Credit Card limit&payment protection

[money man]

Looking for some advice ....
I have a bank of ireland credit card for 2 years now. it was my first credit card because of a business studies teacher i had put me off them for life. Well i think its very handy for online stuff and ive never paid a cent of interest on it.

Problem is after going through all my bank statements and accounts recently i discovered i have been paying a hefty payment protection which i am certain i didnt order..( i have recalled the application from the clerical department) and they have increased my credit limit several times which i never requested. I was quite sure that they could not give you credit that you did not request but the customer service rep told me they could go into my account and do it when they want.Is this correct? Does it not seem a bit unusual to give someone unsolicited credit. i applied for a limit of xxx and was happy with that.

 

[BigM]

[broken link removed]

looks like the ban on unsolicited credit limit increases was due to come into effect in July 2006. Don't know if it did though?
That payment protection racket is a complete con - they kept ringing me up offering it to me and always sounded offended when I told them I was fine without it.. "but it will only cost you 5c per 100 euros" or whatever it is. The problem is it's very easy to say yes to something over the phone without realising it - especially when you want to get rid of them!
Good idea to recall the application form.

 

[money man]

Thanks Bigm but where do you see that about when the law was supposed to come into effect? It is a real rip off ..just read about it today on motley fool e-mail that i get every week it really gives some great advice...like ten ways to save on credit cards...how to reduce this/that etc.... really useful little things that are not difficult to do ....

 

[BigM]

Thanks Bigm but where do you see that about when the law was supposed to come into effect?

"The Financial Regulator today (12 December) publishes its response to the consultation on its new statutory Consumer Protection Code. The Code has been designed to protect consumers in their dealings with regulated financial services providers and will be a new standard in how firms deal with their customers. The Code, subject to consultation with the Minister for Finance, will come into place in July 2006. It replaces previous codes of conduct and will ensure the same level of protection is given to consumers regardless of the firm they deal with. It will also facilitate competition by providing a level playing field in the financial services marketplace"

There was a big kerfuffle recently as well when one of the banks (BoI?) were found not to have cencelled people's Payment protection plan (a rip-off in itself) after the loan had been repaid. you really do have to watch your statements and of course.... read the small print!