Charged for moving a credit balance off a card!!

ICan'tStandIt

I have to say that I didn't understand any of that really !

If this was a standard refund of a credit balance/overpayment/positive balance, call it what you will, I really don't get why First Direct would charge.

I've had credit balance refunds before, never that much though, and have never been charged. Similarly, I've worked for various lenders and have never seen a customer charged either

Where was the refund from ?

YorkshireBoy

ICan'tStandIt wrote: »

Where was the refund from ?

I don't think it was a refund at all (although the OP does seem a little reluctant to state exactly where it came from)...more an attempt at stoozing that went wrong.

ICan'tStandIt

YorkshireBoy wrote: »

I don't think it was a refund at all (although the OP does seem a little reluctant to state exactly where it came from)...more an attempt at stoozing that went wrong.

Oh then he can afford it then Tough !!!!!!

YorkshireBoy

ICan'tStandIt wrote: »

Oh then he can afford it then Tough !!!!!!

You're all heart!

Moggles_2

Personally, I wouldn't risk putting a credit card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance. Modest amounts that arise temporarily (due to a refund, for instance) are okay, but the Ts & Cs of some cards (e.g. First Direct) specifically prohibit payments that deliberately place the account in credit.

The outcome certainly depends on the lender involved and their interpretation of anti-money laundering procedures. If you do this with some credit cards, their fraud dept will put a stop on the card and you won't be able to use the card at all.

From feedback here, these issues are not resolved quickly, so it pays to keep within your Ts & Cs. Additionally, we're told section 75 wouldn't apply if you spent from a positive balance because technically it's not credit. Also, if your card were stolen, you wouldn't be covered for fraudulent transactions.

freak01

Hello

I'm sorry guys if this is slightly off subject. I'm new to the forum and couldn't really find the right thread for my question.

I know someone (quite a few people actually) who is deliberately "working" the credit system in this country. They have no real assets to their name, i.e they live in a council house. This particular person in question actually has their own business (LTD company) and for the past couple of years has managed to get numerous credit cards to their name as well as business credit cards and business loans.

The total credit might run into hundreds of thousands of pounds, they have already bought cars worth £80000 using this credit. The objective is to try and purchase or withdraw as much of this credit available to them and then simply claim bankruptcy. They are married and anything purchased is slowly being transferred to their partners name. They are able to hoodwink the banks and credit card companies initially by paying off monthly minimum payments.......which of course the banks love as they are recieving interest and more often than not results in them increasing the credit limits.

My question is how is it possible to report this "future" fraud, since it hasn't actually taken place yet, technically. How is it possible to inform the various authorities so that they can investigate or at least suspend credits to this person. There are various procedures for reporting benefit fraud or tax fraud etc.....but nothing for this sort of credit fraud. At the end of the day we are all paying for it and I would like to know if you guys have any advice for me? Any help appreciated. Thanks.

dfh

freak01 wrote: »

Hello

I'm sorry guys if this is slightly off subject. I'm new to the forum and couldn't really find the right thread for my question.

I know someone (quite a few people actually) who is deliberately "working" the credit system in this country. They have no real assets to their name, i.e they live in a council house. This particular person in question actually has their own business (LTD company) and for the past couple of years has managed to get numerous credit cards to their name as well as business credit cards and business loans.

The total credit might run into hundreds of thousands of pounds, they have already bought cars worth £80000 using this credit. The objective is to try and purchase or withdraw as much of this credit available to them and then simply claim bankruptcy. They are married and anything purchased is slowly being transferred to their partners name. They are able to hoodwink the banks and credit card companies initially by paying off monthly minimum payments.......which of course the banks love as they are recieving interest and more often than not results in them increasing the credit limits.

My question is how is it possible to report this "future" fraud, since it hasn't actually taken place yet, technically. How is it possible to inform the various authorities so that they can investigate or at least suspend credits to this person. There are various procedures for reporting benefit fraud or tax fraud etc.....but nothing for this sort of credit fraud. At the end of the day we are all paying for it and I would like to know if you guys have any advice for me? Any help appreciated. Thanks.

Mind your own business !

jojitsui

I have possitive credit on my credit cards from time to time from paypal and on line poker.
Always spend the money as quickly as i get it tho

CannyJock

freak01 wrote: »

My question is how is it possible to report this "future" fraud, since it hasn't actually taken place yet, technically. How is it possible to inform the various authorities so that they can investigate or at least suspend credits to this person.

There's no such crime as "possible intention to commit fraud in the future". So nothing that can be done.

Having a council house doesn't preclude someone incorporating a Limited company and being it's sole director. The Limited company accounts are public so if you're interested you can look them up on Companies House website (http://www.companieshouse.org.uk/). If a person is declared bankrupt or has committed certain insolvency offences then he or she can be barred from acting as a director by the DTI. It becomes illegal for that person to be a director or manager of a company for the period of disqualification.

At the end of the day, the lenders are the ones taking the risks, they have their own procedures in place to deal with these sorts of issues and the people attempting these sorts of moves may find that they're not the first person who thought they could get away with it and keep their assets.

If you tried to contact any authorities on this then you could find yourself being accused of slander.

EDIT: Apart from anything, this has nothing to do with the thread's discussion - would have been better to have posted separately.

ICan'tStandIt

freak01 wrote: »

They are able to hoodwink the banks and credit card companies initially by paying off monthly minimum payments........

It is down to the banks to carry out proper checks and to be more thorough - which they haven't been for years and probably still aren't now !

I can appreciate that it is very annoying to witness and know it is going on, but there is very little you can personally do.

An anonymous letter outlining what you know is probably the only thing you could try.

Unfortunately, people like those you refer to always seem to come up smelling of roses !