Credit Card Interest Rises Gone Too Far - will they reduce?

MIDLANDER

Ive always paid debts and my credit file shows no late payments or overlimits in 6 years. No defaults - all clear.

Experian Credit Expert, which i now know is a waste of money - give me 999/999 rating - highest possible score.

In the past 6 months - Opus have increased my rate from 21% to 37.9%

Halifax 15% to 25%

LLoyds from 21% to 29%.

Ive always paid debtors first - leaving myself NOTHING for a social life.

But these rises have made me reconsider my priorities.

Do credit card companies lower rates if you write and argue your case - or are they set in stone. After all, newcomers get 0%.

Or is the only way via default.

Enough is enough - and their rates have angered me to a point i need to re-think my priorities. Give the banks all my money - or spend it on children and grandchildren.

Will they treat you like a human being when you write - or get defensive and hit you even harder and mark your account.

opinions4u

You do realise that you have the right to refuse the rate rise if you cease to use the credit card?

If you can't work this into your "priorities" then it's your own fault.

It sounds like you've missed the opportunity to cap your costs and better control your spending.

Redefine your priorities in the way you propose and any positives on your credit file will soon be a thing of the past.

MIDLANDER

opinions4u wrote: »

You do realise that you have the right to refuse the rate rise if you cease to use the credit card?

If you can't work this into your "priorities" then it's your own fault.

It was working fine - until they started making me pay for their banking crisis. Base rates are 0.5% !!!!!!.

Oh, and all my debt was run up fighting for access to my children. I am now picking up the pieces of the mess their mother caused them. If the banks won't play fair - i think my money will be better spent helping THEM build a future.

Priority enough?????

MIDLANDER

opinions4u wrote: »

Redefine your priorities in the way you propose and any positives on your credit file will soon be a thing of the past.

My credit and standing WAS my priority. But i think being nice to the bankers that live in mansions may be a mistake.

If i had just defaulted 6 years ago - i would have a fresh start now. It will take me forever to do by paying.

Ive very strong morals and i am just realising - they get you no-where. Everyones out to screw you - especially banks.

But before i even consider that path - i just want to know if banks ever agree to reverse a rise?

opinions4u

MIDLANDER wrote: »

It was working fine - until they started making me pay for their banking crisis. Interest rates are 0.5% !!!!!!.

Oh, and all my debt was run up fighting for access to my children. I am now picking up the mess their mother caused them.

Priority enough?????

So why haven't you rejected the rate rises?

MIDLANDER

opinions4u wrote: »

So why haven't you rejected the rate rises?

Because they were all clever and increased several times over a small period of time.

So if i rejected the last one - it was too late - its already too high.

And the first ones - i had no idea it would keep on happening.

eg opus 21% to 26% to 31% to 37% - all this year.

37% is ridiculous - i would never even apply for a card above 29.9%. How can a good payment record warrant that?

So if you know how banks operate on this - im happy to hear it. Arn't they supposed to treat you fairly etc blah blah blah? Banking code/lending code may aswell be toilet paper.

Surely me paying without problem, is better than squeezing me so i can't pay any more?

[Deleted User]

You could ask them. But the extent of your increases suggests you're seen as a high risk, so reductions may be unlikely.

MIDLANDER

Deleted_User wrote: »

You could ask them. But the extent of your increases suggests you're seen as a high risk, so reductions may be unlikely.

Thanks.

Don't get how a good payer can suddenly become a 'risk' though. Its a self fulfilling prophecy.

Good payer, NEVER late , NEVER overlimit - no risk

Crank up rates - struggles to meet payments, starts to be late, starts to be over limit - banker sat in office overlooking the minnows of London says - "told you he was a risk".

Its like Labour saying Energy prices are too high. Yes, but there was a cap in place stopping big rises, and it all worked well. Then LABOUR's Grodon Brown removed the cap - and said to the energy firms "fill yer boots". They caused it in the first place - and we are all paying.

Its the nutty world we live in.

opinions4u

MIDLANDER wrote: »

Good payer, NEVER late , NEVER overlimit - no risk

Seriously. A guy with unsecured debts on three credit cards is not in a "no risk" category.

banker sat in office overlooking the minnows of London says - "told you he was a risk".

They really don't care enough about you you to give you that level of individual attention.

So if you know how banks operate on this - im happy to hear it. Arn't they supposed to treat you fairly etc blah blah blah? Banking code/lending code may aswell be toilet paper.

If you start missing payments / underpaying they will sympathetically assess your income and expenditure, agree to reduced payments and possibly freeze interest and, rightly, record the fact you have an arrangement to pay with the credit reference agencies.

MIDLANDER

opinions4u wrote: »

Seriously. A guy with unsecured debts on three credit cards is not in a "no risk" category.

NO BIGGER RISK THAN I WAS - THATS MY POINT

They really don't care enough about you you to give you that level of individual attention.

If you start missing payments / underpaying they will sympathetically assess your income and expenditure, agree to reduced payments and possibly freeze interest and, rightly, record the fact you have an arrangement to pay with the credit reference agencies.

So after telling me to be responsible - your saying they will treat me better if i miss payments.

Thats my point - doing the right thing - ie paying - can be the wrong thing.

They obviously think i can pay more :-/

opinions4u

MIDLANDER wrote: »

So after telling me to be responsible - your saying they will treat me better if i miss payments.

I'm not telling you what you should or shouldn't do. But you've certainly had numerous chances to cap your interest costs.