Creation Finance credit limit reduction by stealth

martinbainbridge1975

The_Urbanite said:

Marchitiello said:

The_Urbanite said:

A credit limit reduction is not so bad. I had three cards with them which had £19.5k of credit between them which were utilised. They decided to shut my accounts with no notice. I’d quite have preferred the limit reduction. Mind you they completely wiped the balances on all the cards as part of the closure and paid £150 compo when I complained, though it seemed they didn’t really understand (or didn’t want to) the complaint I had made. 

Do those accounts report as “settled” on your credit file? If not how have they reported it (as I understand you post, they have written off your outstanding balances)?

Yes, they are marked settled. They put in the letter they sent me that the cleared the balance so I would owe nothing else. 

The accounts being closed doesn’t stop me using them for my own benefit mind. Have to love Creation!

they are utter sharks - my car is financed with them and last christmas on their wisdom decided to call me on boxing day to say I was in default on my car finance - I was not as the direct debit was active at the bank, they were aggressive and trying to force me to make a card payment even though it was due to come out on the next working day

caused me no end of hassle, then tried to fob me off with £100 goodwill for ruining a weeks holiday.

never again will I use them after this car is sold

Alex9384

The_Urbanite said:

Mind you they completely wiped the balances on all the cards as part of the closure and paid £150 compo when I complained, though it seemed they didn’t really understand (or didn’t want to) the complaint I had made. 

Wait... what?
They wiped your debt so you didn't have to pay it back? And then even paid you a compo?

The_Urbanite

Alex9384 said:

The_Urbanite said:

Mind you they completely wiped the balances on all the cards as part of the closure and paid £150 compo when I complained, though it seemed they didn’t really understand (or didn’t want to) the complaint I had made. 

Wait... what?
They wiped your debt so you didn't have to pay it back? And then even paid you a compo?

Yes - they set my account balances to zero by doing a “Goodwill payment” credit transaction. 

Apparently it was down to a technical limitation in their system where they were unable to nuke an account unless it had a zero balance. There were reports of this happening to other people over on Head for Points. 

I complained because I was owed a free voucher for a hotel night which the card offered for spending a certain amount each year. They tried to withhold this as part of the closure, but they didn’t understand the complaint properly and gave me £150 compo. Then the free night voucher turned up 3 months late.

Many bizarre things happen in the card game that you really couldn’t make up - they’re not the only company who have effectively given free money out.