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Simplybe Credit charges
JFC2010
Posts: 1 Newbie
I have received a letter from Simply Be saying they have reviewed my personal account and are giving me at least 30 days notice that they are increasing my interest rate from 1.772% to 2.277%. I have paid on time and kept within my credit limit. Letter dated 31 May credit rate increase to start 27 June so that isn't at least 30 days for a start. They say my rate of interest has been increased based on a change in risk. I lost my job a month ago so I assume that it it. Is it legal for them to be able to do this?
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What do the terms and conditions of the credit state?JFC2010 said:I have received a letter from Simply Be saying they have reviewed my personal account and are giving me at least 30 days notice that they are increasing my interest rate from 1.772% to 2.277%. I have paid on time and kept within my credit limit. Letter dated 31 May credit rate increase to start 27 June so that isn't at least 30 days for a start. They say my rate of interest has been increased based on a change in risk. I lost my job a month ago so I assume that it it. Is it legal for them to be able to do this?
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Yes, it's legal.1
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Yes it's legal, but it's not because you lost your job.
Even if you had told them, the risk work was done before that. It's just the general risk of customers like yourself.
If you can't afford the increase, reject it and have the account closed while you repay it at the current rate.0
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