Terms & Conditions

ceebee_2

Just read thru the T&C"s, recently received, for a Beneficial c/c.
Clause 10e states "We may use any credit balance on any other account you hold with us, to reduce or repay any sums you fail to pay under this agreement---etc--.
Does this mean they can offset against c/cs held with the HSBC Group and HFC Bank Ltd. and does this also means that old cards, with an available credit limit and within the same group, could be re-activated in order to pay off a debt.
Perhaps this is a strong argument for cancelling all "dead" c/cs.

grumbler

ceebee wrote:

"We may use any credit balance on any other account you hold with us, to reduce or repay any sums you fail to pay under this agreement---etc--.
Does this mean they can offset against c/cs held with the HSBC Group and HFC Bank Ltd. and does this also means that old cards, with an available credit limit and within the same group, could be re-activated in order to pay off a debt.

Credit balance means positive balance. 'Dormant' CCs don't have a balance, only credit limit - there is nothing to be afraid off. However, they can not just 'offset' but transfer money from your other accounts with credit balances to pay your debt.

There was some similar thread about other CC. I'll try to find.

P.S. 'Texaco Change of T&Cs '