Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Recently, the interest rate has shot up to nearly 30% APR, with no prior warning from the bank, and also there is now no interest free period (she asked the bank about this, they said "we would have told you, but you don't have a current account with us").
She's never missed a payment since getting the card and every single month, pays more than the minimum.
Now she finds herself paying £100 or more per month, on a balance of just under £3K. The interest is nearly £70pm and the balance is just not going down. She has made some cash withdrawals, but having checked old statements against recent ones, the cash and purchase interest are listed separately, and have both increased drastically for no apparent reason.
They closed her account without her asking for it to be closed in September 09 (although she did not renew the card), and they are still adding on the interest.
Is it legal for them to increase the interest rate like this? Is there anything she can do about it?
Feb 07 rates (monthly):
Purchases: 0.945%
Cash: 1.356%
Lloyds TSB Credit Card, Interest Rate Increasing
TSB credit card, started in September 2005.
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