credit cards

[coxy68]

Hi all. I have a credit card on it's limit and although I pay the minimum each month, I don't seem to be getting anywhere because like a idiot I signed up to a timeshare which takes out about £100 a month.

I asked HSBC to cancel the timeshare payment, but they can't do that.

I want to deal with the timeshare people when they find out they are getting no money as they didn't want to help me when they are still getting the money each month.

I have just received my new card as the expirey date has run out.

Funnily enough after not wanting to know for months the timeshare people have asked for the new expirey date.

Then I thought wait a minute, if I don't give it to them plus the security no. on the back, does that mean they can't draw any more money out, or will HSBC just carry on giving them the money.

 

Does anyone have a answer to this one:smile:

[Guest tlusnoc2]

You have signed for a recurring transaction. These can only be cancelled by the company whom you set it up with and not by your bank or credit card company. The major providers are looking at ways in which to allow customers to cancel these with the bank/card provider, but as yet nothing has been agreed upon. I know it is to late for you now, however never ever agree to sign up for recurring transactions on either credit or debit cards. I also don't think the fact that your old card expired makes any difference. Therefore if you can possibly open a new credit card with another company and transfer your existing balance, this may be your best option as they can't collect form a closed account.

[Guest ArthurP]

They need all up to date info if it is a new card.

 

I would imagine that if you are in this situation again just say you have lost your card and you get a new one with different info.

[blacksheep1979]

erm I may be reading this wrong, but if you've signed a contract to pay for something and you stop payments (may seem a good idea now) they will come after you all guns blazing for the money. This may result in debt collection agencies, defaults and ccj's. Best to try sort this out with the copnay themselves.

[coxy68]

Thanks for advice, I have tried to sort it out with timeshare but they didn' want to know.

[blacksheep1979]

is it for a set amount (ie you have to pay 20 £100 instalments) or is it more of a roling contract type thing?

[coxy68]

A rolling contract £100 a month.

[blacksheep1979]

Do you have a copy of the contract and if so what does it give as terms/cancelation period etc?

 

Would write to them (recorded delivery) stating that you want to cancel as of now and are giving the correct period of notice x months.

[coxy68]

I looked at that and unless I cancelled in first 10 days there seems no way of cancelling if that is possible? I take it that it is a mortgage in effect. A lender pays the timeshare and we pay back monthly installments.

[blacksheep1979]

ah in that case I wouldn't try stop the payments or you could face a whole world of hassle

[coxy68]

Ok Thanks for advice and help