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geordieman

Opus Credit Card APR increase to 44% !!!!!!

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Hi

 

Sorry if this is not the correct area but I couldn’t find an Opus CC area

 

I have an old defunct Opus credit card that used to be Citi (I think). The original APR was average when the card was active but over the years it’s crept up and is now quite high at 31%. The balance on the card is about £4k and I can only afford the min payment.

 

Ive received a letter telling me the APR is increasing to a staggering 44% !!!

 

The final bit of the letter states:

 

If you would prefer to repay your outstanding balance at your current rates of interest just call us by [date]. We will close your account and you can pay off your existing balance within a reasonable period and without incurring a financial penalty. Please note this will mean you wont be able to use your credit card (lol) and you must pay off any outstanding balance.

 

I intend to write to them but I’m struggling what to say. I have not used their card in years (they closed & cancelled my account in Nov 2011). Any idea’s what I should do/say

 

Thanks


Current Debt : Approx £LOTS :-( ........................................................................Estimated Debt Free : Nov 2014 :-D

 

Barclaycard (wife) £1,080.43 Refunded

Barclaycard (me) SAR in progress

Shop Direct (x3 accounts) SAR completed. Claiming £3389.37 charges and £3,500 PPI

MBNA ..........SAR in progress. Charges & PPI from 1996 - present!

 

Your next ----> Lloyds Mastercard x2 - OPUS - Coop Visa - Monument Visa - RBS Visa - Cap One Visa x2 - Redcats x2

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No doubt wiser heads than mine will be along soon, but in the meantime...

 

Don't go off half-cocked and start writing things you may regret. Please get some advice here first.

 

For the time being.....

 

How long is it since you made a payment or admitted the debt in writing (how far off being Statute Barred is it)? I appreciate your post suggests you are currently paying this.

 

Have you made a CCA request (is the debt actually enforceable)? Some of these 'passed-around' cards don't have valid agreements.

 

Have you had PPI on this card (if so, was it mis-sold and reclaimable)? I guess you have as you have claimed on other PPIs.


Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

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Hi

 

Thanks for the reply. Im paying the min payment each month and have not yet SAR'd them yet to see if PPI exsists and a CCA request has not been done.

 

The problem I have is time. The date the want a reply is only a few weeks away


Current Debt : Approx £LOTS :-( ........................................................................Estimated Debt Free : Nov 2014 :-D

 

Barclaycard (wife) £1,080.43 Refunded

Barclaycard (me) SAR in progress

Shop Direct (x3 accounts) SAR completed. Claiming £3389.37 charges and £3,500 PPI

MBNA ..........SAR in progress. Charges & PPI from 1996 - present!

 

Your next ----> Lloyds Mastercard x2 - OPUS - Coop Visa - Monument Visa - RBS Visa - Cap One Visa x2 - Redcats x2

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OK, thanks for that.

 

As you are still paying I see no harm in replying that you do not accept the interest rate hike. That will, at least, stop it going up and you don't use the card anyway.

 

Get a CCA request off to them straight away using the template letter in the CAG library. You might get lucky and they may have 'misfiled' it. If they comeback with one, post it on here and get advice as to its validity.

 

Certainly SAR them if you wish - it will cost you £10 but may be worthwhile if PPI is in there.

 

Has this debt been defaulted (I assume not)? If so, when? If you don't know you should check your CRA files. You can do this online. In my opinion, it is not a bad idea to check CRA files regularly anyway.

 

As I said, wiser heads will be along soon. I have only been 'involved' in this subject for a few months and with a steep learning curve - there are some real experts on here.


Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

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