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Halifax Credt Card APR


Lena
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Hi Guys

I hope you can help me! :)

My husband and I have a credit card with the Halifax and have had it open for over 4 years now. We stupidly paid for a holiday with it last year and have failed to pay it off; it's at a £5000 balance now.

We make the minimum repayment by direct debit every month without fail, and are never late paying. Without even realising, (admittedly I haven't checked the statements religiously) the APR has been increased to 28.9%!!! Daylight robbery, so now our minimum payment does not even cover the interest and repayment protection at the end of each month.

I called the Halifax and was put through to Customer Retentions, fat lot of good they were. I asked for them to reduce the APR for a 6-12 month period so we could continue paying the £100+ direct debit monthly payment but we could actually have a chance of reducing the balance. They refused saying that the only way they would look to change the APR is if we declared financial hardship and then they would freeze the account. This would mean marking our account as 'high risk'.

My argument is, we are not in financial difficulty, (yet) but we do want to reduce our credit card debt, we are advising Halifax in advance of any financial difficulty, so why can they not help us now? Why do they have to wait for us to default?

Does anyone have any ideas on what we can do with this, I am so furious with this situation!!!!:evil:

Many Thanks in advance

Lena

p.s I have looked at balance transfers and consolidation and that is my last resort, I want to know why Halifax do not want to help!

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If your credit rating is still in good order, have a look on the martin lewis site and find a good balance transfer CC and change it. don't always go for the 0% for twelve months, it may be better to get a low% until the transfered balance is paid off.

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Thanks Chris

 

Our credit rating is average/good, but not excellent and after listening to all the ''credit crisis'' talks on the news, I doubt that we could do a balance transfer.

 

Does anyone know if it legal for Halifax to refuse a request such as above? To reduce APR on a short term basis.

 

I am getting very frustrated with this mess!

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Are you sure you need the PPI for starters? Would you actually be covered if something happened, are you sure that the terms cover you?

 

As to your question as to why Halifax don't want to help, the answer is easy: Because they'll make more and more money out of you if you can only ever pay the minimum and never clear the balance. With a bit of luck (for them), you'll struggle enough that you'll go over your limit and/or pay late, thereby triggering a nice bunch of charges, which themselves will make it harder each month to catch up, so that you get more charges and so on, ensuring that you are in hock to them for the rest of your natural life.

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No I don't think we need the PPI and I do not recall them ever giving us an option to actually take this up!

 

I know exactly why they won't reduce the APR i think that they are a bunch of crooks, I am in the process of regustering my concerns at the OFT so that they can give me their advice, maybe they know if this is lawful or fair?

 

I will certaily look into a loan pr balance transfer though, the battle is not yet over! :mad:

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Well, if you don't need the PPI, cancel it ASAP, that will save you a fair amount over the years.

 

If you think that they just lobbed it on without asking you, it might be worth asking for your original agreement to see how it was added. (different types of ticks, etc...) Or if you wouldn't be covered (unemployed when sold the product, self-employed, pre-existing conditions that would bar you from claiming, etc...) you could go after them for refunding the premiums, have a look in the PPI forum. ;-)

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  • 8 months later...

Update, got our agreement and it does not have a tick next to the box on the agreement requesting the PPI, also they have passed our details around for weeks on end and have now wrote back saying they can't find how we were sold the insurance and suggest we go and see our branch where it was sold in the first place!

 

Well we would but the branch closed about 2 years ago!!

 

I have today issued a formal notice stating that if we do ot have a settlemtn in full within 14 days we will have no choice but to file a claim at the county court. I have literally copied everyone I could think of into the letter and emailed it too!

 

Financial Ombudsman

Office of Fair Trading

HBOSPLC

Trinity Road

Halifax

HX1 2RG

Ms. Rachel Hinchliffe

HBOS PLC

Legal Services - Retail Division

Trinity Road

Halifax

HX1 2RG

Andy Hornby

Executive Office

Halifax PLC

Trinity Road

Halifax

HX12RG

Adrien Percy

HBOS PLC

Trinity Rd

HALIFAX

HX1 2RG

Not to mention the addressee's

The Complaints Department

Halifax Card Services

Pitreavie Business Park

Dunfermline

KY99 4BS

Hopefully this will work.

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