MadMac

I know but hey its me.

And that photo wasn't staged, someone took it of me while I was our getting drunk in Regents Park

Iain Mac

Even before you set foot in that bank, why build up savings while you have £2k of credit card debt?

The sensible thing would be to pay down that expensive debt first, rather than earn pennies on the savings.


Maybe the bank should look again at their "advice" - getting you to borrow money instead of saying to get rid of the expensive debt or even set up an ISA to shelter the savings from the tax man, but I'm of the old school and think we are all responsible for our own actions. The Romans had it right with Caveat Emptor (Buyer Beware!)

1.9 xr2 on 40's

never save with credit card debt taking you for 22%apr plus

1.9 xr2 on 40's

also what are the banks thinking?
my bro inlaw put 24k into an account from a house sale and they asked him to come and see em to make the best of it
he went in they wanted him to take out a loan and tried to sell him a morgage and didnt tell him abotu savings isa or anything cos the person he spoke too didnt know about that stuff

its also taken him 3 years to get the insurance back from a loan when he was told cancel it in 1st mth and its gone, the bank even have record of it but they get someone new to deal every time he goes in and nothing gets done

Carlos-Titx

I hate banks. Glad i got all my fines back from Lloyds with a couple of hundred extra thrown in.

Even better was one bank that refused to repay a customer the fines back even after a court ordered them to do so. the customer passed it on to debt collection and they went into the local branch and removed the computers and monitors! It was in the paper, i thought it was a brilliant story.

dojj

iTrader: (3)

go in on monday morning and speak to the manager to tell them you've been stiched up and sort the situation out

the longer you leave it the worse it will get

and no, don't feel embaressed by it and do nothing, they've simply earned themselves £7k of your money if you do that

i'm dyslexic with numbers as well as letters so simply refuse to take out any offers that are given to me if i haven't gone into the bank and asked for them

yes, you are daft, but at least you are smart enough to realise you are going to be fucked

rsturbo27

well thats it bang on the money they tried selling me life insurance and wonted to review all my morgage's, even thought thats wot my miss's does for a live'ing so i said i,ll leave that, also i like to keep my save'ing i allways need access to cash,got isa and all that shit 2k on a card is fuk all these days,anyway decicded if i get them, 2 lower to resonable 7 or 8% i,m gonna sell st and pool money 2 get sumthing tidy maybe a mk2

martynhomer01

iTrader: (1)

you have got a 30 day cooling off peiod full stop!!! pay back the 8k you have left and then the other 2k with your savings or back on the credit card you paid off. the most they may charge if you go over 30 days is a 30 day interest fee.

out of experience from dealing with black horse finance with my job, if the guy at the bank didnt give you something called a pce, (pre contractual explanation) which you MUST sign for, the fsa can fine the bank and wipe the loan.

check this, and if you did sign for this and have gone over the 30 days, then pay the 8k back off the loan, and get them to work out a repayment plan for the outstanding 2k.

also.............dont go into a bank again!!!!!!!!!!!!!!! lol

Carlos-Titx

Unless accompanied by a responsible adult!

RC4

or a sawn off lol

RC4

Entrepreneur by night is he fuck

vaughant

iTrader: (1)

I know it's a tad embarrassing but you've done the right thing coming on here to seek advice,pay it back,shove 2k from your savings into it so your debt free etc.

THEN,if you really want a loan,talk to the missus,get on t'internet and get the best deal you can.

vaughant

iTrader: (1)

Mac,WTF is that website all about?I understand its fledgling but "businesses" seems a bit strong when you clearly do the books for a relatives florist?

Bit like when I put down I was "head glasscollecter,neptunes nitespot"...... I was the only glasscollector.

Good luck with it all though mate,just ribbing you a little!!!

MadMac

Lol, I wish, its my Mrs business and I basically run the website, do her books for the accountant, answer the online quires, do her marketing, design her advertising brochures and fliers, work out her pricing, so she keeps me busy when really all I want to do it play some playstation

I also do some business consulting and offer advice to people with poor credit histories and how to get their finances in order, do business plans and projections, analyze financial accounts. But that's just a bit here and there. If it takes off it will be on there eventually.

May also be investing in a pub in the near future, but waiting to see what the bank says about it first.

Iain Mac

I hope you have bought your Credit Licence including Debt Adjusting/Counselling. These are both considered high-risk activities and you have to demonstrate your competence as well as, possibly, meeting local Trading Standards.

It's a serious matter to offer credit services without a licence and penalties include fines and jail-time.

More here...
http://www.oft.gov.uk/OFTwork/credit...redit-licence/

MadMac

I'm a fully qualified credit adviser through my work with the bank along with a higher national diploma in Credit, and also have to take a ICOB exam every year. However I will also say I do this on a non-advice basis, ie I do not recommend or offer any products to any customers of any nature what so ever, if people want advice on particular products then I refer them to an IFA. Its more of a thing of how to read you credit reports, what good practices you can do to help your credit ratings, how to build good and robust business plans and analyze audited accounts to produce SWAT analysis, do research on different industries.

But I dont sell anything.

stishy

Haha !

Iain Mac

Consumer Credit Licencing has nothing at all to do with IFAs, you don't have to sell anything, or even charge for your services. Debt Counsellling is seen as one of the highest risk categories so the OFT actually reduced the standards for licences to sell/broker credit so they can spend more time on these licencing the higher-risk activities.

bigchez

Is this a serious post?! You took out £10k for the crack with nothing really constructive to spend it on, and no consideration as to the rate you were getting or the repayment period?

Do you also need reminding to breathe, and to remove your shoes and socks to count past ten?!

fraser9764

iTrader: (3)

i think ive just realised what fletchcossie has suggested and edited, interesting idea that! and no reason why it wouldnt work
as said, use the cooling off period and get rid of the loan! if your missus is a mortgage advisor i would hope she is good with money, i suggest you hand the lot over to her and let her sort it!

DanW@FastFord

iTrader: (1)

It reads much better with 'Goggles' on

Rick Astley

As does Fast Ford

Wardy01

I heard he has been spotted licking his television shouting "the magic box isnt working"

Psycho Warren

iTrader: (5)

even worse you used a drunk photo ballsy, i'll give you that!

Biographies are always pretty shocking just the way it is! Here is the last one i had to do for myself in 2001


feel free to laugh. someones got to bring humour to this dire thread And yes i did look like that then

Im glad i didnt have to do one since then!

thats more like it

Although another thing they dont publicise lately is that allthough banks have to provide basic accounts, most banks have over the last couple of years been reducing services on their basic accounts eg removal of visa electron cards and over the counter services. visa electron is no risk to the bank so its purely been done both to save money and to say to customers "we dont want your kind here".

Annoys me as I use current account for regular stuff and basic accounts for paypal/internet and another for student finance and they withdrew the debit cards so i had a choice, upgrade to current account or go elsewhere so i went elsewhere!! Used to really piss me off as id go in branch to do stuff to be told you cant use the counter and you have to use the paupers phone for rejects in the corner. Especially bad when i had 3 accounts, a credit card and mortgage with them and bought in almost £3k a month to be told, no you cant use the counter with that card but you can with your other account They were quite militant over it as well so they got fucked off sharpish.
you forget, banks are NOT there to provide a moral service. They are there to make money for the shareholders. If you want more of a customer based focus you need to be earning shit loads or go to a building society/credit union.

remember a bank wants to make a profit and it does so by loaning money and obviously loans on the basis of risk, you win some you loose some.

If they can get a stupid/thick/mentally retarded/disabled person to take out a loan they dont really need and that person has a good credit reference and pays it back then they have made nice easy money for low risk.

Yes thats morally wrong and the law is set up to protect genuinely disabled people and there are certain rules to ensure that the credit agreement terms are clear and understandable BUT there is nothing in law to protect those who are not money savvy or just plain stupid. the word is tough shit sadly.

Usually people who are not money savvy or who are stupid dont have a good credit history so are high risk, but if you get one who isnt such high risk then as a bank why not rip them off??? it is a business after all.

remember from a banks perspective, they want to charge the highest APR and give out lowest returns on savings possible yet retain you as a customer. As a customer your aims are the opposite so there's always going to be conflict!!

the other funny thing people dont seem to understand is that credit references are not there just to determine if your likely to pay back your loan but also how much of a profit you will be. You can have several loans and credit cards, pay them all off early and your credit score will be lower than someone who accrues loads of interest on credit cards and pays them off over a longer time/allows a loan to go full term.