CapitalOne Credit Card

[Bearmaggie]

My partner and I currently have a credit card with Capital One. The reason we chose this credit card a few years ago was due to the interest rate and the fact that they stated you would get that interest rate for the life of the card.

 

They've now sent out a standard letter advising that they are increasing the interest rate from 5.6% to 9%. On the back of the letter are your options if you don't want to go on the new interest rate:

 

Option 1 - Pay off full balance and close account

Option 2 - Pay off balance monthly, but cut up card. Once balance paid off, close account.

 

So not many options really if you don't want to go on the new credit card. Can they legally do this, as the offer on the credit card when we signed up guaranteed that interest rate for the life of the account.

 

Any advice would be greatly appreciated.

 

Bearmaggie

[IdaInFife]

Depends on the origianl agreement if it stated this in the t and c's or not

 

if you do not have a copy then you can send off:

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOUR COMPANY OR ANY COMPANY YOU CLAIM TO REPRESENT

Re: Account no: xxxxxxxx

Thank you for your letter dated (enter date) which has been noted for future reference.

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77(6) will apply.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance.

Yours faithfully,

 

 

Including £1 fee preferably postal order and send recorded but print your name do not sign

 

 

Ida x