VM Payments via Apps

Dandytf

This is my preferred way of repaying CC's in addition to DD's.
VM is one example of linking their App to personal banking Apps.
This ensures I have more control in reducing CC's at my convenience and affordability.
Does user's think Apps are positive addition..

thanks

born_again

Sadly Open banking is being used for far more purposes (cross selling) than it should.

Will not touch Open Banking with a barge pole. 

Dandytf

thanks @born_again

I'm gaining open banking app usage, whilst I did see VM App via Bank payment option.
I also had some questions via car dealership yesterday, only as finance text seemed to appear as Scam type.
Which it wasn't and is genuine, this did use open banking most of my banks refer to Scam Texts and advise against passing details to 3rd party, yet yesterday car finance co does state passing you to 3rd party to choose and login to your account (car finance verification income/outgoings affordabilty checks)
I was successful after many login attempts, the wording the finance co used online Never made it feel 'Safe'

thanks

eskbanker

born_again said:

Sadly Open banking is being used for far more purposes (cross selling) than it should.

Are you suggesting that the way the entire initiative has been set up is broader than you consider it ought to have been, or that there are companies exceeding the permissions they've been given by account holders (and if so, do you have specific named examples)?

born_again

eskbanker said:

born_again said:

Sadly Open banking is being used for far more purposes (cross selling) than it should.

Are you suggesting that the way the entire initiative has been set up is broader than you consider it ought to have been, or that there are companies exceeding the permissions they've been given by account holders (and if so, do you have specific named examples)?

Not saying they are exceeding.
But remember being told by someone high up, that the only reason that it was signed up to use. Was the ability to see who had a mortgage & target them with offers on their own mortgages.

End of the day when signing up, you are agreeing in effect giving the companies a open view on your finance's.

Not for me 😶‍🌫️

eskbanker

born_again said:

eskbanker said:

born_again said:

Sadly Open banking is being used for far more purposes (cross selling) than it should.

Are you suggesting that the way the entire initiative has been set up is broader than you consider it ought to have been, or that there are companies exceeding the permissions they've been given by account holders (and if so, do you have specific named examples)?

Not saying they are exceeding.
But remember being told by someone high up, that the only reason that it was signed up to use. Was the ability to see who had a mortgage & target them with offers on their own mortgages.

End of the day when signing up, you are agreeing in effect giving the companies a open view on your finance's.

Not for me 😶‍🌫️

My understanding is that it's protected with safeguards including customisable permissions and bound timescales, etc, rather than being an unfettered free-for-all, but this is all a bit off-topic for this thread, so perhaps worth discussing elsewhere....

born_again

I agree, but how many just select the default?

Nasqueron

Dandytf said:

thanks @born_again

I'm gaining open banking app usage, whilst I did see VM App via Bank payment option.
I also had some questions via car dealership yesterday, only as finance text seemed to appear as Scam type.
Which it wasn't and is genuine, this did use open banking most of my banks refer to Scam Texts and advise against passing details to 3rd party, yet yesterday car finance co does state passing you to 3rd party to choose and login to your account (car finance verification income/outgoings affordabilty checks)
I was successful after many login attempts, the wording the finance co used online Never made it feel 'Safe'

thanks

You can't afford your existing lifestyle, let alone yet another unnecessary purchase of a car, given you say your aged Leaf has a range of the same as a brand new car with new battery, would it not be more MSE and sensible to keep running that rather than splurging for more debt on a depreciating asset?

Dandytf

@Nasqueron

If Leaf finance had been declined, then I would have repaid Zoe over 2 yrs.
Decent surprise and Leaf could very well be my last, hopefully and 'there's an App for that!' 
Not sure what's changed as seem to be in favour with Klarna after some years for Nissan Car Mat's.
Only Kitchen Dimplex to consider.

thanks

Nasqueron

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

Seek advice here rather than taking on yet more debt you can't afford

Malale

Using a virtual machine to manage credit cards and debit cards is a good approach. This provides greater control over finances and ease of management. People often find such applications useful and convenient, as they allow them to streamline their financial management process.