Repossesion and bank charges

absolutebounder

You lot should copy me. Ive just opened a new account at Poole. Cracking Idea from the HSBC. Prat free banking. How long before they all do it

ajaxgeezer

I had a dream once that I read a thread on this board in which spurs_boy and mortgagemomma (and others) didn't have silly name calling spats. I know, but it WAS only a dream after all... :rolleyes:

Seriously guys, there is no need. The OP asked a question, some *may* say it's a bit misguided but it's in the right place on here. The ethics of bank charge claims are for another place but as it's subjective anyway, what's it matter? The way I see it, everyone is getting money where they can, be it the banks or be it the claimers - there IS no right or wrong. It's nature, and que sera sera.

You have so much knowledge to give to us less well informed, why waste it on playground stuff? I beg you, stop it with the silly names and keep the arteries of the forum clot free.

SantanderAbbey

Mr_helpful wrote: »

From November last year. this is who we subsidise. The cost of lost interest alone is more than the £4.50 you claim is fair

"The Times reports that the UK’s most popular credit card expects to see bad debts of £1.5bn this year. And the problem has been getting worse - the company wrote off £1.1bn last year.
[FONT=Verdana, arial, helvetica, sans-serif]In the second six months of this year, bad debts on credit cards and personal loans have been written off at a rate of £31m a week. That compares to £26.8m a week in the first half, £22.7m a week in the second half of 2005, and £19.5m a week in 2005’s first half.[/FONT]
[FONT=Verdana, arial, helvetica, sans-serif]In fact, the total bad-debt loss is equal to £140 for every one of the company’s 11.2m UK cardholders. When you consider that the average balance per customer is £857, you begin to get an idea of the scale of the problem. [/FONT]
[FONT=Verdana, arial, helvetica, sans-serif]The group said that “flows of new arrears and levels of delinquent balances have stabilised”, suggesting that the rate of decline may have slowed - but that’s not surprising. The bank now rejects 57% of all credit card applications. [/FONT]
[FONT=Verdana, arial, helvetica, sans-serif]We suspect that the 57% that Barclaycard now throws out comprises the target market for many of the sub-prime mortgage lenders currently engaged in a race to the bottom to see who can lend the most money to the least credit-worthy households. And we also suspect that the same people who borrowed too much on their credit cards in the past, are now being allowed to borrow too much against their homes."[/FONT]

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

And you had to pay how much of this?

They write it off because they can afford to write it off.

I noticed that this same "most popular credit card" never included the profits they have made.

How is the cost of the interest alone more than £4.50, You dont know what the balance is, also the interest is still payable (It always has), its the charges we are talking about.

Im amazed that a couple of "mortgage advisers" who are supposed to help beat the banks and save people money would take this kind of stance on this kind of matter. . Would seem that some poeple just want an argument for the sake of it............................

MortgageMamma

The couple of mortgage advisers, who by their very nature help people save money, do not agree with people fleecing the banks because although these individual claims are miniscule in proportion to the banks profits, collectively we foresee it doing a lot of damage to the UK banking system. We do not see why we, who abide by our terms and conditions and do not incur charges because we are responsible with our money, should be left in a position in the future where we lose our free banking (because thats what it is to us who do not incur charges) and have to pay per transaction, or pay a hefty monthly fee for our bank accounts - because people like YOU are so small minded YOU cannot see the effect these claims are going to have.

YOU will be the first to complain when you pay per transaction, or YOU have a big monthly fee to pay on top of the bills you mention to run your bank account. I'd love to see Abbey go to this first, your sales targets if you are in branch will have to be amended as you won't find the rest of the unscrounging british public too willing to pay for banking services.

Mr_helpful

So this 1.5 billion (just one credit card) that they lose. They just throw it away do they. Lose all the money they could have made on it? No the reduce the interest on their accounts. They increase charges elsewhere. The OFT once again in our nanny culture panders to the poor pathetic people who cant possibly go without Sky or their fags or the nights out. Old Bounder has got the right idea. More banks should adopt a 2 tier system and make each tier self funding.
Since when are mortgage advisers supposed to beat the banks? We are supposed to point the client to what suits their situation best, nothing to do with beating banks.

nickfarrar

I really wish I hadnt asked for advice from you lot.
The reason we are in a bit of difficulty at the moment is because we lost our son and had some time of work etc, this together with the funeral expenses has crippled us and the bank refused to help. I have nearly paid off the arrears on the mortgage and will do so before I go to court to defend the repossesion.
Those of you who thought that you had summed me up as a money grabber can go screw yourselves.
Thanks to those of you who have tried to help

ajaxgeezer

nickfarrar wrote: »

I really wish I hadnt asked for advice from you lot.
The reason we are in a bit of difficulty at the moment is because we lost our son and had some time of work etc, this together with the funeral expenses has crippled us and the bank refused to help. I have nearly paid off the arrears on the mortgage and will do so before I go to court to defend the repossesion.
Those of you who thought that you had summed me up as a money grabber can go screw yourselves.
Thanks to those of you who have tried to help

.... one really can see where he's coming from ..... back to the Tesco board for me where the hearts are bigger, the hands are more helpful and the egos are smaller.

MortgageMamma

nickfarrar wrote: »

I really wish I hadnt asked for advice from you lot.
The reason we are in a bit of difficulty at the moment is because we lost our son and had some time of work etc, this together with the funeral expenses has crippled us and the bank refused to help. I have nearly paid off the arrears on the mortgage and will do so before I go to court to defend the repossesion.
Those of you who thought that you had summed me up as a money grabber can go screw yourselves.
Thanks to those of you who have tried to help

As I have said in my previous posts, I truly sympathise with those who have a genuine reason for their finances snowballing. You are obviously not one of the ones who just wants to screw a bank over for the glory. If I have offended you in my initial post saying what you were doing is wrong then I apologise.

kennyboy66_2

MortgageMamma wrote: »

The couple of mortgage advisers, who by their very nature help people save money, do not agree with people fleecing the banks because although these individual claims are miniscule in proportion to the banks profits, collectively we foresee it doing a lot of damage to the UK banking system. We do not see why we, who abide by our terms and conditions and do not incur charges because we are responsible with our money, should be left in a position in the future where we lose our free banking (because thats what it is to us who do not incur charges) and have to pay per transaction, or pay a hefty monthly fee for our bank accounts - because people like YOU are so small minded YOU cannot see the effect these claims are going to have.

YOU will be the first to complain when you pay per transaction, or YOU have a big monthly fee to pay on top of the bills you mention to run your bank account. I'd love to see Abbey go to this first, your sales targets if you are in branch will have to be amended as you won't find the rest of the unscrounging british public too willing to pay for banking services.

My guess is that it will be YOU who will be the first to bleat on about a modest monthly bank service fee, once the costs are not being subsidised by those who pay extortionate fees.

absolutebounder

I bank in the UK, luxembourg and Cyprus. have to say the Cypriot way is best. None of this protect the person who defaults. The just send Tony and his gang round. Perhaps this is why the Cypriot pound is stronger than the UK pound.