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Barclays cancelling my card
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grahammac1
Posts: 2 Newbie

in Credit cards
I have a Barclay card with £15k limit and did have £4k outstanding, I have been paying the minimum every month without fail, for 3yrs
I had a letter saying it was persistent debt and they are going to cancel my card on the 4t April, unless I take out a loan to pay the balance off
I have since paid off £2k so balance now £2k but the are still saying they will cancel my card if I dont take out a loan.
Anyone else had this experience or any advice what to do? I dont want to lose the card as the limit is quite handy for a rainy day
I had a letter saying it was persistent debt and they are going to cancel my card on the 4t April, unless I take out a loan to pay the balance off
I have since paid off £2k so balance now £2k but the are still saying they will cancel my card if I dont take out a loan.
Anyone else had this experience or any advice what to do? I dont want to lose the card as the limit is quite handy for a rainy day
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Comments
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If you can't clear it, then it'll be cancelled.
You could apply elsewhere, but you may find it difficult with a poor credit history.
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grahammac1 said:
I have since paid off £2k so balance now £2k but the are still saying they will cancel my card if I dont take out a loan.
Anyone else had this experience or any advice what to do? I dont want to lose the card as the limit is quite handy for a rainy dayApply for a loan? It'll be much cheaper than a CC if you can get it.And in the future remember - minimum payments for a long time is a red flag for the CC provider. Always pay at least a little more than the minimum.
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If you've only been paying the minimum for 3 years then yes, they are obliged to take the "persistent debt" approach. I'm a little surprised they are advocating taking out a loan - I would have expected them to simply request that the balance is repaid (by whatever means are suitable to your circumstances). If you are considering taking out a loan, then you need to be prepared to be offered a less-than-ideal interest rate given your credit history.Are you able to repay the outstanding balance without resorting to a loan? Is there any chance you might be able to shift some or all of the debt to an interest-free balance transfer deal?grahammac1 said:I dont want to lose the card as the limit is quite handy for a rainy day2
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Thanks for the reply, I only kept a balance on the card as previously when I cleared a card down before they decreased the card limit, even though I have a perfect credit score 9970
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It may be that they also think that if you aren't paying it off quicker that the high limit is not sustainable and they would likely cut it to the minimum in any case.
Credit scores aren't always looked at but I'd suggest you check it anyway just for an indication and then go to one of the "will I get a card" tools here on MSE to see what else is available, particularly if there's a zero % balance transfer available. MBNA is usually quite good with deals and credit limits in my experience.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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grahammac1 said:Thanks for the reply, I only kept a balance on the card as previously when I cleared a card down before they decreased the card limit, even though I have a perfect credit score 997
The CRAs think that's good. Lenders think it's very bad. Only one of those opinions matters.7 -
grahammac1 said:I only kept a balance on the card as previously when I cleared a card down before they decreased the card limit, even though I have a perfect credit score 997Keeping £4K balance is a far too expensive way of keeping your credit limit. This is even ignoring the fact that it's just your belief that the result is what you expect. I always pay my CC balances in full and I remember the limits only rising not decreasing.Just apply for a second card if the limit you have is insufficient.
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grahammac1 said:Thanks for the reply, I only kept a balance on the card as previously when I cleared a card down before they decreased the card limit, even though I have a perfect credit score 997
Madness3 -
If you are deemed to be in persistent debt, you would/should have got many letters/other comms notifying you of this before any change of management of your credit card or closure threatened etc.0
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Surprised at this,Wife was doing the same,Bcard then upped her minimum payment then sent her a 'deal' to pay it off at a lower rate
She was offered a new card as the existing one was closed by this deal but she knocked it back.I have a deep burning indifference0
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