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Recent credit card debt rules n regulations on min payments


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Hi

Ive taken a quarter of my credit card debt off over last months but my card recently got stopped because i'd only been paying just over the minimal amount monthly.

 

The lady at HSBC said that i'd need to pay off the entire debt on the card in order to lift the block on the card & that a new lay covering all banks has been implemented to encourage people to get out of card debt faster..i.e by cancelling their card.

 

I offered to pay half but it wasn't acceptable.

 

She said i've been emailed about recent changes in rules & regulations clamping down on folks with credit cards not paying enough off monthly but i've looked & see no emails.. 

 

My question is..

has there been recent changes & should i have been made to pay it all off to lift the bar on the card..

I had to borrow from family but not everyone would be luck if have to pay over £1000 in one go. 

 

Much appreciated 

 

Tumilty 

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there were such measures yes

but they were well before covid stuff instructed them to allow payment freezes/breaks etc etc.

 

why are you living off off credit?

 

what is happening to your income and where does it go...not on bank charges and an OD balance i hope!!

 

 

 

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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thanks, apparently they've notified me ages ago but i don't know where, no messages when i login to intenet banking. 

I'm not living off credit i've had card for years , just linked up to amazon etc. 

 

Have the measures been a recent thing? The lady i talked to said they were. Did seem a bit drastic a measure as opposed to setting up a payment plan.. I'll check my junk mail.

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thanks  Andyorch for that, a very informative read. It does still seem a tad harsh seeing as i have wiped a quarter of it off over the last 6 months by not using the card then for them to cancel the card on sites like Amazon etc but i admit i've only been paying just over the minimal amount per month so that's maybe it.. 

 

There was no other way of resolving the situation without paying the whole thing off, she even said i could take out a loan from a private loan company to pay it off, over £1300 which i would've hated to, i just feel for them who weren't as fortunate as me. 

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they should not be advising taking a loan out, but ofcourse you can't prove it as it was over the phone.

 

 

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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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Quote

 It does still seem a tad harsh seeing as i have wiped a quarter of it off over the last 6 months 

 

It does indeed....as your not a persistent minimum payer and assume you keep your account in good service.The T&Cs and conditions that you originally agreed to would state that you are bound by the minimum payment of x% per month of the balance...to be asked to pay the full balance would appear to me as they have breached the agreement..as your T&Cs do not state you must pay the full balance in order to use the account.

 

The above link I have posted is only advisory and not mandatory as far as Im aware. 

  • Thanks 1

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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Cheers, Andyorch i asked what the options were hoping there could be some kind of payment plan but no, felt a bit in a corner seeing as she could see my balances. 

Done now I suppose at least its out of way, family bank now to pay off. 

 

Dx100uk, yeah I panicked n asked options, I still can't find the email I've been sent reminding me. 

 

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Hello Tumilty

 

I had one of those Email a while back from Capital One, they also had the cheek to send me 2 letters 9 days after the Email on the same subject....

 

Junk mail is often deleted atomically  after 30 days depending on who your Email provider is

 

Have a read of this   

 

https://www.fca.org.uk/news/press-releases/fca-tells-credit-card-firms-review-their-approach-persistent-debt-customers

 

https://tinyurl.com/y5qwp47l

 

Link takes you to FCA website.

 

Good luck

 

...

Please use the quote system, So everyone will know what your referring too, thank you ...

 

 

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  • Andyorch changed the title to Recent credit card debt rules n regulations on min payments

Hi 45002 & thanks

 

I've checked the inbox in HSBC account, gmail etc & nothing there.. She probably said i've been contacted in order to say i've had enough chances to pay higher monthly amounts so now it's too late so you've got to pay the lot. 

 

It's paid now, i guess there's not much more i can do i just wanted to pay a more affordable rate although if i'd seen emails i probably would've cooperated. 

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just a quick question regarding HSBC Flexi savings account without me having to start a new thread

 

My Flexi saver card was rejected & taken at the cash point, so i called HSBC & they said that since today there is no card for this account anymore and any money in that account that you want to take out by machine or spend via chip n pin/contactless, should be transferred to a current account..  Is this true. ?

 

Many thanks

Edited by Tumilty
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well nationwide did the same thing earlier this year to my saver A/C

it's probably a good thing as many savers stupidly keep £1000's in an A/C that can be drained by simple debit card fraud.

or even more stupidly keep £1000's in any current with a simple debit card access.

 

its good personal security to never keep more than a few £100's in any A/C that has card access.

 

we read and indeed have seen it happen here.

 

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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thats what i do 

all income goes into an savings AC directly and monies then transferred as and when needed.

 

dx

 

  • Like 1

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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I can't find anywhere that says that of Nov 16th HSBC have stopped cards for the Flex savings account. For those without Internet banking it would be impossible to take out cash from that account as would have to transfer monies to current account. 

Can anyone find anything please? 

 

Thanks 

Edited by Tumilty
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