Finance

[ronk]

I bought some HiFi kit on an interest free 18month deal, It was a deal too good to miss and just left the cash in the piggy bank - every payment made on time etc, but at the end of the term not a word, zippo!

Don’t they send a “Thank you for your business and prompt Payments “ these days?

[Argyll Andy]

I bought some HiFi kit on an interest free 18month deal, It was a deal too good to miss and just left the cash in the piggy bank - every payment made on time etc, but at the end of the term not a word, zippo!

Don’t they send a “Thank you for your business and prompt Payments “ these days?

You don’t hear from anyone now Ron unless there’s a problem. You’ll definitely not get a thanks in my experience

[ronk]

It was the same with BMW finance - a few years ago.
Perhaps I’m expecting too much in this day and age. I should have missed a payment or two to keep them on their toes

[BeeEmm]

It is all computer controlled these days Ron. As Andy says you will only hear if there is a problem and that would generate a human interest. They will try to help people with problems if that happens. I accepted the non human element years ago and if a computer slung out a thank you note, I would not feel better. Having said that finance companies are interested in your business and most, if not all have a web site where you can track progress on your loan and payments. More and more people buy their equipment and arrange finance online today.

[mmm-five]

I always get a letter/email a couple of weeks later to say the credit is paid off.

Even if the finance was only in place for a week to get a deal on a car

[Flyingfifer]

You aren't a "Customer" Ron, you're a "Consumer" I think that the transition from one to the other has resulted in an over all worsening of services /business and is very much a window on modern society, you don't matter there are 64million other pay pigs that could take your place.

Its properly put me off big business as a whole I would rather go to a smaller indy business and pay a wee bit more but actually be valued plus I help out an actual human rather than some gargantuan nebulous money consuming maw

[ronk]

I think the Consumer v Customer sums it up nicely!

I‘m probably classified a good risk but a very bad credit customer as my card bill is paid off every month and I will only go for 0% deals

[Flyingfifer]

I think the Consumer v Customer sums it up nicely!

I‘m probably classified a good risk but a very bad credit customer as my card bill is paid off every month and I will only go for 0% deals

I remember when I was in school we had a talk from a Royal Bank of Scotland rep, they said that they look for people who might have issues making payments for things like credit cards and loans because they will take longer to make payments and clear the debt making the bank more money. I put my hand up and asked her if she was saying that if someone was being being fiscally responsible and being able to manage their debt correctly that the RBS would be less inclined to offer loans and debt to someone who struggled financially and stretched from month to month and she said yes.

The most hard hitting stark mask slip I have ever experienced.

[Nictrix]

I think the Consumer v Customer sums it up nicely!

I‘m probably classified a good risk but a very bad credit customer as my card bill is paid off every month and I will only go for 0% deals

I remember when I was in school we had a talk from a Royal Bank of Scotland rep, they said that they look for people who might have issues making payments for things like credit cards and loans because they will take longer to make payments and clear the debt making the bank more money. I put my hand up and asked her if she was saying that if someone was being being fiscally responsible and being able to manage their debt correctly that the RBS would be less inclined to offer loans and debt to someone who struggled financially and stretched from month to month and she said yes.

The most hard hitting stark mask slip I have ever experienced.

This exact thing is whats wrong with loans.
I needed a loan a few years ago and applied for the advertised rate. After going through all the questions I was told I couldnt have the advertised rate and it would be a higher percentage interest.
The problem was that I had pretty much no credit rating as it had been well over a decade since I had any loans or credit cards.
So because they couldnt tell if I was a good payer I couldnt get the low rate.
All seems backwards to me.

[ronk]

The scarey things are the loan companies along with goods and equipment ads on TV - look at the APR - eye watering !

I think a credit card and regular use and pay the bill in Full each month keeps the credit rating positive. I stand ready to be corrected on this point .

[Argyll Andy]

I think the Consumer v Customer sums it up nicely!

I‘m probably classified a good risk but a very bad credit customer as my card bill is paid off every month and I will only go for 0% deals

I remember when I was in school we had a talk from a Royal Bank of Scotland rep, they said that they look for people who might have issues making payments for things like credit cards and loans because they will take longer to make payments and clear the debt making the bank more money. I put my hand up and asked her if she was saying that if someone was being being fiscally responsible and being able to manage their debt correctly that the RBS would be less inclined to offer loans and debt to someone who struggled financially and stretched from month to month and she said yes.

The most hard hitting stark mask slip I have ever experienced.

Same with Balance Transfer credit cards, the transfer fee will be approx their lowest APR so they’re largely covered for the initial year in the hope you don’t clear by the end of the 0% period and jump back up to the 20% APR and they make their money this way.

As you’ve stated, being a good and diligent credit customer will sometimes limit your options.

The one loser won’t be the bank and if they mismanage badly enough the government will bail them out in 99% of the cases