RaboDirect: Credit Account Problem

Hi All,

About 6 months ago I applied for the RaboDirect Credit Account and got approval for €19,000. I drewdown €18,000 straight away and my current balance stands at approx. €16,500. Yesterday I tried to drawdown an extra €2000 but was refused! I thought the point of this product was that you could make regular withdrawals up to your approved limit. I have paid off more than the requested €1000 since the initial drawdown as that seemed to be the only stipulation.

I am making a monthly payment of €380 pm which is 2% of the full amount (€19000) approved initially.
Are they entitled to refuse me a drawdown up to the initial amount approved even though my payment is a percentage of the full amount.

My circumstances have not changed in the meantime.

Your opinions appreciated,
Maggs

I believe the way it works is that it has been agreed in principle that you can borrow up to €19,000. Doesn't mean thay have to give you it.

You have paid off €1,500 since your initial drawdown which is only 4 payments. Every time you go to draw down i believe they check out your circumstances at this time. So, have you now got other debt you didn't have before eg Credit cards?

Other than that i would ask them the question. You say your circumstances haven't changed but given the 2009 budget, they have! You are likley to have less income next year.