Credit account help - Fashion world

sam1223

I created an account for fashion world a few months ago with a starting balance
of £125 and it quickly went up to £1,250 within a couple of weeks I have been making my monthly payments of £40 to clear the £999 I have made 4 payments of £40 and their is still £957 so it has only gone down about £40 and I do understand that I have to pay interest but this wasn't made clear enough when I actually opened the account with them.

I also do not believe that they actually made the initial credit checks as my score is ridiculously low on my credit file and when I signed up they didn't ask for much information about me just my name and other things and didn't even ask for my bank details.

They haven't taken into account of my actual circumstances or even asked if I could actually afford or wan't my credit limit to extend they just sent me a letter saying congratulations your limit is now £1,250.

I am on ESA and PIP because I have mental health problems and someone has told me that something isn't right.

I do not know what to do or if their is anything I can do or say to them.

I can not keep paying £40 each month or even any more for it to not even come down and it is driving me mad.

I am in the process in emailing them regarding my account with them but I just do not know what to say to them or if they have actually done anything wrong.

Any advice is appreciated.

Thank you!.

sourcrates

Hi,

Taking into account all you have said, why did you open the account in the first place if you knew it was unaffordable ?

Creditors can only go on what you, and your credit file tell them.

That’s how credit decisions are made.

If you have issues about this, you should contact one of the free debt charities for advice on what to do.

sam1223

Because I needed some things, It sells electrical and home stuff which I needed at the time but now I absolutely regret doing as I didn't expect them to up my score to £1,250 and it kind of just got out of control with buying things that I needed.

£40 doesn't seem like a lot of money each month but when its not even moving the credit limit down then its a big thing.

sourcrates

All you can really do is try to come to a mutually agreeable payment plan with them.

Mention you have mental health issues when you write to them.

sam1223

This isn't about what I bought and what I needed its about me asking for a possible solution to a problem I am having, I am quite vulnerable at times and I do find myself struggling with my money and how I am going to spend it so when a company offers someone £1,250 to go on a wild shopping spree online then some people who are unable to think straight and are going to use it and think about the consequences later.

And without them actually doing any checks like most creditors do then surely they are part to blame for not doing the proper checks.

Even now I have just managed to make a new account without even using real name and I just changed my last name and I was awarded credit. Surely that isn't right :cool:

badmemory

I hope what you wrote there wasn't true because that sounds very much like fraud & you really really do not want to go there.

MrsSave

If you don't have the income to pay off the credit card, and you truthfully filled in the application, I am unsure as to how you got the credit card in the first place. The interest amount charged would have been pretty clear when you applied.

If you saw being offered £1,250 as a chance to go on a wild shopping spree then you need to address your spending habits.

If you are vulnerable and unable to deal with finances, do you have someone (friend, sibling, parent) who can step in and help you to budget? With regards to the account you can give them a ring, say you are struggling and see what they recommend.

Opening a new account with false details is fraud.

fatbelly

Yes it's fraud but in practice what you've done is create an 'also known as' which you will need to report to the credit agencies when you do a check.

If you can't afford the contractual payment then write and tell them.

JD Williams are slow to stop interest and charges but will do so eventually and then you can enter into a payment plan.

A default will be placed on your credit file.

Unless you have savings or a 'cheaper' way of getting £957, then it's either this or continue as you are.

But at 'REPRESENTATIVE 58.7%APR' (stated clearly on their website) £40 a month is going to take years to clear your debt.

Others will know the JDW rules better than me - how late can you return goods and get a credit?

StopIt

Ask them to close your account, and your 2nd one today.


Ask them to default you, and set up a payment plan.


The APR is high because from a lending point of view, they're sub prime, hence low credit requirements.


If you KNOW that you're susceptible to irresponsible borrowing, you should seek help to combat this. Debt charities can help not just when you're in a debt crisis, but to find ways to avoid them.


Contact one today.


One thing to remember is that it is illegal to discriminate against you because of your mental health. No lender knows if you're mentally vulnerable, unless if you tell them yourself. If you meet their lending criteria, away you go.

sam1223

I didnt send the application off I was simply just proving that they do not do any checks, I clicked cancel afterwards so it didn't register.

Everyone is quick to judge and most have just asked why I did it, I thought this was to help people in a difficult situation.

Like Ive said, I struggle A lot and often make unclear decisions. but I don't want to explain myself I have mentioned the situation i am in and simply asked for help.

StopIt

sam1223 wrote: »

I didnt send the application off I was simply just proving that they do not do any checks, I clicked cancel afterwards so it didn't register.

Everyone is quick to judge and most have just asked why I did it, I thought this was to help people in a difficult situation.

Like Ive said, I struggle A lot and often make unclear decisions. but I don't want to explain myself I have mentioned the situation i am in and simply asked for help.

My post was without any prejudice.


I suggest you follow it.


Again, and I must stress this, lenders do not know you. Their lending standards are their own risk management, and thus, are their problem. They cannot (Literally, it is illegal for them to do so), and do not know that you're a risk to lend to because of your mental health.


I don't care about why you made the decisions you did and of course it isn't relevant, but you must now deal with them. If you need assistance to do so there are charities that specialise in debts, as mentioned already (Stepchange, The National Debtline etc).