Can I freeze my credit myself?

Petal91

Hi, I am asking for someone I know.
They can't resist taking out credit/loans. They know they cannot repay it, but they have admitted themself that they 'cannot be trusted with money, neither to pay it back nor to not take out any more'

My question is, he would like to be able to freeze his credit so that he CAN'T take any more money out on credit.
I have searched and know that you can get a 'security freeze' to protect from identity fraud, but you can just take the block off to get credit if you yourself need to.

Any advice at all would be appreciated.

Thanks in anticipation.

opinions4u

Growing up is the best approach they can take.

Tiddlywinks

Pretty soon the decision will be taken out of your friend's hands anyway... as soon as he starts to default, credit will be hard to come by.

I can't see any way to put a block on it though... has he tried to get help / counselling?

ALIBOBSY

opinions4u wrote: »

Growing up is the best approach they can take.

What an utterly unhelpful statement. It sounds as though the OP is talking about a friend who has a form of addiction to spending and feels they could help themselves if they were able to voluntarily limit their ability to apply for credit so in those weaker moments they aren't tempted. In the same way that gambling addicts can get sites to ban them from further gambling and get their cards to be limited to non gambling sites.

Don't get me wrong I don't agree with a mentality that everything is "not my fault" and the OP's friend has to take some responsibilty for their spending habits. But surely by even asking this question they are admitting they have an issue and are trying to take the first steps to sorting it out.


I am not sure what is possible. They could have a notice of correction put on their file that they are a spending addict and they should not be given any further credit as they may not be able to pay it back in the future. The notice means vitually all credit applications will be referred for an actual person to look at as opposed to instant (and spendable there and then) decisions and hopefully the note would be enough to warn off any lenders. Other than that they could deliberatly pay a card or loan late a few times (this will likely incurr extra charges though). Bad markers on the credit file lessen the chance of getting credit applications approved.

Finally they should go to the dr's and see about some kind of help.

TBH I always try to believe the best in people and give them the benefit of the doubt so if they have a genuine problem OP get them help before things get worse. If they are just a numpty who needs a good talking to sit them down and get serious lol.

Ali x

opinions4u

ALIBOBSY wrote: »

What an utterly unhelpful statement.

Is it? In the cold light of day, I can't see any other answer.

Grow up, learn to control the problem, get on with life.

It sounds as though the OP is talking about a friend who has a form of addiction to spending and feels they could help themselves if they were able to voluntarily limit their ability to apply for credit so in those weaker moments they aren't tempted. In the same way that gambling addicts can get sites to ban them from further gambling and get their cards to be limited to non gambling sites.

Perhaps. And how, precisely, should they do this?

I am not sure what is possible.

Great!

Look, I'm sorry I've upset you. I'm sorry if I've offended anybody. I used to have an addiction to fruit machines. It was my problem, I learned to deal with it. Growing up was part of dealing with it. Controlling the temptation / addiction and controlling my responses to the flashing lights that had previously cost me a lot of money was part of it.

If the "friend" expects others to solve the problem, it will never go away.

afc80

opinions4u wrote: »

Is it? In the cold light of day, I can't see any other answer.

Grow up, learn to control the problem, get on with life.

Perhaps. And how, precisely, should they do this?

Great!

Look, I'm sorry I've upset you. I'm sorry if I've offended anybody. I used to have an addiction to fruit machines. It was my problem, I learned to deal with it. Growing up was part of dealing with it. Controlling the temptation / addiction and controlling my responses to the flashing lights that had previously cost me a lot of money was part of it.

If the "friend" expects others to solve the problem, it will never go away.

If only everyone was as perfect as you.

People are flawed, that is what makes us all different.

I love gambling, have done all my life, i like taking risks and live with the consequences.

Party time when im in clover, keep my head down when times are tough.

People are not rational all the time, well apart from your good self. :D

addicted to fruit machines, dearie me, im glad you got over your addiction.

You would have had more fun putting a grand on a horse or a football match, trust me.............

opinions4u

afc80 wrote: »

If only everyone was as perfect as you.

So I admit to a weakness and you think I'm perfect?

I love gambling, have done all my life, i like taking risks and live with the consequences.

You would have had more fun putting a grand on a horse or a football match, trust me.............

Let me know when you've turned over £1m in a year.

simon2010

I have argued this point for many years. This is where the credit system lets down the consumer. It's ok saying people will soon not be able to obtain credit as they fall into the trap of arrears etc, but is that the actual answer? Forcing them into a 6 year spiral with PDL and provident. No it isn't!

Consumers should have the right to BAN themselves from applying for credit for a period time whilst they try and get themselves straight. It isn't just about overspenders etc, sometimes its just a spiral of household bills all getting out of control.

Dare I even mention that banks could make money from offering long term loans to those in trouble (e.g. up to 20 years). Giving the bank that has lent the money the right to block that person from applying for any further credit until the debt is repaid.
A lot of the time when people are in debt is because they haven't been given the right solution to get out, they are drip fed a little money to settle debts, it is never enough to properly get out and they find themselves back in it within a few months because the wages to debt ratio is too high.

I am all for selling your goods, extra work, but the long term solution to this is the answer above. If you were blocked for 20 years from applying for further credit, you would work your hardest to get out of it. I would also have this on a payroll deduction system and alongside a compulsory insurance policy to protect it.

The people who come on here with Zero understanding of circumstance with opinionated views how people in debt are some sort of scum disgust me. Some people will come on here and say why should the banks do this?
1. They contributed to the persons debt e.g. responsible lending
2. They were in debt and looks whose helping them now.
3. They can make serious money from this. e.g. slightly higher interest rate, referall fee.

Just my opinion and zero chance of it ever happening, but if you reread and think, I think you'll agree it makes complete sense.

Tiddlywinks

simon2010 wrote: »

Consumers should have the right to BAN themselves from applying for credit for a period time whilst they try and get themselves straight. It isn't just about overspenders etc, sometimes its just a spiral of household bills all getting out of control.

Or, they (encouraged by family and / or friends) could seek help with counselling as there may be an underlying issue.

simon2010 wrote: »

The people who come on here with Zero understanding of circumstance with opinionated views how people in debt are some sort of scum disgust me. Some people will come on here and say why should the banks do this?
1. They contributed to the persons debt e.g. responsible lending
2. They were in debt and looks whose helping them now.
3. They can make serious money from this. e.g. slightly higher interest rate, referall fee.

Just my opinion and zero chance of it ever happening, but if you reread and think, I think you'll agree it makes complete sense.

The OP didn't ask for a party political broadcast, just to know whether he could self-elect a credit ban - answer, unfortunately, is no.

opinions4u

simon2010 wrote: »

Dare I even mention that banks could make money from offering long term loans to those in trouble (e.g. up to 20 years).

Once you get beyond 4 years on unsecured loan terms default rates increase rapidly. To suggest banks could expect to make a return from 20 year unsecured loans to people with flakey credit ratings is ridiculous.

A lot of the time when people are in debt is because they haven't been given the right solution to get out, they are drip fed a little money to settle debts, it is never enough to properly get out and they find themselves back in it within a few months because the wages to debt ratio is too high.

The right solution is spending less. Not borrowing more.

I am all for selling your goods, extra work, but the long term solution to this is the answer above. If you were blocked for 20 years from applying for further credit, you would work your hardest to get out of it.

Far too many people would simply default with no intention of repaying.

I would also have this on a payroll deduction system and alongside a compulsory insurance policy to protect it.

A mandatory PPI? Cool!

Bravehearted_2

simon2010 wrote: »

I have argued this point for many years. This is where the credit system lets down the consumer. It's ok saying people will soon not be able to obtain credit as they fall into the trap of arrears etc, but is that the actual answer? Forcing them into a 6 year spiral with PDL and provident. No it isn't!

Consumers should have the right to BAN themselves from applying for credit for a period time whilst they try and get themselves straight. It isn't just about overspenders etc, sometimes its just a spiral of household bills all getting out of control.

Dare I even mention that banks could make money from offering long term loans to those in trouble (e.g. up to 20 years). Giving the bank that has lent the money the right to block that person from applying for any further credit until the debt is repaid.
A lot of the time when people are in debt is because they haven't been given the right solution to get out, they are drip fed a little money to settle debts, it is never enough to properly get out and they find themselves back in it within a few months because the wages to debt ratio is too high.

I am all for selling your goods, extra work, but the long term solution to this is the answer above. If you were blocked for 20 years from applying for further credit, you would work your hardest to get out of it. I would also have this on a payroll deduction system and alongside a compulsory insurance policy to protect it.

The people who come on here with Zero understanding of circumstance with opinionated views how people in debt are some sort of scum disgust me. Some people will come on here and say why should the banks do this?
1. They contributed to the persons debt e.g. responsible lending
2. They were in debt and looks whose helping them now.
3. They can make serious money from this. e.g. slightly higher interest rate, referall fee.

Just my opinion and zero chance of it ever happening, but if you reread and think, I think you'll agree it makes complete sense.

As usual with the silly ideas.

How will the banks make a return on a 20 yr loan?

Why won't people who default on 5 yr loans default on 20 yr loans.

It's not smart to think borrowing more is the answer.