MSE News: Debt write-off loophole closed by court

Apples2

michael1983l wrote: »

The reason you have enjoyed free banking is due to the poor souls at the bottom of the food chain with the least money paying your charges for you in the form of exorbarent fee's.

The people sensibly managing their debts are have always paid interest on their loans too which is profit for the banks.

Those poor souls are the ones who borrowed money, but haven't even returned the amount they asked for (and Spent) , let alone the interest the rest of us paid.

leveller2911

michael1983l wrote: »

The reason you have enjoyed free banking is due to the poor souls at the bottom of the food chain with the least money paying your charges for you in the form of exorbarent fee's.

Pass me the shovel, your still digging..:rolleyes:

michael1983l

Apples2 wrote: »

The people sensibly managing their debts are have always paid interest on their loans too which is profit for the banks.

Those poor souls are the ones who borrowed money, but haven't even returned the amount they asked for (and Spent) , let alone the interest the rest of us paid.

Do you know thats just a typical opinion of somebody who has never been at the bottom of the food chain in monetary terms. Do you not think that it is no coincidence that the majority of the people that pay bank charges happen to be on or around UK minimum wage?

Or is it that you believe that the majority of people on minimum wage are fools?

The banks are about ready to be told by the high court that their charges are unfair, yet you choose to sit on your pedestal because you have been lucky enough to have the resources to steer clear of them.

If the way banking was paid for was fair then everybody would pay the same fee for the services.

Banks lend on an assessed risk, it is partly their fault if the person they leand money to doesn't pay them back as they made the decision to lend to the person in the first place.

The old saying $h1t rolls downhill, and it couldn't be more true for the banking sector.

Apples2

michael1983l wrote: »

Do you know thats just a typical opinion of somebody who has never been at the bottom of the food chain in monetary terms. Do you not think that it is no coincidence that the majority of the people that pay bank charges happen to be on or around UK minimum wage?

I think it would be best to revisit this thread in a couple of years time.

Banks will have to adopt a policy of responsible lending.

Those people you refer to at the bottom of the food chain, are simply NEVER going to be offered a loan by ANY responsible lender. They are already on the breadline so will never satisfy any lending criteria.

Lets see if the people at the bottom of the food chain manage their money better, knowing they cannot borrow to repair their broken down car, fix the flooded kitchen, pay for the wedding etc etc..

Or will the doorstep/payday/logbook loan companies flourish with massive apr's and burley thugs knocking on the door at all hours for their pound of flesh????

michael1983l

Apples2 wrote: »

I think it would be best to revisit this thread in a couple of years time.

Banks will have to adopt a policy of responsible lending.

Those people you refer to at the bottom of the food chain, are simply NEVER going to be offered a loan by ANY responsible lender. They are already on the breadline so will never satisfy any lending criteria.

Lets see if the people at the bottom of the food chain manage their money better, knowing they cannot borrow to repair their broken down car, fix the flooded kitchen, pay for the wedding etc etc..

Or will the doorstep/payday/logbook loan companies flourish with massive apr's and burley thugs knocking on the door at all hours for their pound of flesh????

You don't have to have taken credit or be in debt to accrue bank charges it might be worth noting. When mistakes are made with money transfers ect there is always a chance a person may have a DD bounce of which the bank will charge for. It is also worth noting that many banks will allow a person to go a few quid O/D on their debit card for what can only assume to be for the reason of getting a charge in. It is very easy to take an extra few quid out by mistake if you use you debit card alot, because the banks seem to be inconsistent with when they take the money and even the most frugal of people will find it difficult to keep track some times.

~Brock~

michael1983l wrote: »

You don't have to have taken credit or be in debt to accrue bank charges it might be worth noting. When mistakes are made with money transfers ect there is always a chance a person may have a DD bounce of which the bank will charge for. It is also worth noting that many banks will allow a person to go a few quid O/D on their debit card for what can only assume to be for the reason of getting a charge in. It is very easy to take an extra few quid out by mistake if you use you debit card alot, because the banks seem to be inconsistent with when they take the money and even the most frugal of people will find it difficult to keep track some times.

What has the subject of this thread got to do with bank charges?

ILW

michael1983l wrote: »

The reason you have enjoyed free banking is due to the poor souls at the bottom of the food chain with the least money paying your charges for you in the form of exorbarent fee's.

I never said I got free banking. What I did say that that I had only ever been charged what I agreed to.

iolanthe07

I never said I got free banking. What I did say that that I had only ever been charged what I agreed to.

I think Michael1983 may have been referring to my post, and I think exorbarent fee's means extortionate (or maybe exorbitant) fees, the apostrophe being completely meaningless and intrusive. I still stand by what I wrote in the earlier post. It is easy to monitor your bank account on line these days, and you need to keep a hundred pounds or so as a 'float'. Then you can avoid charges completely. It just takes a bit of planning and discipline.

~Brock~

iolanthe07 wrote: »

It just takes a bit of planning and discipline.

Dream on.........everyone is 'vunerable' remember, and incapable of thinking for themselves, let alone plan anything. A socialists utopia.:rolleyes:

ILW

michael1983l wrote: »

You don't have to have taken credit or be in debt to accrue bank charges it might be worth noting. When mistakes are made with money transfers ect there is always a chance a person may have a DD bounce of which the bank will charge for. It is also worth noting that many banks will allow a person to go a few quid O/D on their debit card for what can only assume to be for the reason of getting a charge in. It is very easy to take an extra few quid out by mistake if you use you debit card alot, because the banks seem to be inconsistent with when they take the money and even the most frugal of people will find it difficult to keep track some times.

On the few occasions when I have made a mistake and gone over the limit by a few quid, a call to the bank has generally resulted in a refund of any charge. I believe it is because I never made a habit of it. The ones that get massive charges tend to be people who use others money as if it were there own and then stick their head in the sand and blame others. I still believe that virtually nobody HAS to pay charges, they can be avoided by sticking within the rules.