Credit cards

[BensGrandad]

We seem to be gettinga lot of phone call from companies saying that if the terms of a credit card have changed since it was taken out, this is illegal and they will have the card cleared. The usual charge is about £300 with a guaranteed refund if not succesful. Is this a scam? If it is correct does it affect the credit rating for future credit etc. Anybody have any knowledge of this or the companies that offer their services, which they maintain is government backed.

 

[Springal]

Its just like the bank charges thing, some loophole on payment protection I think, meaning if you took it out, you can say it was mis-sold and get money back. Probably worth it for people dis-honest out to make a few quid

 

[Westdene Seagull]

We seem to be gettinga lot of phone call from companies saying that if the terms of a credit card have changed since it was taken out, this is illegal and they will have the card cleared. The usual charge is about £300 with a guaranteed refund if not succesful. Is this a scam? If it is correct does it affect the credit rating for future credit etc. Anybody have any knowledge of this or the companies that offer their services, which they maintain is government backed.

Do it and watch how quick you get refused credit in the future.

 

[BensGrandad]

The last one said that ANY change to interest rates etc are not what the original agreement stated when it was signed so makes the agreement and imposition of these charges illegal.

That is what I thought about future credit.

 

[Westdene Seagull]

The last one said that ANY change to interest rates etc are not what the original agreement stated when it was signed so makes the agreement and imposition of these charges illegal.

That is what I thought about future credit.

Sounds a load of rubbish to me - any credit card I've ever taken out has clearly stated that the rate is VARIABLE once any initial offer period has expired.

 

[severnside gull]

Do it and watch how quick you get refused credit in the future.

Unfortunately THIS.

You can freeze your credit card if you don't accept the higher charges but don't expect to get another one or at least not at the same rate.
My card has increased by 5% over the last year as I suspect has most peoples. All I plan to do is keep the balance down to the lowest level commensurate with getting on with my life and meeting my committments and not worry about it. One day the government will act to make some very minor change that gets them brownie points for being seen to be doing something but until then I can live with the increase but not with the whole can of worms that comes from fighting it.

 

[beorhthelm]

is it a scam that someone cold calls and asks for £300

credit card terms change all the time, i think this is only specifically relating to payment protection fees. if you could simply clear a card for say the name of the holding company or the interest rate changing, every card bill in the land would be 0.

 

[Horton's halftime iceberg]

Its about companys making a buck out of you for doing something you could do yourself. If you are in debt or difficulties talk free to debt line for impartial advice and then call or write to the company yourself.

However any agreement you make will be recorded and possibly exchanged with other companys via your credit history file. This affects you getting set up for utilities, cable TV to getting loans and mortgages.

I think they are cons and should let you know when advising, you could do this all your self by going to citizens advice or downloading forms from free online services.

 

[Bones]

We seem to be gettinga lot of phone call from companies saying that if the terms of a credit card have changed since it was taken out, this is illegal and they will have the card cleared. The usual charge is about £300 with a guaranteed refund if not succesful. Is this a scam? If it is correct does it affect the credit rating for future credit etc. Anybody have any knowledge of this or the companies that offer their services, which they maintain is government backed.

I had this phone call the other day.

The lady on the phone blabbed on like you said above. She then said as you know you have quite alot of money owed on your credit card. When I said actually I have 99p owing she hung up.

I quickly checked my balance just incase, and all I owed was 99p.

SCAM!

 

[clippedgull]

All cold callers are scammers in various ways. Simples!

If I am remotely interested in anything from a cold call I always ask for the details to be sent in writing before I will part with any money or card details. They never do!

 

[Fungus]

Scam. Avoid. Fall for this, and you'll get on a "suckers list" resulting in endless phone calls.

If callers tell you they're selling something, tell them you already have it.

If they talk about debt, tell them you don't have any.

 

[Tom Hark Preston Park]

Scam. Avoid. Fall for this, and you'll get on a "suckers list" resulting in endless phone calls.

If callers tell you they're selling something, tell them you already have it.

If they talk about debt, tell them you don't have any.

This. Also any mail that says 'Important Documents Enclosed!' and is addressed to 'The Occupant'. They don't know who you are.

 

[Dominoid]

Scam. Avoid. Fall for this, and you'll get on a "suckers list" resulting in endless phone calls.

If callers tell you they're selling something, tell them you already have it.

If they talk about debt, tell them you don't have any.

Where's the fun in that though? Far more enjoyable to pick a random, completely non related phrase and see how long it takes them to realise that you're not going to say anything else. My personal favourite is the old Omegle stalwart "I own a horse"

 

[Fungus]

Where's the fun in that though? Far more enjoyable to pick a random, completely non related phrase and see how long it takes them to realise that you're not going to say anything else. My personal favourite is the old Omegle stalwart "I own a horse"

"And would sir like insurance for your lovely horse? Vet bills these days can land you with huge debts..."

PS. Thought I might try "I own a season ticket", but they'd probably try to sell me a PSL!

 

[Mammoth]

If you think you have a legit complaint about ppi or interest calculations, do it via the Financial Ombudsman Service- won't cost you a penny, and at least they should tell you pretty sharpish if your case won't fly.

Then watch as the banks give you 30 day notice to close your accounts.......

 

[BensGrandad]

Most have suggested exactly what I thought that it was a scam to remove £300 from me and also give my bank details. There was no suggestion that I had unmanageable debts or financial problems just that the credit card was now illegal by the changing rates etc.

As somebody suggested if I had problems I would deal with them myself but this offer seemed to good to be true which probably means it was a scam. That being the case how can they say that the scheme is a government backed scheme.

 

[Fungus]

That being the case how can they say that the scheme is a government backed scheme.

They're just telling you what they think you want to hear...

 

[Dominoid]

Let's be hoenst, they're lying to you about everything else, I imagine they'd have no issues with lying to you about their accreditation.

 

[Horton's halftime iceberg]

Some are sort of legitimate in that they will be registered legal firms, but like ambulance chasers or car replacment firms have no morals on who they use to gain fees and money from any company or individual that are regulated.

Technically when you agree credit you need to sign a document, this is regulated by law. If you take this apart line by line and follow on line advice you may find a whole that allows you to challenge the agreement and thus demand it invalid.

Its a bit like sending your kid to a school, they fail to pass an exam and you sue them for your kids loss of future earnings i.e a pretty poor claim culture. Some banks and companies are known to have made errors or roll over easy to claims. They send out say milllion texts/emails, they only need a few hundred successes to enabke them to claim back inflated costs, clear some of your debt and give you a bad credit score to boot.

 

[Dominoid]

Whilst I agree that these sort of firms with the PPI claims and suchlike are ***** (you sign it, you deal with it in my opinion) how would it be giving you a bad credit rating? Surely the debt would simply be marked as "Settled" and the credit file wouldn't say whether this was a cash payment or a court case so the overall effect would be a better credit rating (assuming you're paying your other bills on time)