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The Masked Tulip

10 Million In Debt Thanks To Easy Credit

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Shouldn't that be 10 MILLION In deby due to stupidity ?

Once, I would have said yes.

Now though, I understand how easy it has been for the TPTB (the scum) to interfere with price signals and ensure there is as much confusion in the system as possible, their sole aim of wrong footing normally prudent types.

If you equate stupid with the wrong footed then yes they were stupid.

Here's an example

...bankers have a strong incentive to design products to be as complex and non-transparent as possible. These products enable them to earn returns upwards of 25 percent, because customers simply do not understand the extent to which they are being had.

http://www.spiegel.de/international/business/0,1518,781590-2,00.html

I guess the analogy / parallel might be....... those who don't read the small print are stupid........all 20 pages of it.

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I guess the analogy / parallel might be....... those who don't read the small print are stupid........all 20 pages of it.

What I don't understand is that I thought consumer protection covered these sort of shenanigans - i.e. that what was being sold should be what the customer reasonably thought they were being sold (specifically to prevent unjustifiable t&c etc.).

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What I don't understand is that I thought consumer protection covered these sort of shenanigans - i.e. that what was being sold should be what the customer reasonably thought they were being sold (specifically to prevent unjustifiable t&c etc.).

yes but the customer did understand,

they wanted a credit card

bank gave then credit card

that is all the customer is interested in, the bank dont give a shit as the customer has signed away saying the read and understood the T&C's, all legal obligations ticked. morral doesnt come in to it

100 pages of small print, the important information like APR's on page 66, Paragraph 12b, subsection 3.

that holds no information what so ever, and reffers you to 15 different tables on 6 different pages, in 4 different appendicies, which 3 of those are on the T&C part of their website.

i recently got a credit card after my debt issues (silly i know, but it has a £500 limit that i can easily pay of each month) this was with my bank HSBC, they gave me 1 pages of T&C's with everything big and bold.

i asked if this was everything, and i wanted ot know ALL the charges, etc, the girl at the desk looked puzzled, and said that no-one asks about this, they just want the money

i now am informed of all the charges, and if i get charged, i can reasonably say it was my fault for those charges.

Edited by Monkey

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yes but the customer did understand,

they wanted a credit card

bank gave then credit card

that is all the customer is interested in, the bank dont give a shit as the customer has signed away saying the read and understood the T&C's, all legal obligations ticked. morral doesnt come in to it

100 pages of small print, the important information like APR's on page 66, Paragraph 12b, subsection 3.

that holds no information what so ever, and reffers you to 15 different tables on 6 different pages, in 4 different appendicies, which 3 of those are on the T&C part of their website.

i recently got a credit card after my debt issues (silly i know, but it has a £500 limit that i can easily pay of each month) this was with my bank HSBC, they gave me 1 pages of T&C's with everything big and bold.

i asked if this was everything, and i wanted ot know ALL the charges, etc, the girl at the desk looked puzzled, and said that no-one asks about this, they just want the money

i now am informed of all the charges, and if i get charged, i can reasonably say it was my fault for those charges.

But the bank prefers the thick customer who has no hope of being able to pay the credit card back as they charge and charge and keep charging until one day they get the money back, with lots of charges on charges added on top. Happy Bank.

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But the bank prefers the thick customer who has no hope of being able to pay the credit card back as they charge and charge and keep charging until one day they get the money back, with lots of charges on charges added on top. Happy Bank.

Which is why the banks were so desperate to get borrowers over their heads in debt - they can't kick in those charges until they ****** over the customer.

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Which is why the banks were so desperate to get borrowers over their heads in debt - they can't kick in those charges until they ****** over the customer.

As the fools fell into the trap they needed the Official Solicitor to be their Guardians and Protectors as they were such irresponsible and vulnerable fools. :rolleyes:

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What I don't understand is that I thought consumer protection covered these sort of shenanigans - i.e. that what was being sold should be what the customer reasonably thought they were being sold (specifically to prevent unjustifiable t&c etc.).

...could be the next big misselling scandal after endowment mortgages and payment protection insurance...some lawyers probably working now to create this new style cottage industry.... :rolleyes:

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But the bank prefers the thick customer who has no hope of being able to pay the credit card back as they charge and charge and keep charging until one day they get the money back, with lots of charges on charges added on top. Happy Bank.

But some did understand.

and some have never had a debt

That's the bank's, or systems' really clever part.

The 'others' are now being right royally screwed as the economy is collapsed by those who didn't understand you had to earn money, or to whom credit wasn't explained.

Edited by LiveinHope

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But some did understand.

and some have never had a debt

That's the bank's, or systems' really clever part.

The 'others' are now being right royally screwed as the economy is collapsed by those who either didn't understand you had to earn money, or to whom credit wasn't explained.

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But some did understand.

and some have never had a debt

That's the bank's, or systems' really clever part.

The 'others' are now being right royally screwed as the economy is collapsed by those who didn't understand you had to earn money, or to whom credit wasn't explained.

to be fair the savers didnt really understand anymore than the debtors, just the same they never understood the debtors had to be capable of earning the money (servicing the debt) for their savings to be valid, certainly iro non debt based purchases

Edited by Tamara De Lempicka

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to be fair the savers didnt really understand anymore than the debtors, just the same they never understood the debtors had to be capable of earning the money (servicing the debt) for their savings to be valid, certainly iro non debt based purchases

I'm interested in what you say. And you are right, but

I'm pretty sure jo-bloggs' savers understood, as while no one person could know this present situation would come, most would have thought it would be the inevitable, logical outcome of 'buy now, pay later'

I would put jo-bloggs 'savers' in the upper IQ bracket of the general population.

Those savers who did understand, but kicked it into the long-grass, are those for whom consumer spending and the feel-good factor it generated served a purpose. Unfortunately, neither enough savers to kick them out of office, nor to persuade the geese being fattened to foie gras on their credit diet to 'kick em out' of their office(s). Twas, is, ever thus.

That is probably the most garbage I have ever typed, but 'I' know what I mean :-)

Edited by LiveinHope

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  • 284 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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