Change to T&Cs

Scrappy042

Good afternoon all,

I'm in a DMP and one oft he debts is with a Vanquis Credit Card. The credit limit was £180.

A couple of days ago, I received a letter telling me this had been reduced to £150 "to help manage my finances". Bearing in mind i'm in a DMP and not continuing to use the card now or when the plan has finished.

I believed that they were required to give me at least 30-days notice for any changes to the of terms and conditions of the credit agreement?

As the change is an immediate change, a statement arrived with the letter that had the new credit limit on, does this mean they are in breach of the contract and I can terminate/walk-away?

Any advice would be really useful. Thank you in advance.

glentoran99

nope, the 30 days notice refers to increase in charges etc


We will set your Credit Limit when we open your Account and will tell you what it is. We reserve the right to vary the limit.

Tixy

A change in your credit limit isn't a change in the T&Cs, it is just a change in the limit.

Scrappy042

Thanks for the quick response. Even if it is a breach of the contract?

Scrappy042

Tixy wrote: »

A change in your credit limit isn't a change in the T&Cs, it is just a change in the limit.

Really? But the credit limit is a term and condition of the contract?

grumbler

Scrappy042 wrote: »

....
I believed that they were required to give me at least 30-days notice for any changes to the of terms and conditions of the credit agreement?

As the change is an immediate change, a statement arrived with the letter that had the new credit limit on, does this mean they are in breach of the contract and I can terminate/walk-away?...

Is it that hard to check the T&C instead of 'believing'?

We reserve the right to vary the limit.

- it's the top of the very first page. So, they change the limit, not the T&C / credit agreement. If you read further you'll see that 30-days' notice is required for increasing the interest rate and/or fees/charges.

http://www.vanquis.co.uk/upload/legal/PD10312_VBL_SECCI_CCA_39.pdf

That said, it's uncommon for CC companies to set the new limit below the current balance, but you didn't say that it was the case.

glentoran99

Even if you could "walk away" you would still owe the money

Sinhanada

Vanquis do this - it isn't a change in the T&C's as grumbler has said.

I've recently just finished my DMP, and Vanquis were one of the better companies to deal with. They kept reducing my limit from £500 down to £100 through the DMP.

As for walking away from it, you can't unfortunately as it is in their T&C's that they reserve the right to change it