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Credit Disappearing?

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Spoke to my daughter yesterday. I`ve previously persuaded her to pay of her debts, well most of them anyway, by contacting her creditors and offering a portion of her credit balance as settlement. Anyway, yesterday she told me that all of the available credit has now disappeared. One credit card, and a couple of store cards, went overnight to No Credit Available.

Personally I think this is great news, any views?

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Spoke to my daughter yesterday. I`ve previously persuaded her to pay of her debts, well most of them anyway, by contacting her creditors and offering a portion of her credit balance as settlement. Anyway, yesterday she told me that all of the available credit has now disappeared. One credit card, and a couple of store cards, went overnight to No Credit Available.

Personally I think this is great news, any views?

So basically, after she told the card companies that she wasn't going to pay off her debts owing to them they refused to extend any more credit?

Not exactly surprising, is it now?

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Personally I think this is great news, any views?

Some prelim. Q's if I may Limpet?

Is she working?

If not, will you now be providing her food clothing shelter & 're-education'?

(NB entertainment is banned in these austere times)

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A little bit of an anecdotal story from me about this:

I've got one credit card that i use for day-to-day stuff and make sure i pay off each month. I had debts when i used to own my house, but since renting have gone the opposite way and have a reasonable amount in savings. A few things have come along in the last few months that mean that the CC balance has ended up at about £2,000. Things like an over-expensive car service, some household appliances, etc. Faced with having to dip into savings which i'd hate to have to do, i decided to go for one of these 0% balance transfer things that landed in my email inbox. I'd then pay it off over the period.

I applied for the card online with Natwest, stating that i wished to transfer a balance of £2,000. They immediately said i was entitled to a limit of £9,600 :o .

Now i have no debts. No mortgage. A £40k-ish salary, and a long term job. I'm in my 30s and married. A reasonable, but not enormous, chunk of cash in savings (5 figures). I've never missed a payment on anything, and cleared my previous debts in full, the last bit being paid off a year ago when an uber-cheap balance transfer thing came to an end.

I received a letter from Natwest a week later asking me to submit 3 months of bank statements and my last P60, or if self-employed my last year's accounts :blink:

I'm not sure whether i'm offended, annoyed, or actually quite pleased by this!

I'm actually considering transferring my banking to Natwest!

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They share information monthly about the conduct of accounts now amongst each other and through credit reference agencies.

If you fall behind or shaft one company, expect all of them to cut you off quickly.

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My CC got hit with some card fraud last month, put the transaction in dispute, card got cancelled, enquiried about a replacement and was told they are not issuing a replacement!

Dont have any debts just this one credit card with a couple of grand limit that gets paid off every month.

Do you blame them? Paying the balance off in full every month? You're not playing by the rules! :lol:

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Do you blame them? Paying the balance off in full every month? You're not playing by the rules! :lol:

they still make money on charges on the purchases to the retailers...up to 4% in some cases.

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I was ahead on my mortgage payments last year, by a few thousand and rang to check I could have a payment holiday (while I am actually having a real holiday in Australia ).

One of the first questions was : why do you want a payment holiday ?

I was slightly irritated by the question, because if I am entitled.....then I am entitled...end of.

I was also aware there can be serious implications to the answer if I had money problems..

I used to be paranoid, but I don`t trust anybody nowadays.

Edited by tiggerthetiger

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I was ahead on my mortgage payments last year, by a few thousand and rang to check I could have a payment holiday (while I am actually having a real holiday in Australia ).

One of the first questions was : why do you want a payment holiday ?

I was slightly irritated by the question, because if I am entitled.....then I am entitled...end of.

I was also aware there can be serious implications to the answer if I had money problems..

I used to be paranoid, but I don`t trust anybody nowadays.

If I lend you x thousand pounds and you call me to say you would like a break from re-payments then surely I have a right to ask you why. Have you lost your job? Have you become terminally ill? Are you going through a mental breakdown? Or just going on holiday? I'd like to know thank you very much, its part of responsible lending not to bury your head in the sand as has been happening in the last 15 years of lose credit.

What's the problem with that?

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they still make money on charges on the purchases to the retailers...up to 4% in some cases.

4.5% for a small business like mine. These charges are their real revenue stream.

Bear in mind, the UK's strange credit law means they're taking a big risk every time they sign up a merchant. Making them liable for merchants who fail to deliver has the effect of putting big hurdles in the way of new/unproven businesses :angry:

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If I lend you x thousand pounds and you call me to say you would like a break from re-payments then surely I have a right to ask you why. Have you lost your job? Have you become terminally ill? Are you going through a mental breakdown? Or just going on holiday? I'd like to know thank you very much, its part of responsible lending not to bury your head in the sand as has been happening in the last 15 years of lose credit.

What's the problem with that?

Oh I guess you have a right. However I have no ccj`s, never missed a payment and the contract states I can stop at any time if I am up to date or over paid....(as I said, I had already over paid by several thousand)

You have hit the nail on the head it`s banks irresponsible lending thats got us where we are now.The banks burying their heads in the sand... The way they treat everyone the same instead of actually looking closely at their actual record of borrowing in the past.!

These banks are only seemingly becoming responsible now after the barn door has been closed...its a bit too late I`m afraid. So they have started treating everyone as if they are about to default.

PS http://www.ross.net/notes/loose.shtml

Edited by tiggerthetiger

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I have to wait 3 months before World Pay (RBS) release funds from any sales I've made via my websites.

I use Worldpay, and payments come through to me the day they're made!

They do charge us, but at least they make some effort to distinguish trustworthy clients :P

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Can you actually draw on it though?

What do you mean, draw on it? The money appears in the business account, which happens to be with Barclays.

Are yours for regular monthly payments or just ad hoc sales?

In theory, both. But never succeeded in getting subscribers for regular-payment services. :(

Edited by porca misèria

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Funny to see the usual howler reversed :lol:

You lose your shirt when you gamble. You loose your bowels when they come to collect the debt.

mm loosen your shirt instead....you may just hang onto it.. B)

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I heard an anecdotal from a friend about Barclays the other day.

They work full time in financial services and have a clean credit rating.

Barclays withdrew all their overdraft facility immediately, without notice. He phoned them to be told he would be receiving a letter shortly.

He occasionally dipped into the overdraft of £500, so it was not as though Barclays were not making any money from him.

Edited by Saving For a Space Ship

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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