Is it me or has anyone noticed since the Northern Rock chaos of a few months ago Banks panicking.... ....speaking to a friend today who has had their overdraft stopped, ie they have no money, and she was telling me another friend of hers has had her mortgage reduced by a different bank.
And reading the paper it seems lots more people are being refused credit/credit cards.
A friend of a friend who works for a mortgage brookers who has just said that from 5pm tonight the Bank of Ireland has withdrawn from the sub prime mortgage market, given a large Buy To Let company withdrew from the market the other day......I wonder if banks are tightening their belts or what....any speculation at all from anyone. ?

Karen

My bank has just extended my overdraft facility. I didn't even ask for it ;) Though it's nice to have at this time of year :D

Mine too Lindylou!! :D

Credit makes me laugh. I cant get a store card yet I can get a mortgage for 100k! :rolleyes: How does that work??

And I need to state...I have never been in debt, no loans, one credit card which is always paid to the max and no late payments of anything! :)

That's why, same as me.  Credit and store card companies make money from people not paying their bills in full but making just the minimum payments.

That's 'cos you have to be in debt to get credit (apart from a mortgage) ie establish a good record of paying your debts - paying off in full does not count it seems.  Strange old (financial) world.  

It would improve your credit rating Tracey to leave some money on your credit card and make regular monthly payments to it. It also improves your credit rating to have a few searches a year so do apply for other cards.

For anyone reading this that can't get a credit card it actually pays to get something like a vanquis card. The interest rates are very high, but if you use it sensibly and leave a small amount on it, it can improve your credit rating and help you to get better offers for anything from car finance to mortgages.

The service from banks at the moment is appalling IMO.  They appear to be feeling the squeeze and FOS have a 6 month backlog of complaints. 

They've brought a case to the high court ref claims for compensation related to unauthorised overdraft charges.  The FSA has granted them a waiver until the outcome of the High Court hearing scheduled for the New Year.

Recent publicity ref miss-selling of PPI, FSA fines on GE and Abbey have put the frighteners on, now with Northern Rock....