Halifax Credit Card

seymo1

Halifax have today sent me a letter stating they are closing my account after doing a review of lending. I don't use this card for new borrowing, but I do have a balance on it of nearly £6200.

it seems like even though they are closing the account, they aren't freezing the interest. Currently I pay £150 towards this every month but interest charged is nearly the same so I'm not actually getting very far.

Any suggestions please. All are welcome!! Thanks.

bargainbetty

You can contact them to appeal the decision, you can try to move it over to a new card (hopefully at a better rate of interest) or you could ask them to convert the balance into a loan at a lower interest rate.

I'd try all three, in that order! Then again, the blighters just turned me down for a credit card, so I guess it won't be a problem I'll face anytime soon.

Good luck

Gurj247

seymo1 wrote: »

Halifax have today sent me a letter stating they are closing my account after doing a review of lending. I don't use this card for new borrowing, but I do have a balance on it of nearly £6200.

it seems like even though they are closing the account, they aren't freezing the interest. Currently I pay £150 towards this every month but interest charged is nearly the same so I'm not actually getting very far.

Any suggestions please. All are welcome!! Thanks.

Looking at your signature, you seem to have a bit of debt.

Just do what Betty has suggested and see where you get with it all tbh.

eschaton

Gurj247 wrote: »

Looking at your signature, you seem to have a bit of debt.

Just do what Betty has suggested and see where you get with it all tbh.

Seems to have a fetish for saving points at the expense of building debt.

happy_bunny_2

Good news is they can't up the interest rate once closed. Have they increased your rate recently? If so I would complain to get it reduced.

I would leave it closed.

seymo1

eschaton wrote: »

Seems to have a fetish for saving points at the expense of building debt.

I have no debt on my Amex, that's my everyday card, petrol, food etc.

seymo1

Thank you bargainbetty, Gurd247 and happy_bunny. Constructive comments. I'm going to see if they will reduce the interest rate, transfer some to a 0% card and failing those see if they will convert to a low cost loan for a couple of years. That should do it!!

opinions4u

it seems like even though they are closing the account, they aren't freezing the interest

Why would they freeze the interest?

They won't increase the rate now, but they will carry on charging you interest on what you owe.