Do I have to inform lender of change in income?

Maggie.Moo_2

I'm a final year undergraduate and hoping to start work soon after I finish studying (maybe sooner). I applied for an aqua credit builder card and have now paid off my first balance :j When applying I entered the my total of loans, grants, wages, tax credits and child benefit as my income (academic year not tax year - nothing was specified) but I realised this will change pretty soon and wondered if I was obliged to inform then when it does. Obviously, my income affects my ability to pay back (although I'm using way under my limit as I'm only doing it as a means of improving my credit record and I should have a higher annual income once I get a job anyway) but I can't find anything in my T&Cs specifying that I must update my income.

I will probably let them know anyway but in a scenario where I forget for whatever reason, would there be any consequences for not updating my income?

Thanks

GingerBob_3

Maggie.Moo wrote: »

I'm a final year undergraduate and hoping to start work soon after I finish studying (maybe sooner). I applied for an aqua credit builder card and have now paid off my first balance :j When applying I entered the my total of loans, grants, wages, tax credits and child benefit as my income (academic year not tax year - nothing was specified) but I realised this will change pretty soon and wondered if I was obliged to inform then when it does. Obviously, my income affects my ability to pay back (although I'm using way under my limit as I'm only doing it as a means of improving my credit record and I should have a higher annual income once I get a job anyway) but I can't find anything in my T&Cs specifying that I must update my income.

I will probably let them know anyway but in a scenario where I forget for whatever reason, would there be any consequences for not updating my income?

Thanks

Do not let them know. You are under no obligation whatsoever to inform them of anything like this. People's circumstances change all the time and it is no business of the card provider when they do change.

[Deleted User]

Technically yes. It's written into the terms.

In reality, most people don't.

pvt

GingerBob wrote: »

Do not let them know. You are under no obligation whatsoever to inform them of anything like this. People's circumstances change all the time and it is no business of the card provider when they do change.

Lots of people visit this forum who have "had a change of circumstances" and can no longer service the repayments on the massive credit card bills they have run up. All of a sudden, then, it does seem to be the "business of the card provider" to agree to freeze interest or agree an arrangement to repay the debt at a derisory rate that means they'll get all their money back sometime in the next century.

zx81 is correct in saying that most people don't, but the obligation is there even if there is little your lender can do to enforce it.

chattychappy

pvt wrote: »

zx81 is correct in saying that most people don't, but the obligation is there even if there is little your lender can do to enforce it.

Deleted_User wrote: »

Technically yes. It's written into the terms.

This is all news to me. Do you have a link to this "obligation" or an example of where it appears in terms?

I've never seen anything to say you must tell a provider if your circumstances change. It may be a good idea if you run in to trouble and can't make the payments - but that's another matter.

I believe your only obligation is to notify them of a change of name/address - and this is what I found when I checked some Halifax T+Cs I had to hand. (Perhaps Aqua is different?)

PeacefulWaters

I was checking out the same thing Chattychappy was.

Halifax Clarity T&Cs have the word "change" in them 33 times. The only obligation on the customer relates to name or address.

The word "income" isn't even referenced.

I'm not sure they'd welcome a phone call or letter every time a customer has a change in pay.

lisyloo

It's news to me also. I've had credit cards nearly 30 years and whilst I don't sit down and read all the small print, I make it my business to be well informed.
Perhaps an example would settle this?

[Deleted User]

I don't it have it in front of me, but I believe the aqua wording is something like 'we require you to let us know if you have a change of circumstances that may impact your ability to make repaymernts, such as losing your job'.

I may be completely wrong but I don't believe so.

SuperHan

When I had a change in salary (an increase as I went from part time in one job to full time in a better paid sector) I rang Santander who I have a 123 card, and the call handler refused to take the information.

I was hoping for an increase in limit given the increased salary, and I was told the only way I would get an increase is through the standardised reviews they carry out. They wouldn't take my new salary in to consideration though.

My point is, I don't think all lenders care as Santander definitely didn't have the facilities to take the information about my change in circumstances. I suppose it may have been different if it were an adverse change though.

PeacefulWaters

Deleted_User wrote: »

I don't it have it in front of me, but I believe the aqua wording is something like 'we require you to let us know if you have a change of circumstances that may impact your ability to make repaymernts, such as losing your job'.

I may be completely wrong but I don't believe so.

Try using a <CTRL> F enquiry using key words when you've got T&Cs on page.

YorkshireBoy

Deleted_User wrote: »

I may be completely wrong but I don't believe so.

I've definitely seen it written in T&Cs, although I've checked 6 or 7 sets online just now and can't find anything.

The trouble is that quite often the T&Cs/credit agreement sent with a card can differ, albeit slightly, to those available on their websites. A case in point are the LBG cards, where they clearly state online that they're a "draft copy"...witness the Halifax "you must not place the account in credit" clause. It's actually a different condition number to that which is shown in the actual T&Cs sent with the card...which you sign and return.