No wonder it can be easy to get into debt

Glittermonkey

Morning all!

I remebered this last night so thought i'd share it.

Im pretty sure it was to do with my Capital One card.

I owed about 5k on it at the begining of last year and they increased my credit limit to 7.5K, giving me an extra 2.5 to play with. I cant remeber if they offered me any special balance transfer rates, but to be honest back then it hadn't even crossed my mind to shuffle the debts around to lower rate cards.

I didnt want this credit limit as i knew if it was there, i would spend it. So i phoned them to ask them to reduce back to what it was originally

GM: Hi, I'd like you to put my credit limit back down to what it was please

Cpt 1: Why do you want to do that?

GM: Because if it's there, i'll spend it and i dont want to spend anymore money and get myself into more debt

Cpt 1: Well, you owe 5K as it is, so why not just spend it and owe 7K, it doesn't make a lot of difference, your in debt anyway!

Shocking! No wonder it can be so easy to spend spend spend if this is advice given by the customer advisor!

I did manage to get him to put it back to what it originally was after much huffing and puffing from him.

GM x

fairylights_2

It beggars belief, really!

I have the same discussion annually with Barclaycard, and OH with Mastercard. Just before Christmas they upped his limit from £6k to £12k - such a massive leap just seems mad, especially since he's been working so hard to bring the balance DOWN.

Everytime I log in to my online banking (near daily, at the moment) I have a little bit on the screen "advertising services". Well, about a month ago it came up with "you can take out a pre-authorised loan of up to £6,300 no need for signatures, cash in your account within three hours, just click here" :eek: . I was mortified!

I've been getting less and less impressed by this message, since I don't want a loan, or need a loan, but everytime I log on it's there. Last week it changed a little, now offering me £11,600. I don't earn that in the year. What ARE they doing?!?!

They say that it's the borrower's fault, but I have to think they aren't exactly blameless themselves.

loubie_lou

My graduate overdraft was increased from £200 to £1k by Abbey. I didn't want it or ask for it and Yeah Yeah I know its my own fault but I maxed it out and now they're bloddy moaning when I'm trying to bring it down by £100 a month!

Also what beggars belief is that they were just going to get rid of my OD in June and were they going to tell me no!!!! Its a good thing I got off my backside and I'm paying it back now!

Kateelizabee

Before I left university, I had consolidation places phoning me at my student accomodation. (Student loan consolidation is big business in the US.) They offered a 6 month deferrment but hung up on me when I said "No thank you, I want to get out of debt as soon as possible!"

You have to look at things differently when you're trying to get out and stay out of debt. Last week I read an ad for mortgages that said "Borrow more than you think you can!" which really means, "Get into more debt than you're comfortable with!"

black-saturn

Its all too easy to get into debt. Every day I get letters begging me to take out loans and credit cards.

slobbery

Had a letter from Natwest this morning containing a pre-filled loan application form for £12.500. All I have to do is sign it and return and money will be in my account in 24 hours if my financial situation hasn't changed.
No it hasn't, I'm still on Income Support and have been for at least 2 years!
Tempting to fill it in and then default and try and get debt written off due to mis-selling!
Anyone else any thoughts!

loubie_lou

Thats awful slobbery! Are you a customer of natwest?

Sleekit

A couple of years ago I used Egg's website to reduce my cc limit - and got rejected! When I phoned them, the guy said that someone lowering their limit was such an unusual occurence they hadn't bothered to set up the computer to handle it!

slobbery

Yes I have been a customer for many years.
They also keep giving me an unasked for overdraft - I've just given up asking for it to be removed now as it just reappears after a while!

calleyw

Nothing surprise me. As they do the same on my credit cards and I hardly spend on the things either.

So I rang them up and said can you drop it back down to what it was. I got well you will have to wait 3 months before they can up it again.

Well do you think I give a flying monkeys about that. If I wanted that much credit would I have rang up to ask you drop a couple of grand off my limit. No didn't think so.

I some times have to shake my head in disbelief at banks etc some times.

And I often get offer of loans from my own and other banks. But just because they are begging me to take it out does not mean that I would pass the credit checks. Seeing as my income is a big fat zero at the moment and has been for a while.

So prefilled forms means nothing. As you would still have to be credit checked and if on income support or a very low wage I doubt very much they give you the money.

Yours


Calley

loubie_lou

A big high street bank (which shall remain nameless) phoned me up when I was about 15 years old (long time ago now) and offered me a financial product which of course only 18+ are allowed to have.

It makes me chuckle when I think about it now becuase they were asking me if i was married or had kids!!! C'mon guys do your research first!!!!