0% interest rate withdrawn

SkyChild

Good morning

I've not been here in a while. Life got busy but I am digging my way out of debt slowly but surely. My mental and physical health are still poor, I remain on numerous waiting lists. I have told them before that I have long-standing mental health issues and am awaiting an autism assessment and these both affect the way I manage my money. I dislike surprises. (I mean who does really?)

I was woken at 7am by a text from HSBC saying they are withdrawing the 0% promotional rate on my credit card. I expected to have this until December 2027, to give me time to pay off other smaller card balances first. I only opened this card for a balance transfer in March this year and have been meeting the minimum payments on time. I have no idea why they have done this - does anyone have any insights as to why this might be? I have been steadily paying down cards and closing them and consolidating the balances, but this is not new behaviour, this is one of the reasons I moved several balances onto this card in the first place.

I tried to phone the phone banking number provided in the text but they aren't open until 8am. Why not text me at 8 and left me have another peaceful hour of sleep? I am wrestling with the banking app chatbot at the moment. I suspect that the member of the team they are going to put me through to also doesn't start until 8am.

I'm doing the best I can under the circumstances and was finally feeling like I am making good positive consistent progress to clearing these credit cards/building emergency savings etc and now it feels like someone has picked up the little snow globe of my life and shaken it. Sorry, feeling upset and this lovely forum has always been helpful in the past.

ManyWays

No idea, the normal reason is that you have missed a payment, have you double checked the last few have gone through? That will give you extra confidence when you get through to someone

pramsay13

No clue, but put your phone on Do Not Disturb mode until you are awake. 

middlingditch

Try not to panic - and especially be careful that this is not in fact a spam/phishing attempt. 

If you've been making minimum payments on time and keeping to the contract, there's no justifiable reason for them to withdraw this offer unless it (very unusually) said in the original terms that they could withdraw it at any time. Hopefully you've spoken to them by now and straightened things out.

I do sympathise about unexpected things throwing you into a spiral when you feel as if you're only just coping... but as I say, try not to panic.

It's good advice, above ^^^, to put your phone on do not disturb (if there's someone you need to listen out for (e.g. vulnerable relative) you can make them an exception via your phone settings). It'll give you more peace.