Just Say No

robertbruce

Hi
Just discovered my sister has £60k on credit card debt and other loans of over £20k as well as a mortgage.

Still recovering from shock, so I wonder how she and hubby feel.

Question is, WHAT MORON KEPT GIVING OUT CREDIT TO THIS LEVEL?

I feel as if I have just found out that a pusher has supplied drugs to her and I want to kill someone....

... but I'm a reasonable person so that's passed now.

Does anyone else feel that there is something wrong with the system that allows this to go unchecked in the name of greater profits for banks.

TREAT CREDIT LIKE DRUGS.... JUST SAY NO.

Cheers. Bob.

Evening_Star

I feel the same way. My bank agreed to a loan unsecured which they knew I couldn't afford I was so stressed at the time that I took it my own fault I know and I am not trying to pass on the responsibility but why did they throw the credit at me. It only made matters worse not better that now I am in talks with Pay plan to help me sort out the mess.
And guess what I am still getting letters throught the door saying you have been pre approved for a loan/ Credit card with a limit of between 5-10 K

J_P_S

i feel the banks are responsible to a point but i dont blame them totally, banks dont force anyone tosign anything, its all done out of choice isnt it.

i got myself into debt, noone to blame but me.

having said that though, if cards didnt exist i guess most people would owe a lot less than they do!

Evening_Star

I don't blame the bank. I got myself into debt and have to take the responsibility.

But surely as responsible lenders banks and finance companies should look at affordability before agreeing the loan / credit card.

Turning_into_scrooge

I personnally feel that financial institutions have allot to be resposible to. They push credit to people who are on low incomes and when they can't meet those payments they consolidate it into a bigger one which from that point snowballs it into a huge mountain. I take the responsibility for my debt but my bank could of helped me by being more understanding. As for your poll i can live very happily without a debit or credit card.

JAMIEDODGER

at the moment, i am using my cards as a way to juggle to pay off my debt. if credit cards didnt exist people would still have debt, it would just be on loans instead, without the flexability of cards.

when i am debt free, i will be getting rid off my cards and i wont be getting any more.

robnye

there are a lot of people on here, who have debts and are working (brilliantly) towards clearing them.

i have heard of others who try and take the easiest option to pay back as little as possible. What annoys me is these people had the money/credit and spent it on themslves/homes/family etc, then they should be made ot pay back at least what they spent.

I am constantly hearing of people who cant go on holiday, who'se littel johnny needs new shoes/clothes..... yet you can hear them jangling there jewellery as they walk down the street. dont get me wrong if its bought and paid for then all well and good, but a lot of people have the wrong attitude to debt/credit/life and beleive (very strongly) that the taxman/government owe them something.

True the credit/finance companies are still giving credit to easily, and it will take a mammoth task for the government to change legislation to stop them. but the finance companies are making an awlful lot of money and presumably passing some of it onto the government, so i cant see that happening .

it just annoys me that my wife and i work blooming hard for every penny we earn, we have debts, we make payments on them.

so comeon life give us a break...........................:(

Edna_Bucket_2

robnye wrote:

...True the credit/finance companies are still giving credit to easily, and it will take a mammoth task for the government to change legislation to stop them. but the finance companies are making an awlful lot of money and presumably passing some of it onto the government, so i cant see that happening .

Some excellent points made by robnye to balance some of the earlier ones. When people rant on about banks or any other company (Tesco, Argos, etc, etc) making profits they forget the huge sums of tax paid over that fund our public services (or Blair's pet projects depending on your viewpoint )

What has also been forgotten here is the very large numbers of people who blatantly lie through their teeth about their income and means when applying for credit. They then also presumably blame the banks for "giving it out too easily."

ceegee

Edna_Bucket wrote:

What has also been forgotten here is the very large numbers of people who blatantly lie through their teeth about their income and means when applying for credit. They then also presumably blame the banks for "giving it out too easily."

I know, I know!! It makes me mad and sometimes I wonder if it's worth being hard-working and honest and going without. Oooohhh, don't get me started on this one, Edna! :mad: :eek:

sproggi

From my own (pre-debt!) expiriences, it is not just the 'customers' that give false information in order to obtain credit.

Several years ago OH and I were looking at buying a house and needed a mortgage. My bank was unable to supply us with the amount that we required and so we approached another company by phone.
He listened to our circumstances (which are not quite straight forward) and then took great delight in telling us how we could 'get around the system'. As far as I am aware, what he was suggesting was totally illegal, it involved printing off our own letterheaded paper with the name of a fictitious company and then applying for a mortgage under the guise of owning our own company :eek: Thankfully common sense prevailled and we are still living happily in our little council house mortgage free.

Another example:
I applied for a credit card at a leading bank and they were trying to encourage me to declaire OH's income as my own! OH's money is paid into my account and I was told that because it was a regular amount under my name, that I would not even need to declaire that it was actually his money.
At that point I walked out of that bank.

Sproggi

Edna_Bucket_2

Fair points sproggi - although I also note your use of "several years ago." Let's not forget that the appalling state of financial services in the UK was created several years and more ago - let's add all the misselling of personal pensions and endowment policies to your examples.

Largely thanks to the efforts of some people on sites like this and others and much tighter regulation, I think it would be very hard for lenders to get away with such sharp practices now - they would be crucified when it got out, as it is more likely to. Consequently, and particularly with credit cards the abuse today is far more likely to be on customer applications.