Barclaycrd Vs Confused

[CONFUSED45]

Hi

 

Hoping someone could help me, received the following letter in post today from Barclaycard.

 

Dear

Following a review of our exisiting accounts, the decision has been taken to withdraw your Barclaycard credit facility(s). This decision was taken due to the fact that your account does not meet the organisations new assessment criteria. Unfortunately, I am unable to discuss in any details the criteria concerned with your closure as it is company information and as such is confidential.

 

In accordance with the Barclaycard conditions which permits wither party to end the agreement, we hereby give notice of termination of this agreement with immediate effect.

 

You will continue to receive monthly statements until your account is repaid in full. Payments should be made in the usual way. Should you fail to do as requested or default on any future payment, your account may be referred to a debt collection agency or legal action taken.

 

Please ensure that you cancel any continuous debiting authorities by writing to the companies direct.

 

Yours sincerely

 

Would really appreciate comments on what I should do now

confused

[BankFodder]

Well the first thing is that the bank has a new obligation to treat you fairly under recent FSA regulations. They obliged to do this. It is not a matter of choice. So by making this peremptory decision to terminate your contract and not giving you any reasons they are in breach of these regulations. This means that the first thing you can do is you can complain and tell them that you wanted to go to the ombudsman under the new FSA regulation. However this will take a long time to happen it will not help you in the immediate future. Frankly there is little you can do.

 

They will try to say that they reserve to themselves the right to terminate your agreement at any time. The fact that they are now medically fairly to do this the same reasons and to do with you fairly about it will have no effect on them.

 

I don't really expect any of the banks take any real steps to comply with the new FSA regulations until they are forced to and humiliated to probably by court action. The banks are outlaws and this includes Barclays.

 

They are meant to tell you about the decision-making process and so you could serve them with an SAR. Our so-called information are particularly Parcelforce information which is led to this decision and to know what their decision-making process is.

 

Although this may satisfy your immediate anger -- eventually it will have no effect.

 

The best thing to do is to complain to the FOS -- but reconcile yourself to the fact that this will have no effect on anybody and probably the FOS will simply say that they have a contractual right to do this. I don't believe that the FOS is typically geared up to apply the FSA regulations on fairness.

[CONFUSED45]

Hi

 

Thanks for getting back to me, now they have terminated my agreement, can they legally keep adding charges and interest every month at credit card apr rates or should it be converted over to a repayment type loan account.

confused

[Still_surviving]

Hi Confused

 

May I ask what you think caused this letter to be sent out? Is the account in dispute / over limit / behind with payments?

 

Obviously you need not answer as its maybe a bit personal, but Im interested on the grounds that if this is a new tactic, I will be expecting to receive 2 such letters of my own.

 

All the best

[CONFUSED45]

Hi Still Surviving

 

Missed one or two payments, but had agreed payment plan with Barclaycard/Mercers last week and in that conversation they agreed to look at my interest rate and consider reducing it, no mention of termination.

so I am totally confused:confused:

 

confused

[Still_surviving]

These people appear to have the morality these days of a slop bucket....

 

So in a nutshell, its 'agree to pay our ever increasing interest rates (when the base rate is at an all time low) or we cancel the account.

 

I think in my case, rather than getting any response to my charges reclaim letter, im more likely to get termination notices.

 

Cant wait....charges claim is over 55% of the balance, and the account is in dispute.

 

Needless to say, stay strong, and use the knowledge offered here. I thought living without credit cards would be impossible, but its amazing how a change of mental attitude can improve things no end.

 

If you havent already done so, make sure you CCA BCard for your agreement, and reclaim any penalty charges & interest levied on your account

[CONFUSED45]

Hi still surviving

 

Thanks for your response, will cca them in the morning.

 

confused

[slick132]

Hi Confused,

 

If you have all your old statements, check through carefully for any default charges which you can reclaim.

 

If you don't have the state's and think there may be charges, send off a SAR.

 

Re the withdrawal of your a/c, you can kick and scream till the cows come home, but I doubt it'll change anything. I think you should pick your battles wisely and this is not worth challenging.

 

I assume, if they terminate the a/c, that they'll stop adding interest but maybe others can comment on this.

 

[CONFUSED45]

Hi Slick132

 

thanks for your comments, they have said in their letter they will continue to issue statements until the account is paid off and if I default on any future payments, my account may be referred to a debt collection agency, but nothing about whether they will continue to add charges/interest to the account, which if the agreement has been terminated then can they legally add charges/interest when no agreement exists?

 

regards

confused

[slick132]

Hi Confused,

 

I'll see if we can get some further opinion about whether BC can continue to charge int't on the a/c when they have withdrawn use of the card and are waiting for you to pay it off.

 

It would be different if they had terminated the a/c and passed it on to a DCA. Then they would charge no more interest.

 

[citizenB]

Hi Still Surviving

 

Missed one or two payments, but had agreed payment plan with Barclaycard/Mercers last week and in that conversation they agreed to look at my interest rate and consider reducing it, no mention of termination.

so I am totally confused:confused:

 

confused

 

 

Have they agreed a repayment plan where the interest rates have been stopped ?

 

I think I see what they are doing. Tescos did this with OH. When he advised them he was struggling, they agreed to the stopping of interest and a repayment plan. However, they defaulted and terminated the account first.

[CONFUSED45]

Hi

No they hadn't agreed repayment plan where interest was frozen! just that I would pay x amount per week which added up to the full minimum payment due on the account each month. At no time was reduced payments and that no interest would be added mentioned!

So should I write a letter to ask/request that now the account has been terminated by them that no interest/charges should be added. But after today's ruling they would most probably just laugh at my letter!!!!!!!

 

confused

[slick132]

Hi Confused,

 

Today's ruling has nothing to do with credit card a/c's.

 

Unless any other suggestions come through, I see no harm in writing to BC and asking them if they will now stop adding interest, so you can pay off the a/c as they wish.

 

If you are in financial difficulties, confirm this and say, if they don't stop adding interest, you'll have to consider your options carefully.

[CONFUSED45]

Hi Slick132

 

Thanks for your email, will write a letter today requesting interest stops being added.

 

will keep you updated

 

regards

confused

[CONFUSED45]

Hi Confused,

 

Today's ruling has nothing to do with credit card a/c's.

 

Unless any other suggestions come through, I see no harm in writing to BC and asking them if they will now stop adding interest, so you can pay off the a/c as they wish.

 

If you are in financial difficulties, confirm this and say, if they don't stop adding interest, you'll have to consider your options carefully.

 

Hi Slick132

 

Just remembered this account which they have terminated, use to be a goldfish card and was trasferred over to Barclaycard but don't remeber signing any new agreement, is it worth doing a cca request or is it too late now they have terminated.

 

confused

[slick132]

Hi Confused,

 

You can send them a formal CCA request (enclosing the £1 fee) if you want to question the enforceability of the a/c.

 

[CONFUSED45]

Hi Slick132

 

Thanks, will send one tomorrow

 

confused

[CONFUSED45]

Hi Confused,

 

Today's ruling has nothing to do with credit card a/c's.

 

Unless any other suggestions come through, I see no harm in writing to BC and asking them if they will now stop adding interest, so you can pay off the a/c as they wish.

 

If you are in financial difficulties, confirm this and say, if they don't stop adding interest, you'll have to consider your options carefully.

 

Hi

 

Wrote to Barclaycard requesting requesting that they stop adding interest and charges now that they had terminated my account, to enable me to repay the balance, I have today received the following letter pasted below

would really appreciate your views or opinions as what todo next.

 

http://i863.photobucket.com/albums/ab199/confused44/img055.jpg

 

http://i863.photobucket.com/albums/ab199/confused44/img056.jpg

 

regards

confused

[slick132]

Unsurprisingly, BC have not responded to your letter at all. They've sent a template response to an Account in Dispute letter, or one which asks them for the agreement which they failed to supply.

 

I can only suggest you send another letter sticking solely to your request that they stop adding charges and/or interest to the account.

 

Maybe address it to Barclays London HQ if you agree with me, that they completely ignored the content of your last letter.

[CONFUSED45]

Hi

 

Thanks for coming back to me, I will write back to them again requesting that they answer my original letter. But I am wondering reading between the line if they do actually have the agreement as this was an account which was passed over from Goldfish!

 

confused:confused:

[oilyrag]

removed or

Edited January 27, 2010 by oilyrag
deleted

[sarnie2109]

Subscribing to this as I had card originally Morgan stanley then Goldfish Now Barclaycard!