what credit crunch?

[Steve Bullman]

when are lenders going to learn? just the other day i get a phone call from bt offering me a credit card that will give me discount on my phone bill...naturally i accept....then they tell me, "im sorry but we can ONLY start you off on a £3000 limit".........then this morning during a meeting at my bank they tell me that i am guraranteed approval for a credit card with £4500 limit on it....now bearing in mind i didnt even ask for this facility, is this responsible lending? doesnt appear to me that the banks are really making much effort to curb things at all...anyone else had similar experiences lately?

[heartwood]

Yes me.

Just been offered an unsecured loan up to £5000 pre agreed.

This from a bank that I have an account in that is overdrawn and only has a benefit cheque paid into each month!

It doesnt take a brain surgeon to work out there is no way this loan could be serviced.

[skyhuck]

The finance on my trailer is paid up in May, the bank rang me in November to ask if I would like to take out some more.

 

I thought it was because I was a safe client, but reading the above it seems they want to give credit to any one!!

[heartwood]

I should have put that I have had large loans from the bank in question in the past so I suppose that I do have a good track record of paying money back.

But that does change the current state of the account.

[skyhuck]

The thing to remember is that more borrowing (from people who ARE going too pay it back) is the only thing that will get us out of this mess .

[Mesterh]

I think this is partly down to the fact that the government is starting to secure new bad debts that the borrowers will incur.

What ever happened to banks only lending what they thought you could pay back?

They will never learn if they keep getting bailed out every time.

 

Its got to be hard to say no when so many people are throwing money at you left, right and centre.

[Steve Bullman]

i suppose the real question is what am i going to spend £7500 on? haha

[skyhuck]

 

Its got to be hard to say no when so many people are throwing money at you left, right and centre.

 

:confused1:Why?????????

 

I don't find it hard, I just think do I want to have some money now and have to pay back MORE later, eeeeeeeeeerrrrrrrrrrr NO!!!!!!!!!!!!!!!!!!!!

 

I only borrow money to buy an asset, something that I need and will make me money, and can be sold if need be too pay back the loan.

 

People who borrow money for every day things and holidays, any thing that gone before you've finished paying back the loan, are, IMO, plain stupid

[Steve Bullman]

:confused1:Why?????????

 

I don't find it hard, I just think do I want to have some money now and have to pay back MORE later, eeeeeeeeeerrrrrrrrrrr NO!!!!!!!!!!!!!!!!!!!!

 

I only borrow money to buy an asset, something that I need and will make me money, and can be sold if need be too pay back the loan.

 

People who borrow money for every day things and holidays, any thing that gone before you've finished paying back the loan, are, IMO, plain stupid

 

totally agree. i got myself into trouble that way when i was younger and its set me back best part of 10 years

[heartwood]

Totally agree.

I know someone who is having their house repossessed in 12 days , they have re mortgaged their house 4 times in 15 years and spent it on nice holidays the latest mobile phones and flashy cars, and in that time looked down at everybody else because they didnt have the flash cars or best holidays.

He phoned me ,almost crying , wondering how he is going to tell his parents but more importantly his daughter that in 2 weeks time they have nowhere to live.

 

Should the mortgage company have kept allowing them to keep borrowing?