Very catalogue interest rate rise

[JJneedshelp]

I have a Very mail order catalogue for many many years,

have a huge credit limit and only every owe it £100 - £150 at a time at most.

 

 

Maybe a couple of day late payments but NEVER been in default, never not paid etc etc.

 

can they just send me a letter increasing the general interest rate from 14% to 26% a

nd make it apply to the amount I have outstanding.

 

 

I thought it would be on future orders but it appears it's on everything I owe.

 

Can they just randomly put the rate up?

 

 

I didn't order goods at 26%

 

 

can they legally just effectively charge me what they like.

[goodatresearch]

Is me had done the same. Very annoying.

[dx100uk]

no they cant

 

 

you can close the account and pay it off under the old rate.

 

 

dx

[havinastella]

These companies do this lots when they are not making any money off of you.

 

They don't want you to have the account so raise the APR, so as DX has pointed out, you can legally close the account and pay under the old %.

[goodatresearch]

Must admit won't stop me ordering as I've always paid before interest has been applied (buy now pay later etc).

 

 

These companies do this lots when they are not making any money off of you.

 

They don't want you to have the account so raise the APR, so as DX has pointed out, you can legally close the account and pay under the old %.

[kabukiman]

no they cant

 

 

you can close the account and pay it off under the old rate.

 

 

dx

 

 

Interesting, I've had a look at the terms and conditions concerning interest rate hikes you could terminate the contract and time to clear the balance but no mention of length of time, would that be minimum payments. I assume this would apply to all credit agreements.

[goodatresearch]

Yes minimum payment.

 

 

 

Interesting, I've had a look at the terms and conditions concerning interest rate hikes you could terminate the contract and time to clear the balance but no mention of length of time, would that be minimum payments. I assume this would apply to all credit agreements.