MSE News: Tesco cancels some customers' credit cards just two weeks before Christmas
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The amount of people who are complaining about this on various social media sites, just goes to show how reliant a lot of people are on using credit for day to day living.
I expect come January the flood of people we see seeking debt help will increase dramatically, after all, the figures speak for them selves :
People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult.
The average total debt per household – including mortgages – was £57,490 in September. The revised figure for August was £57,311.
Per adult in the UK that’s an average debt of £30,096 in September – around 113.8%of average earnings. This is slightly up from a revised £30,012 a month earlier.
Based on September 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.885 billion.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Indeed, I doubt many people are only annoyed with Tesco because they can't use the card to get extra clubcard points on their spending. The debit card after all has an equivalent earning rate to the credit card now (and a better one within Tesco until April 2019.)0
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The government would be over the moon if that’s all they had to pay in interestsourcrates wrote: »The amount of people who are complaining about this on various social media sites, just goes to show how reliant a lot of people are on using credit for day to day living.
I expect come January the flood of people we see seeking debt help will increase dramatically, after all, the figures speak for them selves :
People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult.
The average total debt per household – including mortgages – was £57,490 in September. The revised figure for August was £57,311.
Per adult in the UK that’s an average debt of £30,096 in September – around 113.8%of average earnings. This is slightly up from a revised £30,012 a month earlier.
Based on September 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.885 billion.
I came into this world with nothing and I've got most of it left.0 -
Don't think this has anything to do with people relying on CCs because they haven't got money.
It's more like they are relying on CC as a means of payment and it's a nuisance to be without your favourite card. No doubt people will use debit cards/cash, but it's not so convenient. Plus no clubcard points/S75 protection.
Moral is: have more than one card.0 -
@TiVo_lad
And the most annoying thing will be Tesco not saying where the data was leaked from.
Several years ago I had a credit card, details of which were found during a police raid. The bank phoned me, informed me of the issue, cancelled the card, sent out a new one within 2 days and told me where the details had been stolen from. And they ensured that I had no unauthorised debits on the card too.
So good companies can be helpful, Tesco Bank aren't really helping the customer here.
Telling customers would be daft tbh as some customers would boycott the merchant who’s been hacked or even take matters into their own hands, it has been known.
True transparency can’t cause more problems than it solves. If you were told it’s likely the person who told you wasn’t really meant to or was putting 2 and 2 together0 -
What will have happened is that Tesco will have uncovered compromised card details somewhere. Not necessarily from them, but perhaps from an online retailer. Could be anywhere. They cancel the card to prevent fraudulent use. Which is fair enough.
Which raises another point, if they are aware of a retailer been compromised, they should disclose it so customers of said retailer can take action.
I dont think its moral in these situations to keep scum about the source of the problem.
e.g. I was told by a website yesterday they are forcing me to change my password because the password I used was revealed on a compromised website. I asked them what that website was as obviously I want to know where my account has been compromised elsewhere and they refuse to tell me.0 -
So you want people to use a merchant who has broken security? And who may not fix it properly?eco_warrior wrote: »Telling customers would be daft tbh as some customers would boycott the merchant who’s been hacked or even take matters into their own hands, it has been known.
I know that I did not go to the company that leaked my details as I had no trust in them to not do the same thing again.0
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