The Sub Prime Credit Thread - Part IV

plumber2009

never-in-doubt wrote: »

Basically in a nutshell, Laymans here - The European Credit Directive is a consultation that is due for completion by the summer which will align credit and the equivalent of the CCA to a european market. Therefore we'll be able to chase debts inter-continent and share data internally.

At the moment if you have debt in the UK and move to say, Spain, you'll get a new credit report (like a new identity in Spain) and after 3 years you could move back to the UK and start all over again.....

With the Directive, this would mean your credit file would move from the UK to Spain and back again.

Make sense?

Regards to the data included in your credit file; well the CRA's would be governed by a regulatory force with power, like the FOS/FSA as opposed to a parliamentary body with little power such as the present ICO. This would mean that they would be fined and or punished if they behaved the way they currently do. They have a steering group, fighting the proposal therefore the decision cannot come soon enough :D

Data will remain present for a maximum of 3 years - 6 years will be a thing of the past. In europe, after 3 years you're deemed to have learned your lesson.

Hope that helps explain it, briefly. This also helps: http://www.out-law.com/page-8815

I have searched high and low and have been unable to find any specific information regarding the maximum 3 years history of data on credit file.

do you know if?

1. Does this apply to existing credit agreements

2. Will all data over 3 years be removed from credit files, if so will this happen between Apr 2009 to Feb 2011 by which time the new legistation needs to become law.

3.Will adverse data, such as defaults be removed after 3 years and become an unenforable debt.

edinburgher

Still waiting for a final decision from Vanquis re. my application (application submitted 5th March, further supporting documents sent in last week).

Called them today and was told by a rather thick sounding woman that I was in their 'outbound call queue' and that they would be calling me soon. She refused to elaborate what this meant/if I had been successful or unsuccessful/a timescale for the call/anything of any real use.

Any thoughts?

plumber2009

edinburgher wrote: »

Still waiting for a final decision from Vanquis re. my application (application submitted 5th March, further supporting documents sent in last week).

Called them today and was told by a rather thick sounding woman that I was in their 'outbound call queue' and that they would be calling me soon. She refused to elaborate what this meant/if I had been successful or unsuccessful/a timescale for the call/anything of any real use.

Any thoughts?

sounds like you have been accepted in that case.

If your successfull they will call you to tell you and they will try to sell you ppi and a cash advance.

BugsyBrowne

Edinburgh apply for a sygma card i got accepted for flybe today..

seeya23

edinburgher wrote: »

Still waiting for a final decision from Vanquis re. my application (application submitted 5th March, further supporting documents sent in last week).

Called them today and was told by a rather thick sounding woman that I was in their 'outbound call queue' and that they would be calling me soon. She refused to elaborate what this meant/if I had been successful or unsuccessful/a timescale for the call/anything of any real use.

Any thoughts?

i would say you have been accepted just wait for the call

kerryberryboo

plumber2009 wrote: »

sounds like you have been accepted in that case.

If your successfull they will call you to tell you and they will try to sell you ppi and a cash advance.

I don't want to criticise you there plumber, however I applied for a vanquis card, got a ring back and set up direct debit details with them. I called them back as I had realised they hadn't gave me a decision and I was told I was declined. This was all very recently.

edinburgher

I will wait and see then and no, I won't be applying for a Sygma card - bad forumites, trying to tempt me

laney85

kerryberryboo wrote: »

So I thought I'll just phone capital one and see how my application is coming along...... DECLINED

Now I'm really concerned that Aqua will decide that I am no longer a worthwhile credit card holder, tear up my CCA and send me it in the post with a letter saying.... "You Suck!"

AaaAaaaaAAArgh!! Stress!!:mad::mad::mad:

how long after you applied did you call them, just curious as i was accepted online but want to just double check and see what limit is if im getting it ?

kerryberryboo

laney85 wrote: »

how long after you applied did you call them, just curious as i was accepted online but want to just double check and see what limit is if im getting it ?

It's getting hazy now! I applied for Aqua first - accepted that was two weeks ago. So within the last week I applied to Capital One - got a 7-10 days message so I gave them a call today and the customer rep told me I was declined.

laney85

kerryberryboo wrote: »

It's getting hazy now! I applied for Aqua first - accepted that was two weeks ago. So within the last week I applied to Capital One - got a 7-10 days message so I gave them a call today and the customer rep told me I was declined.

Same here just called aqua as i sent cca away 2 weeks ago tommorrow , apparently pin was sent 29th and card yesterday, £250 limit to start:T