Attention, Bankers

Discussion in 'Off-Topic Discussion' started by Phil A, Jun 26, 2012.

  1. *dim*

    *dim* Head Gardener

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    Hmmmm ...

    I don't think that he is acting on his own .... assuming he still wants to keep his job ....

    perhaps he has been told what to say and do?
     
  2. Jenny namaste

    Jenny namaste Total Gardener

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    :wub2:
     
  3. Fat Controller

    Fat Controller 'Cuddly' Scottish Admin! Staff Member

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    They are getting their money at both ends - savers are getting royally fleeced by low interest rates, whilst borrowers are getting humped by high interest rates.

    A few years back, we had to max out a credit card to get us out of a right hole - the shop below the flat we lived in went up in smoke; it was our landlords shop, and he wasn't insured, and following the fire he promptly disappeared into the mists for a few weeks, leaving us in a right mess. We maxed the card in order to get ourselves out and into a new house, and then to live for a few months until we paid some other stuff off to allow us to afford the rent (our rent went up by £450 overnight with the move).

    Anyway, we had been customers with this particular card for years, had maxed it and paid it off a couple of times over - shortly after informing them that we had moved house, they put our interest rate up from 12.9% to 29.9% - - apparently we had become some kind of 'risk' despite never having missed a payment (and still haven't to this day). Having just moved house, other lenders were reluctant to take us on, and even more reluctant as we were close to our limit, so were offering the same interest rates. We have had to stick with it, but the net result is that we are now stuck paying a minimum payment which is quite high, and watching the balance drop by a paltry amount every month.

    Worse still, we have had to move again since, which banks etc don't like, so even trying to convert it to a loan is going to see us being offered similarly high interest rates.

    The best of it is, all those people that took self-cert mortgages that they couldn't really afford back before the bubble burst, are able to get credit much cheaper (despite the fact that they are sitting on a time bomb of a mortgage), simply because they are classed as 'home owners'.
     
  4. clueless1

    clueless1 member... yep, that's what I am:)

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    I think its a myth that moving house damages your credit rating. The problem is if you are seen to be prone to going off the radar.

    You're on a million billion gazillion databases, and the credit reference agencies own lots of them, and have access to lots more. If you move house, spend 6 months but don't go on the electoral roll, and then move again, and decide its not worth declaring your time there, it will look like you tried to disappear for that time, and that's when you get problems.

    Also, because of the strange way the credit reference agencies do things, if you move and then you want credit, its important that you ask for a copy of your record (it costs a max of £2). Check that you haven't been erroneously associated with any previous occupiers of the new property, because if you have, your credit worthiness will be partly based on a stranger's record, and worse that that, they will be linked with you too so they'll be able to see some of your profile if they ask for their record.
     
  5. Fat Controller

    Fat Controller 'Cuddly' Scottish Admin! Staff Member

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    Thanks - I've got a membership with Experian and do keep a check on my record quite regularly. According to them, my rating is 'good' - however, our main problem is that we are tenants and our borrowings are seen as being high (due to the credit card being near its limit); Don't get me wrong, its not that we can't get finance, its just that we can't get it at a rate that is fair and sensible so there is no point moving at the moment.
     
  6. Phil A

    Phil A Guest

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    This is all good content. Its the sort of stuff I would have expected to come out once the subject was raised and the reason i've not gone any further on my previous post about reporting Barclays bank to the police is that I will copy this to all the major banks to make them aware that we will not be treated like this anymore.

    They can have a look for further threads about their discusting behaviour, but they already know what they have done wrong, hiding behind the mask of corporate non human accountability.
     
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    • clueless1

      clueless1 member... yep, that's what I am:)

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      Its just been on the news...

      Barclays bank has been done by the FSA. I can't claim to understand it, but they've been knowingly fiddling interest rates or something. A few people have been sacked, Barclays has been fined £300 Million, and according to the report, the banks have now exposed themselves to a compo liability running into the millions.
       
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      • Fat Controller

        Fat Controller 'Cuddly' Scottish Admin! Staff Member

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        Sadly Zigs, I doubt very much that they will even give us a second glance. The whole merry-go-round of debt that is burdening this world is all down to trading done by these banks way above the shop floor; the mortgages, loans and credit cards is small fry to them - all they are interested in is the corporate buck. Any banker that tells you that they or their organisation cares about individual customers is lying, pure and simple.

        Back in the day (and its not that long ago), you could go and speak to a human being in a bank, be honest and tell them that you had overstretched yourself and come to an agreement to help you out of it whilst making the bank a few quid at the same time. Nowadays, either your 'credit rating' isn't suitable, or they decide not to loan you at a rate you can afford, instead choosing to lock you into a rate that you can't.

        Oh, and whilst I am in rant mode - if these so called credit ratings agencies are so good - just how the hell do we still see so much bad debt??
         
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        • ClaraLou

          ClaraLou Total Gardener

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          Unfortunately, Zig, they just don't care. To the City, those on the outside are non-people. We simply don't exist on the same planet or breathe the same air. And of course it's just had proof of its invincibility, because in the end the country just couldn't allow the financial institutions to fail. So the bankers and their ilk have simply raised two fingers aloft and gone on behaving much as they always have done. The only way of dealing with this sort of thing is to have a proper, unBritish revolution complete with old ladies knitting by a guillotine. But then we'd probably end up with some kind of groovy dictator who'd find other ways of stuffing the rest of us.
           
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          • Jenny namaste

            Jenny namaste Total Gardener

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            I really do love your articulation Clara. Very elegant but succinct.
            At times like these, I go into yoga mode, lay down and dream of my fields of beautiful colours. I feel powerless to change anything and I don't think these hooray henry's warrant my dispair.
            Need a 2 finger smiley please.....
             
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            • Phil A

              Phil A Guest

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              http://www.telegraph.co.uk/finance/...rate-rigging-scandal-says-George-Osborne.html

              This news has convinced me to tell of the reason for reporting Barclays to the Police.

              "Edit for legal reasons"

              Enquiry anyone?
               
            • Jenny namaste

              Jenny namaste Total Gardener

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              • Fat Controller

                Fat Controller 'Cuddly' Scottish Admin! Staff Member

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                • Phil A

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                • Jenny namaste

                  Jenny namaste Total Gardener

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                  Sometimes,"records" get lost or fall down the back of the filing cabinet Ziggy.
                  I was a humble functionary of the Crown and had to sign the Official Secrets Act. I imagine you no longer bank with that B Bank now?
                   
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