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Is there in the consumer credit act a provision for a credit card company to terminate (their words) a card account which is not in default. I am now left with a card account at 27.5%apr considerably higher than any fixed loan available. ; Section 98 Duty to give notice of termination (non-default cases) (1) The creditor or owner is not entitled to terminate a regulated agreement except by or after giving the debtor or hirer not less than seven days’ notice of the termination. (2) Subsection (1) applies only where— (a) a period for the duration of the agreement is specified in the agreement, and (b) that period has not ended when the creditor or owner does an act mentioned in subsection (1), This applies to fixed term loans, in their terms and conditions there is a clause but I think it falls foul of the UTCR regs any thoughts where I stand legaly on ths
The contract you signed with the credit card company, assuming it was a standard contract, allows them to terminate the credit card at any time. They are not canceling any amount they have already advanced via a purchase, they are canceling any future "loans" that you might want. This is one of the issues Congress is looking at addressing. A lot of companies are canceling cards, lowering limits, and raising interest rates on people who have been good customers. Thank you for allowing me to assist you. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. Please remember that we can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions. Please be aware that my answer is not legal advice, it is merely information and no attorney client relationship has been formed. You should always contact a local attorney for legal advice. Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR TEXAS ATTY” in the subject line and I will pick up the next time I am online.
consumer credit issues are dealt with in the consumer credit act 1974 as amended, the above section is the only one that mentions termination of loan agreements without default.but is specifically with regard to fixed term loans.