Don't Pay Big Payments on Your Credit Cards unless you can really afford it!!!!

A question about : Don't Pay Big Payments on Your Credit Cards unless you can really afford it!!!!

Hi there, I was made redundant in January 2009 - l was devastated but managed to secure another job - however nothing is really reliable so I decided to use redundancy money to make payments on my credit cards - I paid off my Capital One cards and they are in my draw - Capital One wrote to me thanking me etc etc

I bank with The Co-Operative and thought I trusted my bank, they know I have a salary coming in each month and I had a good relationship with them. I have a Visa card with them as well and thought it a good idea to transfer some of my redundancy money to the credit card so reducing my interest payments but hoping to keep it just in case my financial situation changes in the future - seems like a good idea

well don't do it unless you are happy to pay that money to the Bank because I received my monthly statement this morning and they had reduced the credit limit using my Ј3,000 payment as the amount to reduce the limit by - in other words they have clawed back my payment without warning me or sending a letter - I telephoned the number on the back of the statement where it states Phone us: to increase your credit limit... but the customer service department can't help but just kept repeating it wasn't their decision, they agreed that the account was a good account and they had not had any problems but it was decided by another department who are only available to speak to during the week from 8am to 4pm!!!

So I repeat - don't pay off your credit card balance unless you are prepared to write that money off and not use the card again - the Co-operative Bank have done this to me without any warning or letter to explain - where is the trust or customer care??

Capital One are the nice people here, at least they had the decency to write to me and thank me for paying off their cards and they are not reducing my credit limit behind my back in such a sneaky way

I am disgusted with The Co-operative Bank who I have been with for 20 years!!!!

Best answers:

• Its not just the Coop, its happening all over to people from all walks of life.
  Sorry to sound snotty, but remember credit is a privilege not a human right.
• One of the results of the "Credit Crunch" is that lenders are reducing their exposure to risk.
• I don't see how it is writing the money off. That is money that has to be paid back.
• For hackneygirl read badattitudegirl...
• Originally Posted by 97trophy
  Its not just the Coop, its happening all over to people from all walks of life.
  Sorry to sound snotty, but remember credit is a privilege not a human right.
  who said anything about human rights!!!!!
  credit makes money out of us so its not a privilege - its a money-making business :confused:
  I am entitled to tell my story to everyone without your "snotty" comments, I assume you work in a bank or maybe married to one of the fat cats
• I too never saw any attitude. Jees why can't people be allowed to give out what they think might be useful advice on here without the usual goon squad coming along and slating them for it.?. It is actually a very good bit of advice, i'm pretty sure there are many people being made redundant now with fairly good payouts who might be thinking of paying some card debts off to save interest and then keeping them for an emergency etc. They might be totaly unaware that increasingly the card companies might well lower their limit in accordance with the amount they pay off thus leaving them without the card to use for whatever reason should the need arise.
• Remember the forum rules, guys...
  "There's no such thing as a stupid question".
  Sure, hackneygirl may have problems, sure, maybe she could have avoided some of them... but if she needs our support as a community, lets give it to her.
  I, for one, admire the fact that she can admit where she stands, and is looking for a positive resolution.
• Dont pick on her - she has not said owt that warrants it. Remember it could off been you doing her post.
• Reading through the smoke and mirrors, the sob story that you always get as opposed to just the facts, the COOP have reduced her credit limit which is happening a lot in the current economic climate. This may well be annoying but they can do this and they do. However instead of a debate the OP rants about it, then gets corrected by some others, then OP throws the toys out of the pram.