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credit card debt , irresponsible lending , vanquis , aqua , tesco


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Hi ive got some credit card debt which is starting to get on top of me and now im going to try sort , after abit of thinking i believe its irresponsible lending

 

my earnings are around £13500 a year yet just tesco credit card has my limit at £7900 , they started alot lower and with interest free deals and only taking low monthly payments which seemed ok say £50 a month and making only min payments but they keep putting limit up then all of a sudden the min jumps up to £178 a month , its like they do this on purpose but is it allowed , are they not supposed to follow guide lines , im always in my overdraft , i have afew other credit cards which only make the min payment normally .

 

so because i had other cards and made min payments before i got the tesco card should they have actually gave me such a big limit ? and should they increase the limit ? ,

 

same with the other accounts like aqua the limit is £7250 , why do they do this just gets people into debts they can not get out of . yes the people getting cards need to take some responsibility but i suppose its like putting a starving person in front of loads of food and not expecting them to take some ,

 

when u need the money to buy shopping or pay bills etc you use the money and dont think then pay the min each month .

 

should i write to the companies expressing my points and see what they reply ? as you probably aware english grammer etc isnt my strongest point never has been . many thanks for any help replies.

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well the issue here is you were making the min payments , showing you were capable of managing the payments, so these so called, improve your credit score cards will up your limit.

 

pers if you are living on your OD balance quite often, then id   get all your income paid to a parachute account and stop it being taken by their charges and OD interest for using it unless its a free OD balance already agreed?

 

the issue with these interest free periods on the cards was it? or external deals on things that were interest free for XX months is you must budget and pay them off before the free period ends else youll get hit with +40% interest in most cases.

 

TBH: i dont think you've got anywhere to go with IRL complaints, but you might find it useful to investigate our Pro RATA letters.

 

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Maybe so ,  but is that like saying to someone who has a gambling problem who goes into a bookies well your in this situation because of your own actions ? But the people in the bookies are supposed to look out for people with problems and stop them from gambling . Surely the credit card companies should look out for customers who just make min payments and not keep putting up limits 

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please ignore the troll. now gone.

 

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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so gambling is involved here?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi no , i was just putting an example to the person who said it was my fault . I would just think that these lenders should have a responsibility if not any help for me for people in the future . Just because someone pays the min each month should not be a case to up limits or give big limits to start . Thats how you can get into debt easy , surely they should look into all the cards etc people have to be a responsible lender if someone is just making the min payment each month to all the companies how is it any good lending that person more money . 

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well thats how credit has worked from day one ...sorry.

 

if you make minimum payments or better, they will up your credit limit. you dont have to use it and can request it be put back.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Sorry davidoneman,  you do need to take some responsibility for your own actions.  Just because the credit card company ups your limit, does not mean that you have to spend up to that limit !.  

 

As already advised, if you were persistently living up to the top end of the credit limit, YOU should have recognised that you had a problem and stopped spending on the card(s). 

 

You are going to have to take some action now to prevent  yourself falling further into debt.  Cut up the cards, prepare a budget and stick to it. 

 

If you are not going to be able to make the minimum payments, then you will need to write to the CC companies offering an amount that you can afford as already advised by dx, you can have a look at our pro rata letters to set the ball rolling. 

 

 

 

 

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get any sources of income out of the hands of those that can just take it on OD charges etc as they wish

open a parachute account TODAY!

 

i think the Co-op still do online applications for a basic free A/C.

 

stuff the old OD account for now let it run, that is the least of your worries now.

 

you must get our pro rata letter running to each of your creditors (see the debt collection section of our library)

that way they at least are obliged to stop interest and charges.

 

there is also a very good new Gov't Scheme but it only runs for 60days.

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Also consider Monzo and Starling too its quite easy to get an account set up.

Its free and also they are regulated banks too

 

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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