Do CC companies have a responsibility to not let you go over your limit

shereeks

Does anyone know if Credit Card companies have a responsibility to not let you go over your limit by a certain amount?

Thanks.

eschaton

shereeks wrote: »

I recently went well over my credit limit with NatWest on a stupid drink fuelled gambling spree. I know, I know, completely insane!

Does anyone know if Credit Card companies have a responsibility to not let you go over your limit by a certain amount?

Thanks.

An adult should normally be responsible for their own actions.

You really aren't serious are you?

exel1966

When you reach 18, you're legally classed as an adult which comes with certain responsibilities.
One of them is to learn how to manage and control your spending so you don't abuse the privilege that is a credit facility.

It's not up to the card company to tell you how/where/when/how much to spend.

eschaton

Just a thought..... could the OP claim compensation for mis-spending? :eek:

YorkshireBoy

They do have a responsibility, which is detailed in the Lending Code (section 117).

They (or rather their systems) made an assessment of your "ability to repay" when you made your request(s), and decided you were good for the money so let the transaction(s) through.

Gromitt

As a bank assumes spending more than you have as an application for an overdraft, a CC company does the same. If they believe you can repay it, they'll let you have it (with additional fees).

So if you have a £250 limit, they might block transactions once you hit £500 or so.

reclusive46

Plus remember certain transactions are performed offline, so the bank won't know about a charge till its posted.

MABLE

Does anyone know if Credit Card companies have a responsibility to not let you go over your limit by a certain amount?

No but you do!