I want to keep my CC limits

Benefits_Blagger

basically I have been on benefits for the past 7 years and despite that having 2 credit card debts which I defaulted on and have been handled by a debt collecting agency (i.e. the debts sold on). The various banks I have bank accounts with have given me credit cards and they have kept on raising my limits, they now stand at £12k, £5k and £3k. in total I owe on them £3k at present.

I think one of the reasons why they have raised the limits in the past is that at some points I was spending £3k+ a month and paying it back in full.

Im very worried about Having my credit limits slashed for various reasons, the banks only have to examine my accounts to see I am on benefits, a simple credit check will reveal I still hav't paid off the defaulted debts on the credit cards in the past.

my credit cards form an important part of how I run my finances and I cant afford to lose them, any advice on how not to be "crunched" in the credit card crunch ?

Andybez38

Im very worried that in the past you could afford to spend £3k+ and pay in full each month. I think i will apply for benefits.

Benefits_Blagger

Andybez38 wrote: »

Im very worried that in the past you could afford to spend £3k+ and pay in full each month. I think i will apply for benefits.

they are gambling transactions which I pay off with my winnings, with the difference going in my pocket. which is why i need to keep the cards as i wont be able to do this anymore!

Gillianh2

:rolleyes:

Andybez38 wrote: »

Im very worried that in the past you could afford to spend £3k+ and pay in full each month. I think i will apply for benefits.

me too:D

Without being rude are you sure that keeping these cards at these limits is such a good idea. If your only income is from benefits surely the urge to spend on these cards must push your self control to the limit. What if you started to spend on these cards and then couldnt afford the repayments? The stress and upset that can cause:rolleyes:
Also from my understanding the Benefits Agency can and do check credit files etc from time to time on claimants, they might be a little curious as to how you manage to repay this money and how you are gettting acess to it.

I am not making any assumptions about you or how you conduct your life so please do not be offended its just that you might be leaving yourself to be vunerable with regards to the temptation to spend.

Andybez38

A fool and his money are soon parted, that's what my dad always drummed into me. One day you will loose everything inc the shirt off yer back.

Gillianh2

Benefits_Blagger wrote: »

they are gambling transactions which I pay off with my winnings, with the difference going in my pocket. which is why i need to keep the cards as i wont be able to do this anymore!

I am such a slow typer.lol
You do need to tread carefullly here as I would think winnings would be considered as Income when being assessed for benefits.

Also if you are using the CC for gambling this is a slippery slope as I am sure you are aware you could end up losing and thereby owing a fortune.

spinningsheep

I am astounded that someone who is in receipt of benefits has the ordasity to come on here and admit they have been winning £3000+ on gambling. I earn £3000 every 3 months with NO STATE HELP whatsoever. If you are earning an equivelant anything like a normal wage from any means, you should declare it, not continue to accept the benefits. Its just plain wrong.
I am sorry if anyone thinks this is flaming of any sort but nobody should condone this sort of behaviour.

There, rant over.

jimbo26

I agree spinningsheep. The username gives the impression they are proud of sponging off the state.

MABLE

spinningsheep wrote: »

I am astounded that someone who is in receipt of benefits has the ordasity to come on here and admit they have been winning £3000+ on gambling. I earn £3000 every 3 months with NO STATE HELP whatsoever. If you are earning an equivelant anything like a normal wage from any means, you should declare it, not continue to accept the benefits. Its just plain wrong.
I am sorry if anyone thinks this is flaming of any sort but nobody should condone this sort of behaviour.

There, rant over.

I have no objection to someone supplementing their benefits and if they wish to pay this dangerous game then so be it. However what really gets me is when the losses mount up and they decide to go bankrupt. If you are on benefits you have nothing to lose. No doubt OP will appear in a few months complaining it was the credit card companys fault because they gave that person large credit limits.

Daz1

Nothing to lose and everything to gain.......I would be wary of betting my money on anything that does not guarantee return. How will it look in county court or bankruptcy proceedings that you did, in fact, have the money, but splurged it away.....its something most of us cannot afford and will not do.........call it being responsible with money

taxi73

Not looking hard enough for a job 7 years on benefits!!!!....if you can sit here and type you can do it for a living and gambling with other peoples(the banks) money..well...what more can I say...