Beneficial selling us down the river to Aviemore?? Avie-Who??

peterbaker

Got a letter today to tell me that Beneficial are selling their credit card acounts to Aviemore Funding Limited. They are a member of SAV Credit group of companies which is a "specialist credit card provider".

Oh right :rolleyes:

I am old enough to remember when Resolution Life were wheeled in to takeover my Royal Insurance endowments. They were a "specialist life insurance provider" ... I read the other day that now they are Zombie Funds specialist

What a Thriller :eek:

Shall I turn my account into a Zombie or will Aviemore/SAV do it for me I wonder?

Time to batten down the hatches people - the credit crunch is upon us - the main providers are running real scared -and weird and wonderful predators are creeping out of the woodwork to take their place.

steveing64

Had the same letter the other day about my marbles credit card seems the new owners are the same compoany that issue the aqua credit card

think will close account now never really use the card anyway

gt94sss2

HSBC inherited the Marbles and Beneficial brands when they took over a company in the USA 4 or 5 years ago.

As these companies don't carry the HSBC/First Direct logo/branding, HSBC have sold the accounts/brands to SAV who will run them instead - as HSBC are not interested in them as part of their 'core' business.

Zombie funds is the nickname given to those which don't take on any new business and are closed to new customers - they only look after their existing ones..

Regards
Sunil

Paul_Herring

gt94sss2 wrote: »

Zombie funds is the nickname given to those which don't take on any new business and are closed to new customers - they only look after their existing ones..

The connotation also being that their perfomance deterioates once they stop taking on new customers.