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Mrs_pbradley936

I would like to see the FSA bring in a ruling which said that unsolicited debt had different rules and regulations to solicited debt. That means that if you go to say Barclays Bank and ask them for a loan you should have to pay it back in full at the agreed rate. However if they come to you and offer you loans or cards or increase your limits you should not have to pay it back. That would make them all pay attention to what they are doing.

Storm

I agree that it's far too easy to get credit/debt at the moment - although with the interest rates rising & record numbers of BRs/IVAs/DMPs being agreed the financial institutions do appear to be getting a bit more careful

One example - buying on the internet is often the cheapest way to get a lot of items, and if you pay by credit card you get more protection as a buyer than using a debit card. Hence, many people will get a credit card for this purpose, but then it's very easy to buy more than you first intended as the money you're spending doesn't feel 'real', and then comes the first time when you can't afford to pay off the whole amount, so you just make the minimum payment...

I actually think that unsolicited debt should not be allowed at all - a customer should have to ask about getting a storecard, loan, whatever rather than it being offered. The number of storecards I got because of a discount on that first day were ridiculous, though thankfully they are now all cut up and cancelled