Littlewoods Flexi Double APR

marshy50a

I recieved a letter today from littlewoods I have had a flexi account with them for many years basically from 28th June if I fall into any arrears they want to double my apr from 19% to nearly 40 %. I am not so bothered about that as I useally have no arrears but what as made me see red is if my credit falls basically below £1000 pounds they want to do the same. Which I find totally unfair. As I'm nearly below the £1000 credit now this is going to affect me very shortly. So basically they are penalising me for being a good customer and payer trying to pay off my balance as quickly as possible. Has anyone else had this letter. What can I do about it. Would doubling the interest rates be seen as a unfair pratice. I knew variable interest rates vary but no one would not expect them to double over night surely this is a unfair consumer contract. One could get better rates of outlawed loan sharks.
:mad:

sodamnfunky

My wife just ahd a similar letter from additions, as we only owe £300 on buy now pay later, we will just pay it and close the account.

rdpro

Better off being posted in the loans boards for better coverage