Banks make debt too easy

Catseyez

Hello,

This morning I signed into my online bank account and before I could view my statement, was taken to a page that explained I could get a loan within 3 hours today, providing I completed the form by 2pm. No paperwork involved, everything sorted online and I could borrow a maximum of £25,000!!!!

It's no wonder that people find themselves in debt so quickly. Had it been a few years ago, I expect I'd have been at least tempted by it. But today, I declined the option to 'go to online application'!!

It makes me wonder how many people are sitting there, filling it in, making sure they finish it by 2pm today.

-x-

wishingonastar_3

i agree entirley, i've just recieved my credit card statement, which says yet again theyve put up my spending limit by £5,000, and i've had to ring them yet again tosay i don't want it. if its there its too much of a temptation for me. least i know i can be strong and say, no take it off again. makes you wonder how many people don't though.

Bunnie1982

We had something similar-ish

My fiance went into our bank to arrange an appointment with them to discuss downgrading our joint account (to stop an account charge) later that day a representative phoned him and said "as your credit rating has dramatically improved we would like to offer you a loan"

We thought this was hilarious as fiances credit was in a terrible state and we knew there was no way on this earth he would get the loan

We went in and told her that we knew for a fact the loan would not be accepted and that my fiance was sorting his finances through CCCS, she turned round to us and asked "what are you doing a thing like that for"

Yet 6 months earlier one of her colleagues told my fiance his only option was bankruptcy (which wasn't true)

Ali-OK

Yes, I agree.

I had a letter from a cc company advising they had increased my credit limit by another £4K - up to £18K !!!

I phoned them and said no thanks - put it back where it was! The advisor was not amused, even telling me that having a higher limit was better for my credit rating and showed how good I was at managing my account. Yes - that's because I'm overpaying like mad to get rid of the balance!!!! :mad:

rchddap1

The job of the banks is to get as much money out of us as possible. And quite often they don't care if having a £25k loan is the best thing for our situation. I've had similar offers myself from a variety of 'financial institutions'. Would be easy to accept...but a very silly thing to do.

MoaningMyrtle

Totally agree, the temptation is everywhere, especially credit card and catalogue people jumping out at you in the High Street or Supermarket.
Also if you buy something in a shop and they say 'would you like to save 10% today on your items by opening a store account?'

I just say 'No thanks, I've had them before and I can't pay my bills'

jesster_2

I know someone who had debt trouble and asked the bank for a temporary £100 extension on the overdraft to see them through. Bank said: no we can't extend your overdraft because you don't have enough money... but you are eligible for a loan of up to £15,000!

If you haven't tried the 'credit card experiment' that i posted a while ago, have a go and scare yourself at how these limit increases can leave you in real trouble.
http://forums.moneysavingexpert.com/showthread.html?t=185516

blt

I had a similar experiemce with my bank - I wanted to temporarily increase my overdraft by £100 for 3 months just to cover me over a lean period. They said no. I then asked to open a cc account with them. They said no. BUT!!! I could have a £10,000 graduate loan! What?!! This was Lloyds by the way

Pobby

My nephew who is 18 has been offered £15,000 for a new car.The payments over 5 years are half his total take home pay.The little begga wouldn`t be talked out of it.Mind you,he got a great deal on the insurarance,it`s only £2,000 a year!!!!!!!!!!!!!!!!! :eek:

Old_iron_balls

Yep, I agree.

Ive recently paid off two loans with my bank TSB.

When i was in trouble a while back asking for help and advice they didnt want to know.

Now they are offering me allsorts....

"are you going on holiday this year Mr iron balls ? why not come into the branch and lets see if we cant help you on your way"


bloodsucking leeches !

isgman

Even when I was dealing with the bank and credit cards trying to sort out a repayment plan,, they have all asked me if I wanted another loan... some are still sending me the "offer" of a loan dispite my problems...makes you wonder..