Scam by the Card Companies - minimum payments by DD

eschaton

CannyJock wrote: »

You're a tit. It came to me in a flash of inspiration. Would love to hear one bit of positive advice for people that they can actually use - tell us something we don't know, please.

Have posted with NickX for a long time now here and elsewhere and we regularly joust on whether DD's are "necessary" or not - the consensus is they work for the vast majority of the population but if you're on the ball and like Nick want to juggle your finances on a month by month basis there's no need for them.

You're just a tit.

Blah blah blah jocky.

Positive advice would be to be in control of your finances down to the last penny.

Budget every pay period, keep to budget, only buy what you can actually afford. Know when a bill is due and pay on time.

Other advice as part of your budget would be to have fictional reserve accounts where you put money away for annual payments e.g. house insurance, road tax, car insurance etc.. so that when the payment is due to be paid the money is there waiting on it.

Things like car maintenance, plan ahead at anticipated costs and also put money away each pay period into a fictional reserve.

Too many people complain and shout scam because they are not in control in the first place or simply don't have a clue.

eschaton

CannyJock wrote: »

Still a chunk of money to be had if you know how.

Another topic you seem to know little about.

I wouldn't say so but ears are open.

Don't currently have an offset mortgage as I once had and balance transfers with fees are generally not worth the hassle with low savings rates giving little return. The days of £35 etc max BT fees were the profitable days.

0% purchase cards are ok for slow stoozing but hardly give great returns although better than nothing.

eschaton

NickX wrote: »

eshaton, you are just being mischeivous and winding folks up.

FWIW, I manage my own finances in the same way as you. I don't do Direct Debits, and I never bother about paper statements. Online access is a wonderful thing, I know exactly when each of my cards needs to be paid by and I've never paid late.

People on here do tend to bang on about how Direct Debits are the answer to everything, but there are as many posts from those who have miss-understood or encountered problems with Direct Debits. Its a personal choice, but I prefer to avoid them.

Someone with brains

scottyb46

oscar - not having a go at you all - when I helped set Capital One up it was 1997/8 - the FSA was nascent then and I am sure other regs will be quite different now. Moggles - definitely, the last DD was taken February 09. I checked and double checked that! If it makes any difference, it's a Virgin card, which is run to my knowledge by MBNA. Correct me if I wrong there. I am of course assuming that MBNA are applying the rules for this card on all of their cards - could be wrong of course.

Really, I am not looking for any help here, I just want to warn people that this is what is currently going on. I

f you know of people who use their cards infrequently then warn them that their terms may have changed and they may not have been informed about it or not noticed the letter advising of a terms change.


Perhaps your parents, grandparents, silver surfers etc who may be savvy enough to use comparison sites once a year could get caught by this.

oh, and eschaton - I stopped reading your posts when I realised you'd been snifffing glue.

eschaton

scottyb46 wrote: »

oh, and eschaton - I stopped reading your posts when I realised you'd been snifffing glue.

Keep away from the card companies scotty - don't want you getting scammed again :money::rotfl::money::rotfl::money:

oscar52

scottyb46 wrote: »

oscar - not having a go at you all -

Didnt consider that you were scotty, just highlighted the reasons DDs usually get cancelled. Seems strange if you DD was last used in Feb 09 - but then MBNA do lots of strange things...... like employ numpties. (and beleieve me, there are LOTS of them there (that leave it to people like me to mop all the mess up.)

oscar52

bargain_carly wrote: »

I work for MBNA

Another MBNAite on the boards??

bazster

I just started a new thread about other card companies pulling a similar stunt, but this time with DD's that were only recently set-up or were used the previous month, and where the statement clearly stated that payment would be collected by DD.

Beginning to look like a scam to me.

http://forums.moneysavingexpert.com/showthread.html?t=2213069

CannyJock

eschaton wrote: »

I wouldn't say so but ears are open.

Don't currently have an offset mortgage as I once had and balance transfers with fees are generally not worth the hassle with low savings rates giving little return. The days of £35 etc max BT fees were the profitable days.

0% purchase cards are ok for slow stoozing but hardly give great returns although better than nothing.

Last year's stoozing profit was £1451 - down on the previous year, but a still a decent return in anyone's book.

I don't have an offset either - when I did it was 100% offset by stoozing cards. I'm now mortgage free - except for BTL mortgages that is.

And in reply to your previous post, a generic "be good with your finances" reply is as much use a chocolate teapot and generally isn't advice that's worth anything to those who post here for advice or help. Maybe you should hang out on the DFW where your sagely advice will be invaluable.

Too many people complain and shout scam because they are not in control in the first place or simply don't have a clue.

Which is why they post here for help where we can educate them and hopefully point them in the right direction that they can learn some of the things that we know, maybe pick up a few tricks on how to make their money work harder to improve their personal financial situation. I've got more of a problem with informed people posting negative drivel than uniformed people posting queries on things they don't properly understand.

Infact, it's got to the point that when I see negative inflammatory replies to posts now I just assume the person posting has nothing of any value to add, which says more about their knowledge than the OP.

eschaton

CannyJock wrote: »

Last year's stoozing profit was £1451 - down on the previous year, but a still a decent return in anyone's book.

I don't have an offset either - when I did it was 100% offset by stoozing cards. I'm now mortgage free - except for BTL mortgages that is.

And in reply to your previous post, a generic "be good with your finances" reply is as much use a chocolate teapot and generally isn't advice that's worth anything to those who post here for advice or help. Maybe you should hang out on the DFW where your sagely advice will be invaluable.



Which is why they post here for help where we can educate them and hopefully point them in the right direction that they can learn some of the things that we know, maybe pick up a few tricks on how to make their money work harder to improve their personal financial situation. I've got more of a problem with informed people posting negative drivel than uniformed people posting queries on things they don't properly understand.

Infact, it's got to the point that when I see negative inflammatory replies to posts now I just assume the person posting has nothing of any value to add, which says more about their knowledge than the OP.

Do you have a summary of your reply - I got bored half way through.