Preying on the foolish and the vulnerable.

You know, I sometimes wonder if the debtors of the world should unite and simply holler...."Can't pay, won't pay.....".....just like the Poll Tax protestors did when they stuck it up to Thatcher.

This morning I am even more convinced that we should all just refuse to pay and walk away from it all.

They can't jail us all.... :rotfl:

The reason for my chagrin today concerns an item of mail I had through the post.

As I have posted here before, I have 100K in debt, no income, and keep myself sane by reducing my debt mountain to little chunks of £100 per day which I service by making a few quid on the horses here or a few bob moonlighting in the black economy there.

I was out walking the other day and it occured to me that I can no linger relate to my previous, once debtfree, carefree life (and that is only five or six years ago).

I hanker for the days when the happenings at Everton Football Club were what exercised me most......when wether or not to go down the local on a Sunday evening was the main worry on that afternoon....whether California or the South of France was the holiday destination that year.

Normal things.....from the days when I lived a normal life.

In those happy days when the sight of the postman walking up the driveway didn't bring me out in a cold sweat in anticipation of the next credit card bill or nasty letter for being overlimit dropping in the hall.

But, I digress.

What happened this morning to start me off?

One of the things I have noticed recently is that those pre-acceptance application forms for cards has stopped.......I assume this is because I can no longer obtain credit as my rating is now, in all probaility, zero.

But I received one this morning.

From an outfit calling itself Vanquis Visa Card.

They tell me that it doesn't matter that I have been turned down elsewhere...or had payment problems....they don't even care if I have an CCJ's (which I don't).

They are offering me £2000 on the card......to transfer a balance.

And all for the bargain basement APR of 31.49%.

Plus a £19 per year fee.

Others, and myself, have stated on these forums that we blame no one for our predicament but our own selves......but I am coming round to the view that these credit card companies are equally responsible for our plight by the way they cynically exploit our foolishness and our vulnerability.
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Comments

  • James240
    James240 Posts: 16,387 Forumite
    Name Dropper Photogenic First Post First Anniversary
    31.49%!?!?!?!?!?!?!?!?!?! it makes me so mad when credit card companies do this as all they are doing is encouraging people who dont have an awful lot of money to sink themselves in to debt even quicker. My borther has got him self into an awaful lot of debt (30k estimate) through this god awful credit card companies that charge an extortianate amount it make me mad that they are allowed to charge such high interest rate :mad: :mad: :mad: :mad: :mad:
    Savings Total so far for 2023: £8,062.58
  • bonnie_2
    bonnie_2 Posts: 1,463 Forumite
    i was thinking this myself by sept i have paid of 7 debts,which leaves 3 credit cards what actually happens if you dont pay them of just pay the minium payment until you die i have no assets.
  • alex28_2
    alex28_2 Posts: 7 Forumite
    Hi Justindebt,

    I have received Vanquis form too. leaflet including interest rates for upto 2000. did they offer you exact 2000 or upto 2000.
  • alex28_2
    alex28_2 Posts: 7 Forumite
    Hi,

    I would like to admit here i have applied for Vanquis card about 2 weeks ago but still heared nothing. don't have intentions to use it. just wanna keep it for any emergency.
  • leeklad
    leeklad Posts: 13 Forumite
    Alex...believe me I said the same with one of mine and 44k debt later i recommend you cancel it straight away..Im not saying you will be foolish etc, but if you can manage without them what you dont have you wont miss
  • Justindebt
    Justindebt Posts: 88 Forumite
    "up to" £2000, Alex......the lower the amount they lend you the higher the interest rate, according to the bumph they sent me (which is now torn in piexes and laying in my dustbin ;) )
  • James240
    James240 Posts: 16,387 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Alex28

    please cancel that card straight away if u get it, as that is an extortiante amount of interest and can only lead to trouble please do as leeklad says as cancel it straight away and you will save urself an awful lot of trouble.
    Savings Total so far for 2023: £8,062.58
  • mrcow
    mrcow Posts: 15,170 Forumite
    First Post First Anniversary Combo Breaker
    alex28 wrote:
    don't have intentions to use it. just wanna keep it for any emergency.

    I read that as:

    I intend to use it


    Alex....please do the right thing. Bin the card and cancel the agreement. It's a rip off.....a mugs game.....don't fall for it.

    You're savvy enough to have joined MSE!
    You're therefore savvy enough to know a banana when you see one!!

    Stick this one in the dustbin with the rest of the cr*p!
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • newfunk
    newfunk Posts: 2,415 Forumite
    Ive had this drop through my letterbox, and had to laugh at the interest rate, it makes me so mad that they can charge such APR's its asking for trouble! Im bankrupt and they insist I could have one!! They should never be allowed to operate...Anyone on a low income who needed some quick cash, would jump at this chance for some quick money!! Time the government stopped this, but then this is a blair government, so no chance of that!!
    In this trusted place U can erase
    Every tear that ever rolled down your weary face
    All the time U waste in that paper chase
    Is time better spent in these arms of mine
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    James240 wrote:
    ... it make me mad that they are allowed to charge such high interest rate ...
    newunk wrote:
    ...Time the government stopped this, but then this is a blair government, so no chance of that!!
    This has been discussed in 'Great Champagne 'highest Apr' Credit Card Hunt!' thread (posts #11-14,18-19) ...
    alex28 wrote:
    I would like to admit here i have applied for Vanquis card ... don't have intentions to use it. just wanna keep it for any emergency.
    ...and pay £19 per year fee for this?! :eek: :mad: :confused:
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