Banks ring you to tell you to cut your spending

jalexa

Xbigman wrote: »

My understanding is that the banks are only phoning people .... Whats wrong with that?

OK, a hobby-horse of mine. Never respond to an unsolicted telephone call requiring confirmation of personal security or identity.

In such a case tell the caller to write to the registered address.

JSR

I think there is more to it than meets the eye. They could just spam their entire customer base to the same end. Instead, they are running credit checks, which, btw, will have a minor but still deleterious effect on their customers' credit ratings, in order to identify the specific high-risk customers. Could it be that they are re-rating the quality of all of their mortgages to maximise resale value?

opinions4u

JSR wrote: »

they are running credit checks, which, btw, will have a minor but still deleterious effect on their customers' credit ratings, in order to identify the specific high-risk customers.

Nothing will show. It's a two way exhange of communication between bank and CRA that was authorised by the customer when accounts were opened. No marks whatsoever on the credit file.

Could it be that they are re-rating the quality of all of their mortgages to maximise resale value?

Can you really see anybody wanting to buy NRAM and B&Bs mortgage book? If they are capable of selling it on, great. That's an opportunity for HM Government to reduce our national debt.

JSR

opinions4u wrote: »

Nothing will show. It's a two way exhange of communication between bank and CRA that was authorised by the customer when accounts were opened. No marks whatsoever on the credit file..

Interesting, thanks. I didn't know they could do that.

opinions4u wrote: »

Can you really see anybody wanting to buy NRAM and B&Bs mortgage book?

Possibly. It's been a couple of years now. The longer the mortgages are held the better they'll look to buyers.

opinions4u wrote: »

If they are capable of selling it on, great. That's an opportunity for HM Government to reduce our national debt

Agreed.

Joe_Bloggs

Richie Banks said:-

We will continue to help customers alleviate short term issues and also work with customers with more fundamental problems to enable them to exit the housing market in an orderly way.

It sounds like it's his way or the highway.

J_B.