old credit card re-pricing letters

[gazza1820]

Hi

 

I am new to this forum and hope someone can help me.

 

I have been paying off five credit cards over the last four/five years at 24%+ interest

(reducing by around £1 per month) and

 

only recently have I found out about the APAC's agreement of 2009 with the banks

and what options they should make clear to their customers when imposing new interest rates.

 

I do not have the original re-pricing letters, but i am almost certain they did not offer me the option

of closing my account and keeping the 'old' interest rate and paying off the debt by

continuing my monthly payments until the debt was cleared.

 

I have written to the banks in question (barclays- Egg; mint, tesco, halifax and HSBC)

and asked them for a copy of the original letters.

 

So far only one has replied - Halifax.

 

They insist they do not keep copies of the original copies,

and have sent me a copy of their 'system' generated rate change letter.

I do not know yet if this is their current one, or one from 2009 etc but it does show the option

that I could close etc.

 

I wonder if anyone has copies (obviously with any personal data removed) of the rate re-pricing letters from these banks dating back to 2009? (or older ).

 

Thank you in anticipation

 

Gazza

[citizenB]

Yes, indeed they are supposed to write to you prior to any increase and give you the option of closing the account and repaying the balance at the old interest rate. I think they are required to give 30 days notice.

 

Unfortunately, I am unable to help with any of the banks you mention.

 

A subject access request to the banks in question should provide you with a communication log/diary of events and the sending of these letters should be recorded on those. That might be your only option to establish if these letters were indeed sent out.

[BRIGADIER2JCS]

Hi

 

I am new to this forum and hope someone can help me.

 

I have been paying off five credit cards over the last four/five years at 24%+ interest (reducing by around £1 per month) and only recently have I found out about the APAC's agreement of 2009 with the banks and what options they should make clear to their customers when imposing new interest rates. I do not have the original re-pricing letters, but i am almost certain they did not offer me the option of closing my account and keeping the 'old' interest rate and paying off the debt by continueing my monthly payments until the debt was cleared.

 

I have written to the banks in question (barclays- Egg; mint, tesco, halifax and HSBC) and asked them for a copy of the original letters. So far only one has replied - Halifax. They insist they do not keep copies of the original copies, and have sent me a copy of their 'system' generated rate change letter. I do not know yet if this is their current one, or one from 2009 etc but it does show the option that I could close etc.

 

I wonder if anyone has copies (obviously with any personal data removed) of the rate re-pricing letters from these banks dating back to 2009? (or older ).

 

Thank you in anticipation

 

Gazza

 

Barclays from personal knowledge have had such notices from around the mid 2000s.

[gazza1820]

Hi

 

thanks for the comments, but I am sure they sent the letters, but very UNSURE that the letters included the option to pay back at lower interest rate over the period of time that it would have been if left alone. I think they used to just say something like 'you can close your account and pay off any outstanding balance' or words to that affect.

 

cheers

 

Gazza

[BRIGADIER2JCS]

Hi

 

thanks for the comments, but I am sure they sent the letters, but very UNSURE that the letters included the option to pay back at lower interest rate over the period of time that it would have been if left alone. I think they used to just say something like 'you can close your account

 

 

 

 

and pay off any outstanding balance' or words to that affect.

 

cheers

 

Gazza

 

 

 

Barclays & NatWest/RBS certainly have had the option to close and repay at the lower rate since mid 2000s.

[gazza1820]

Hi Brigadier

 

Yes, I do think some of the banks have had the option to allow customers to close and pay etc BUT i think they only offered if the customer 'phoned in looking for help, wheras my argument is that the APAC agreement says they should bring that to the customers attention in the rate change letter, that is why i am looking for copies of the letters from 2008 onwards.

 

Gazza

[BRIGADIER2JCS]

Hi Brigadier

 

Yes, I do think some of the banks have had the option to allow customers to close and pay etc BUT i think they only offered if the customer 'phoned in looking for help, wheras my argument is that the APAC agreement says they should bring that to the customers attention in the rate change letter, that is why i am looking for copies of the letters from 2008 onwards.

 

Gazza

 

 

The ones I have seen were sent to customers who were running the accounts on minimum payments only and were close to their credit limits, these have notice of an interest change happening in 30 days time and offered the choice of closing the account and paying off the balance at the old rate, or keeping the account open at the new higher rate.

 

 

These were from around 2005-6 onwards.

[gazza1820]

Hi Bud

 

do you have any copies?

 

regards