Mis-sold credit card when starting University

Lynz

Hi all

Am looking for some advice, support or encouragement to see if am on right lines...

When I first started University back in 2003 I was given a credit card as a 'benefit' of my student account. I remember being very reluctant to take it and not really knowing what it was. But the 'seller' was very pushy and insisted it was a part of the student account and was an essential extra and that I only needed to pay the minimum. I signed the paperwork.

Since then I have had a credit card. And month after month I added things onto credit card and every few months they would increase my credit limit without asking. This started a spiral credit cards which I cannot blame on the original seller however that initial credit card was definitely the start of something.


Is this like being mis-sold? Can I complain to the original bank I was with? Anybody else have any similar issues????


Thanks!!!

[Deleted User]

No, it's not mis sold.

A credit card, with the exception of annual, only incurs costs if you decide to use it and only then if you choose not to repay it in full.

It would have been a great tool if you had used it appropriately.

Ben8282

The credit card was not mis-sold.
Nobody forced you to use it.
Nobody forced you to make only minimum repayments.
Nobody forced you to get into debt.

jonesMUFCforever

I do hope that the OP's degree was not law.

Other than that back in the day students only used to get limits of £500 or so - how much are we talking about now?

AnotherJoe

Snowflake Millenial Post of the Day.

msallen

No the CC was not mis-sold. However you probably have a case against the idiot who advised you it was a good idea to keep spending on it without repaying it.

Sncjw

So was this credit card that you spent money on and the limit increasing a different one to the student one. It sounds like t to me.

They didn!!!8217;t make you get another credit card nor they made you buy things on it. You don!!!8217;t have to spend on the card. How do you think it was going to be paid off if your continuing to spend on it and only paying the minimumv

Sncjw

Time to take responsibility of paying the credit card. Also I would imagine a mis-sold claim would be on th actual card your complaining about and not th student card but there!!!8217;s nothing to say you gave been mis-sold

You made a choice to take out the card so you need to pay it back

Enterprise_1701C

If you were that unsure about it you could have just cut it up and not used it.

I would suggest you do that with the card(s) you currently have. Stop spending, start paying off.

I have a credit card with a limit far greater than my normal spend. I only ever reach the limit when I pay for large items on it, using it for the buyer protection it gives, I pay it off at the end of the month and never pay interest on it. It is a great tool to keep track of spending and you can use a statement as proof of payment if something goes wrong.

But that is how you should use a credit card, as a tool to help you operate your finances, not as a permanent loan on which you will probably be paying 20% + interest.

Interest on mine is 1.094% a month, I know this because it says it on the statement. If I had to pay interest it would also state how much interest I would be paying etc. I believe all CC statements have to do the same so you can hardly say you did not know what you were getting into.

chattychappy

I've spent 15 years buying all kinds of crap food in unsustainable quantities. I'm overweight and no doubt have high blood pressure, diabetes and clogged arteries. It wasn't in my interests to buy the stuff I've gobbled up, nevertheless the sellers involved are free to sell, and the I am free to buy.

This is the starting point: English law (probably true in Scotland too) allows freedom to contract and there is no general duty upon a seller to determine if something is appropriate to the needs of the buyer. In most areas, the law doesn't recognise "misselling".

You have to show that the purchase lies within an exception to the general rule. Some financial products are regulated in this regard - for example insurance. The full scope of this wasn't recognised, hence the PPI mess. For the time being, there is no such duty on CC lenders. There is regulation to help you: summary boxes, APRs, rules about how payments are applied. But no general duty to assess suitability.

So your only claim is if the product itself was misrepresented - very unlucky given the documentation that would have come with the product. Salesman's waffle isn't enough. Even then, you would be timed out: 15 years is simply too long - you get 6 to make a claim.

The only potential claim I can think of is if it was sold with PPI. Worth checking that.

MEM62

jonesMUFCforever wrote: »

I do hope that the OP's degree was not law.

Or accountancy :rotfl: