Authorising 80 year olds CCs

LL30

Just wondering what info a company takes into account when processing a CC application? Naively, I thought that they would factor age into their sums, but from info I've recently gained, now I'm not too sure. Can anyone confirm/deny? I suppose (without wanting to be crude) if the applicant were in their twilight years, and were to pass away, the debt would come out of their estate anyway, therefore making the debt 'safe'. Am I on the right track here?

I've just made a discovery about a CC acc that has been opened, I know that the applicant (aged 80) did not apply, but gave her consent for a family member to apply and she signed it. Said family member know uses it....I know, I know, I'm dealing with it! But then I got curious as to why she'd been approved in the first place, hence my ramblings

Tixy

They would take into account age certainly - but if they just said no to all people over say 75 then that would be discrimination and would be unfair as those people would be losing out on the added protection paying by a card gives you.

If she is financially stable and appears to have a solvent estate then the creditors risk is low.

Good luck with trying to get things sorted, hope you can help pensioner not end up paying off debts run up by someone else. If you are struggling or pensioner doesn't want to close it, see the potential problem maybe at least you can suggest she reduces the limit right down. Hopefully it might not be too high given her age?

LL30

Thanks Tixy, it's a crisis management situation atm.

Financially things are in a downward spiral. The credit limit is not too high (£1500 on 2 cards), but they are now considering taking out another card on a 0% deal to transfer the balance. Unfortunately, I am concerned as to what this may lead to - I doubt that the then 'empty' card would stay that way.

I am considering suggesting that payments get missed, and hope that a default is issued. I know that may sound crazy, but defaults would hinder further credit being taken out, which would ultimately benefit my client and may well be the best way to protect her from further financial abuse. Other agencies are involved and it is being dealt with, but the situation is very difficult. Getting her to lower the limit would be futile at the moment as they are both at their limits.

Any other strategies that I could consider?

DVardysShadow

LL30 wrote: »

... Any other strategies that I could consider?

Start by asking if there is any abuse going on here. If granny is of sound mind and knows what she is doing and there is no coercion, you need to leave it alone, I would say.

Tixy

Thats tough - I'd assumed you were a family member. If not then it is much more difficult. If she does understand what she is getting in to there is little you can do other than offer advice. I'd imagine she might well not be accepted for a 0% card - but who knows?

LL30

DVardysShadow wrote: »

Start by asking if there is any abuse going on here. If granny is of sound mind and knows what she is doing and there is no coercion, you need to leave it alone, I would say.

Substance misuse is an issue by both parties involved I'm afraid. And it's my job to be involved, but I hear what you're saying! There's a lot of confusion about EXACTLY where the money is going, and who is benefiting, so I'm currently collating evidence. The lady has no access to any of her accounts as she is unable to leave the house and there were some interesting disclosures made last week.

LL30

Tixy wrote: »

Thats tough - I'd assumed you were a family member. If not then it is much more difficult. If she does understand what she is getting in to there is little you can do other than offer advice. I'd imagine she might well not be accepted for a 0% card - but who knows?

That's what I thought. I don't think it would be wise to encourage the 0% card, she is aware of what is going on, but it is soo very complex a situation and I was just wondering if anyone had a different viewpoint. Encouraging a default isn't great financial advice, but possibly could be in this situation.

DVardysShadow

LL30 wrote: »

That's what I thought. I don't think it would be wise to encourage the 0% card, she is aware of what is going on, but it is soo very complex a situation and I was just wondering if anyone had a different viewpoint. Encouraging a default isn't great financial advice, but possibly could be in this situation.

I would say that your intervention ain't necessarily wanted? As I see it, if she wants to run up card debts and smoke herself silly, leaving the credit card to pick up whatever it can out of her estate, then there is not a lot you can do. If you read around the threads on this forum you will find loads of references to LBM - the Light Bulb Moment.. And without one of those for the person in debt as to their own situation, the need to do something about it and their own role in both the situation and the resolution, it is pretty much a lost cause. As she is your client, you probably cannot and should not shop her for her own use of the substance if it is illegal. And as she does not seem to have a LBM over the situation, then it is a waste of time trying to engineer a default.

The only angle for intervention I can see is if she is facilitating the use of illegal substances by another person, in which case you would have to make a hostile intervention and lay down the client relationship.

LL30

DVardysShadow wrote: »

I would say that your intervention ain't necessarily wanted? As I see it, if she wants to run up card debts and smoke herself silly, leaving the credit card to pick up whatever it can out of her estate, then there is not a lot you can do. If you read around the threads on this forum you will find loads of references to LBM - the Light Bulb Moment.. And without one of those for the person in debt as to their own situation, the need to do something about it and their own role in both the situation and the resolution, it is pretty much a lost cause. As she is your client, you probably cannot and should not shop her for her own use of the substance if it is illegal. And as she does not seem to have a LBM over the situation, then it is a waste of time trying to engineer a default.

The only angle for intervention I can see is if she is facilitating the use of illegal substances by another person, in which case you would have to make a hostile intervention and lay down the client relationship.

The intervention has come about as her situation was assessed and evaluated - me being the outcome. She wants help, and indeed they are both now asking for help with the situation, but as substance misuse is involved, it isn't easy. I agree, it may seem like a waste of time, but that's not how we work. It may be that a POA needs to take place, which I feel may be the best resolution all round - incredibly disempowering for her, but the lesser of 2 evils potentially? Not an easy case at all!