Banks Illegally increasing credit card limits

nicwilisa

Hello.

My husband is getting tortured by a company offering to represent him to claim against credit card companies which we have use over the last 16 years who hav illegally increased our credit card limit. The company is DWF, has anyone had any experience of this please?

Cell

It has never been illegal to increase credit limits as and when a card company wishes to.

Recently an agreement has been entered into by the card companies to only increase limits when an offer has been accepted by the customer, but either way it's not, and never could be, illegal.

Tixy

Don't touch them or anyone offering the same.
Suggest to husband that he very firmly tells them he is not interested and to remove his name and number from their databases.

Tremour-88

It is not illegal for a CC company to raise your limit, they do that as a sign of managing your credit well if you want it lowered just call them up and ask them

Gromitt

If you go ahead with it they'll be asking for 'administration fees' and you'll get nothing in return, as there's nothing illegal happening.

Therefore, the best advice is stated above by Tixy.

chattychappy

Torture is illegal though!

RobertoMoir

Whormsley wrote: »

You've been told some dodgy info there OP.

It's a good thing your credit limit gets increase! And I would never ask a company to lower your credit limit. It can have a negative impact on your credit file.

Not sure I agree with this 100%. I never heard that it harmed your credit limit to refuse an increase, but assuming that you're correct - some people find it hard to manage their money and to say no to offers of more credit. I'd suggest that for those people, saying "no thanks, I'm fine with what I have" may prove less damaging than accepting an increase.

RobertoMoir

Whormsley wrote: »

I didn't say refuse an increase...I said to ask for a decrease.

When a a lender looks at your file it will see that your limit has been decreased. It doesn't state on the file if the customer asked for it, or the lender decreased it, therefore it could have a negative impact.

I'd say my argument still applies. Better to ask for a decrease than get into trouble.

Gromitt

Sometimes you'll get declined because you have access to too much credit, and requesting a decrease with improve your chances of being successful.

[Deleted User]

nicwilisa wrote: »

My husband is getting tortured by a company offering to represent him

If the torture he's received so far is not meeting his expectations and he paid for it on his card, he should be able to claim this back under section 75.

However, torturers are often deliberately vague over the precise kind of torture you'll be enjoying, so he will need to prove he was mis-sold.

thenudeone

Whormsley wrote: »

You've been told some dodgy info there OP.

It's a good thing your credit limit gets increase! And I would never ask a company to lower your credit limit. It can have a negative impact on your credit file.

Don't agree at all.

Available credit as a proportion of income is one of the factors used in scoring credit applicants

If you have lots of cards with large free credit available, it will make it more difficult to get more credit.