Have M&S made a mistake

YorkshireBoy

Gordon_the_Moron wrote:

I am going to do a super balance transfer and put the money in an ISA (earning more than 3.9%) and pay off a couple of 0% cards running out of their 0% with the rest.

Why pay 3.9% when you can get the money at 0% for 12 months*? Check out the M&S travellers cheque loophole.


* 1% fee applies.

Gordon_the_Moron

YorkshireBoy wrote:

Why pay 3.9% when you can get the money at 0% for 12 months*? Check out the M&S travellers cheque loophole.

* 1% fee applies.

Thanks I hadn't seen that (bad unvigilant money saver) lol
I can still do that though since the card hasn't even arrived yet.

Gordon_the_Moron

CopperPlate wrote:

I think it's normally for use when it's one half of a couple that's applying for a card - that way the lower income earner can capitalise on the higher income earner and hopefully get the card with a decent limit. I think it probably demonstrates that, although the applicant might not earn heaps, there is someone else bringing money into the 'house' and they might use that extra 'income source' to decide on the appropriate credit limit. All my own supposition, so if anyone is involved in such decisions I'll happily defer to a greater knowledge.

Not sure if it was designed for a child/parent relationship though as, as you said, your parents aren't responsible for any debt you end up with.

I entered my living arrangements as living with parents and my marital status as single as well as household income so they should have realised, oh well I'm happy to profit from there dumbness :rolleyes:

YorkshireBoy

Gordon_the_Moron wrote:

I entered my living arrangements as living with parents and my marital status as single as well as household income so they should have realised, oh well I'm happy to profit from there dumbness :rolleyes:

I don't want to worry you, but adding your parents income to your application details may have been a bad decision.

When you apply for credit, the providers say (in their small print) that they will check with fraud prevention agencies before agreeing to issue you with the credit requested. One such agency is MCL, an Experian company, who run a system called 'Hunter'.

Whilst your decision to include your parents income may have been based on your 'interpretation' of the application form, it is possible that this overstated income, when compared to previous applications you have made, could have flagged up an irregularity worthy of further investigation.

More details at...

http://www.mclsoftware.co.uk/frauddetection.html

http://www.mclsoftware.co.uk/fraudtypes.html

Good luck with the travellers cheque stooz.

Gordon_the_Moron

Adding my parents income?

The application form asked me for MY income which I gave, honestly. It also asked for HOUSEHOLD income, which I included everyone in the house's income in, is that not what they are asking for?

clarabell1984

Gordon_the_Moron wrote:

Thanks I hadn't seen that (bad unvigilant money saver) lol
I can still do that though since the card hasn't even arrived yet.

How do you know what your credit limit is if you haven't got the card yet? My application said that the credit limit would be decided and declared when I receive my card. Which I haven't yet

ballandchain_2

hi clarabell1984

there is a previous thread on the m&s card, where you can work your credit limit out from the 'total cost for credit figure' on the agreement,
mine was correct limit 6k

clarabell1984

ballandchain wrote:

hi clarabell1984

there is a previous thread on the m&s card, where you can work your credit limit out from the 'total cost for credit figure' on the agreement,
mine was correct limit 6k

Do you have a link please?

MrChips

This thread raises a point I have been curious about for a while - what is the definition of "household" in "household income"?

When asked this, I have always put down the sum (usually approximate as I don't know exactly how much my flatmates earn) of all basic salaries of people in my house/flat. When asked for my own gross salary, I always put my own salary only (albeit including performance contingent bonuses which won't necessarily be paid).

YBs post seems to imply that credit cards companies intend a different definition...am I unknowingly a fraudster?

ballandchain_2

Calculations are obtained by use of Excel and the following formula =CUMIPMT(0.15756/12,12,x,1,12,0) substituting x for the anticipated level of credit expected. Assumes simple annual rate of interest at 15.756% so might be the odd penny out (M&S show this rounded to 15.8%)

Note that you will have to install the Analysis Toolpak before you can use this function in Excel (Select Tools/Add-Ins...) and then check the 'Analysis Toolpak' tick box.

Don't be surprised if a lessor amount than expected is shown on the credit limit notification that your card is stuck to, but if you ask for an increase to the projected figure the wording in the Credit Agreement substantiates your claim for an increase (after all it is an AGREEMENT).

£ 1,500 £ 131.08
£ 2,000 £ 174.77
£ 2,500 £ 218.46
£ 3,000 £ 262.16
£ 3,500 £ 305.85
£ 4,000 £ 349.54
£ 4,500 £ 393.23
£ 5,000 £ 436.93
£ 5,500 £ 480.62
£ 6,000 £ 524.31
£ 6,500 £ 568.00
£ 7,000 £ 611.70
£ 7,500 £ 655.39
£ 8,000 £ 699.08
£ 8,500 £ 742.77
£ 9,000 £ 786.47
£ 9,500 £ 830.16
£ 10,000 £ 873.85

Hope this proves useful and puts a few minds at rest.

Also bear in mind that M&S appear to have a mandate of an additional £1,000 granted over and above these figures if you ask.

It would be good to hear your feedback on this subject