Barclaycard refuses to explain why i don't qualify for rate reduction

inpursuitoffreedom

Thanks I appreciate that, can I ask who do you work for?

Whilst I maybe locked into this situation and one I'm hugely embarrassed about I hate the fact that banks are bullying me and others like me. Who can I complain to? I feel too many people let this issue go and I refuse for this to happen anymore, particularly for those in even worse situation than me.

I've experienced first hand, what it means when you get locked into this situation all what happens is vultures prey on you with high rates and your situation gets way worse.

There has to be a way to make this better and I had hoped moneysaving expert would have a way to champion this?

[Deleted User]

inpursuitoffreedom wrote: »

Thanks I appreciate that, can I ask who do you work for?

You can ask, but I'm sure you'll understand if I don't answer.

inpursuitoffreedom wrote: »

I've experienced first hand, what it means when you get locked into this situation all what happens is vultures prey on you with high rates and your situation gets way worse.

You've paid off some debts recently, so you're in a better place than you may think.

With your reduced debt, at least do a soft search to see if any BT cards, or anything with a lower rate, are available to you. They may not be, but you may find something, even with a small limit. You don't need to get the whole debt at a lower rate - small chunks will help and allow you to pay down faster. Gradually, more options will open up and you'll get into an upwards spiral, rather than downwards.

And post an SOA on the DFW board to get some advice. It's a warm fuzzy place over there and I'm sure you'll get some advice you can use.

inpursuitoffreedom

Sorry but find it a little odd you won't declare where you work? You post a lot and I assume you don't work for MSE otherwise you would declare it.

Sorry to be suspicious but get the feeling you could work for the banks, perhaps to help bring issues like this to close before they get too much attention? I'm sure there must be those type of folks on here.

Appreciate the other advice, but what I'm truly looking for is how I take Barclaycard on. You seem to dodge this which raises my suspicions of my first point.

If you can' answer perhaps someone else looking at this thread can? I'm truly determined to do something about this. Especially as it's costing my family so much and my health I don't want others to suffer as much as us.

[Deleted User]

I don't say who I work for, for the same reasons I don't say how old I am, where I live or whether I have a family. But I know a reasonable amount about financial services and I don't post here for any vested interests. I just hope that some of my posts may be of use to people.

With regards to complaining, you need to exhaust the Barclaycard complaints procedure and then go to FOS if you're not satisfied.

inpursuitoffreedom

Ok I understand. I do appreciate your support with this. Its good of you giving your time, sorry to question you on this I just feel the whole system is corrupt so wouldn't be surprised if they are paying people to try to close down issues on here.

inpursuitoffreedom

eskbanker wrote: »

If they've increased your rate at least twice then each time they should have given you the option of freezing the account, i.e. keeping the rate you signed up to but not having access to any further credit, did they not do this?

No they didn't what can I do?

JimmyTheWig

inpursuitoffreedom wrote: »

what I'm truly looking for is how I take Barclaycard on.

The problem is, what they are doing is perfectly allowed according to the rules.
So there is no conventional way to take them on.
You can follow their complaints procedure and take it to the FOS if you're not happy. But I doubt that that will get you anywhere.

What you want to do, however, is change the rules.
You could write to your MP.
You could start a petition on one of various internet sites.
You could start some sort of Facebook campaign.
You could take your stort to the local paper.

eskbanker

inpursuitoffreedom wrote: »

No they didn't what can I do?

Complain via their published complaints procedure if they haven't adhered to their Ts & Cs - the current version at https://www.barclaycard.co.uk/files/Terms%20_Conditions_Core_May2016.pdf includes within clause 4:

If we increase one of your interest rates and you tell us within 60 days that you don’t accept this change and want to end the agreement, the existing interest rate will continue to apply until you repay your outstanding balances. In this case you won’t be able to make any further transactions on your account after you give us notice that you don’t accept the change, and you must repay us your outstanding balances within a reasonable period.

This should have been reiterated in the letters sent out advising you of interest rate increases.

inpursuitoffreedom

JimmyTheWig wrote: »

The problem is, what they are doing is perfectly allowed according to the rules.
So there is no conventional way to take them on.
You can follow their complaints procedure and take it to the FOS if you're not happy. But I doubt that that will get you anywhere.

What you want to do, however, is change the rules.
You could write to your MP.
You could start a petition on one of various internet sites.
You could start some sort of Facebook campaign.
You could take your stort to the local paper.

Thanks. I plan to do the above. For me the key point is there should be transparency on how you are being handled. Simply telling me that there's nothing they can do, without an explanation as to why one customer over an other gets reduction stinks. How do I know I am being treated fairly?

All banks should have rules in place for how these cases work, where there is a genuine desire to pay the debt off and without having to go down a path that will cripple you further in the future should you have to move or doing anything that relates to your credit file.

Anyone else reading this post that has further ideas for how I can tackle Barlcaycard please let me know. Whilst I may never get a reduction I will fight on this - more for others than myself as I don't want anyone else to suffer like I have. Something should and can be done. Yes barclaycard may not get as much profit, but I believe there is a way 'good' debtors like me can pay back faster, at a fair rate and therefore reducing risk of going over the line and therefore becoming bad.

Additionally the way the system is desired to lure you in, hike up the interest and locked you down is totally unethical. Just because they appear to be reputable shouldn't mean they don't get classed the same as loan sharks. These guys are seen for what they are, but banks seem to get away with it. I've had enough and urge others to fight on this, I know if like me you are crippled by all this, it's easy to let it get on top of you and the fighting spirit is lost, but if we don't fight things will never change and more people will suffer.

Thanks for all the support so far and please any further advice let me know.

I was promised a callback within 30minutes, it's now been 3 hours

JimmyTheWig

inpursuitoffreedom wrote: »

For me the key point is there should be transparency on how you are being handled. Simply telling me that there's nothing they can do, without an explanation as to why one customer over an other gets reduction stinks. How do I know I am being treated fairly?

The trouble is, they will say that it is a business decision, and they don't have to publish the rules for decisions like this.