reply to post by bobbylove321
Oooh, this is becoming popular, first Northern Rock, now RBS (who also own other banks/credit lendors e.g mint, natwest ect.)
It being paid out of our Tax Money too - got to hand it to them, they know how to get peoples backs up.
I have this niggling feeling that all the banks are pushing to sell as much credit as possible, to anyone (even if they cannot realistcally afford it)
and then going bust and claiming there insurance monies. Anyone remember around November 2007 when you started getting those little pamphlets with
your credit card bills - possibly called 'banking code'. You should still get them (at least with a new card), although i suspect most get thrown
away without being read. I have this sad compulsion to read everything - even packaging
The leaflet informs you of the terms and conditions and
recent changes, I am almost sure i can remember a part that said they can recall the money back that you owe them in full at anytime. I also noticed
banks and credit lendors seemed to push credit on people even more so since - despite the problems that Northen Rock had in Aug 2007 which run into
2008. My feeling is they will call upon these monies, people will be unable to pay and so they cash in their insurance with the FSA. Thats my theory
but could be putting 2 + 2 together and getting 5???
From what i can tell the banking code (most banks subscribe to this) is actually in place to protect the public, and so that the customers are
informed of changes and practices, many lendors were previously fined for not having done so. i.e. Capital One. I guess like most things, legislation
could be abused to, and used to the companies advatage.
I think this is the banking code review before the changes, it highlights a lot of failings.
I did try to find a leaflet to refer to what it said but i cannot locate one at present - they do exist, and i would be curious to re-read it.
Just makes me think though, most people chuck the leaflets away without reading, them, bit of a way to inform someone of important information just by
leaflet - maybe they should point it out on the actual bill ect.
[edit on 8-2-2009 by MCoG1980]