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Sainsbury's Bank stops accepting ALL self-employed people for credit cards and loans - MSE News

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Sainsbury's Bank stops accepting ALL self-employed people for credit cards and loans - MSE News

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MSE_NaomiMSE_Naomi MSE Staff
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MSE Staff
Sainsbury's Bank has implemented strict new lending restrictions which mean it is no longer issuing new credit cards or loans to anyone who's self-employed, MoneySavingExpert.com can reveal...

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'Sainsbury's Bank stops accepting ALL self-employed people for credit cards and loans'

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  • alfred64alfred64 Forumite
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    Can't really blame them. Would you lend money to such people in current climate?
  • SuperAllyBSuperAllyB Forumite
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    Personally, I wouldn't lend anyone any money at the moment.  In the current climate everyone must be considered a greater risk than they were previously.
  • ThrugelmirThrugelmir Forumite
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    Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
  • SocajamSocajam Forumite
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    Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 
    You are so right
    It's amazing people are not understanding or do not want to understand that post COVID is going to hell on earth
    I see people on here every day overpaying on their mortgage (pre-COVID) was a good thing, but right now I would not be overpaying on a mortgage.
    I would save all that money because most people have no idea if they will have a job tomorrow, next week or next month.
    Once things have settled down as best as could be, then make a lump sum payment on the mortgage, but right now cash is king - those who have real savings are going to be the survivors post COVID.
  • Paul_HerringPaul_Herring Forumite
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    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Shakin_SteveShakin_Steve Forumite
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    I did tell him, managed to squeeze in my tuppence worth before it was closed. He didn't even get the chance to call me names.
    I came into this world with nothing and I've got most of it left.
  • Shakin_SteveShakin_Steve Forumite
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    Socajam said:
    Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 
    You are so right
    It's amazing people are not understanding or do not want to understand that post COVID is going to hell on earth
    I see people on here every day overpaying on their mortgage (pre-COVID) was a good thing, but right now I would not be overpaying on a mortgage.
    I would save all that money because most people have no idea if they will have a job tomorrow, next week or next month.
    Once things have settled down as best as could be, then make a lump sum payment on the mortgage, but right now cash is king - those who have real savings are going to be the survivors post COVID.
    We are overpaying our mortgage, not everyone will be affected as badly as you make out.
    I came into this world with nothing and I've got most of it left.
  • MrGorskyMrGorsky Forumite
    71 posts
    10 Posts Name Dropper First Anniversary
    Hmm.. read this after making a £1k mortgage overpayment today. I still feel like I did the right thing, I don't think our household income will be affect by Covid?
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £40k left to clear. Aiming for Nov 2021 debt free date.
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