HELP!! Next account
TheStix
Posts: 6 Forumite
in Credit cards
I have spent 3 hours trying to post this so I really hope someone can help.
Long story short, over the last 6 months my credit limit has gone from opening limit of £150 then it was reduced to zero for 3 months then £150 reinstated, month later increased to £3750, I phoned to reduce it to £2000 with no problems. Spent £1000 over a few months making regular payments over my minimum amount due
Logged in today to see my new limit is now £300 which makes no sense at all. All they say is they have live feeds from experian and was because of information on my file - which is rubbish as it is very good with no other credit spending.
This has really narked me as to go from £150 to £3750 is crazy but then to reduce it reduce it from £2000 to £300 is crazy.
I have decided as a result of all this nonsense I requested to reduce my limit down to zero leaving my account pen but they said they cannot do this.
I'd like to know from you lovely lot if this is the case, can they make me keep a £300 limit I don't want? I understand I have a balance but I am not asking for the account to be closed just the limit reduced to zero as I dont want it, once the balance is paid off in 3 months it will be closed, I dont want them to increase it again next month for it to be reduced again!!
Long story short, over the last 6 months my credit limit has gone from opening limit of £150 then it was reduced to zero for 3 months then £150 reinstated, month later increased to £3750, I phoned to reduce it to £2000 with no problems. Spent £1000 over a few months making regular payments over my minimum amount due
Logged in today to see my new limit is now £300 which makes no sense at all. All they say is they have live feeds from experian and was because of information on my file - which is rubbish as it is very good with no other credit spending.
This has really narked me as to go from £150 to £3750 is crazy but then to reduce it reduce it from £2000 to £300 is crazy.
I have decided as a result of all this nonsense I requested to reduce my limit down to zero leaving my account pen but they said they cannot do this.
I'd like to know from you lovely lot if this is the case, can they make me keep a £300 limit I don't want? I understand I have a balance but I am not asking for the account to be closed just the limit reduced to zero as I dont want it, once the balance is paid off in 3 months it will be closed, I dont want them to increase it again next month for it to be reduced again!!
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Comments
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Hi TheStix and welcome to the forum
You cannot reduce your limit to zero as your balance would then be over the limit.
Just pay off the balance, either in full, or in gradual monthly payments. Then close your account once the balance gets to zeroI work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Hi TheStix
You'll need to check the terms and conditions of the credit agreement, but it is likely that Next reserve the right to decide the balance of the credit limit. It shouldn't usually be an issue that you want to reduce the credit limit but they may want you to close the account rather than have a zero balance.
Best wishes
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks for your reply and welcome
But my balance is more than my limit as limit is now £300 and balance is £1000!0 -
They should move it back up automatically once the system recognises that.
If not, give them a call and just make sure that no overlimit charges are applied.
Once you've cleared it, you can close it.0 -
Thanks for all your replies From reading other posts about next it seems it will not be done as I'd like. I will pay off the balance and close the account.
I just can't understand why they mess me around so much!0 -
What is the APR on this card?I came into this world with nothing and I've got most of it left.0
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Just thought I'd update you all to let you know I spoke to a Team Manager over the weekend who reduced my credit limit down to zero and requested they do not contact me again with limit increases. I still did not get a good reason why they changed my limit the way they have but they won't be doing to me again and balance will be paid off in the next 2 months.0
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Shakin_Steve wrote: »What is the APR on this card?
From memory, about 26%, I used to have one. You can pay it off with a credit card though, so if OP can take out a 0% purchase card, problem solved. Then close the Next directory account.
Weirdly my OH still has one, with a several £k limit, despite the fact we haven't lived in the UK for years.0 -
guesswho2000 wrote: »From memory, about 26%, I used to have one. You can pay it off with a credit card though, so if OP can take out a 0% purchase card, problem solved. Then close the Next directory account.
Weirdly my OH still has one, with a several £k limit, despite the fact we haven't lived in the UK for years.
I don't have an issue with paying the interest, that wasn't my problem. I wanted to know if they could refuse to reduce my credit limit to zero - which they can't refuse and they have now reduced it to zero for me - so for me problem solved 0
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