Consumers turn to Plastic !!

Generali

Very interesting. I didn't realise they could be used to repossess your home. It's a pretty sweet deal for the banks lending people money at 20% or whatever a credit card rate is when it's secured lending!

luvpump

I can see the new year is going to be very difficult indeed for many families :sad:

neverdespairgirl

amcluesent wrote: »

The CC companies have now clocked that they can sieze peeps houses when they miss payments. It's a quirk in the law to turn CC debt into a secured loan.

Expect loads more repos as a consequence.

It's not quite as simple as that.

If a company obtains a CCJ, and if the terms of the judgment (payment in installments, for example) are not met, they can apply for a charging order, securing the debt against the house. Actually repossessing is not a given, by any means.

confused31_2

ive used them in the past and transfered balance after balance from one card to another, ive got it right down to below a 1000 pound now, and i should clear that in the next few months with some money ive got coming my way.

Saying that i havent cancelled any of them and i reckon, looking at all my limits i reckon i could go out and spend about 60,000 pound on them, its tempting but i think ill leave them in my wallet(well my credit card wallet ive got a seperate one):D

Does it affect your credit rating if you have got a lot of cards, ive dont the full circle with balance transfers.

confused

Cat695

confused31 wrote: »

Does it affect your credit rating if you have got a lot of cards, ive dont the full circle with balance transfers.

confused

Yes it does especially if your not using the cards at all, as it reduces the amount of credit you can get from somewhere else.

The rule of thumb is if your not using it then get rid.

confused31_2

ill have cear out tomorrow, saying that im not going to need any more credit for a bit, i could clear my motgage with my cards.(only joking)

confused

Cat695

confused31 wrote: »

ill have cear out tomorrow, saying that im not going to need any more credit for a bit, i could clear my motgage with my cards.(only joking)

confused

Bloody tempting hence why I have never had or ever will get a CC.....far to tempting

moanymoany

It is always a good idea to close the cards behind you. That way it shows on your credit rating thingy and it means it's not available to use and rack up more debt.

We have one card and pay it off every time it's used. We have had it for donkey's years and if they are concerned about a transaction - if it's out of our usual pattern, they phone and check.

Max_Headroom_3

confused31 wrote: »

Saying that i havent cancelled any of them and i reckon, looking at all my limits i reckon i could go out and spend about 60,000 pound on them,

A few years ago I had a go at stoozing (with moderate success, lot of hassle though). At one point I worked out I had enough credit available to me at that moment via various (fairly high limit) credit cards, overdraft, and a couple of other lines of potential credit that I could if I wanted walk out the next day and buy a brand new Bentley Continental GT!!

Not a chance in hell of managing the repayments of course!

That was one of the things that made me realise just how insane the amount of credit offered to people was, and that it surely couldn't go on forever.

And as we've now seen, it sure couldn't..!

jamescredmond

3yrs on and I'm still stoozing - this, for me, is the ultimate in consumer revenge - even if it can be a bit of a hassle.

no sign of a slowdown in offers, though; in fact, quite the reverse.
only this a.m virgin rang to ask me if I'd like a CL increase.

I suspect that CC co.s are closing business to 'risk' and targetting those with a good cred. rating - a flight to quality, so to speak.