TSB lowers credit limit with one day's notice

PixelPound

SuzieSue wrote: »

Trading Standards does not tell butchers how much they can charge their customers. The financial regulators can set limits on what lenders can charge as they have done with pay day loans because vulnerable people need protecting.

But financial regulators don't tell them what credit limit to issue or how long to give before lowering the limit, which would be the comparison.
A butcher charging for 500g of sausage but then only giving 450g because they've wrapped it in 50g of paper, or because they described them as 100% pork but that was before all the additives and water injected to keep the price low. That would be more akin to stepping in to payday loans

Ben8282

The reason for the lack of notice is very simple and obvious.
If they have reduced the credit limit then something has caused them to do it. Most probably adverse information on the credit report, adverse conduct of the account or an increase in debt levels to the point where they have concerns as to your ability to repay.
If under such circumstances notice were to be given that the credit limit was to be reduced, what do you think individuals in such a situation would probably do?
There is no legal requirement to give notice of such a reduction in credit limit and many good reasons not to.

John-K_3

SuzieSue wrote: »

I was below my limit but others might not be.

What makes you think that they reduce people’s limit below their balance, though? There’s nothing in your story to even suggest that this happens.

John-K_3

SuzieSue wrote: »

Why not? They notice they gave is disgusting and people need to know how they treat their customers.

Oh dear.

Read the stories on here about how the customers treat the lenders. You yourself have been taking advantage of promotional rates to extract money from them, it seems, yet bleat when they do something within the terms to which you agreed.

Are you a millennial by any chance?

SuzieSue

John-K wrote: »

Are you a millennial by any chance?

I wish. I am at least 20 years older. But I care about Millennials, a lot of whom are struggling financially compared to me simply because they were born at the wrong time.

SuzieSue

John-K wrote: »

Read the stories on here about how the customers treat the lenders. You yourself have been taking advantage of promotional rates to extract money from them, it seems, yet bleat when they do something within the terms to which you agreed.

They allow me to take advantage of the promotional rates in the hope that I will make a mistake and pay them interest or penalties. They aren't doing it out of the kindness of their hearts.

SuzieSue

John-K wrote: »

What makes you think that they reduce people’s limit below their balance, though? There’s nothing in your story to even suggest that this happens.

See post #5.

lookstraightahead

If you!!!8217;re so against credit card companies why do you help finance them

SuzieSue

nic_c wrote: »

But financial regulators don't tell them what credit limit to issue or how long to give before lowering the limit, which would be the comparison.
A butcher charging for 500g of sausage but then only giving 450g because they've wrapped it in 50g of paper, or because they described them as 100% pork but that was before all the additives and water injected to keep the price low. That would be more akin to stepping in to payday loans

The example about butcher given above wasn't about misleading descriptions, it was about price. A butcher can charge what he wants with no restriction at all. Lenders cannot.

SuzieSue

lookstraightahead wrote: »

If you!!!8217;re so against credit card companies why do you help finance them

How do I help finance them? I have used credit cards for over 30 years and have never paid a penny in interest but have stoozed thousands of pounds and have taken advantage of clubcard points etc.

I have gained financially by using credit cards.