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OnlyMe

Credit Card Firms Fail To Vet Applicants

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Staggering figures, lies and and the debt sprial.

http://investing.reuters.co.uk/news/newsAr...CREDIT-LIES.xml

LONDON (Reuters) - Almost 90 percent of people who successfully applied for credit cards over the past year were not asked to give any proof of their income, according to a survey by credit card comparison company USwitch.

Some 95 percent did not have to prove any ability to repay their debt, the survey found, raising concerns that banks have "lend now, pay later" culture, the survey, carried out last month, found.

Nick White, head of personal finance at uSwitch, said measures were needed to ensure that money was lent in a responsible manner.

"As consumer debts escalate, there need to be clear measures in place to ensure providers are lending in a truly responsible manner," said White.

The survey of 1,937 people also found that only one in eight was honest about salary.

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I mis-read your title, and was wondering why veterinary surgeons should be denied a gold card... :lol:

:lol::lol:

Just goes to show that the situation is totally out of control. You would have thought that the CC companies would have started to tighten up their proceedures given the rising rates of Bankruptcies and job losses. The economy is in serious trouble and they do not appear to have any idea of how to deal with it.

It suggests that they do not have the right people in the right jobs. If I was a shareholder I would be moving my money away from UK banks. They are heading for trouble. When the bad debts start rolling in they had better have their contingency plans in place or they are going to get hurt and that will mean more jobs losses.

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I think a substantial number of morgages approved in recent years are sequered on dubious information.

It makes interest rate hikes mouth wateringly difficult for these lying numbnuts to cope with

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  • 302 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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