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M_Thomson wrote:Why should poor people who don't incur charges, yet struggle to get by month to month face have to pay a fee for their current account or a higher APR on their credit card because of people who can't manage their finances properly?
But those who don't "manage" their finances are faced with an "unlawful" fee each month.
Should poor people be issued with a credit card? Should the banks reconsider who they are issued to? Should your average 21 year old be able to receive a £3000 limit just by filling out a form?
Should the bank then offer a loan to clear the credit card, and then 6 months later offer another credit card, followed by a loan... When they are doing ok with the loan, "would you like a credit card?"
Should banking be a free service? Why? The bank has our money invested in numerous ways, they make huge profits on their business customers.True, but anyone who has had thousands of pounds of charges, will not have a very good credit rating, and will find it difficult to get credit.
12 Months ago, I considered becoming Bankrupt.
This year, I've taken on another £7000 loan, and also bought a house, I'm owed nearly £1000 by my bank in charges, I now don't have an overdraft, I now have no credit cards, and my bank are happy to continually offer me every "product" they have.0 -
Keith wrote:But those who don't "manage" their finances are faced with an "unlawful" fee each month.
If they choose to "manage" their finances, then they wouldn't have to pay a penny in charges.Keith wrote:Should poor people be issued with a credit card?
If someone who manages their finances well and has a low income, and providing the limit is not huge then why not? The general gist on here of people who defend getting charges back is that it is always poor people who cannot manage their finances and incur charges, which I think is offensive to most poor people.0 -
M_Thomson wrote:If they choose to "manage" their finances, then they wouldn't have to pay a penny in charges.
Why should those who don't "manage" their finances be faced with an "unlawful" fee each month.M_Thomson wrote:If someone who manages their finances well and has a low income, and providing the limit is not huge then why not?
Whats a low income?
Is poor an income of £X if the person has a child?
Is a low income the minimum wage?
Whats a "not huge" limit?
Even someone on £X+ could class themselves as poor depending on their circumstances...
These charges aren't a single "you've been a naughty boy take that penalty" (I understand some people pay for that
). But normally end up doubling up and end up being £70+. 0 -
Keith wrote:Why should those who don't "manage" their finances be faced with an "unlawful" fee each month.
I'll ask the same question again but phrase it in a different way. Why don't people who do not "manage" their finances choose to realise that they can take responsibility for themselves and not have to pay a penny in charges???! People who have a genuine need to be treated fairy and not get charged by banks such as people who have lost their job etc are going to find it very difficult to get charges reversed because of the world owes me everything crew.0 -
The unauthorised overdraft interest rate at Lloyds TSB (for example) is almost 30%. People who do not "manage their finances" will pay many pennies in interest charges.I'll ask the same question again but phrase it in a different way. Why don't people who do not "manage" their finances choose to realise that they can take responsibility for themselves and not have to pay a penny in charges???!0 -
Aark wrote:The unauthorised overdraft interest rate at Lloyds TSB (for example) is almost 30%. People who do not "manage their finances" will pay many pennies in interest charges.
That still doesn't answer my original question. Also if people chose to "manage their finances" better, they woulnd't pay interest at the unathorised overdraft rate.0 -
Tootsie_Roll wrote:So you agree that banks should penalise people for going over their overdraft - excellent, we agree. I have never tried to argue that the charges represent the actual costs involved (not these days anyway).
...which of course would make the charge unlawful. Penalties and fines cannot be issued without proper authority - an authority that the banks do not have.0 -
I think it would take a lot of sophistry out of this whole "charge/penalty" arguement on both sides, if the banks were allowed to charge penalties to people who refuse to manage their accounts properly.dchurch24 wrote:...which of course would make the charge unlawful. Penalties and fines cannot be issued without proper authority - an authority that the banks do not have.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Paul_H after reading through yet another one of these threads, your idea is what came to my mind too....I don't understand why people objected to paying £5 for a trip to the doctors but through mis-management pay £thousands in fees.
When I lived close to the line of overdraft etc, I used to pay everything by cheque or direct to ensure I didn't incur these charges. Be interesting to see what happens in the next months/year as there will be repercussions to this. Banks aren't a charity and WILL make money some other way.
M0
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