Jd williams

[MIKE770]

Interest rate increases without informing the customer CONC rules i.e customer not informed:- ? surely there is a time limit before they introduce increase, and the customer given a chance to disagree and state no further use will be made of the facility and just pay off outstanding under original interest Rate????

[MIKE770]

ONC 6.7.16R01/04/2014RP
Where a firm increases a rate of interest based on a change in the risk presented by the customer, the firm must:

1. (1)
   
   notify the customer that the rate of interest has been increased based on a change in risk presented by the customer; and
2. (2)
   
   if requested by the customer provide a suitable explanation which may be a generic explanation for such increases.
   
   [Note: paragraph 6.20 (box) of ILG]

[MIKE770]

Note:- no arrears ever and payment before due date everytime more than requested amount!

[MIKE770]

25 views and no comment

[Amethyst]

Morning.... Is the interest rate increase across the board or specific to the account ? ( ie.

based on a change in risk presented by the

customer

; )

JD WIlliams website.

standard interest rate is 24.99% per annum

Think that's a bit optimistic - don't most people pay around 40% ?

Our right to vary the agreement

We reserve the right to vary any part of this agreement (including the APR, interest rate(s), charges and regular minimum payment) at any time by giving you at least 21 days notice in writing. We may vary this agreement for the following reasons:

• Changes in the cost of providing the service
• Changes in the cost of funds or base rates
• Changes to law, regulation, or other external factors that may affect you
• Changes needed to operate our business in a profitable and prudent manner
• Changes in the risk make-up of customers or the overall mix of fees and charges applied, or both

[MIKE770]

39.9% - now for while it has been it seems has been 58% only noticed lately no notification etc been received they are trying limitation exercise I think??? as they are trying to circumnavigate the issue?

[Amethyst]

58% ? Blimey that's quite extreme. You are entitled to ask them for an explanation of the interest rate change so as a first step I'd do that, ask them when it changed, when you were notified that it changed and the reason for the change.

What've they said ? ( presumably you've already asked them about it lol )

[MIKE770]

still awaiting proper response ? so far different people saying investigating, then as per agreement you signed etc then I sent CONC what you are saying awaiting now