claim firm contacted me trying to make out that I could receive to hundreds of pounds of compensation simply because my bank had increased by credit card limit without my permission. As I also stated, I felt it was highly unlikely that I would be entitled to such money.

My interest was that, although I have heard about banks having to pay out for mis-selling loan insurance, I hadn't heard any reports of compensation being awarded as a result of unwanted increases in credit card limits. I presumed that such compensation was paid as a result of people running up high levels of debt on their cards (which, is was why it wouldn't affect me) but was curious to know more mainly because I would have an answer I could give the claim firm next time they phoned up and hassled me.

On the subject of Britain's new claim culture, the amount of compensation awarded to some people for trivial matters depresses me. At the same time, I feel nothing but contempt for banks and their employees who knowingly (or without due care and attention) sell insurance for loans to people who, under their schemes, would not be entitled to the benefits of such insurance.

well it's good to know that....

'I felt it was highly unlikely that I would be entitled to such money. '

really means that you were shocked and horrified at any thought of receiving compensation and that under no circumstances would you seek, let alone accept any such recompense.

gvlewis

CLAPTON wrote: »

well it's good to know that....

'I felt it was highly unlikely that I would be entitled to such money. '

really means that you were shocked and horrified at any thought of receiving compensation and that under no circumstances would you seek, let alone accept any such recompense.

Well if that is an attempt at sarcasm, you should remember that it is the lowest form of wit.

Personally, I take an interest in what is going on around me and if someone keeps phoning me up and telling me about some scheme where compensation is paid to those who have had their credit card limits increased, I like to know what they are going on about whether or not it may be of benefit to me.

Sadly, there are many people who see life in purely selfish terms. However they should not assume that other people think the same way as there are plenty who don't.

sujman

One of the great benefits of this site and its contributors is that people who are unsure about financial matters and have queries about various issues can ask about them and get an educated response.

The OP quite rightly asked about a company claiming to secure compensation for something that 'didn't seem quite right'.

So I disagree with those that decided to jump down on him and say people like him are to blame for the countries problems.

This is simply unfair.

I am sure Martin will agree with me when I say that the kind of response he would expect from the users of his site would be along the lines of:

1. You are unlikely to get compensation for this matter as there appears to be no precedent / logic / moral or legal grounds for it (I personally don't know this for a fact, I am just going by my own common sense)

2. In fact this could be a scam whereby the company will ask for an upfront fee and not deliver on their promises.

i.e. See Yorkshireboy's response

bengal-stripe

gvlewis wrote: »

Personally, I take an interest in what is going on around me and if someone keeps phoning me up and telling me about some scheme........I like to know what they are going on about whether or not it may be of benefit to me.

Over the years I have received numerous phone calls and correspondence, telling me I had won prizes,
holidays or the Spanish lottery.

Would I waste my energy to find out? I have learned: "There’s no such thing as a free lunch."