Halifax-Mastercard Credit card slashed from £4,000 to £1,500

sindy_2

My partner checked his credit card balance online tonight to find that his credit limit had gone from £4,000 to £1,500.....He has always paid ontime and last month paid off £3,000 from the £4,000!

They didn't warn him of this change and last night we booked our holiday before we knew of the new lowered credit limit!!

Its worrying to think we've splashed out on a holiday knowing that we don't have that much money now..

any advice please thanks

MPH80

Its worrying to think we've splashed out on a holiday knowing that we don't have that much money now..

Don't mean to sound rude - but you didn't have that money in the first place ... the bank did - it was just willing to lend it to you.

Now it's not.

If you feel you need the extended credit limit - I'd give them a call and ask if they will restore it.

The alternative is to try and get another line of credit if you need it.

M.

Dylanwing

Unfortunately, all part of the 'Credit Crunch' - No warning from the Banks, you just pay in, and they grab, and if you have paid in for a specific reason as you (And I) did, it makes no difference. My experience was that they would not negotiate, and the decision of the underwriter was final... And they clearly don't give the magical underwriter a phone!
Totally agree about the budgeting aspect, I still maintain that if they wrote to those of us deemed unworthy of our limits and offered us reasonable rate loans to pay off the excess balance, most people would happily do so. Unfortunately, the Banks get less interest, and customers would get a decent service, so no hope of that ever happening.