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Credit Card very Sudden limit decrease.


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Hi

 

i have a credit card with a £14800 limit. 
 

balance on card is approx £8500

 

First I knew of it was when I received a letter yesterday from the bank collections department to say they had reduced my credit limit to £5800 and I was now £2700 over my limit and what was I going to do about it?  The letter was very blunt. 

 

Can the bank do this with no notice? I’ve been worried sick all weekend

 

I would be grateful for any advice please. 
 

 

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Well nothingt to be worried about, so don't stress.

 

but to ans you Q, yes sadly they can do this.

 

doesn't mean they can demands the immediately, nor in one bulk sum

 

who please?

 

£14.8 k is a very large unused balance to have flying around.

 

dx

 

 

 

 

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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Banks do assess credit worthiness when looking at the credit limits.

 

Can you think of any reasons why the Bank think you are now less credit worthy ?

 

Have you spent quite a bit on credit over recent months and the amount of debt has increased ?

We could do with some help from you.

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Hi. It’s Bank of Scotland. 
 

Surely I’m doing this, they then will register with a credit agency that I am way over my limit 

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Debt value is going down.  It’s the fact that they didn’t tell me and then got a letter from collections team informing me I am way over my limit!

 

it feels like they have pulled the rug out from under me so to speak and I am now left grossly over limit 

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Online Banking with email communications ? Or mobile Banking app ?

 

Or is it old fashioned posted letters/statements ?

 

Normally Banks issue notification of at least 2 months about credit limit changes.  And account holders normally are asked to contact the Bank, if they have any issues with new limit.  

 

Suggest complaining to Bank of Scotland, asking what notification they issued ?  And given the reduced limit now means you are over the limit, how are they reporting this to the CRA's, how long are they giving you to reduce the credit balance to below the credit limit etc.  Ask them these questions which follow from their decision.

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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Send them an SAR and also check your credit file

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Consider making a balance transfer to bring it within the limits ?   As far as Im aware they cant charge over limit fees for a period of 45 days since you were informed of the decrease.

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your Topic please PM me a link to your thread

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they do this when people spend a while making the minimum payments as they think you are struggling financially so want to pre=empt any possible spending you cant afford by using ther money.

Pay  a decent amount of the balance and they will restore the limit to something more realistic to your circumstances

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