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

opinions4u

MIDLANDER wrote: »

Perhaps you can tell me how its my fault Opus have increased my rates by 16%

Because they wrote to you saying "we're increasing your rate. If you don't like this contact us and we won't" and you didn't do anything.

techspec

They will also tell you to sod off and close your account too. Imagine if gas companies said you can keep the same price, but have your gas turned off.

Apparantely they should only put rates up once in 6 months. From what you say, OPUS have exceeded that.

They must also explain EXACTLY why the increase took place. Simply saying credit score is not enough.

Looks like a letter is the way forward for you.

dealer_wins

MIDLANDER wrote: »

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?????

Sounds like you wouldnt have access to your children without those "nasty" banks, so if it were me I would be VERY grateful to them.

MIDLANDER

dealer_wins wrote: »

Sounds like you wouldnt have access to your children without those "nasty" banks, so if it were me I would be VERY grateful to them.

How do you work that out? I wasted a fortune.

It was only after i gave in that she chucked em both on the streets and they eventually found me.

Now i can't help them financially cos i give it all to the banks.


So sounds like you just made a brainless assumption cos you were unable to determine facts.

Ive never quite understood the saddos who sit by a PC trawling through forums attacking people. I suppose its a form of little man syndrome.

molerat

If you are not paying down the balance quick enough they consider it as a higher risk to their capital outlay and will increase the interest, and therefore the minimum payment, to try and get some of that outlay back in a shorter time frame. Long term borrowing, as in several years, on a credit card is seen to be financially struggling because as there are cheaper options out there why is the customer not using them ?

MIDLANDER

molerat wrote: »

If you are not paying down the balance quick enough they consider it as a higher risk to their capital outlay and will increase the interest, and therefore the minimum payment, to try and get some of that outlay back in a shorter time frame. Long term borrowing, as in several years, on a credit card is seen to be financially struggling because as there are cheaper options out there why is the customer not using them ?

Thanks.

I used to switch very often, but there was a period where other things took priority. Existing cards took the slack, and i suppose i passed a level where my percentage card use exceeded their acceptable limits - and then blocked access to the cheaper credit i had always been acustomed to - leaving me stuck with what i have.

There will be some products available - say to consolidate and cut the cards up. At least with loans - they do fall. Cards can be spent again.

John1993_2

MIDLANDER wrote: »

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

Paying back what you owe is not "being nice", it's your legal and moral obligation.

And we don't all live in mansions. I, for example, live in a flat.

dealer_wins

MIDLANDER wrote: »

How do you work that out? I wasted a fortune.

It was only after i gave in that she chucked em both on the streets and they eventually found me.

Now i can't help them financially cos i give it all to the banks.


So sounds like you just made a brainless assumption cos you were unable to determine facts.

Ive never quite understood the saddos who sit by a PC trawling through forums attacking people. I suppose its a form of little man syndrome.

You read the T&Cs on the credit application form, you CHOSE to borrow.

Now you have over-committed yourself, the situation you find yourself in is YOUR fault.

Everyone is responsible for their own decisions and actions!

John1993_2

MIDLANDER wrote: »

Now i can't help them financially cos i give it all to the banks.

No, the banks gave you lots of money when you needed it. This was a good thing; you asked, they gave.

You then were very slow paying it back, so they started raising the rate at which you were borrowing, and now you want to forget that they helped you in your time of need, and throw your toys out of the pram, insulting people who have been patiently trying to explain what you could do differently to limit the cost increases.

Now, do you want to stop throwing insults, or not?

MIDLANDER

John1993 wrote: »

No, the banks gave you lots of money when you needed it. This was a good thing; you asked, they gave.

You then were very slow paying it back, so they started raising the rate at which you were borrowing, and now you want to forget that they helped you in your time of need, and throw your toys out of the pram, insulting people who have been patiently trying to explain what you could do differently to limit the cost increases.

Now, do you want to stop throwing insults, or not?

Have you read their replies? Opinins4u gets off insulting people. I have responded nicely to the patient and decent ones, like YorkshireBoy. But i wont accept insults. I shouldn't have had to fight to see my children in the first place - and their lives were ruined by their mother and step dad. So i want advice - not insults. I have never said i won't pay.


I actually didnt ask - while going through a bad time - Llloyds upped by credit limit from £1300 to £13000. A ridiculous amount for someone on my income.

I have just seen one MSE poster offer £1300 to OPUS for a £3000 debt and they accepted. So that is bound to make people think - why bother.

As i have said repeatedly - at this moment i have NEVER missed a bill payment and NEVER EVEN been late - so some respect please.

BUT i can't continue as i am - and next year plan to sort this one way or another. The banks recent poor treatment as made me think - thats all.

I dont want arrogant, rude, ignorant or pig-headed people to respond - they choose to troul through forums insulting people to make them feel big and hard - they arn't - they are cowards.

I pay me bills BEFORE i eat. I have a banger of a car, don't drink and don't smoke. Thats because my morals tell me what your saying - you borrowed you pay it back. But the local builder - who goes bankrupt ever other year - does live in a big house, with nice car and a Villa in Spain. So where do morals get anyone?????

As for paying it back slow - so they prefer people who pay back every month and pay no interest? I think not - thats why they constantly increase your limits to a point they have you stuck in a circle of debt. If they wanted it back quickly - their minimum payments would not be about 5%. Regulators had to force some to increase it from 2%.