Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Martin_1962 on 15 December 2007, 18:56:43
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Due to problems in the past I have a couple of cards near their limits (balance transfers) I only use one card, now my main credit card has slashed my credit limit by quite a few thousand so that it is about £50 more than what is on the card.
I was late paying in October (local cash machine was dehalifaxed) now I can't get another due to poor credit rating (caught by interest rate increases over the last year, and too many outgoings, but I have recently finished two loans) I have never defaulted on any loans or on any mortgage payments.
I am not a fan of financial agencies!
Just hoping now for a decent Christmas bonus!
Not a fan of Halifax - can't even get internet banking sorted now!!!!
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Due to problems in the past I have a couple of cards near their limits (balance transfers) I only use one card, now my main credit card has slashed my credit limit by quite a few thousand so that it is about £50 more than what is on the card.
I was late paying in October (local cash machine was dehalifaxed) now I can't get another due to poor credit rating (caught by interest rate increases over the last year, and too many outgoings, but I have recently finished two loans) I have never defaulted on any loans or on any mortgage payments.
I am not a fan of financial agencies!
Just hoping now for a decent Christmas bonus!
Not a fan of Halifax - can't even get internet banking sorted now!!!!
Live without them like me, much better :y
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Due to problems in the past I have a couple of cards near their limits (balance transfers) I only use one card, now my main credit card has slashed my credit limit by quite a few thousand so that it is about £50 more than what is on the card.
I was late paying in October (local cash machine was dehalifaxed) now I can't get another due to poor credit rating (caught by interest rate increases over the last year, and too many outgoings, but I have recently finished two loans) I have never defaulted on any loans or on any mortgage payments.
I am not a fan of financial agencies!
Just hoping now for a decent Christmas bonus!
Not a fan of Halifax - can't even get internet banking sorted now!!!!
Live without them like me, much better :y
That's not so easy when you have to pay them first ;)
I used to be in loads of debt when younger, I rekon it's less than 3k now, which I see as acceptable and manageable
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I have always had one rule......if I cant afford it, I dont buy it......and we have done without holidays etc as a result.
The only exception is the mortgage.
I need credit cards to cover company expenses......
I'm sure you will get it sorted Martin
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I've lived by that rule for a while now Mark - and it's got me out of trouble as a result :y
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You will get them sorted dont panic and enjoy xmas..Not worth worrying about :y
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this is something i read about a few months ago......
http://www.fool.co.uk/news/your-money/2007/11/21/the-secret-way-banks-keep-tabs-on-you.aspx?source=ioowftxt0010011
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i binned credit (except the mortgage) about 5 years ago.....
I have a debit card for the business and a prepaid credit card for my expenses, these are becoming more and more common and it works well for me.....
When i opened my business account i was asked if i wanted a credit card and overdraft i refused, i was told it was nearly impossible to run a business without some sort of credit, 2 years on and we are still having the same conversations.
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i binned credit (except the mortgage) about 5 years ago.....
I have a debit card for the business and a prepaid credit card for my expenses, these are becoming more and more common and it works well for me.....
When i opened my business account i was asked if i wanted a credit card and overdraft i refused, i was told it was nearly impossible to run a business without some sort of credit, 2 years on and we are still having the same conversations.
Good for you, its the worst thing in the world to have the companys breathing down you kneck.
I handed al Finances over to Mrs Crazydad works perfectly ;D ;D
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Due to problems in the past I have a couple of cards near their limits (balance transfers) I only use one card, now my main credit card has slashed my credit limit by quite a few thousand so that it is about £50 more than what is on the card.
I was late paying in October (local cash machine was dehalifaxed) now I can't get another due to poor credit rating (caught by interest rate increases over the last year, and too many outgoings, but I have recently finished two loans) I have never defaulted on any loans or on any mortgage payments.
I am not a fan of financial agencies!
Just hoping now for a decent Christmas bonus!
Not a fan of Halifax - can't even get internet banking sorted now!!!!
Live without them like me, much better :y
ahhh..one day may be... ;)
if Omega expenses permit :(
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To be honest if I get a decent Christmas bonus or we make some more sales (we have a few in line including the largest single site in the UK for an upgrade) I would be fine, last couple of years have been a bit lean since we needed to develop our windows product.
Have the best DOS app in our market has been a real bind since the replacement has to be better.
Our FD is sorting some out for me!
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How can a Credit Card coy. justify reducing your credit limit below the figure they have already allowed you to borrow? Watch out for attempts to impose penalty charges because you are over your limit.
I was in a Credit Card debt situation 30 odd years ago, which eventually taught me a lot of invaluable financial management truths, but getting out from under was murder when bringing up a young family etc. etc. The only advice I could give to anyone faced with such difficulty is to bite the bullet and talk to the creditor sensibly. Plot out your own repayment plan, however much weighted in your favour, and present it as something you can definitely adhere to. Not many conventional creditors find it easy to try to ignore realistic solutions, and if they accept one, it immediately relieves the pressure and makes things much more bearable if you are serious in intent.
We (I should say 'I' because the problem was all my doing), eventually came out at the end of the tunnel and, like Mark, did without if we couldn't afford. We've been free of debt for a very long time now.
Now, after matured Endowments, house sales, modestly successful business and careful management we are able to relax and enjoy our retirement. (Semi in my case). We even make money by borrowing on a card which is giving us 9 months interest free on our purchases, knowing that we are investing the value of these purchases to be repaid in full before the end date arrives. Yes! I am a card tart, and it's a nice feeling, and since those early mistakes, I have never paid any interest to a card coy., whilst using cards widely.
I'm not posting this in order to brag, but to point out that even in this day and age, it is possible to be the master of one's own destiny. It's often painful, but oh! so worth it. :y
Bill.
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I have always had one rule......if I cant afford it, I dont buy it......and we have done without holidays etc as a result.
The only exception is the mortgage.
I need credit cards to cover company expenses......
I'm sure you will get it sorted Martin
The sentiments I live by as well.
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Rule 1. Banks are in business to make money, any way they can.
This is the reason for what they are doing to the credit card limit. As you may notice there is a bit of a credit squeeze going on, due to american banks screwing up and lending dosh to people who can't afford to pay it back. This has spilled over to the UK, where banks have turned it to their advantage, eg by reducing your credit amount, you are forced into missing payments and getting hit for fees, or taking out very expensive loans (barclays 22% apr you must be joking, thieving b*****ds). This is how they satisfy Rule 1. According to Government Stats, the Banking (Opps nearly said W***ing) sector are making a large amount of dosh for the clowns in Westminster, so they are happy with them and are not going to upset them. Which means that the recent spate of claims against unfair banking charges is likely to be stopped by various means, as you don't kill the cash cow. My own gripe against Natwest in particular is : I rent out 1 house, and have nearly finished another. I have done all the work myself, partial rewire, replumb, central heating, and nearly finished insulating the loft to the new Building Reg standards, etc, etc, and need not a lot to get it all tested and legal. However my son, who's in the rented house fell ill, so couldn't work, and another lad is having problems, so the rent is halved, so I can't afford to finish the last house. My "helpful" Bank when asked for an increased Overdraft for a couple of months to get over the crisis, said "No, your credit score is bad". Funny that, I went through the process with Credit Expert, and my score is in the top 70%. And every time I use the phone service to ask my balances, some "helpful" person tells me that there is a freephone number for people who will help me transfer my overdraft into a very reasonable interest rate loan. Hypocrites. See Rule 1.
I'm sorry but, the conclusion I have come to is : The days of Banks being helpful is long gone. Banks will treat you like sh*t if it helps satisfy Rule 1. So, do likewise. As soon as I get this house finished and rented, and overdrafts cleared, I am dumping Natwest and Barclays, and moving both personal and business accounts somewhere else.
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I have always had one rule......if I cant afford it, I dont buy it......and we have done without holidays etc as a result.
The only exception is the mortgage.
I need credit cards to cover company expenses......
I'm sure you will get it sorted Martin
The sentiments I live by as well.
Cash is the answer.......ok i know in the business i do....i pay cash for most things....if i havent got it i dont buy it!
I do have bank accounts that pay the DD's
But dont use CC's
I think its bloody annoying when im queuing up to pay in supermarkets etc......and peeps in front of me are using cards to pay and it takes bloody ages to get the payment thro!....with entering pin codes etc!
Cash every time......its quicker!!
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I have always had one rule......if I cant afford it, I dont buy it......and we have done without holidays etc as a result.
The only exception is the mortgage.
I need credit cards to cover company expenses......
I'm sure you will get it sorted Martin
The sentiments I live by as well.
Damn right. Milk them for the convenience they offer but don't ever put yourself in a position where they have you by the balls. They make their money by encouraging people into this position and then rather them over when they are no longer able to vote with their feet. >:(
Kevin
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I owe too much - crept up over the years - not one big bill.
My methods are now
1) Get our software done
2) Encourage sales - we all get a percentage of any sales
3) Get PumpSafe out to the caravan mags
4) Get our accountant to sort out my finances and do deals with my creditors, he is good
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::)I agree with MDTM. Ages ago now i posted a "beware finance post" Since then i'm still slowly paying off two loans & floating around in an agreed overdraft. The biggest of the two has just over a year to go of a 5 yr repayment plan & i rejoice every payment they take 'coz i'm one nearer to owing them nothing.
I'm sick of scraping by on what little is left each week so when i'm all clear will NEVER do this again. I have no arrears, only agreed debt but it gets close at times. Luckily i bought the house at the right time & just agreed a 5yr fixed @ £277 per month but despite all the offers i'm NOT going to borrow a penny more & don't hold a credit card. They're the worst. (did have one) If you can repay in full each month you don't need it.If you can't you should'nt take it out in the first place. No offence directed at anyone, i'm just generalizing. Many people go under & lose their houses, i came close but saw it coming in time to stop. I'll be clear soon. Other than your mortgage, pay cash or go without.
Sorry, ranting again! :-[