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  • FIRST POST
    • MSE Guy
    • By MSE Guy 13th Jan 11, 10:39 AM
    • 1,628Posts
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    MSE Guy
    MSE News: Millions won't get advertised rates as EU weakens protection
    • #1
    • 13th Jan 11, 10:39 AM
    MSE News: Millions won't get advertised rates as EU weakens protection 13th Jan 11 at 10:39 AM
    This is the discussion thread for the following MSE News Story:

    "The present commitment lenders make to offer their best rates to at least 66% of accepted customers will fall to 51% ..."

Page 1
  • oakhouse13
    • #2
    • 13th Jan 11, 11:26 AM
    • #2
    • 13th Jan 11, 11:26 AM
    Consumers with any sense do not want credit cards.

    For those who do want them, we should go back to fees so the person using the facility pays for it instead of poor people who cannot pay off their credit card balance.
    • somethingcorporate
    • By somethingcorporate 13th Jan 11, 12:26 PM
    • 9,119 Posts
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    somethingcorporate
    • #3
    • 13th Jan 11, 12:26 PM
    • #3
    • 13th Jan 11, 12:26 PM
    Consumers with any sense do not want credit cards.
    Originally posted by oakhouse13
    Why? Given it gives you so much more protection for purchases.

    Do you mean that consumers do not want debt sat on credit cards? if you do then I agree with you, unless it is on a low L.O.B rate or interest free.
    Thinking critically since 1996....
  • harryhound
    • #4
    • 13th Jan 11, 2:01 PM
    • #4
    • 13th Jan 11, 2:01 PM
    I am pretty sick of being ruled over ruled from Brussels on triviality like this.
    I'm pretty sick of the divide and rule system, as it it it is difficult to work out if a matter is Parish Council, District council, County council, MP in Westminster but at least I can go and complain in person to my representative on the above tax raising bodies.
    I don't even know who my Euro MP is and I very much doubt he/she would know anything about this - I am also absolutely sure they would not be able to do anything about it as they have become embedded in the bureaucracy.
    We are already paying HALF out national income to the above bodies so they can employ bureaucrats and bribe us with our own money - for what?
    • Ken68
    • By Ken68 14th Jan 11, 7:16 AM
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    Ken68
    • #5
    • 14th Jan 11, 7:16 AM
    • #5
    • 14th Jan 11, 7:16 AM
    It's about harmonisation Harry. We need to have a united front to be able to deal with USA China etc. Otherwise it is these big countries that will divide and rule us.
    About the only use I have for a credit card is the protection it affords as mentioned by Something.
    • ~Brock~
    • By ~Brock~ 14th Jan 11, 7:49 AM
    • 1,600 Posts
    • 1,519 Thanks
    ~Brock~
    • #6
    • 14th Jan 11, 7:49 AM
    • #6
    • 14th Jan 11, 7:49 AM
    The sensationalist headline given to this non-story is typically laughable.

    The Consumer Credit Directive, as the above poster rightly points out, is all about harmonising credit laws throughout the EU. What many people, and certainly the writer of this story, seem to miss is that for every UK law that has been relaxed slightly there are several others that have been tightened up in favour of the consumer. Overall the consumer is much better protected than ever before.

    To just pick out one small element in order to create such scaremongering drivel is just typical bad journalism IMO.
  • Emmzi
    • #7
    • 14th Jan 11, 9:22 AM
    • #7
    • 14th Jan 11, 9:22 AM
    I don't even know who my Euro MP is
    Originally posted by harryhound
    Well you had an opportunity to vote them in or out so your ignorance in this matter is entirely down to you. If you don't know if they would be interested, why don't you ask them?

    The internet is a wonderful thing, I am sure you can find their name and contact details in less than 10 minutes.

    You get the governance you deserve. if you don't like it, get active, and redirect your moaning into action.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
    • Gordon the Moron
    • By Gordon the Moron 14th Jan 11, 9:54 PM
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    Gordon the Moron
    • #8
    • 14th Jan 11, 9:54 PM
    • #8
    • 14th Jan 11, 9:54 PM
    The only effect I can see this having is less people getting turned down.

    Old system: 200 people apply for a deal, if you accept 100, you have to offer 66 of them the advertised typical rate but you only want to give it to 33 of them so you accept 50 people.

    New system: 200 people apply for same deal, you only want to give it to 33 of them still but you can accept 65/66 of them (depending which way the rounding works as you can't accept a fraction of a person)

    Personally I'd rather be offered a crap rate than rejected.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

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    • InaPickle
    • By InaPickle 16th Jan 11, 9:13 AM
    • 5,938 Posts
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    InaPickle
    • #9
    • 16th Jan 11, 9:13 AM
    • #9
    • 16th Jan 11, 9:13 AM
    This isn't the first time that I've read about the EU making something worse instead of better in this country. I remember the signs on HGVs etc. telling the firemen what's in them being replaced be a less accurate system just because lots of other countries had them, which to me is sheer madness.

    Would it not be better for the Eurocrats to look and say 'Hmm, in this instance, the UK has the best system for this, so we will make the other countries adopt this', then do the same for other things when say France has the best system? It might cost a bit more, but at least we would all get the best systems in places all over the EU.
    Please call me 'Pickle'
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  • slygent
    Hmm, not sure I see where the new figure comes from... The EU directive (Directive 2008/48/EC) can be found here: [can't link, just google it] -- I defy you to find a figure of 51% anywhere there!

    Now of course in a sense we know where the 51% figure comes from: the BIS [Department for Business, Innovation and Skills... phew]. The relevant regulation is The Consumer Credit (Advertisements) Regulations 2010 (Statutory Instrument 2010 No. 1012), Section 1(2): just go to [google it!] and search for 51%!

    EU directives are never just copied and pasted into national law directly. They must be "transposed", which gives some leeway to national governments. I think, to put it simplistically, that some mandarin at the BIS decided that "representative example", which is mentioned in the directive, should be set to 51%. I'm willing to be proven wrong on this, but that's how it looks to me... Even if the EU directly came up with this figure, remember it's the national governments who drive the policy through the Council of Ministers and other more indirect ways. So get in touch with your MP as well as your MEP...
    • Clive Woody
    • By Clive Woody 19th Jan 11, 1:45 PM
    • 4,683 Posts
    • 5,273 Thanks
    Clive Woody
    Consumers with any sense do not want credit cards.
    Originally posted by oakhouse13
    My cash back credit card pays me well over £100/year for using it, are you suggesting common sense would dictate that I pay cash instead and miss out on this money?

    Possibly my defintion of common sense is not aligned with yours

    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • harryhound
    My DW has been given the Halifax "Clarity" sub prime interest rate.

    Makes you wonder how prime the prime ones have to be as she has a steady income and a Halifax current account.

    Perhaps it is because she pays her existing credit card off in total on time by direct debit ?
    • Clive Woody
    • By Clive Woody 21st Jan 11, 3:06 PM
    • 4,683 Posts
    • 5,273 Thanks
    Clive Woody
    My DW has been given the Halifax "Clarity" sub prime interest rate.

    Makes you wonder how prime the prime ones have to be as she has a steady income and a Halifax current account.

    Perhaps it is because she pays her existing credit card off in total on time by direct debit ?
    Originally posted by harryhound
    What's her credit history like, plus what is her current level of debt compared to income?

    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
    • Gordon the Moron
    • By Gordon the Moron 19th Feb 11, 9:15 AM
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    • 739 Thanks
    Gordon the Moron
    Plus if she pays off in full by direct debit, who cares what the interest rate is?
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

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  • harryhound
    The Halifax "Clarity" card was meant to be a cheap way of getting cash from ATM's overseas.
    (Still not clear what happens if it is "accidentally" overpaid rather than waiting for the statement and (delayed?) direct debit).
    Last edited by harryhound; 22-02-2011 at 2:33 PM.
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