banks

never-in-doubt

jonesMUFCforever wrote: »

They can if they want and I have seen it done.

No they do not, it is extremely rare - if you're referring to ROSO (right of Set-off) then they do not utilise this facility until the account is in arrears at default stage so 3+ payments, never have they done it for one late payment.

On a loan, quite possibly, but not for a CC debt - no, you've not seen any cos it would not happen. If you can provide links then i'll take my statement back but I promise you, you will never see a bank utilise ROSO for one late payment on a credit card debt - simply does not happen.

never-in-doubt

hippey wrote: »

No, they won't take just one missed payment out of your account. Miss any more and your heading in that direction.

Correct. Agreed 100% and you're right, no disputing it. :T

exel1966

Right to set-off is usually applied when there is a history of account mis-management/a recent declining pattern forming of the financial status of an individual or when a drastic change in credit rating is seen.
However, the banks retain the right for it can be applied without prior warning in extreme cases. What those are exactly is questionable. It would be extremely unlikely for it to be used for a one off missed card payment unless there was also something being flagged with that individual.

never-in-doubt

exel1966 wrote: »

Right to set-off is usually applied when there is a history of account mis-management/a recent declining pattern forming of the financial status of an individual or when a drastic change in credit rating is seen.
However, the banks retain the right for it can be applied without prior warning in extreme cases. What those are exactly is questionable. It would be extremely unlikely for it to be used for a one off missed card payment unless there was also something being flagged with that individual.

Yep - thanks for the longer explanation, I totally agree. I know they can utilise it whenever they want, usually they will do this if they suspect you're about to renegade, such as bounce lots of payments etc etc.... BUT they rarely do, unless as you say they suspect they will lose out financially in some way.

cheers :beer: