TSB lowers credit limit with one day's notice
Comments
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Read your T's and C's:
19. CHANGES
19.1 We may change charges (or introduce new charges), minimum payment
amounts, statement dates, payment dates and your credit limit.
These changes may be personal to you and based on a number of factors such
as increased or decreased credit risk (for example, there will be an increased
credit risk if you have regularly failed to comply with important obligations to us)
and the way you use your account (for example, we may reduce the number of
days between the statement date and the payment date if you always pay off
your balance in full).
19.2 We may also make other changes to the conditions to:
!!!8226; make a change to your benefit, or not affecting your rights or obligations;
!!!8226; meet legal or regulatory requirements;
!!!8226; correct errors, omissions, inaccuracies or ambiguities;
!!!8226; reflect changes to the structure of our group;
!!!8226; cover service differences for new computer or other processes;
!!!8226; bring us into line with market practice; or
!!!8226; reflect changes in customer demand or requirements.
19.3 Other than a change in interest rates or a change to your credit limit, we will
give you at least one month!!!8217;s notice of any other change in these conditions. If a
change in these conditions (other than a change in interest rates or a change to
your credit limit) is to your disadvantage you!can:
!!!8226; write to us within 60 days to close your account !!!8211; the change in conditions will
not disadvantage you in the meantime; or
!!!8226; continue this agreement unchanged if you tell us before the change takes effect,
return Cards and Cheques, and make no new Transactions.
Those Ts&Cs are unfair and should not be allowed. That is my point. We have regulators to protect the consumer and they are not doing their job.0 -
Says you, one person.....0
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So the law should change because you say so.
Its pretty obvious why they give short notice when reducing credit limits.0 -
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Hi SuzieSue,It happened to my husband (he has a degenerative condition and had to give up work) and he was under a lot of stress before I met him because of the way he was treated by credit card companies. His mortgage lender helped a lot but the credit card companies did not.
Apologies for assuming that this was hypothetical.0 -
Why?
You had the option to not agree with them before taking the card out.
So, whose fault is this really?
It is the fault of the regulators. That is what they are there for - to protect the vulnerable consumer (not me, I am not vulnerable as I am taking advantage of the system because I am allowed to)
If we don't need to protection then there shouldn't be any regulators but it has been decided that we do, so they should not allow credit limits to be lowered with virtually no notice.0 -
So to protect customers you are saying the credit card companies should allow customers to run up more debt in the notice period, because that is what would happen.0
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It is the fault of the regulators. That is what they are there for - to protect the vulnerable consumer (not me, I am not vulnerable as I am taking advantage of the system because I am allowed to)
If we don't need to protection then there shouldn't be any regulators but it has been decided that we do, so they should not allow credit limits to be lowered with virtually no notice.
You're dodging around the question and avoiding to answer correctly.
You agreed to the T's and C's when you signed up for the card.
The T's and C's must have been proofread and gone through the regulators to be approved and published.
So I'll ask again - who is at fault here?0
This discussion has been closed.
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