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  • FIRST POST
    • SidsWife
    • By SidsWife 18th Sep 19, 1:05 PM
    • 21Posts
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    SidsWife
    Marbles decreased credit limit
    • #1
    • 18th Sep 19, 1:05 PM
    Marbles decreased credit limit 18th Sep 19 at 1:05 PM
    I paid my credit card off in full 2 days ago, and I've just had a text to say they have decreased my limit. I now 2grand vanished into thin air, which is my money to survive on for the next 3 months. I have always paid more than my monthly minimum payments and an advisor I spoke to 4 weeks ago said that my account was looking good and it was being managed really well. As I'm a student, I pay off my balance in full every 3 months when my loan comes through the live on that, always paying my minimum payments off.
    My credit score hasn't changed, there is no reason why they would do this. I now have been left 100 pounds to last me 3 months. They have passed it into complaints and say it can take up to 8 weeks to get back to me. Can they do this? The guy on the phone said they may be able to compensate me if it's left me in financial hadrship, which it has. I'm really worried about this now, and worrying that I will have to drop out of uni. They have me no warning that they had any concerns with my account, they just did it today.
    Has this happened to anyone and what happened when they reviewed it?
Page 2
    • SidsWife
    • By SidsWife 18th Sep 19, 2:03 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    Did they reinstate your credit limit? Or compensate you? Or easy it not a lot of a money that you missed?
    • CakeCrusader
    • By CakeCrusader 18th Sep 19, 2:14 PM
    • 981 Posts
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    CakeCrusader
    Nope, it was pretty much 'tough s**t', I'd done a balance transfer anyway so I wasn't worse off, I wasn't reliant upon the card, I'd got one with a much better APR so I didn't push it, they aren't obliged to lend either so I wouldn't bother to ask for compensation, they technically aren't doing anything wrong.



    I'd be very wary of a card company who operates like this to be honest, they seem to want people to rack up a large debt and only pay off the minimum balance, their interest rates range from 39-49% so it's going to be very difficult to clear a card this way, especially when almost half of the minimum balance is used for interest. There's other threads on here from people who have been in a situation similar to yours, they've cleared their card and Aqua/New Day/Marbles have slashed their credit limit.
    • BoGoF
    • By BoGoF 18th Sep 19, 2:16 PM
    • 5,309 Posts
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    BoGoF
    Why would they compensate them?
    • SidsWife
    • By SidsWife 18th Sep 19, 2:46 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    I'm just going to have wait for a minute to hear back from them I guess, they said they're going to deal with it urgently.
    • CakeCrusader
    • By CakeCrusader 18th Sep 19, 3:09 PM
    • 981 Posts
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    CakeCrusader
    'Urgent's a word of many meanings. I'd just be really careful, buy only what you need to food wise, cancel any direct debits/standing orders that aren't vital (keep paying your water, they will slap you with a CCJ if you don't, but you can call them up if you're in difficulty and they will try to help), and do get in touch with your Uni.
    • Gary_Dexter
    • By Gary_Dexter 18th Sep 19, 3:12 PM
    • 6,583 Posts
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    Gary_Dexter
    No compensation is due - you just need to find a way to pay up or contact them and come to an arrangement.

    Stop making references to your fictional score as well - it will go up and down as the wind changes and lenders won't care (or see it to care, for that matter).
    • SidsWife
    • By SidsWife 18th Sep 19, 3:18 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    Pay up what?? I have paid them. In full!
    • eskbanker
    • By eskbanker 18th Sep 19, 3:35 PM
    • 11,387 Posts
    • 14,129 Thanks
    eskbanker
    Paradoxically, the fact that you don't owe them money probably works against you here.

    If there was a large outstanding balance and a punitive APR and you were struggling to keep up with repayments then that could indeed be construed as financial hardship that they'd be responsible for assisting with, and they'd potentially look at freezing the interest or perhaps reducing the interest rate, or agreeing an arrangement to pay. Apart from FCA guidance about dealing with those in hardship, it would be in their interest to help you, as it would improve the chances of getting their money back.

    However, where there is no balance, they're effectively just saying that they're not planning to lend you any more of their money, and don't really have any obligation or motivation to do so, so it would surprise me if they considered it their responsibility to assist with ....
    • enthusiasticsaver
    • By enthusiasticsaver 18th Sep 19, 3:43 PM
    • 9,223 Posts
    • 21,454 Thanks
    enthusiasticsaver
    As I understand it then you live off the credit card for a few months presumably paying minimums each month and then clear it when your student loan comes in? You are presumably also paying interest if you are only able to clear it each term when the student loan comes in. That would indicate you are reliant on the credit card to live and if you are a student with no other income that would pull up all sorts of red flags to lenders. Are you saying they have reduced the limit from 2k to 100? Do you have none of your student loan left?

    Even if that limit is increased or you manage to get another card that is not a sustainable way to live. How far are you off graduating? Can you find another source of income like a lodger or job you can fit in around childcare? Are you claiming all the benefits you are due and is the father paying child maintenance?

    I think regardless of the answers to those cancelling everything which is not essential is the way to go for now and only pay anything which is urgent like rent/mortgage/utilities and food. Otherwise you really have no option but to put your course on hold and get a job until your child is older and no longer needs childcare.

    Marbles is a bad credit card and as such expensive so financing your living costs using that is not the best way to go. Ideally you use your student loan to live off and don't use credit at all especially if you have no income except for your student loan.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • SidsWife
    • By SidsWife 18th Sep 19, 3:51 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    As I understand it then you live off the credit card for a few months presumably paying minimums each month and then clear it when your student loan comes in? You are presumably also paying interest if you are only able to clear it each term when the student loan comes in. That would indicate you are reliant on the credit card to live and if you are a student with no other income that would pull up all sorts of red flags to lenders. Are you saying they have reduced the limit from 2k to 100? Do you have none of your student loan left?

    Even if that limit is increased or you manage to get another card that is not a sustainable way to live. How far are you off graduating? Can you find another source of income like a lodger or job you can fit in around childcare? Are you claiming all the benefits you are due and is the father paying child maintenance?

    I think regardless of the answers to those cancelling everything which is not essential is the way to go for now and only pay anything which is urgent like rent/mortgage/utilities and food. Otherwise you really have no option but to put your course on hold and get a job until your child is older and no longer needs childcare.

    Marbles is a bad credit card and as such expensive so financing your living costs using that is not the best way to go. Ideally you use your student loan to live off and don't use credit at all especially if you have no income except for your student loan.
    Originally posted by enthusiasticsaver
    I pay about 3 times more than the minimum each month, then clear the balance in full when my student loan comes in. I've just spoken to someone from their department who said that she can't see any reason on my account why they would do this, it's well maintained and up to date, but she can't do anything until its been through the relevant channels. So I just have to sit and wait for the time being. It's a real shame, because the process I had going was really building my score up.
    • CakeCrusader
    • By CakeCrusader 18th Sep 19, 3:57 PM
    • 981 Posts
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    CakeCrusader
    Your credit score's made up, it's just numbers and it doesn't mean anything. Just pay your bills on time, don't go over your limits, show that you can handle things. I'd seriously look into getting a different card with a lower APR. Many people pop their weekly shop onto their credit card and clear the whole balance at the end of the month so try not to worry, you could do with a back up though, just in case this every happens again.
    • Gary_Dexter
    • By Gary_Dexter 18th Sep 19, 3:59 PM
    • 6,583 Posts
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    Gary_Dexter
    It's a real shame, because the process I had going was really building my score up.
    Originally posted by SidsWife
    Then you're wasting valuable time building a fictitious number up
    • enthusiasticsaver
    • By enthusiasticsaver 18th Sep 19, 4:09 PM
    • 9,223 Posts
    • 21,454 Thanks
    enthusiasticsaver
    I pay about 3 times more than the minimum each month, then clear the balance in full when my student loan comes in. I've just spoken to someone from their department who said that she can't see any reason on my account why they would do this, it's well maintained and up to date, but she can't do anything until its been through the relevant channels. So I just have to sit and wait for the time being. It's a real shame, because the process I had going was really building my score up.
    Originally posted by SidsWife
    Regardless of whether the account is well maintained or not the issue is really that you are unable to cover your living costs without using credit and you are always dependent on them continuing to agree to advance you money. Even if they reinstate your limit which I don't think they will I would urge you to knock this on the head and use your loan to pay your living costs and pay the credit card off gradually leaving yourself enough to live off in the meantime until your next student loan payment comes through.

    The credit score means nothing. Don't worry about it. Just maintain the cards you have well. I hope you manage to sort something out so you can continue your course.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • SidsWife
    • By SidsWife 18th Sep 19, 4:13 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    The number does mean something, it's why I can't apply for an overdraft etc. From what the woman said on the phone, everything on my account looks good so I'm hoping with a bit of grovelling they may reinstate it and I can look into other options of managing my money better in the future.
    • CakeCrusader
    • By CakeCrusader 18th Sep 19, 4:18 PM
    • 981 Posts
    • 660 Thanks
    CakeCrusader
    The number does mean something, it's why I can't apply for an overdraft etc. From what the woman said on the phone, everything on my account looks good so I'm hoping with a bit of grovelling they may reinstate it and I can look into other options of managing my money better in the future.
    Originally posted by SidsWife

    No, really, it doesn't mean anything. People who are bankrupt often have a credit 'score' of 999, it doesn't mean a thing! They look at how you're managing your debts, if you're paying them on time, if you're going over the limit, what your existing debts are and that's pretty much it. Check your credit files for any late payments or CCJs, these will be what's causing the overdraft rejection. I doubt companies or banks can see your score anyway, it's just a marketing tool.
    • SidsWife
    • By SidsWife 18th Sep 19, 4:25 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    I have no late payments, no CCJ's etc.
    • CakeCrusader
    • By CakeCrusader 18th Sep 19, 4:27 PM
    • 981 Posts
    • 660 Thanks
    CakeCrusader
    I would seriously look for another card with a different company!!!
    • enthusiasticsaver
    • By enthusiasticsaver 18th Sep 19, 4:29 PM
    • 9,223 Posts
    • 21,454 Thanks
    enthusiasticsaver
    I would say your problem is lack of income and no paid employment and this is more likely to dissuade lenders. Do you have a mortgage?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • SidsWife
    • By SidsWife 18th Sep 19, 4:41 PM
    • 21 Posts
    • 1 Thanks
    SidsWife
    No mortgage, I rent.
    • mije1983
    • By mije1983 18th Sep 19, 5:24 PM
    • 3,576 Posts
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    mije1983
    How were you planning on paying off the final few months of CC payments after you received your final loan payment? If it was savings, could you not use those now?

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