Littlewoods Trying To Rip Me Off

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 off outlawed loan sharks.
:mad:

alwaysonthego_2

If you're not happy with them get rid! If they do not reward their customers then obviously they will lose them.

dmg24

This is pretty standard practice with credit cards in the current climate. Unfortunately all you can do is pay off (or move) your balance as quickly as possible.

IvanOpinion

You have a choice as to what to do .. accept their T&C in which case you are agreeing to the contract or don;t accept the T&C and go elsewhere.

Ivan

hollydays

Banks and credit companies are not your friends..

pinkshoes

marshy50a wrote: »

So basically they are penalising me for being a good customer and payer trying to pay off my balance as quickly as possible.

Not strictly true! The aim of a business is to make money, and they make more money from customers who don't pay the balance off as quickly as possible thanks to all their high interest rates than they do from their "good" customers who do pay it off ASAP.

I rarely use my credit card, and if I do, I pay the balance off in full straight away. I suggest you pay it all off and don't use it again!