New tactic to get even more money from debtor

[louiseh]

I received a letter to day from Morgan Stanley informing me that they have reviewed my credit status and are now reducing my credit limit. Not paid for 2 months should recieve IVA proposal next week.
I was nowhere near the limit on this card but they have reduced it to such a level that when the next interest charges go on ( a few days from now) my credit limit will be exceeded giving them an excuse to add more charges to my account. Is this legal, sounds like they'll try everything to squeeze a few more pounds out of me before IVA approval (hopefully!)

[jamesfalla]

This sounds like an interesting stance from Morgan Stanley. At the end of the day, under the terms of your agreement with them, they are allowed to reduce your credit rating at any time. However, once your IVA is accepted, they will have to stop charging interest anyway.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[Sadsack]

As you have not yet entered into an IVA and I can only assume (don't like making assumptions) they have not been informed that you are contemplating entering into one, I am afraid they hold all the shots here and can do as they please. However, I suggest you inform them of your intentions - and any charges that they intend making will just end up at the end of your IVA. They can charge what they like, at the end of the day, whatever your proposal says you can give them in terms of p in the £, thats all they will get - thats of course if everyone of your creditors agree.
Hope this helps
Sue

[louiseh]

Morgan Stanley are well aware that I am proposing an IVA, I informed them of my situation before missing a payment, over 2 months ago now. They started harassing me before I'd missed a payment, the harassement has not let up if anything it's increasing. I've told them I'm not answering any more of their phone calls as they are trying to bully me and are definately harassing me and I'll take the matter further if they don't let up. So to me it seems like I make a move they don't like, they just try another tactic.

[Sadsack]

You keep giving it to them girl!!! I have requested DebtDummy's Helmet, but will promise to share it with you if she lends it to me!!! Let them try what they like - you are within your rights to tell them to "bog off". Speak to your IP and tell them what is happening and ask them to sort it for you. The only unfortunate thing is, they will keep trying and you have to stay firm.

Sue

[louiseh]

Thing is they think I'll cave in and just say okay have all my money just leave me alone, but it won't happen. I may say *** off I'm going bankrupt and you'll get nothing!! The more I'm pushed the more I'll dig my heals in. Could do with the helmet though to protect me from the rest of the c**p that is no doubt comming my way

[tracy.h]

Stay strong you are doing all you can and if they continue to pester you threaten to put a complaint in.
I know lily posted details to Lisa of who to contact so if you browse lisa's posts then you will get details,when is your creditors meeting,hopefully its soon and this will end.

Tracy

[Oliver]

Interesting tactic. Stick to your guns and keep concentrating on the light at the end of the tunnel which your IVA will provide once accepted.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp