TSB lowers credit limit with one day's notice

SuzieSue

PeacefulWaters wrote: »

You're remaining offended by something that hasn't impacted you to any degree

I am not offended at all. I have made it clear throughout that I am not surprised that they lowered my limit as my total credit card debt now exceeds my annual salary.

If I were TSB I would also lower my credit limit. But I would also give at least 2 weeks notice to take account of any postal delays. I would also send a text as soon as I had decided to lower it.

nic_c

SuzieSue wrote: »

Yes, that is what surprised me. How can it be reasonable to lower someone's limit with 1 day's notice and expect them to pay any excess back immediately?

The new limit was about 4% over my current balance. I'm not going to dispute that as it doesn't have a negative effect on me.

Because its a credit card and they can - as someone says it isn't like overdrafts where they can ask for immediate repayment. You sign up to T&C, but most don't read them. The HSBC had a negative effect on me as I was getting charged interest on the fee which wouldn't have been clear until the BT was. You can always take your business elsewhere and BT to another card or simply repay it off as you are stoozing. TSB won't have done something different that other CC companies, but it is an eye opener.

lookstraightahead

What will you do if you lose your job if your credit card debt is more than your annual income? Are you a year in advance of yourself?

lookstraightahead

And would you tell the cc company of your change in circumstances ?

lookstraightahead

Or do you have the money in a high interest account

System

SuzieSue wrote: »

But they did demand immediate repayment.
The person in post #5 was over their new limit and had to repay immediately.

They won't purposely do that as it could be deemed unfair.

It's likely that some offline transactions were still to go through or they spent money immediately before the limit was reduced.

A call to TSB would almost certainly result in an adjustment.

A bank is not a friend, especially with their money but that doesn't mean they are acting unfairly.

SuzieSue

lookstraightahead wrote: »

What will you do if you lose your job if your credit card debt is more than your annual income? Are you a year in advance of yourself?

I have an offset mortgage and so could get access to my savings if I needed them.

SuzieSue

lookstraightahead wrote: »

And would you tell the cc company of your change in circumstances ?

No I wouldn't as I wouldn't want to lose my 0% rate.

[Deleted User]

But you're supposed to inform them!

Heaven forbid you give them no notice of a change in circumstance!!!!!!!

SuzieSue

!!! wrote: »

But you're supposed to inform them!

Heaven forbid you give them no notice of a change in circumstance!!!!!!!

Why, if I can meet the minimum payments and I've still got a couple of years left at 0%?