Marbles decreased credit limit

CakeCrusader

Nope, it was pretty much 'tough s**t', I'd done a balance transfer anyway so I wasn't worse off, I wasn't reliant upon the card, I'd got one with a much better APR so I didn't push it, they aren't obliged to lend either so I wouldn't bother to ask for compensation, they technically aren't doing anything wrong.



I'd be very wary of a card company who operates like this to be honest, they seem to want people to rack up a large debt and only pay off the minimum balance, their interest rates range from 39-49% so it's going to be very difficult to clear a card this way, especially when almost half of the minimum balance is used for interest. There's other threads on here from people who have been in a situation similar to yours, they've cleared their card and Aqua/New Day/Marbles have slashed their credit limit.

BoGoF

Why would they compensate them?

SidsWife

I'm just going to have wait for a minute to hear back from them I guess, they said they're going to deal with it urgently.

CakeCrusader

'Urgent's a word of many meanings. I'd just be really careful, buy only what you need to food wise, cancel any direct debits/standing orders that aren't vital (keep paying your water, they will slap you with a CCJ if you don't, but you can call them up if you're in difficulty and they will try to help), and do get in touch with your Uni.

[Deleted User]

No compensation is due - you just need to find a way to pay up or contact them and come to an arrangement.

Stop making references to your fictional score as well - it will go up and down as the wind changes and lenders won't care (or see it to care, for that matter).

SidsWife

Pay up what?? I have paid them. In full!

eskbanker

Paradoxically, the fact that you don't owe them money probably works against you here.

If there was a large outstanding balance and a punitive APR and you were struggling to keep up with repayments then that could indeed be construed as financial hardship that they'd be responsible for assisting with, and they'd potentially look at freezing the interest or perhaps reducing the interest rate, or agreeing an arrangement to pay. Apart from FCA guidance about dealing with those in hardship, it would be in their interest to help you, as it would improve the chances of getting their money back.

However, where there is no balance, they're effectively just saying that they're not planning to lend you any more of their money, and don't really have any obligation or motivation to do so, so it would surprise me if they considered it their responsibility to assist with ....

enthusiasticsaver

As I understand it then you live off the credit card for a few months presumably paying minimums each month and then clear it when your student loan comes in? You are presumably also paying interest if you are only able to clear it each term when the student loan comes in. That would indicate you are reliant on the credit card to live and if you are a student with no other income that would pull up all sorts of red flags to lenders. Are you saying they have reduced the limit from £2k to £100? Do you have none of your student loan left?

Even if that limit is increased or you manage to get another card that is not a sustainable way to live. How far are you off graduating? Can you find another source of income like a lodger or job you can fit in around childcare? Are you claiming all the benefits you are due and is the father paying child maintenance?

I think regardless of the answers to those cancelling everything which is not essential is the way to go for now and only pay anything which is urgent like rent/mortgage/utilities and food. Otherwise you really have no option but to put your course on hold and get a job until your child is older and no longer needs childcare.

Marbles is a bad credit card and as such expensive so financing your living costs using that is not the best way to go. Ideally you use your student loan to live off and don't use credit at all especially if you have no income except for your student loan.

SidsWife

enthusiasticsaver wrote: »

As I understand it then you live off the credit card for a few months presumably paying minimums each month and then clear it when your student loan comes in? You are presumably also paying interest if you are only able to clear it each term when the student loan comes in. That would indicate you are reliant on the credit card to live and if you are a student with no other income that would pull up all sorts of red flags to lenders. Are you saying they have reduced the limit from £2k to £100? Do you have none of your student loan left?

Even if that limit is increased or you manage to get another card that is not a sustainable way to live. How far are you off graduating? Can you find another source of income like a lodger or job you can fit in around childcare? Are you claiming all the benefits you are due and is the father paying child maintenance?

I think regardless of the answers to those cancelling everything which is not essential is the way to go for now and only pay anything which is urgent like rent/mortgage/utilities and food. Otherwise you really have no option but to put your course on hold and get a job until your child is older and no longer needs childcare.

Marbles is a bad credit card and as such expensive so financing your living costs using that is not the best way to go. Ideally you use your student loan to live off and don't use credit at all especially if you have no income except for your student loan.

I pay about 3 times more than the minimum each month, then clear the balance in full when my student loan comes in. I've just spoken to someone from their department who said that she can't see any reason on my account why they would do this, it's well maintained and up to date, but she can't do anything until its been through the relevant channels. So I just have to sit and wait for the time being. It's a real shame, because the process I had going was really building my score up.

CakeCrusader

Your credit score's made up, it's just numbers and it doesn't mean anything. Just pay your bills on time, don't go over your limits, show that you can handle things. I'd seriously look into getting a different card with a lower APR. Many people pop their weekly shop onto their credit card and clear the whole balance at the end of the month so try not to worry, you could do with a back up though, just in case this every happens again.