Disgraceful MBNA & Barclaycard

diceydeb

I agree with Roblthomas , offer your knowledge on the matter in a helpfull and less demeaning manner. We are not all experts and sometimes need these things pointing out, but please be curtious and not sarcastic. I thank you for you post LULULU I too have a full balance to clear bynovember so will now check my terms and conditions and if need be get mine cleared before the interest is upped.

izools

Roblthomas64 wrote: »

Fair enough but increasing your rate by 50% is reasonable !! Not !

If that is how you feel then you should not enter into credit agreements wherin you agree that the company you are borrowing from are permitted by you to increase the rate to whatever they feel.

You thought it was perfectly fair when you applied for the card. Maybe think harder and longer before signing agreements in future.

In the case of Barclaycard ! I never signed any agreement ! Just inherited the card as they took over Morgan Stanley a number of years ago !

I'm afraid your agreement with Morgan & Stanley will also have been variable rate. They all are. All credit cards.

I understand the frustration these letters can cause but

a) you agreed to this being a possibility before applying for the account(s)

b) you are freely and easily able to reject the rate increase and continue repaying your account at the old rate, at the same pace you are now


So, there really isn't any problem atall is there? Other than perhaps the fact that many people forget what they've agreed to or perhaps didn't even read what they were signing?

_Andy_

diceydeb wrote: »

I agree with Roblthomas , offer your knowledge on the matter in a helpfull and less demeaning manner. We are not all experts and sometimes need these things pointing out, but please be curtious and not sarcastic. I thank you for you post LULULU I too have a full balance to clear bynovember so will now check my terms and conditions and if need be get mine cleared before the interest is upped.

in what way do you need to be an 'expert' to understand that the interest rate is VARIABLE? C'mon this isn't difficult and it's not 'small print', it's a variable rate which means it changes. Are you suggesting that you don't understand the concept as if you are, I'd struggle to believe you.
I can offer my knowledge in any way I like, this is a public forum and I'm not being paid to be all nice and tell you to 'have a nice day'.

2sides2everystory

Roblthomas64 wrote: »

I thought this forum was to support people !! Clearly not from the above comments !!

Yes you would have thought so wouldn't you?

chattychappy (Today), copa feela (Today), fozmcfc (Today), InsertWittyName (Today), maginot (Today), opinions4u (Today), _Andy_ (Today) and BoGoF and !!!!!! too ...

I think our true to the cause moneysavers
:money:FruitandNut, izools and YorkshireBoy:money:
have made the lot of you look like complete chumps :rotfl:

Well done chaps, caught the bandits beautifully out of the sun from six o'clock ... tallyho, what

opinions4u

2sides2everystory wrote: »

Yes you would have thought so wouldn't you?

chattychappy (Today), copa feela (Today), fozmcfc (Today), InsertWittyName (Today), maginot (Today), opinions4u (Today), _Andy_ (Today) and BoGoF and !!!!!! too ...

I think our true to the cause moneysavers
:money:FruitandNut, izools and YorkshireBoy:money:
have made the lot of you look like complete chumps :rotfl:

Well done chaps, caught the bandits beautifully out of the sun from six o'clock ... tallyho, what

Strange person.

2sides2everystory

Could someone give the stray another burst ? ... I'm low on fuel. Out

ILW

You do not have to pay the increased rate!!!

diceydeb

Well my motto is ...if you havent got something nice to say ...keep schtummmm.....

opinions4u

diceydeb wrote: »

Well my motto is ...if you havent got something nice to say ...keep schtummmm.....

So furnishing a poster with the facts about what they agreed to isn't in anyway helpful? Just because facts might be uncomfortable doesn't mean they should be hidden.

Helping them to define "disgraceful" isn't might not be nice, but get a grip. If they vary the rate, giving 2 months notice, in line with the law of the land, the regulatory requirements and their own terms and conditions it is not disgraceful. It's annoying. It's more expensive. But there is no disgrace.

If they change the interest rate and backdate the change to last Bonfire night then yes, that's disgraceful.

Ok.

Oh OP, it's shockingly awful, you're so clever highlighting this I'm so grateful for you bringing it to everybody's attention.

Gromitt

Roblthomas64 wrote: »

I guess the moral of the story is not to have credit cards !! or go for loans at a fixed rate !!

Well, credit cards have always been the worst possible way of lending money, so yes, you guessed right. If you want a loan at a fixed rate, then apply for a loan at a fixed rate. Don't apply for a loan which clearly states "We can change the interest whenever we feel like it".

Personally, I've nothing against credit cards. All my usual spending goes on them, I get about £100 each year as cashback, issuer also makes a small profit, everyones happy. I'd never spend more than I could afford to pay back each month however.