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Increase In Your Compound Interest Rates

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A rambling post but I thought I'd include it all on one post!


Received notice,as below,about increase in interest rates.


Is this a 'sent to every customer letter' or is it possibly a response to the SAR that I made to them some three weeks ago as it offers me the option of staying on my old rate -23.53%-if I close my account,but if I do close it then...


'This means that you will continue to

repay your outstanding balance at your current rate of interest but you will not be able to use your card for any further

--transactions, nor be able to re-open your account at a later date.


At the moment I am not in any dispute with Halifax and make payment every month albeit just the minimum but sometimes a few £'s more.

I have not yet made application for the refund of late charges but will when my SAR turns up!


A suspicious mind might think that they are trying to encourage me to close my account so that I would be unable to do so!


I don't ever recall the compound interest being so prominently displayed and explained--another way of encouraging one to leave?


When rates of compound interest are stated is there a requirement for the frequency of their application to be stated?


The rate increase is 2.42% [bank of England where are you?] on Purchases and Transfers--I have no Transfers-- but no mention of an increase in the 29.95% rate for cash which I have used!


My balance is just shy of £2k and the card dates from the 1990's.


Changes to your Halifax Credit Card Conditions


Some important changes are being made to your Halifax Credit Card conditions, which are detailed below. Please take a few

minutes to read through this information.

What is changing?


The compound annual interest rates* on your credit card will increase to the following:

• Purchases 25.95 % p.a. (variable)

Balance transfers 25.95 % p.a. (variable) ,


These changes will apply to your account from your July 2009 statement date. Please note that these changes only apply to your

standard rates. Any existing balances on special promotional rates are not affected by these changes until the end of the special

promotional period.

How much will this cost you for purchases?

As we've increased your purchase interest rate, this will cost you 17p extra each month for every £100 worth of purchases that

remain unpaid on your account, plus interest on interest charged unless paid off.

Our service to you

You do have the option of closing your account if you wish to stay on your existing rates. This means that you will continue to

repay your outstanding balance at your current rate of interest but you will not be able to use your card for any further

--transactions, nor be able to re-open your account at a later date.

To close your account or discuss your options prior to this'

change taking place, please call us on the number below before 5th July 2009.

If you have any other queries about your account, please call us on 0845 603 2125.

Yours sincerely,

Anne Gartshore

Senior Manager Customer Services & Support


**Compound interest is the interest paid on both the original amount borrowed and interest so far accumulated. Please note that these rates do not

include any handling fees that may apply to the transaction.


Any observations or comments?

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a closed A/C does not prevent you from reclaiming anything!



please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Well ive just sent for my cca's and sar from halifax and had same sort of letter saying my interest rate has gone to 27.95% So who knows

plus 2 £35 charges in the same day for going over overdraft by £18

Your not alone



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