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Beware - Your Card limit may reduce suddenly
jesse12rt
Posts: 1 Newbie
in Credit cards
I thought this issue should be raised.
Quote: "I have had a card with Sainsburys for many years, and at the end of last year, I paid in a large sum of money, and as if by magic, my limit reduced leaving me about £15 to spend. I complained, asked many pertinent questions, but they stood firm, and were a bit evasive.
This Month, I made a further deposit, and once again, my limit reduced with little leeway. On saturday I enquired and got a BS story, today, the cat was let out of the bag. Each Month, 4,000 'undesirable' accounts are automatically checked, and if the balance has reduced, the limit is reduced to match the balance as close as possible. So, if Sainsburys do this, is it common practice across all HBOS and subsidiaries?
Needless to say, I have written to the Chief Exec (As if he will read it!) asking a lot of awkward questions, but this really strikes me as highly unethical. Surely the limit is effectively being withdrawn at the time of the first search? What happens if money is paid in for a specific purpose and that person has made a binding financial committment, when the limit is removed? It nearly happened to me, but I bought my car just ahead of search date, thankfully. Why are customers not advised and offered a low-interest loan? To me, the whole practice really stinks, is dishonest and highly unethical. Do you agree? Can anyone shed any further light on this? Any ideas for tips in challenging the Bank? Is it worth involving the Ombudsman if it is not resolved satisfactorily? All thought welcome!
Be warned!
Oh, and if you wonder about my credit rating, I recently took an unsecured loan with minimum fuss and was told my rating was 'Excellent'. Sainsburys seem to rate me as 'Sub-Human'. You choose!"
____________________________________________________________
Jesse
moneysaver2.b00mtube.com
Quote: "I have had a card with Sainsburys for many years, and at the end of last year, I paid in a large sum of money, and as if by magic, my limit reduced leaving me about £15 to spend. I complained, asked many pertinent questions, but they stood firm, and were a bit evasive.
This Month, I made a further deposit, and once again, my limit reduced with little leeway. On saturday I enquired and got a BS story, today, the cat was let out of the bag. Each Month, 4,000 'undesirable' accounts are automatically checked, and if the balance has reduced, the limit is reduced to match the balance as close as possible. So, if Sainsburys do this, is it common practice across all HBOS and subsidiaries?
Needless to say, I have written to the Chief Exec (As if he will read it!) asking a lot of awkward questions, but this really strikes me as highly unethical. Surely the limit is effectively being withdrawn at the time of the first search? What happens if money is paid in for a specific purpose and that person has made a binding financial committment, when the limit is removed? It nearly happened to me, but I bought my car just ahead of search date, thankfully. Why are customers not advised and offered a low-interest loan? To me, the whole practice really stinks, is dishonest and highly unethical. Do you agree? Can anyone shed any further light on this? Any ideas for tips in challenging the Bank? Is it worth involving the Ombudsman if it is not resolved satisfactorily? All thought welcome!
Be warned!
Oh, and if you wonder about my credit rating, I recently took an unsecured loan with minimum fuss and was told my rating was 'Excellent'. Sainsburys seem to rate me as 'Sub-Human'. You choose!"
____________________________________________________________
Jesse
moneysaver2.b00mtube.com
0
Comments
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Thanks for the post!0
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Hi jesse12rt
This has already been discussed. Not that you cannot start a thread for it.
Click on the link below to see the other one.
Beware - Your Card limit may reduce suddenly0 -
hi.
Jesse has just copied the full text and title from the other post...0 -
:spam: :spam:................has only posted to advertise a SPAM site !!0
This discussion has been closed.
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