Disgraceful MBNA & Barclaycard

seriousDFW

_Andy_ wrote: »

Didn't you know? Lenders are only allowed to vary it if it means the rate going down. Otherwise it's "disgraceful", a "rip off", "mis-sold" blah blah blah

I do agree with everyone else that the bank have done nothing wrong and certainly nothing 'underhand' has happened, but your comment did make me wander - do they ever decrease an interest rate on an existing card in this way?

Lewys

I just remembered why I don't visit these forums very often.

Because a large number of members are sarcastic, rude and arrogant and presumably under the assumption that an inflated post count gives them the right. This thread only goes to help renforce my opinion.

You don't have to agree with the OP. But a large amount of the replies are unnecessarily contemptuous.

Would it have killed you to reply with something like: Whilst it's unfortunate for you the banks have decided to up your interest rate, it is clearly out lined in the T&C's of the credit agreement..

ILW

seriousDFW wrote: »

I do agree with everyone else that the bank have done nothing wrong and certainly nothing 'underhand' has happened, but your comment did make me wander - do they ever decrease an interest rate on an existing card in this way?

They did on two of mine, and increased the limit on one of them.

seriousDFW

Lewys wrote: »

I just remembered why I don't visit these forums very often.

Because a large number of members are sarcastic, rude and arrogant and presumably under the assumption that an inflated post count gives them the right. This thread only goes to help renforce my opinion.

You don't have to agree with the OP. But a large amount of the replies are unnecessarily contemptuous.

Would it have killed you to reply with something like: Whilst it's unfortunate for you the banks have decided to up your interest rate, it is clearly out lined in the T&C's of the credit agreement..

Posters tend to take the tone from the OP - if the OP had asked, reasonably, if this was usual practice and could anyone clarify the rules for them, there would have only been kind and pleasant posts. But the vibe from the OP was one of someone storming in looking to blame someone else for their own misunderstanding.

seriousDFW

ILW wrote: »

They did on two of mine, and increased the limit on one of them.

Thanks! Good to know it does happen the other way too!

opinions4u

seriousDFW wrote: »

do they ever decrease an interest rate on an existing card in this way?

I had two cards last year that reduced my interest rate. Pointless as I never pay interest, but it does happen.

Moradin

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 would be asking Barclaycard for proof of debt, and the original agreement.................

opinions4u

Moradin wrote: »

I would be asking Barclaycard for proof of debt, and the original agreement.................

The monthly statements prove the debt.

A reconstitued copy of the agreement is fine. No need for an original.

So, all in all, a complete waste of time.

Saints2011

Moradin wrote: »

I would be asking Barclaycard for proof of debt, and the original agreement.................

Please kindly do one

Many thanks

izools

2sides2everystory wrote: »

I have only once looked at one summary box on a credit card statement out of curiosity, and then never ever looked at another.

So you're actively choosing, of your own volition, to be ignorant towards the contract your agreeing with a lender, then?

This is why these problems arise. People don't read.

It's nothing to do with being technical, being an expert, or being very clever / intellectual. It's actually very simple.

Read contracts before you sign then and don't sign if you don't understand what's written. That signature is a law binding contract clearly stipulating that you have read and understood the contractual terms.

The Consumer Credit Act even gives the borrower 14 days after commencement of said contract to have another look at the terms, mull them over, and decide whether or not the borrower wants to be bound by them and pull out if not.

To come back at a later date and complain about those terms is inexcusable and a sign of nothing other than sheer ignorance.