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Credit card cheques outlawed as part of govt crac...
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CC cheques have their uses (stoozing for one ) when the fees and interest rates are low, eg 0%. Shouldn't the restrictions be geared towards companies who use cheques against you, rather than to provide additional benefits? E.g.
ban the sending of unsolicited cheques (take away temptation)
ban the addition of cheque-specific fees (prevent provider abuse)
force providers to allocate at least a proportion of repayments to expensive debt (promote more responsible lending and debt management)
Print the fees clearly on each cheque so you know exactly what it costs when you sign it (inform the user of the consequences)
You've never seen me, but I've been here all along - watching and learning...
The Following User Says Thank You to LongTermLurker For This Useful Post:Show me >>
Best news I have heard for ages! I really hate the way credit card companies keep sending these things out in the post, even where (like me) you have requested that they do not
As well as having the potential to trap unwary / inexperienced / young customers, they are also I think an open invitation for fraud and identity theft - it must be common knowledge that credit card statements contain these things (sent by ordinary post), and it just seems so open to thieves and fraudsters to take advantage. Not casting any aspersions on postal workers here - what about shared accommodation / student halls / blocks of flats where post arrives communally/ incorrect delivery / situations where people have moved and not told the CC companies / mistakes at the companies that result in letters being sent to incorrect addresses - the possibilities of these things falling into the wrong hands are almost endless.
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wonder when the government will wipe my ars? Well, it seems they are slowly but surely dictating our lives to us! If I don't want credit card cheques, you know what, i'll ask the CC provider to cease or i'll bin them!
I don't need any government to tell me how to live my life and the sooner we kick this pile of rubbish Labour into the trash where they belong the better!
I've never read such garbage in years, well not since I read that Man Utd were the best team in Europe, but that was on April 1st! How on earth can the government appoint an advocate - jees! Before long most Brits will be abroad and Britain will become a haven for the terrorists....
Go for it Gordon - ruin the country why don't you!
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wonder when the government will wipe my ars? Well, it seems they are slowly but surely dictating our lives to us! If I don't want credit card cheques, you know what, i'll ask the CC provider to cease or i'll bin them!
I don't need any government to tell me how to live my life and the sooner we kick this pile of rubbish Labour into the trash where they belong the better!
I've never read such garbage in years, well not since I read that Man Utd were the best team in Europe, but that was on April 1st! How on earth can the government appoint an advocate - jees! Before long most Brits will be abroad and Britain will become a haven for the terrorists....
Go for it Gordon - ruin the country why don't you!
Exactly - more legislation for the stupid. Surely you don't have to be particularly well educated to realise you shouldn't spend what you don't have?
If however our education system does not teach people such basics then perhaps the money should be spent on schools and adult education and not on this load of b0llocks. Once taught, people can then make their own decision on whether or not to use CC cheques or other forms or credit.
Personally I manage quite well and would prefer not to have further government interference.
As an aside, I also understand that there is a world of difference between those who have always managed their money sensibly (and through no fault of their own e.g. redundancy have now found themselves in debt) and those who bizarrely feel that they can borrow and borrow (on every form of credit imaginable) and who have no plan or apparent realisation that it will have to be paid back at some time.
Is it me...?
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wonder when the government will wipe my ars? Well, it seems they are slowly but surely dictating our lives to us! If I don't want credit card cheques, you know what, i'll ask the CC provider to cease or i'll bin them!
I don't need any government to tell me how to live my life and the sooner we kick this pile of rubbish Labour into the trash where they belong the better!
Not sure I could have put it better myself.
I hate mondays. Mondays can bite me.
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This is typical of this damn government, they bring in regulation and it is the wrong regulation. I only use CC cheques if I get offered a 0% deal and I am sure any sane adult should be sensible enough to realise that they are expensive to use. You don't want them, burn them.
As for the idea of raising minimum payments, that is fine in theory, it helps to encourage people to pay off the debt faster, but those who are really struggling are probably only paying the minimum as that is all they can afford. If they have to pay more they will be unable to - very helpful.
What the government should be doing with its financial regulations are IMHO:
1) Make all banks process payments received on the same day instead of taking 4 days or longer in some circumstances.
2) Make it illegal for banks etc. to charge extortionate rates of interest, CC companies are charging 30% or more when the base rate is 0.5%.
3) Force banks to stop their ludicrous overcharging - £38 for a bounced DD for example.
If they brought in these measures they would really help hard pressed consumers and give them a chance to sort themselves out instead of being pushed further and further under by the banks.
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Hmmm, I like Credit Card Cheques, especially when they are 0% interest and NO fee, which I have had many times in the past.
I also prefer lower monthly payments, so I can keep more money in an interest bearing savings accounts.
Have these people no consideration for the poor impoverished stoozer
Exactly, Nick - "protecting the people" is all well and good but all it does is make it harder for "the people" to get a good deal
They don't need banning, they just need to come with a prominent wealth warning (I do agree with the banning of unsolicited cheques though, mainly because they never come with good - ie zero - rates)
You've never seen me, but I've been here all along - watching and learning...
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Wonder how people can fight the temptation to make simple phone call to inform the card people that they don't want any cheques but are tempted to use those cheques to splash on a big screen plasma TV?
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Hold on a second guys. The title of this thread and the headline of the many associated news stories is quite misleading. The government are proposing a ban on unsolicited credit card cheques.
2.3.2 Unsolicited credit card cheques
There have been concerns for some time that the practice of sending out unsolicited
credit card cheques to customers could tempt people to over-borrow when they may
already be in financial distress. Earlier this year, the Government announced that it would
legislate to ban this practice. We propose that the ban would prevent the credit card
issuer sending out cheques except in response to a specific request from a customer at a
particular time. The credit card issuer would be able to offer cheques to the customer but
would require the customer to opt into receiving them.
So nobody who actually wants cheques needs to get their knickers in a twist.
Also, bear in mind that this is a white paper - the industry and other stakeholders will no doubt respond and the government may or may not actually introduce some legalisation, which in turn may or may not resemble the contents of the white paper. The various card issuers will interpret said legislation based on their own legal advice and will change their business practice accordingly.
Having worked on a number of regulatory projects in the industry, the only thing that I can say with any certainty is that the "devil is in the detail" and that the ultimate practical effect cannot be predicted at this point.
Incidentally, I did find it amusing to see certain individuals complaining of "nanny state" intervention by the government - the very same individuals who vociferously defend a consumer's right to protection under the CCA.
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Hold on a second guys. The title of this thread and the headline of the many associated news stories is quite misleading. The government are proposing a ban on unsolicited credit card cheques.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
Credit card cheques outlawed as part of govt crackdown
) when the fees and interest rates are low, eg 0%. Shouldn't the restrictions be geared towards companies who use cheques against you, rather than to provide additional benefits? E.g. 
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