The snowball effect

Shakin_Steve

I stayed at home to look after my son while the wife who, unlike me, had a worthwhile career to pursue, went out to work. The result of this was, for about 15 years, I became 'economically inactive'. I got fed up ringing various companies only to be told that they would only speak to the account holder, so I finally decided to do something about it.
I started by getting my wife to add me as a joint account holder with Barclays. Then I took out an aqua credit card. Then we opened a joint Tesco account, quickly followed by a second.
That was when it started. I received a pre-filled form from barclaycard and got one of those. Now I get letters and emails daily offering me loans and cards. I even got one, addressed properly with full name, from provident finance, the well known doorstep lender. Said they could be round tomorrow with £1000 in cash! When I log in to Barclays, it says I have been per-approved for a loan of £12000.
It appears that, once you put yourself on the radar, you are fair game, and they make it far too easy.

foxy-stoat

Agreed, it is very easy for the lenders to market you once you are in the system.


I find it very easy to bin all the loan/credit card applications I get sent. You don't need to take up any of the offers of credit they send you.

Shakin_Steve

Me too, I have no need of any credit at the moment.

CakeCrusader

I received a letter from Aqua a few days ago. I don't want or need another card (I already have a Tesco and a Barclaycard) so I shredded it. It's easy to see why people end up owing thousands that they struggle to repay

Avoid Provident with the largest barge pole you can find.

CHR15

Television is full of adverts too.
Shops & businesses buy stuff with a little bit of their money and sell it to me for lots of my mine.

Banks etc. are similar, they offer us a little bit of their money in exchange for lots of ours.

It's just an advert....

StopIt

Shakin_Steve wrote: »

I stayed at home to look after my son while the wife who, unlike me, had a worthwhile career to pursue, went out to work. The result of this was, for about 15 years, I became 'economically inactive'. I got fed up ringing various companies only to be told that they would only speak to the account holder, so I finally decided to do something about it.
I started by getting my wife to add me as a joint account holder with Barclays. Then I took out an aqua credit card. Then we opened a joint Tesco account, quickly followed by a second.
That was when it started. I received a pre-filled form from barclaycard and got one of those. Now I get letters and emails daily offering me loans and cards. I even got one, addressed properly with full name, from provident finance, the well known doorstep lender. Said they could be round tomorrow with £1000 in cash! When I log in to Barclays, it says I have been per-approved for a loan of £12000.
It appears that, once you put yourself on the radar, you are fair game, and they make it far too easy.

BIB is why these companies do this, because it works.


Like any other company, finance companies want to peddle their wares to anyone who will take them.


Funnily enough, I have never had any of the above, just the usual "Would you like a CC/Loan" letters which quickly go in the bin.


The only thing my bank offers me periodically now are 0% balance/money transfer cards, which would be useful if I had any need for them.


The problem is of course that individually, none of these things are a problem. The problem lies when people open every line of credit possible in a short space of time, then gets themselves in major debt before they can say "What does APR mean".


The alternative is to make credit very hard to obtain, which while likely to please a certain section of society, would also cause the economy to crash. We've had an economy based on debt ever since the crown made up the idea to fund their conquests and I can't see it changing any time soon. We do however need to see consumer education stepped up so that people, rather than finance companies are truly in charge of their finances, understanding what implications of each letter offing loadsamoney.

mrmagooooooo

I too have a pretty decent credit rating but dont get any of these letters peddling their wares.

I just get the usual balance transfer offer letters from my current card providers and the pre-approved crazy (unaffordable) loan amount on internet banking etc so i agree it is very easy to get in to trouble should i decide one day to go on a massive credit bender.

That said i am on the Edited Electoral Roll so my details cannot be used for marketing purposes. Maybe this is the reason i dont get all the junk?

ReadingTim

mrmagooooooo wrote: »

I too have a pretty decent credit rating but dont get any of these letters peddling their wares.

I just get the usual balance transfer offer letters from my current card providers and the pre-approved crazy (unaffordable) loan amount on internet banking etc so i agree it is very easy to get in to trouble should i decide one day to go on a massive credit bender.

That said i am on the Edited Electoral Roll so my details cannot be used for marketing purposes. Maybe this is the reason i dont get all the junk?

I don't either - then again, I make sure my "communications preferences" show that I don't wish to recieve "promotional material" from the company or its "selected partners" that "I might be interested in." I don't want to be contacted by post, e-mail or text either, thanks.

I'm also an adult who is able to say no, so I can resist this material in just the same way I resist the urge to phone every taxi company who puts a card through my letterbox, or gorge myself on every item on every takeaway menu which is stuffed through the door....