Credit Card Interest Charges

[Storm]

The Office of Fair Trading (OFT) has received a super-complaint from consumer watchdog Which regarding credit card interest rate calculation methods.

The consumer campaign body has asked the OFT to look at concerns relating to the number of different methods used to calculate interest rates for credit cards. The OFT will now fast track this complaint and announce within 90 days what action it proposes to take.

A second super-complaint relates to credit card penalty charges.

[tracy.h]

Hi storm
I have a credit card with baclaycard,it hasnt been used for over a year,and i stopped makeing payments as advised by former ip in september the balance then was £6200,now i have recieved a letter telling me it is £8800,yet when ip submitted my iva the balanec was £6900 and that was in feb 07.
How can it raise by £1800 in 5 weeks,it seems very extreme,as other balances havnt changed by much
Thanks
Tracy

[Adam Davies]

Tracy
Did you transfer onto the card a previous balance for a preferential rate ? If so perhaps they have changed this to the full rate ?? Can,t think of another reason.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[tracy.h]

Hi andy no never transferred any balance,always had the same rate,i was shocked,but i will call to find out,as i said this seems extreme.
If it was a loan then maybe i could have understood
Thanks anyway,it will make a change me calling a creditor and not the other way round