Are bloody annoying.

I'm amazed how many people hand over their credit card details, get free credit check then get billed monthly for failing to check the small print they agreed to online and cannot cancel their direct debit without writing to them.

You have all been warned!

(crappy ad too)

and cannot cancel their direct debit without writing to them

why can't you just kill it at the bank in person or online? – I have in the past

It's made of solid gold

Do you like it?

This cricket bat is made from solid wood.

SMACK!

Do you like it?

Well, c**t? DO YOU???!?

Uplink Good point, You can cancel any direct debit (DD) on your bank account online, even outstanding credit card with no debt etc.

But if you have signed a legal contract you will be charged e.g. I have cancelled a credit card I no longer need but their computer system will still attempt one more direct debit and then refund me back. (Bit like that ribble system.) I am not cancelling the DD until it is finally closed in writing to me).

If I had cancelled the DD the credit company or any other company contracted, is within full rights to add the charge for unobtaining the DD as you agreed with the contract.

I don't agree with it, I've never been affected, I just wanted the stw masses to be aware of legal scam.

Talkemada read my mind! nice one.

Out of interest, why do people need to check their credit score?

Talkemada read my mind! nice one.

Great minds, zaskar; great minds.

There was an ad on TV the other day for 'get your pay early/to cover you' with small print at the bottom of the screen on 2375%. I honestly think thats a misprint. I even went up close to the screen to look for pixilated/hidden decimal points.

Good God:

http://www.quickquid.co.uk/blog/

Scroll down.

Yes, the 2356% APR listed by QuickQuid appears as a large percentage, but according to the OFT, the Typical APR for a short-term loan is not necessarily reflective of the amount of interest actually paid.

I honestly think thats a misprint.

nah, that's right – all short term loans will have massive % interest when expressed as APR

To you and me yes. What if you get into the cycle of borrowing earlier and earlier in the month? What if it snowballs and your not clearing the debt clean?

Out of interest, why do people need to check their credit score?

I was told that free credit checks are one of the best ways of catching people who have previously defaulted on loans etc.Helps the companies get the current details of the borrowers.

I think I have seen that addy Hora,

I thought it was a misprint or an incredible way to scam people legally I wish I had the evilness to do it! 😛

Lets see £2000 borrowed, APR is 2356% and repayment of…Jebus!

uplink – Member
Out of interest, why do people need to check their credit score?

Not just companies but also people who are worried they won't be able to get a loan, people with too much debt, people who have had fraud, check accounts that have been not closed but still open for years and hence lowering your available credit etc.

I had a few cards e.g. one for holidays with 0% charges, one for food etc and paid off and virgin music discounts.

Decided to close them all. Just make sure you get letters confirming this as they can just suspend the account without closing.

MBNA are typical as you log into old accounts that are dead. Just make sure it states closed.

(basically keep on top of your files etc and don't have too many CCards and late payments)

I was told that free credit checks are one of the best ways of catching people who have previously defaulted on loans etc.Helps the companies get the current details of the borrowers.

I may be being thick here but …….

If I subscribe to one of those companies – how does it help me?
i.e. – I don't understand what they're trying to sell & how it would benefit an individual

They will do the checks for you free -but for one month.

To sort out errors it will take longer to write to e.g. Barclays…

You could just get a credit report for free and close the account on day 2 and sort out any probs yourself.

They rely on the people who are thick/made mistakes and forget to close the account and end up paying for a service they don't need.

Also applying for credit checks can also lower your credit rating…and add to refusel of an application!

If you are worried about your credit, check a year before you apply for a card or loan.

It benefits the type of person who is too thick to realise they owe too much money and thinks if someone will lend them money then they can afford that new car/bike/ couch.

"Also applying for credit checks can also lower your credit rating…and add to refusel of an application!"

No it can't those searches are marked as subject access requests and cannot be seen by credit companies

Good to know DB!

I asked Virgin/MBNA who they use for credit checks and they told me it would lower my score checking?

If you apply for credit, it can affect your score as the lender will do a search on you and other lenders can see this search. Viewing your credit report yourself cannot as nobody apart from you is allowed to view that search.

There is some value in subscribing to your credit report as it is a way of identifying ID theft, ie. your report changes when it shouldn't (new account etc..).