Sub Prime Credit Card Club

kiora

I honestly think that this year and possibly next we will see more companies closing down lines of credit which means it will be harder to get things like loans, credit cards and mortgages, and if you are lucky to get a CC doubt there will be a lot of good deals left.

petermb_2

I think you guys miss the point a little. People can only successfully make a claim if the lender has genuinely got something wrong. That something wrong will either be that they have mis-sold, committed fraud and bribery or their agreements do not stand up to the test that is the regulation of the Consumer Credit Act, you know the legislation that is there to protect us all from unscrupulous lenders. That is why the legislation was put there in the first place.

One of the reason the banks are in the state they are in is that quite often and over long periods of time the lenders breached the above. They are now beginning to be caught out and are stashing their cash away to cover the compensation they are likely to be forced to pay so that they can ride out the storm.

Little of this can be placed at the door of the borrower. There are those that will take advatage of the situation but in the six years I have been involved in this stuff the vast majority of people who seek assistance have a legitimate story to tell and have been shafted. If they have not been turned over in some way it is unlikely that they will get compensated anyway.

I dont think "getting out of paying your debts" will be the norm but it will occur frequently.

kiora

With all due respect alot of people come onto this board claiming to have found this 'wonderful' legal loophole to get out of paying what they borrowed there is a growing band of 'wont pay' who come onto the boards and go on about borrowing money then decide they dont want to pay it back cause its not legal. There are thousands of people in this country who find they cannot afford to pay but still struggle to make min payments. Why cant people accept responsibilities and pay back what they have borrowed.

TheEffect

I just applied for an Aqua card. I've applied for CaptailOne Classic and Barclaycard Initial in the last month and have been turned down, so hoping AQUA will accept me!

18 - no credit history and 5 searches

PARIS_5000

Did they give you a decision ?

TheEffect

I applied for both Aqua and Vanquis. Both said 'We cannot give you an instant decision and will write to you in 10-14 days'.

PARIS_5000

Vanquis told me 10 days as well but then called me three days later to offer me the card so I think you may get vanquis.:A

Aqua told me at the end of the application that I was approved and what my credit limit was.

TheEffect

PARIS_5000 wrote: »

Vanquis told me 10 days as well but then called me three days later to offer me the card so I think you may get vanquis.:A

Aqua told me at the end of the application that I was approved and what my credit limit was.

Evidently, you have a better credit rating then me. I'm 18 and therefore have no previous credit history. I have about 5 searches (More now) within the last 2 months. I also have a low salary of £6.5k and listed as 'Very Poir' on Experians credit rating score.

I'm hoping they'll accept me even with a very low limit and very high APR. I just want to get some green marks on my credit report.

PARIS_5000

Vanquis is easier to get than Aqua and I think they will take anyone because they are designed for people with poor credit history.Vanquis will call you on your landline if you are successful so you may need to wait by the phone for the next few days.

The APR does not matter as long as you clear the balance in full every month you will pay no interest. I pay my Vanquis and Aqua by DD so that I never miss any payments. Vanquis are very quick to put a green zero on your credit file as soon as you activated the card.

Good luck:T

petermb_2

kiora wrote: »

With all due respect alot of people come onto this board claiming to have found this 'wonderful' legal loophole to get out of paying what they borrowed there is a growing band of 'wont pay' who come onto the boards and go on about borrowing money then decide they dont want to pay it back cause its not legal. There are thousands of people in this country who find they cannot afford to pay but still struggle to make min payments. Why cant people accept responsibilities and pay back what they have borrowed.

There are no legal loopholes. There is only the law of the land. An agreement either abides by those laws or it does not. It is not complicated. It is the same law for the lenders as it is for the borrower.

Do you think that lenders should get away with breaking the law?

The main offence that the lenders are guilty of is bribery and fraud. If you want to call those offences loopholes then carry on. To me they are what they are, Offences against common law.