Citi bank

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KAMRAN

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Post by KAMRAN » Sat May 31, 2008 3:09 pm
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Hi All,

Just thought i would let you guys know i recieved a letter today from Citi Bank advising my as i have missed a payment on my account they are going to increase my APR from 16.9% to 32.99%......

I am in an IVA now so they can do what they want with their APR..... but how bad is this i phoned them to let them know i was finding it hard to make payments and i am looking into an iva (which has now been approved)and they have since decided to shoot by APR to 32.99%

Is that what they call trating customers in a fair way!!!!!

Has any one else had anything like this????
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kallis3

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Post by kallis3 » Sat May 31, 2008 3:12 pm
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Kamran, that is terrible! You can't make your payments so hey! let's make it even more difficult for you to clear your debt! That's not very responsible of them!

At least you have the protection of the IVA. I think I would be tempted to phone them and once again tell them of your Iva status.
Sharing from experiences of dealing with debt
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bigpete

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Post by bigpete » Sat May 31, 2008 3:27 pm
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Kamran: "as i have missed a payment on my account they are going to increase my APR from 16.9% to 32.99%"
One wonders who the thicko's are who run these outfits, obviously if the person can't pay their rip-off rates, they certainly won't with it at 32.99% - we had a similar thing with citi bank - pre Trust Deed..
But don't forget folks (well most of you) : "With regard to the query about what happens to the money which is written off, this is set against profits generated by the bank and may often be insured - so the losses actually attributed to the lender can be minimal."
So what has citi bank, et el got to loose? - disgusting..
Last edited by bigpete on Sat May 31, 2008 3:28 pm, edited 1 time in total.
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kallis3

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Post by kallis3 » Sat May 31, 2008 3:36 pm
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Minimal or not, they don't want to make any losses at all. Perhaps their insurance premiums are too high????????

None of my creditors did that though. If you miss another payment, do they put the apr up again?????????
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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KAMRAN

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Post by KAMRAN » Sat May 31, 2008 3:46 pm
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not sure but would not suprise me if they did
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plasticdaft

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Post by plasticdaft » Sat May 31, 2008 4:00 pm
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And after the 32.99% APR is surpassed,a limb or kidney may be used as suitable payment!!!

Dick Turpin methinks!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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kallis3

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Post by kallis3 » Sat May 31, 2008 4:03 pm
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If you managed to catch up with your payments, would they drop the APR back down?

You could spend the rest of your life just paying the bare minimum to remain where you are (if you follow my meaning!)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Dominic

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Post by Dominic » Sat May 31, 2008 4:08 pm
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Good god what kidney did they offer to sell for you too?
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TheMatrix

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Post by TheMatrix » Sat May 31, 2008 6:03 pm
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Don't they realise that all interest and charges have to be frozen once you are in a IVA.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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kallis3

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Post by kallis3 » Sat May 31, 2008 6:10 pm
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I don't think they do. On the day mine was accepted, I had a call from Mercers. Now I know they didn't know about the IVA, but even when I told them, their next question was to ask when I was going to make a payment! I had to repeat that I was in an IVA and they couldn't ask for money anymore!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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kallis3

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Post by kallis3 » Sat May 31, 2008 6:11 pm
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I don't think they do. On the day mine was accepted, I had a call from Mercers. Now I know they didn't know about the IVA, but even when I told them, their next question was to ask when I was going to make a payment! I had to repeat that I was in an IVA and they couldn't ask for money anymore!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Soulgrowth

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Post by Soulgrowth » Sat May 31, 2008 7:39 pm
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So they are charging themselves money then aren't they!! I had a few of these back in the days when my IVA went through ... it really made laugh.

Debbie
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Adam Davies

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Post by Adam Davies » Sat May 31, 2008 7:44 pm
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Hi
BigPete sums it up beautifully
You are in difficulty so the banks answer is to double the APR ???
It could well be that they want to increase the debt as much as possible in the shortest time possible therefore maximizing the banks return if and when an IVA is agreed
Regards
Andam Davies
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