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Length of Residency
lavaloube
Posts: 2 Newbie
in Credit cards
I have LPA for my 92 yr parent.
They have been resident in UK 2yrs : previously in France. Permanently resident in UK now but always maintained UK bank account. My issue is I would like to transfer her ( UK) credit card to 0% but we seem to fall at the hurdle of address in UK less than 3 years. Anyone know of any out there? Also difficult to fill in living status as she lives with family and the only option presented is ‘ live with parents’ !!!
They have been resident in UK 2yrs : previously in France. Permanently resident in UK now but always maintained UK bank account. My issue is I would like to transfer her ( UK) credit card to 0% but we seem to fall at the hurdle of address in UK less than 3 years. Anyone know of any out there? Also difficult to fill in living status as she lives with family and the only option presented is ‘ live with parents’ !!!
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Comments
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How big is the balance, how much does it cost to service it, and what's her declarable income?
I can imagine that it'll be a struggle to find companies willing to lend to a 92 year old at the best of times, and a short address history will compound that, but in any case you might find that any credit limit offered would be inadequate anyway....1 -
I think an application might also fail due to her age - not because of ageism but of risk.
A 92 year old is much more likely to die and leave a debt (I know the estate would be responsible for sorting stuff out) than say a 62 year old.
Nearly all high street banks have a minimum of 3 years residency before considering lending facilities.2 -
Thank you for your thoughts, and what I suspected in any case.0
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It is "technically" ageism but finance legislation actually has wording specifically allowing age discrimination for these sort of things for the reasons you say!retiredbanker1 said:I think an application might also fail due to her age - not because of ageism but of risk.
A 92 year old is much more likely to die and leave a debt (I know the estate would be responsible for sorting stuff out) than say a 62 year old.
Nearly all high street banks have a minimum of 3 years residency before considering lending facilities.
OP, depending on how the estate it and your relationship, some cards will allow you to move the debt to your own cards, you would be responsible for the debt of course and would need to consider the risk. Another way you could is a money transfer card in your name and she repays you but again it would be your debtSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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